Medical Device and Accessories Market Overview
The devices that are used in monitoring, diagnosis, and treatment of different diseases are done by using various appliances, apparatus, software, material, and many other products are available from the market device and accessories market. These devices are used in hospitals for monitoring chronic diseases like cancer, GI diseases, diabetes, and many others. And with the advent of this modern technology, it is used becoming a more popular and growing investment in further researches also affects the medical device and accessories market in the global market.
The medical device and accessories market in the global market is expected to rise at a high CAGR of 5.90% and is expected to register the growth-share of the market to about USD 121410.36 Million by the end of the forecasted period from 2022 to 2030.
COVID 19 Analysis
The global pandemic of COVID 19 affected the normal working of the businesses in a very bad way. Now along with the health front, one has to keep themselves up to date with the financial front. Owing to the decrease in revenue and profit margin the economies have been pushed towards the forced recession. This global pandemic has affected the supply chain in the medical device and accessories market as most of the manufacturing units were set up in China leads to a reduction in revenues and market share.
It is expected that the medical device and accessories market in the global market will recover from this global pandemic situation at the end of the first quarter and beginning of the second quarter of the coming year during the forecasted period from 2022 to 2030.
The medical device and accessories market is increasing at a fast pace owing to the increase in various chronic diseases in the population like asthma, back pain, cardiovascular disease, diabetes, chronic obstructive pulmonary disease, cancer, arthritis, and mental health. Rising chronic diseases also lead to a rise in demand for various medical devices and accessories markets. Also, the recent development in technology drives the medical devices and accessories market in the global market.
The increasing initiatives taken by the government for improvement in the medical sector and their increasing expenditure on it gives various growth opportunities to the medical devices and accessories market in the global market. Also, the government is spending a lot of amount in the research and development sector during the forecasted period. Most of the population is also concerned about healthcare, as a result, it gives various opportunities to the medical devices and accessories market for growth in the global market.
The medical device and accessories market is accelerating its growth in the global market but there is some restraining factor that hinders the growth of medical devices and accessories market such as strict regulations by the government and lack of research and development expenditure in various developing and underdeveloped economies hampers the growth of medical devices and accessories market in the global market.
The medical device and accessories market in the global market provides various benefits in the global market like with the improvement in medical devices and accessories market helps in advancing heart surgery, reducing the consumption of drug addiction, it even helps in the treatment of depression. These devices and accessories help in the early detection of bacteria. The use of smart devices and the Internet of Things (IoT) also adds value to the global market.
The medical device and accessories market in the global market is divided based on the type of the device and region.
Based on the Type of Device
The medical device and accessories market in the global market is divided based on type into suture needles, diabetes monitors, a nerve stimulator, cochlear implant, dental implant, therapeutic medical guide, catheters, coronary pressure monitors, cardiovascular applications. Out of all these, the cardiovascular application dividend has the largest market share that accounts for USD 20,750 million by the end of 2016.
Based on the Region
The medical device and accessories market in the global market is divided based on region into the Americas region, Europe region, Asia-Pacific region, the Middle East and Africa region, and the rest of the world.
The medical devices and accessories market in the global market is segregated based on region into the Americas, Europe, Asia-Pacific, and the Middle East, and Africa. The largest share in the medical devices and accessories market is held by the American region because of high healthcare expenditure, presence of leading players, well-developed technology, and the huge presence of population. The second-largest share in the medical device and accessories is held by the Europe region as it shows an increase in chronic diseases, well-developed technology, and strong government support.
The Asia-Pacific region is the fastest-growing region in the global market and hence it shows a positive outlook in the medical devices and accessories market because of the increase in improvement of technology, increasing need for better monitoring devices, and increasing pool for old age patients. The least share is held by the Middle East and the Africa region because of the slow and poor growth of various developing countries.
The most prominent major key players in the medical devices and accessories market in the global market are the following:
- Johnson and Johnson Services, Inc. (U.S.)
- Stryker (U.S.)
- KONINKLIJKE PHILIPS NV (Netherlands)
- GENERAL ELECTRIC (U.S.)
- Siemens (U.S.)
- Abbot Laboratories Inc. (U.S.)
- Medtronic (Ireland)
- Danaher (U.S.)
- Boston Scientific Corporation (U.S.)
These prominent market players in the medical devices and accessories market use various strategies like product development, acquisition and expansion, and innovation to increase the market share by increasing the potential customer base in the global market.
- In March 2017, a clinical engineering support platform namely Share360 has been launched by Siemens AG for increasing efficiency in their work.
- In October 2017, for accelerating medical device innovation a partnership has been announced by Medtronic and Mercy.
- In November 2017, Analytical Informatics, Inc., has been acquired by Koninklijke Philips NV for increasing the performance in imaging departments for greater operational performance in the global market.
- In 2019, for offering best-in-class technology, strengthened commercial infrastructure, and unparalleled clinical evidence, BTG plc has been acquired by Boston Scientific Corporation.
- In 2020, pre-strips dry for secured grip technology that provides reliable staple lines used in surgical procedures have been launched by Baxter.
- In 2020, for expansion of transfusion and apheresis disposables a plant has been set up in the Dominican Republic by Fresenius Medical Care AG and Co. kGaA has spent EUR 30 million for the new space. It will have advanced production equipment, sterilization units, more storage capacity and clean room, a plasma kit along with a large warehouse.
The medical devices and accessories market research report consist of the following aspects:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Landscape
- Recent Developments
This medical device and accessories research report consists of various factors that drive the market and opportunities in the global market during the forecasted period. This report also contains the factors that restrain the growth of medical devices and accessories in the global market. The impact of COVID 19 on medical devices and accessories has also been estimated and mentioned along with the expected future growth during the forecasted period is also estimated and mentioned.
Pharmaceutical companies, regulatory agencies, hospitals and clinics, government research organizations, medical device manufacturers and distributors, and many others.
Medical Device Accessories Market Highlights
Frequently Asked Questions (FAQ) :
Medical device & accessories market projected to grow at approximately 5.90% CAGR during the assessment period (2022-2030).
The valuation of the global medical device & accessories market is estimated to increase to USD 121410.36 Million by the end of 2030.
Rising prevalence of chronic diseases, growth in the global economy, and increasing use of advanced devices are major tailwinds pushing the growth of the global medical device & accessories market.
North America holds the largest share in the global medical device & accessories market, followed by Europe and the Asia Pacific, respectively.
Medtronic (Ireland), Boston Scientific Corporation (U.S.), Koninklijke Philips N V (the Netherlands), Johnson & Johnson Services, Inc. (U.S.), Danaher Corporation (U.S.), Stryker Corporation (U.S.), General Electric Company (U.S.), and Siemens AG (U.S.), are some of the top players operating in the global medical device & accessories market.
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