21-Jun-2021 | Facts and Factors
[205+ Pages Report] The latest market study published by Facts & Factors titled “Medical Device Market” contains the latest about the market in terms of an analytical approach. We estimate that the global Medical Device Market will flourish at an astounding rate of 5% CAGR during the forecast period to grow to a value of USD 623 Billion by 2026 from an initial value of USD 471 Billion in the year 2020.
Medical devices are a form of equipment that aid medical practitioners and professional by adding extra utility in the form of vision or optics for performing complicated functions or providing a better quality of life. Since medical devices are used for life or death situations, they are often carefully vetted in order to be approved. The major driving factors responsible for the growth of the medical device market are increased rounds of investment by the public and government bodies across the world and loosened restrictions in terms of these devices.
Additional factors include a wider range of products being approved, the latest integrated features, and increased marketing will further propel the growth of the global medical device market to a larger extent. Moreover, a sharp decline is observed in the list of people skipping regular clinical visits which are expected to add to the sales of medical devices. The current trend further shows uptake of interest in the sector of wearable medicine which will open new revenue streams for the market during the forecast.
Top Market Players
Some of the major market players in the Global Medical Device Market are Medtronic, Stryker, Fresenius SE & CO., Koninklijke, F. Hoffman-La Roche Ltd, Siemens Healthineers AG, BD, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Abbott Laboratories, Becton, Dickinson and Company, General Electric Company, 3D, and Fisher & Paykel Healthcare Limited and others.
Here are some noteworthy developments occurring in the global medical device market during the forecast:
- Koniklijke Philips recently acquired the U.S.-based cardiac diagnostic and monitoring company BioTelemetry in order to expand aggressively into the sector of remote care products.
- Smith & Nephew recently collaborated with Movemedical in order to expand their portfolio to automated solutions and improve the customer care experience.
- Koniklijke Philips N.V launched the abdominal aortic aneurysm (AAA) model for assisting medical physicians with a more patient-friendly approach for managing long-term solutions for AAA patients.
On the basis of types of device, the global medical device market can be divided into orthopedic devices, cardiovascular devices, diagnostic imaging, IVD, MIS, wound management, diabetes care, ophthalmic, dental, nephrology & urology, general surgery, and others (dental equipment & supplies, patient monitoring devices, anesthesia & respiratory devices). The IVD category is expected to witness the largest market share during the advent of the forecast due to the increasing prevalence of chronic and infectious disorders.
On the basis of end-users, the global medical device market can be fragmented into homecare, hospitals & clinics, and diagnostic centers. The hospitals and clinics are expected to witness the largest market share during the advent of the forecast owing to a larger physical presence of hospitals in the region spread across the form of multispecialty and community-based hospitals. Additionally, the rising healthcare expenditure and government programs based on reimbursements will aid in boosting the growth of the market across a larger footprint.
North America Will Exhibit The Largest Market Share During The Forecast Period
North America is expected to witness the largest market share during the advent of the forecast owing to global revenue collection. The recent trends indicate that the market will accumulate over 30% of total global revenue. The factors credited with the dominant position of the market are the presence of key players in the region, strong healthcare infrastructure, rapid adoption of advanced medical technologies, and favorable regulation surrounding the approval of these devices will boost the growth of the market during the forecast. The region of Europe is expected to witness the fastest growing CAGR during the forecast.
Browse the full report “Medical Device Market: By Type of Device (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology & Urology, General Surgery, & Others), By End-User (Homecare, Hospitals & Clinics, & Diagnostic Centers), And By Region – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/medical-device-market
The global medical device can be segmented on the basis of:
Global Medical Device Market: By Type of Device Segment Analysis
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- Wound Management
- Diabetes Care
- Nephrology & Urology
- General Surgery
- Dental Equipment & Supplies
- Patient Monitoring Devices
- Anesthesia & Respiratory Devices)
Global Medical Device Market: By End-Users Segment Analysis
- Hospitals & Clinics
- Diagnostic Centers
Global Medical Device Market: By Regional Segment Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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