Medical device market size worth USD 63,423 million by 2027
Medical Devices Market Outlook
Market Research Future (MRFR) reveals in its new in-depth study that medical device market would capture a valuation of nearly $63,423.6 million by the end of 2027. The market size is expected to continue to soar at a feverish rate of 23.20% from 2020 to 2027. Medical devices are used to diagnose, prevent or treat disease. There is a wide variety of medical devices available in the global market. The global medical device market has witnessed massive growth in recent times owing to factors such as government financial assistance, good healthcare reforms, increasing adoption of radiotherapy in diagnosis and treatment, demand growing number of wearable medical devices, increasing use of IoT smart medical devices, aging population and increasing life expectancy. However, factors such as growing concerns over data security breaches and high costs associated with devices are likely to hinder the growth of the market.
The medical device market will make substantial progress during the assessment period, thanks to the growing support from the government and the growing preference for elective procedures. The latest trend in the global industry is the growing preference for non- or minimally invasive procedures, increasing the adoption of advanced medical devices. The extensive use of different medical devices can be attributed to the increasing availability of favorable medical and reimbursement schemes. Meanwhile, the alarming increase in lifestyle disorders, accidents and sports injuries has also increased the market demand across the globe.
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Major manufacturers will be presented with exciting opportunities in the form of the huge demand for medical devices that can be used at home to monitor and diagnose multiple medical conditions. Technological advancements in devices such as oxygen concentrators, nebulizers, glucose monitors, and insulin delivery devices are improving their accuracy levels, thereby increasing their demand.
Leading companies in the medical device market
Well-known medical device developers highlighted in the MRFR research report are Angiodynamics Inc. (USA), Medtronic (Ireland), Stryker (USA), Becton Dickinson (USA), Bio Rad Laboratories Inc. (USA), Johnson & Johnson (USA), GE Healthcare (USA), Boston Scientific Corp. (USA), Siemens (Germany), Fresenius (Germany), Baxter International Inc. (USA), Accuray Inc. (USA), Abbott Laboratories (USA), Abiomed Inc. (USA ), Biotelemetry Inc. (USA), etc.
Corporate research and development efforts are increasing rapidly, along with soaring investment in product innovation and launches for greater brand awareness. Other strategic actions taken by the company include FDA approvals, acquisitions, joint ventures, collaborations, expansions, to name a few.
Segmentation of the medical device market
The medical device industry can be divided into product type, therapeutic application, as well as end users.
Some of the major product types considered in the report include bioimplants and stimulation devices, diagnostic devices, surgical devices, monitoring devices, treatment equipments, drug delivery devices, and others.
With respect to therapeutic application, the global market caters to nephrology and urology, general surgery, ophthalmology, respiratory, gastrointestinal surgery, diagnostic imaging, cardiovascular diseases, otolaryngology (ENT), orthopedics, dental, neurology and others.
Diagnostic centers, pharmaceutical companies, research laboratories, and hospitals and clinics are the end users of the industry profiled in the report.
Medical Devices Market Regional Analysis
The global medical devices market is studied in five major regions: North America, South America, Europe, Asia-Pacific, Middle East & Africa.
The North American regional medical device market is expected to dominate globally. The growth of the regional market is driven by the rising incidence of chronic diseases, neurological disorders, diabetes, and cancer which drive the need for medical equipment for diagnosis and treatment. The most frequently used medical instruments for disease diagnosis include chromatograph, microscope, and spectroscope.
The European medical device market is likely to secure the consignment position in the global medical device market. The growth of the regional market is driven by increasing government spending on the development of medical devices, a growing economy, and the presence of a large number of medical device manufacturing units. Additionally, the growing need for medical equipment to validate product quality is also likely to drive the growth of the regional market.
Growing demand for healthcare products is propelling the regional medical device market in Asia Pacific. Asia-Pacific is expected to be the fastest growing regional market owing to the growing elderly population with health conditions driving the expansion of the market.
The medical device market for the Middle East and Africa region is expected to grow gradually over the review period. This is due to the increase in the number of government initiatives in the health sector.
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Abbott introduces its latest advanced insertable cardiac monitor called Jot Dx to the US market. The medical device helps to facilitate accurate and precise detection of abnormal heart rhythms, which are difficult to detect. To allow physicians to manage the data stream, Jot Dx ICM has a feature to either note all abnormal heart rhythm data or choose irregular heart rhythms to be recorded using an “episodes” option. keys”. The device effectively and remotely detects cardiac arrhythmia and improves diagnostic accuracy.
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Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5th Floor,
New York, New York 10013
united states of america
+1 646 845 9312