According to our new market research study on "Medical Devices Market to 2027 - Global Analysis and Forecast - by Product Type, Function, and End User," the market is expected to reach US$ 767,684.9 million by 2027 from US$ 483,285.8 million in 2019; it is estimated to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights trends prevailing in the global medical devices Market and the drivers and restraints pertaining to the market growth.
Based on product type, the global medical devices market is fragmented into in vitro diagnostics (IVD), surgical gadget, general medical devices, cardiovascular devices, muscular, infection control devices, ophthalmology, endoscopy, nervous system science, and others. The nervous system science portion is estimated to register the most elevated CAGR in the market during the forecast time frame. Increasing prevalence of neurological diseases, and rapid product approvals and launches are the factors boosting the market for the nervous system science portion.
The global medical devices market growth is mainly attributed to factors like increasing number of medical gadget industry and rising prevalence of chronic diseases. Nonetheless, challenges in medical gadget industry like costly product approval process, low repayment limit and others hinder the growth of the market.
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Medtronic; Abbott; Boston Scientific Corporation; Braun Melsungen AG; 3M; General Electric Company; Stryker Corporation; Koninklijke Philips N.V.; Siemens AG; and Johnson and Johnson Services, Inc are among the leading companies operating in the Medical Devices Market.
The Report Segments Global Medical Devices Market as Follows:
By Product Type
- Surgical Devices
- Electrosurgical Generators
- Ultrasonic Surgical Generators
- Minimally Invasive Surgery Devices
- Other Surgical Devices
- Infection Control Devices
- General Medical Devices
- Cardiovascular Devices
- Orthopaedic Devices
- In Vitro Diagnostics (IVD)
- Endoscopy
- Neurology
- Ophthalmology
- Others
By Function
- Diagnostic and Monitoring
- Therapeutics
- Surgical
- Others
By End User
- Homecare Medical Devices
- Hospital Medical Devices
- Ambulatory Care Medical Devices
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- UK
- Spain
- Italy
- Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- South and Central America (SCAM)
- Brazil
- Argentina
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