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Medical Devices Market will rapidly grow by 2027 with a CAGR of 6.3%

A new report from Astute Analytica examines the Medical Devices Market for the period 2021-2027, providing a comprehensive review of the industry.

In 2020, the global Medical Devices Market is valued at USD 412.4 Billion. The market is forecast to grow at a CAGR of 6.3% during the forecast period from 2021-2027.

An in-depth review of the Medical Devices Market is provided, considering all the major trends and the market dynamics. Additionally, the Medical Devices Market report offers key market statistics, including market size, key trends, and growth prospects for key market players.

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The goal of a study report is to provide the reader with useful information and facilitate business decisions. The company provides a range of business insight and consulting services to help clients make business decisions and attain sustainable growth in the marketplace.

In this report, market key trends are discussed such as technological advancement and increased competition. Additionally, identify any new technology or arising needs. Also included are five basic forces that could influence the competitive environment: whether new entrants threaten the industry, whether suppliers have bargaining power, whether buyers have bargaining power, and if substitute products or services are available.

Several companies, regions, and industries from around the world are compared along with their locations and applications. Additionally, the study will facilitate new market participants’ ability to evaluate the potential of the market. Additionally, the review examines products, trends, and opportunities that are expected to impact this market over the forecast period. The upcoming Medical Devices Market is predicted to show significant growth potential, according to a market trend analysis.

REPORT ATTRIBUTEDETAILS
Forecast Year2021 – 2027
Base year2020
Historical data2017 – 2019
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, Middle East, and Africa

The increase in chronic diseases, such as, arthritis, liver inflammation, cancer, renal diseases, diabetes chronic pain, sciatica, and other nervous disorders boost the demand for medical devices. For instance, according to Indian Council of Medical Research (ICMR), the Institute for Health Metrics and Evaluation, and the Public Health Foundation of India in 2019, 72 million Indians suffer from Type-2 diabetes, and this statistic is projected to nearly double to 134 million by 2025, provided the current unhealthy dietary trends continue. In addition to that, the International Diabetes Federation states that the number of diabetic populations worldwide was 463 million in 2019. Thus, such high statistics aid in the market growth of the medical devices.

On the other hand, the high cost of medical devices is estimated to restrict the market growth to a certain extent. Moreover, the reimbursement concerns associated with medical device industry and stringent regulations curb the market growth of the medical devices.

Growth Influencers:

• Surging Incidence of Chronic Diseases

The increasing incidence and prevalence rates of chronic diseases such as, diabetes, chronic liver diseases, kidney failure, and other lifestyle illnesses such as, obesity, fuel the preference for diagnostic and other clinical tests. According to the statistics published by the Centres for Disease Control and Prevention (CDC), the number of adults with diagnosed liver disease was 4.5 million in the US in 2018. The increase in diagnostic examinations fuel the growth rate of the medical devices market.

• Emergence of New and Hassle-Free Home Monitoring Medical Devices

The advent of innovative home monitoring medical devices, such as, oximeter, heart rate monitor, blood pressure monitor, among others, is letting patients, as well as healthcare providers, remotely monitor vital signs. For instance, in March 2021, Dozee, launched Dozee Pro, a contactless vitals monitor. This device features an AI powered triaging system that converts any bed into a step-down ICU in less than two minutes. The rising product launches of such medical devices aid in the increased growth of the medical devices market.

• Increasing Geriatric Population

The rising elderly population across different countries indirectly rises the usage of medical devices for different vital functions. For instance, in India, geriatric population is predicted to be 193.8 million in 2031 including 92.9 million elderly males and 100.9 million elderly females. Such high statistics point towards the high usage of medical devices in high population countries, such as, India, China among others.

Covid-19 Impact on the Medical Devices Market

The Covid-19 virus was discovered in December and has caused health problems in nearly every country. The World Health Organization has declared it a public health emergency. A significant global impact is already being felt by Coronavirus disease (Covid-19) on the Medical Devices Market, and this impact will continue into 2021. The Covid-19 outbreak has caused a state of emergency declarations in more than 40 countries. As a result, flights have been canceled, travel bans are in effect, restaurants have closed, events are restricted, business confidence is decreasing, and uncertainty about the future.

Regional Analysis: The Medical Devices Market

By Geography

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Poland
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Argentina
    • Brazil
    • Rest of South America

Key Players: The Medical Devices Market

This report provides an overview of some of the leading market players. This study explores the importance of collaboration on the market at competitive levels.

The players profiled in the report include the following- 3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc., Danaher, Depuy Synthes, Endologix, Inc., Essilor International SA, Fresenius Medical Care AG & Co. KGAA, GE Healthcare, Getinge Ab, Johnson and Johnson, Koninklijke Philips NV, Medtronic Inc., Novartis AG, Olympus Corp., Roche Diagnostics, Siemens Healthcare, Smith & Nephew PLC, Smiths Medical, St. Jude Medical Inc., Stryker Corp. Terumo Corp., Thermo Fisher Scientific, and Zimmer Holdings Inc.

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What does the Medical Devices Market report contain?

  • Market size of Medical Devices Market of 2020 and the expected market size in 2027 to unmask the opportunities to enhance the growth.
  • Prominent growth drivers, restraint factors, challenges, opportunity analysis of the market.
  • Largest revenue generating products or services and their comparative growth rate.
  • Value chain analysis, regulatory framework along with the market background and overview to recognize which activities are most valuable and the ones that could be improved to provide competitive advantage.
  • Leading key players in Global Medical Devices Market and their competitive positioning based on their market share, Product portfolio, recent developments in the market and their strategic outlooks.
  • Covid-19 Impact analysis on the Medical Devices Market.
  • PESTLE analysis to analyse key factors Political, Economic, Sociological, Technological, Legal and Environmental influencing the Medical Devices Market considering the external environment.
  • Porter’s five force analysis for understanding the forces that shape competition within a market. It is also helpful to adjust strategy and improve potential profit.
  • Market segmentation to define and better understand the target audience or ideal customers, this allows to identify the right market for your products.
  • Qualitative and Quantitative analysis including Y-o-Y growth and industrial structure.
  • Competitive landscape analysis for better understanding of globalization of industries and markets and rapid and significant technological change. This chapter will include market concentration rate, Companies market share analysis and competitor mapping.
  • Exhaustive primary and secondary research of market key players, industry verticals etc.

Aim of the Report: The Global Medical Devices Market

The Medical Devices Market is segmented on the basis of Product Type, Application, End-User:

By Product

  • Diagnostic Devices
  • Consumables
  • Patient Aids
  • Three more segments
  • Other Medical Device Categories

By Application

  • Oncology
  • Cardiology
  • Orthopedics
  • Ophthalmic
  • Respiratory
  • Urology & Gynecology
  • General & Plastic Surgery
  • Dental
  • Diabetic Care
  • Wound Management
  • Nephrology
  • General Hospital and Healthcare
  • Ear, Nose, and Throat
  • Others

By End-User

  • Hospitals & Surgical Centers
  • Clinics
  • Household
  • Other End Users

About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

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Content source: https://www.astuteanalytica.com/industry-report/medical-devices-market

SOURCE Astute Analytica


Updated : 2022-01-26 16:19 GMT+08:00

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