Medical Device Market Size to Grow at a CAGR of 5.7% During the Forecast Period 2020-2025
Medical Device Market size is estimated to be $432.8 billion in 2019, growing at a CAGR of 5.7% during the forecast period 2020-2025. Medical Devices include all the technology-based instruments, implants, software and many other equipment’s and devices are used to treat the patients. Medical devices are used for different applications including therapeutics, diagnosis and treatment and monitoring. The needs for medical devices have increased with the increasing geriatric population and unhealthy lifestyles of people. The increasing chronic illness cases has resulted in the upsurge in demand for complex surgeries which is boosting the market growth for medical devices. Also, technological advancement including 3D printing, medical scanners and laser has also increased the demand by multispecialty hospitals and medical labs. Outbreak of pandemic situation has disturbed the supply chain and manufacturing of medical devices which has resulted into a slowdown in the market for the period 2020-2025. However, the demand for ventilators and in vitro diagnosis testing kits has increased during this outbreak of covid-19 which requires medical device manufacturers to fulfill the growing demand.
Medical Device Market Segment Analysis - By Type
By Type, the Medical Device Market is segmented into different device types including Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, Diabetes Care, Ophthalmic Devices, Dental and Nephrology. Orthopedics devices is the fastest growing segment with CAGR of 6.6% during 2020-2025. This is majorly attributed to its application as reconstructive devices in spinal, hip and knee implants and arthroscopy. In addition, Cardiovascular devices are termed to be highly competitive sector as it uses key technologies including power sources, micro molding and assembly. Also, rising chronic diabetes cases among the geriatric population demands for continuous glucose monitoring as a key technology. However, the demand has increased for in vitro diagnostic medical devices, respirators and ventilators during covid-19 outbreak.
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Medical Device Market Segment Analysis - By End-User
Hospitals account for largest market share owing to the increasing number of patients. Moreover, the demand for ambulatory surgical centers is increasing as to save cost, hospitals have started outsourcing the surgery of patients and also these surgical centers are equipped with automated medical devices.
Medical Device Market Segment Analysis - By Geography
North America dominated the Medical Device Market with a market share of 35% in 2019 owing to its well-developed medical infrastructure. Further, faster adoption of new medical technologies and rising geriatric population with chronic illness in the region is propelling the segment growth. Moreover, Asia-Pacific is considered to be the fastest-growing economy owing to its increasing medical technology adoption along with improvement in healthcare facilities. Also, rising health awareness is going to boost the growth of medical devices in the region for the forecast period 2020-2025.
Medical Device Market Drivers
Large pool of People Suffering From Chronic Illness
Large pool of people suffering from chronic illness including cancer and diabetes is driving the market for medical devices for the forecast period 2020-2025. According to United Nation it is estimated that by 2030, total global death caused by chronic illness is going to increase by 70% and 56% will account for global burden of diseases. The increasing geriatric population and unhealthy lifestyle including physical inactivity and extended working hours is also increasing the cases towards metabolic syndrome, obesity and pulmonary diseases.
Technological Advancement in Medical Devices
Technological Advancements is another major factor driving Medical Device Market during the forecast period 2020-2025. Owing to the corona virus outbreak the need for wearable medical devices have increased along with it, in vitro diagnostic kits have also gained importance as the need is shifting towards no human contact treatments. Also, artificial intelligence and the need for home care monitoring devices has also enhanced the medical device market. Furthermore, electronic applications in big data handling through Electronic Healthcare Records (EHR) have also helped medical care for easy handling of data.
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Medical Device Market Challenges
Regulatory control by Food Drug Association(FDA)
US FDA regulates the medical devices manufacturing and sale through its stringent laws. This sometimes results in delay of sales which is restraining the growth of Medical Device market during the forecast period 2020-2025.
Medical Device Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Medical Device Market. Medical Device Market top 10 companies are Medtronic, GE Healthcare, Ethicon LLC, Siemens Healthineers, Cardinal Health, Stryker, Baxter International Inc, Philips Healthcare, DePuy Synthesan and Fresenius Medical Care.
Medical Device Market Developments:
May 2020: GE Healthcare a US-based American multinational is developing cybersecurity through artificial intelligence which can access and monitor medical devices, in order to prevent the data of patient healthcare and its information.
Key Takeaways
Cardiovascular Devices accounts for the largest market share owing to rising heart-related problem, growing aging population and increased application in surgery.
Surgical dominates the function segment owing to the increasing geriatric population and rising chronic illness cases which requires complex surgeries.
Medical Imaging accounts for largest market share owing to increasing demand for diagnosis by patient pool and new technology adoption which makes diagnosis fast.
Hospitals are expected to grow with fastest CAGR during the forecast period 2020-2025 owing to increasing number of patients requires devices for diagnosis, monitoring and life support equipment’s.
North America dominated the Medical Device Market owing to the rising geriatric population with chronic illness and faster adoption of new medical technologies for the forecast period 2020-2025.
Related Reports :
A. Orthopedic Devices Market
https://www.industryarc.com/Report/18337/orthopedic-devices-market.html
B. Diagnostic Imaging Market
https://www.industryarc.com/Research/Diagnostic-Imaging-Market-Research-511315
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