The global medical devices market is anticipated to procure a market value of USD 63423.6 million while expanding at a CAGR of 23.20% during the forecast period, evaluates Market Research Future (MRFR).
The increasing development in medical technology and the rising approvals of devices by regulatory authorities are anticipated to be significant factors that are likely to grow the medical devices market share during the forecast period. The growing demand for innovative therapies is recognized to be another salient cause that can augment the market size. The rising incidence of chronic diseases, unhealthy food habits, and extended working hours are other factors that are likely to pose significant opportunities for market expansion in the analysis timeframe.
Furthermore, the growing trend of medical wearable devices is expected to increase the demand for medical devices in the coming period. In addition, the integration of AI in medical devices is expected to offer lucrative opportunities, which can grow the market significantly in the analysis tenure.
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On the contrary, the lack of data breaches is expected to affect the demand for the devices that can hamper the growth of the market. In a recent incident, the private data of patients registered with Hammersmith Medicines Research was hacked. Such incidents can hamper the market expansion.
The outbreak of COVID-19 increased the demand for various medical devices. However, the production and supply chain was hampered during the imposition of lockdown for the manufacturing units were temporarily shut.
Key Players
Some of the renowned players of the global medical devices market are Fresenius (Germany), GE Healthcare (US), Medtronic (Ireland), Stryker (US), Johnson & Johnson (US), Siemens (Germany), Abbott Laboratories (US), Abiomed Inc. (US), Boston Scientific Corp. (US), Bio Rad Laboratories Inc. (US), Accuray Inc. (US), Becton Dickinson (US), Baxter International Inc. (US), Biotelemetry Inc. (US), and Angiodynamics Inc. (US).
Market Segmentation
The segmental analysis of the global medical devices market is done by end-users, product type, and therapeutic application.
- By end-user based segments of the global medical devices market are hospitals & clinics, diagnostic centers, pharmaceutical companies, and research laboratories.
- By product-type based segments of the global medical devices market are monitoring devices, diagnostic devices, surgical devices, treatment equipment, drug delivery devices, bio-implants and stimulation devices, and others.
- By therapeutic application-based segments of the global medical devices market are gastrointestinal surgery, general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others.
Regional Analysis
As per the analysis, the Americas is anticipated to dominate the global market during the forecast period. The growing prevalence of chronic diseases and the rising demand for efficient medical devices are other salient causes that can boost the regional market in the coming time. Furthermore, the growing approval by FDA is another crucial cause that can strengthen the market in the region. For example, in recent news, Puzzle Medical Devices Inc., a Canadian healthcare company, announced that FDA had granted the company a Breakthrough Device Designation for its revolutionary transcatheter pump to address heart failure.
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Europe is anticipated to acquire the second position in the global medical devices market. The presence of established players is expected to be a significant factor that can drive the regional market. Furthermore, the rising number of startups in the region can be considered another salient cause that can propel the regional market in the assessment tenure.
On the other hand, APAC is anticipated to be the fastest-growing regional market owing to the on-going development in the healthcare sector. In addition, the growing initiatives by the government can further boost the regional market. For instance, the Indian government announced the investment of 3400 Cr to set-up three bulk & 4 medical device parks, which is likely to bolster the market in the coming time.
