Medical Devices Market - By End User (Hospitals & Clinics, Diagnostic Centers and Research Laboratory), By Product Type (Cardiac Monitoring, Diagnostic and Drug Delivery), Therapeutic Application (Gastrointestinal Surgery, General Surgery and Diagnostic Imaging) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Forecast 2027
|ID: VPR/A&D/1255||Publishing Year: November 2021||Pages: 115||Format:|
Medical Devices Market Overview:
Medical Devices Market was valued at $ 115 billion in 2020, and is expected to reach $ 460 billion by 2027, registering a CAGR of 22% from 2021 to 2027.
Medical Devices are the tools and devices that are manufactured and delivered by medical supply organizations. Products that are only used once can also be used. From a simple first-aid kit to advanced medical equipment, medical supplies are a vast category that encompasses a variety of products. Some medical supplies, such as hypodermic devices and inhalation supplies, are used in the delivery of medications, whereas sterilisation and infection control supplies are used to keep healthcare settings free of infection and free of illness-causing bacteria. As a result of the increasing need for infection control methods to reduce the frequency of hospital-acquired illnesses, the medical supplies industry is seeing rapid expansion.
The increase in the elderly population is also expected to contribute to the growth of the medical supply industry. Furthermore, it is predicted that the increasing number of surgical operations would serve to cushion the expansion of the Medical Devices Market in the future. Moreover, the rigorous regulatory requirements and compliances for numerous medical supplies are expected to further restrict the growth of the Medical Devices Market during the forecast period. However, the increase in the number of product recalls, may pose a significant risk to the growth of the Medical Devices Market in the near future. While it is valid, the rise in the number of surgical operations in the future years will create additional potential development possibilities for the Medical Devices Industry.
- 3M Company
- Cardinal Health
- Smith & Nephew PLC
- Braun Melsungen AG
- Boston Scientific Corporation
- Medtronic plc
- Johnson & Johnson
- Baxter International Inc.
- Halyard Health, Inc.
- Thermo Fisher Scientific Inc.
Impact of COVID-19 on the Market
A rise in the number of serious diseases such as COVID-19, others has resulted in an increased demand for emergency medical supplies. Manufacturing efforts for ventilators, medical gowns, gloves, and other goods have surged as a result of the crisis, according to industry sources. The development of oral or edible vaccines, on the other hand, may be beneficial to the global medical supply industry. It has been demonstrated that efforts to reduce the spread of hospital-acquired diseases by stressing the use of disposable syringes are successful.
- Diagnostic Supplies
- Dialysis Consumables
- Inhalation Products
- Wound Care Consumables
- Radiology Consumables
- Infection Control Supplies
- Infusion Products
- Intubation and Ventilation Supplies
- Personal Protection Equipment (PPE)
- Hypodermic Products
- Sterilization Consumables
- Other Medical Supplies
- Wound Care
- Other Applications
By End User
- Nursing homes
- North America
- Latin America
- Middle East and Africa
Due to the extreme rising number of surgeries and the presence of major market competitors in this area, North America accounted for the biggest share of the Medical Devices Market. Furthermore, a growth in the number of COVID-19 patients in this region has resulted in an increase in the demand for disposable medical supplies. Furthermore, the number of reported cases is likely to skyrocket in the next month or two, increasing by orders of magnitude.
Because of the expanding elderly population and the rising prevalence of cardiovascular illnesses, the Asia Pacific region is anticipated to see the fastest increase throughout the projection period. Furthermore, the Asia-Pacific area has been identified as one of the most severely affected by COVID-19. The heavily inhabited areas in this location also make it easier for the virus to spread through the population, which is another issue to consider.
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