Medical Devices Market Size, Top Players, Demands, Overview, Component, Revenue and Forecast 2027
Market Overview
The global Medical
Devices Market Size was accrued at nearly USD 9.87 billion in 2019 and
is slated to reach USD 63.42 billion by 2027 at a healthy CAGR of
23.20% over the review period.
Market Dynamics
A rise in the demand for medical devices is
expected to fuel the growth of the medical device industry. Medical devices
help with disease diagnosis, prevention, and prognosis. The increasing utility
of medical devices is expected to drive global market growth. The availability
of various types of medical devices, ranging from surgical equipment to
wheelchairs, can spur the global Medical Devices Market Size to grow. Other
factors driving the global Medical Devices Market Size include a rise in the number
of patients suffering from different illnesses, an increase in the number of
injuries, and a significant investment in R&D to develop effective medical
solutions. Disruptive technology's intervention in the healthcare industry's
research and development sector has the potential to boost the demand for
medical devices. Furthermore, the rising prevalence of cardiac problems and the
increasing geriatric population, both of which increase the demand for medical
devices, can boost market growth. On the negative side, high-cost medical
devices and other healthcare costs such as skilled maintenance training can
stifle the medical device market's growth.
Medical devices such as wearables are
becoming more widespread in the aftermath of the coronavirus pandemic. To
contain the spread of COVID-19, the need to diagnose, treat, and track patients
without human interaction has increased, resulting in further implementations
of medical technology that will enable medical professionals to remotely treat
their patients. Artificial intelligence (AI) in human treatment, wearable
medical equipment, remote patient tracking systems, electronic health records
(EHR), and other technologies are examples. These medical technological
solutions allow patients to be monitored in real time, whether at home or in
hospitals, which is critical in the fight against COVID-19.
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Segmental Analysis
The global Medical Devices Market Size has
been segmented into product type, therapeutic application, end users, and
region.
Based on product type, the global market
has been segmented into monitoring
devices, diagnostic
devices, drug delivery devices, surgical devices, bioimplants and
stimulation devices, treatment equipment, and others.
Based on therapeutic application, the
global market has been divided into gastrointestinal surgery, general surgery,
diagnostic imaging, respiratory, orthopedics, cardiovascular, dental,
neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and
others.
Based on end user, the global Medical
Devices Market Size has been segmented into hospitals & clinics, diagnostic
centers, research laboratory, and pharmaceutical companies.
Regional Analysis
Geographically, the market has been
segmented into the Americas, Europe, Asia-Pacific, and the Middle East &
Africa.
Driven by the rising prevalence of chronic
diseases, cancer, diabetes, and neurological disorders, which increases the
demand for medical devices for diagnosis and treatment, the Americas are
expected to dominate the global Medical Devices Market Size. The most commonly
used medical instruments for disease diagnosis are the spectroscope,
microscope, and chromatograph. The rising prevalence of various health problems
in this area is driving up demand for medical devices. The high concentration
of reputable medical device developers in North America, especially in the
United States and Canada, as well as high export trading activities involving
medicine-centric gadgets, may help the medical device market expand in these
regions.
Europe is projected to be the
second-largest market for medical devices in the world. The presence of a large
number of medical device manufacturing units, a growing economy, and increasing
government spending on medical device production all contribute to the region's
market growth. Furthermore, the demand for medical instruments to verify the
quality of medicines is growing as pharmaceutical companies innovate to produce
new drugs.
Due to the demand for healthcare products,
Asia-Pacific is projected to be the fastest-growing regional market.
Furthermore, the demand is driven by the rising geriatric population with
health issues. Japan and China are deploying advanced technology to ensure the
medical devices run smoothly.
During the forecast era, the Middle East
and Africa is projected to have the smallest market share. Because of the
increasing number of government initiatives in the healthcare sector in this
area, the Middle East is projected to hold the majority of the market share.
Competitive Analysis
Fresenius (Germany), GE Healthcare (US),
Johnson & Johnson (US), Medtronic (Ireland), Siemens (Germany), Stryker
(US), Abbott Laboratories (US), Abiomed Inc. (US), Accuray Inc. (US), Boston
Scientific Corp. (US), Becton Dickinson (US), Bio Rad Laboratories Inc. (US),
Baxter International Inc. (US), Biotelemetry Inc. (US), and Angiodynamics Inc.
(US) are some of the key players operating in the global Medical Devices
Market Size.
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