ID: MRFR/MED/2123-HCR | February 2021 | Region: Global | 90 pages
Medical Devices Market is expected to grow significantly over the forecast period. The global medical devices market was valued at approximately USD 9877.4 Million in 2019 and is projected to reach USD 63423.6 Million by 2027 at a healthy CAGR of 23.20% over the forecast period.
Medical devices are products that are used to analyze, prevent, or treat a disease, among others. There are different types of medical devices available in the market, from wheelchairs to surgical equipment.
The key factors driving the market growth are increasing patient population suffering from various diseases, increasing incidences of accidents, and increasing research and development in the healthcare industry to develop technologically advanced medical devices drive the market growth. Moreover, the rising prevalence of cardiac diseases and the increasing geriatric population with different health problems boost the medical devices market.
However, factors such as the high cost of medical devices and the additional expenses on the maintenance training of professionals are expected to hamper the market growth.
The global medical devices market 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. The monitoring devices have been further sub-segmented into cardiac monitoring devices, neuromonitoring devices, respiratory monitoring devices, multi-parameter monitoring devices, hemodynamic monitoring devices, fetal and neonatal monitoring devices, temperature monitoring devices, and weight monitoring devices. The diagnostic devices are further sub-segmented into surgical ENT devices, endoscopes, imaging devices, 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 has been segmented into hospitals & clinics, diagnostic centers, research laboratory, and pharmaceutical companies.
The global medical devices market, by region, has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The medical devices market in the Americas has further been segmented into North America and Latin America, with the North American market being divided into the US and Canada.
The European medical devices market has been segmented into Western Europe and Eastern Europe. Western Europe has segmented into the UK, Germany, France, Spain, Italy, and the rest of Western Europe.
The Asia-Pacific medical devices market has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific.
The medical devices market in the Middle East & Africa has been segmented into the Middle East and Africa. The increasing development in healthcare infrastructure and the growing economy in countries such as Kuwait, Iran, Israel, and Iraq drive the market growth in this region.
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.
Regional Market Summary
Global Medical Devices Market Share (%), by Region, 2019
Source: Centers for Disease Control and Prevention (CDC), Eurostat, White Papers, Company Presentations, and Annual Reports
Geographically, the market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas are anticipated to dominate the global medical devices market owing to the increasing prevalence of chronic diseases, cancer, diabetes, and neurological disorders, which increases the demand for medical devices for their diagnosis and treatment. Spectroscope, microscope, and chromatograph are the primarily used medical devices for disease diagnosis. The American Cancer Society 1,762,450 new cancer cases will be diagnosed with cancer in 2019 in US. Additionally, in 2017, the Centers for Disease Control and Prevention reported that 30.8 million individuals suffered from digestive problems in the US. The increasing prevalence of various health problems increases the demand for medical devices in this region.
Europe is expected to hold the second-largest position in the global medical devices market. The presence of a large number of medical device manufacturing units, developing economy, and rising government expenditure for the development of medical devices boost the market growth in this region. Furthermore, the increasing innovation in pharmaceutical companies to develop new drugs increases the demand for medical devices to check the quality of the products.
Asia-Pacific is expected to be the fastest-growing regional market owing to the increasing demand for healthcare products; furthermore, the growing geriatric population with health problems drives the market growth.
The Middle East & Africa is expected to hold the least share of the market during the forecast period. A majority of the market share of this region is expected to be held by the Middle East due to the growing number of government initiatives for the healthcare sector in this region.
Global Durable Medical Equipment Market, by Product Type
Global Durable Medical Equipment Market, by Therapeutic Application
Global Durable Medical Equipment Market, by End User
Global Durable Medical Equipment Market, by Region
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Therapeutic Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global Medical Devices Market is projected to grow at a 22% CAGR between 2019-2025.
Global Medical Devices Market is predicted to touch USD 6170.72 billion by 2025.
The Americas is predicted to dominate the Medical Devices Market.
Increasing prevalence of cardiac diseases and rising incidence of accident are boosting market growth
High cost may limit market growth