Medical Devices Size, Trends and Growth Analysis Therapeutic Application (Gastrointestinal Surgery, General Surgery and Diagnostic Imaging) By Product Type (Cardiac Monitoring, Diagnostic and Drug Delivery), , End User (Hospitals & Clinics, Diagnostic Centers and Research Laboratory) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Forecast 2027

ID: VPR/HC/1041 Publishing Year: October 2021 Pages: 60 Format:   


Medical Devices Market Overview:

The Medical Devices Market is projected to grow from USD 12 billion in 2020 to reach USD 60 billion by 2027; it is expected to grow at a CAGR of 25.85% from 2020 to 2027.

Market expansion is expected to be fueled by rising use of technologically advanced smart wearables and image-guided therapeutic systems, as well as continued trends of accurate and real-time monitoring. The rapid adoption of Medical Devices Market in hospitals and other healthcare settings can also be linked to rising knowledge of the benefits of modern medical equipment, such as enhanced mobility. Furthermore, rising global health concerns, an increase in the frequency of chronic diseases, and an increase in healthcare spending have all fueled the industry. Furthermore, advances in brain monitoring devices, as well as major technological advancements in medical devices, as well as considerable improvements in commercial aspects, are expected to move the Global Medical Devices Market forward.

There are a number of obstacles that will stymie overall market expansion. Lack of qualified workforce, doctors, medical experience, and the lack of norms and protocols are all significant limitations to the global Medical Devices's overall growth. Nonetheless, technological breakthroughs, widespread acceptance of monitoring, diagnostic, and therapeutic systems for illness management, increased usage of portable monitoring and imaging technologies, and untapped potential in emerging markets all point to promising development prospects.

Key Players:

  • Medtronic
  • Abbott
  • Boston Scientific Corporation
  • Braun Melsungen AG
  • 3M
  • General Electric Company
  • Stryker Corporation
  • Koninklijke Philips N.V.
  • Siemens AG
  • Johnson and Johnson Services, Inc.

Covid-19 Impact:

The outbreak wrecked havoc on the Medical Device Business, as the lockdown caused substantial supply disruptions. Companies, on the other hand, were quick to adjust to the constraints, building a more resilient supply chain in just a few weeks to fill requests for a variety of medical supplies. The impact of COVID-19 on the Americas was harsh for the medical device industry for a few weeks, but it started to improve in the third quarter of 2020. The medical equipment industry has recovered mostly due to high demand for ventilators, breathing systems, patient monitoring systems, and imaging systems.

Drivers:

The Worldwide Medical Devices Market is growing due to factors such as the growing Medical Device Industry and the rising prevalence of chronic disorders. Increased need for medical equipment to diagnose and treat chronic diseases include cardiovascular disease (CVD), cancer, diabetes, stroke, and renal disease.

Opportunities:

The Worldwide Medical Devices Industry is seeing increased government support, which is giving market participants with growth prospects.

Restraints:

The Medical Device Industry's Expansion is likely to be limited by data security breaches and concerns about the transmission of sensitive data over the internet.

Challenges:

The Medical Device Industry may be stifled by low reimbursement restrictions and a lengthy product approval process.

Market Segmentation:

Surgical devices, infection control devices, general medical devices, cardiovascular devices, orthopaedic devices, home healthcare equipment, neurology, endoscopy, ophthalmology, and others make up the Medical Devices. In 2019, the in vitro diagnostics (IVD) segment retained the biggest market share. The market for this category is expected to rise because to the rising prevalence of chronic diseases and technological improvements by industry participants for early disease diagnosis. During the projected period, however, neurology devices are expected to have the highest CAGR in the Medical Devices Market.

Regional Analysis:

The United States, Canada, Mexico, Germany, the United Kingdom, France, Italy, Spain, Russia, the Netherlands, Switzerland, Belgium, Turkey, and the rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, and the rest of Asia-Pacific, Brazil, Argentina, and the rest of South America, South Africa, Saudi Arabia, and the rest of the Middle East and North Africa are among the countries covered in the Smart Medical Devices Market Report.

Because of increased investments in smart device development, North America is likely to lead the industry. Because of the increased usage of smart phones and increased awareness of their health and fitness, the United States dominates the North American market. Because of the growing geriatric population and the increased prevalence of chronic conditions that necessitate round-the-clock monitoring, Germany dominates the Medical Devices Market. Because key firms foraying into the industry, such as Apple Inc., Fitbit, Inc., and West pharmaceutical services, are investing in developing smart gadgets that favour results with high accuracy and minimal turnaround time, the area is predicted to grow at the fastest rate from 2021 to 2028. Because of increased investments and government assistance, China is likely to dominate the Asia-Pacific market.



Frequently Asked Questions
Medical Devices Market is predicted to grow at 25.85% through forecast period of 2020-2027
By 2027, worth USD 60 billion is estimated for the Medical Devices Market.
The Worldwide Medical Devices is growing due to factors such as the growing Medical Device Industry and the rising prevalence of chronic disorders.
Medtronic ,Abbott ,Boston Scientific Corporation ,Braun Melsungen AG ,3M ,General Electric Company ,Stryker Corporation ,Koninklijke Philips N.V. ,Siemens AG ,Johnson and Johnson Services, Inc.

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