Market Research Future has a cooked research report on the global medical device & accessories market. Medical device & accessories: Increasing research and development for better treatment options is expected to boost the market growth during the forecast period, 2017-2023
Medical device & accessories are products, intended to support, supplement or augment the performance of one or more parent devices. These devices are used for diagnosis, monitoring, and treatment of different diseases. Now a day, most of the companies are involved in mergers, acquisitions, and collateral activities to introduce better and effective treatment procedures. In this regards, Koninklijke Philips N.V, in June 2017, acquired CardioProlific Inc. which is a U.S.-based, privately-held company that develops catheter-based thrombectomy approaches to treat peripheral vascular disease. Also in October 2015, Medtronic acquired the Coronary & Structural Heart division of Twelve, Inc. These mergers and acquisitions help them to develop pipeline and network of their product around the globe. Whereas few companies are continuously involved in research and development to introduce advanced products, such as in January 2017, Stryker Corporation launched Altrix, a next-generation precision temperature management system. Also in April 2016, Medtronic launched new endoscopic ablation catheter for Barrett’s Esophagus. The global medical device & accessories market is expected to grow at a CAGR of 6.53% during the forecast period, 2017-2023.
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Major Players in the Medical Devices and Accessories Market
Some of the key players in this market are Boston Scientific Corporation (U.S.), Medtronic (Ireland), Johnson & Johnson Services, Inc. (U.S.), Stryker Corporation (U.S.), Koninklijke philips n.v (the Netherlands), General Electric Company (U.S.), Siemens AG (U.S.), Danaher Corporation (U.S.).
The global medical devices and accessories market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas account for the major share of this market owing to the presence of the leading market players, increasing awareness for healthcare and high healthcare expenditure. People in this region are more health conscious that leads to an increase in the healthcare spending.
Europe accounts for the second largest market, which is followed by Asia Pacific. Europe consists of two regions namely Western Europe and Eastern Europe. Western Europe holds the major share of the market which is majorly contributed by Germany, U.K., and France. Moreover, major driving factors for the market in this region are increasing the prevalence of chronic diseases, strong government support, and well-developed technology.
Asia Pacific is the fastest growing market. Increasing need for better treatment, rapidly improving technology in the healthcare industry, rising aging population and the presence of huge opportunity pool drives the growth of this market in Asia Pacific region. According to the ESCAP Statistical Database, in 2016, approximately 12.4% of the population in Asia Pacific region was over 60 years.
On the other hand, The Middle East & Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in the African region. The market is segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and Rest of the Middle East & Africa. In the Middle East & Africa, the healthcare spending has increased during last few years owing to increasing awareness about development in the healthcare sector.
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Rising prevalence of chronic disease, improvement of surgical outcomes, acceptance of advanced medical devices & accessories by patients, and increasing aging population around the world are the key drivers for the medical device & accessories market. According to the American Heart Association, in 2017, cardiovascular disease was listed as the most common cause of death, which accounted for nearly 801,000 deaths in the U.S. About 2,200 Americans die of cardiovascular disease each day. Additionally, according to the American Diabetes Association in 2015, 30.3 million Americans, i.e. 9.4% of the total Americas population was noted to suffer from diabetes.
Moreover, companies are investing more in research and development, in order to provide better treatment procedures. This research and development activities help to launch of new treatment procedure, such as, Stryker Corporation, in October 2017, announced the launch of Practice Excellence Program, a new implementation service to help physician practice to drive profitability, efficiency, and quality outcomes.
Also increasing consumer awareness about healthcare and rapidly rising population worldwide have been consistently adding to the growth of the medical device & accessories market across the globe. Furthermore, increase in healthcare expenditure is fuelling the medical device & accessories market. According to the Centers for Medicare & Medicade Services, in 2015, U.S. healthcare spending increased 5.8% reaching USD 3.2 trillion.
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The global medical device & accessories market is segmented on the basis of the types of devices. On the basis the types of devices, it is segmented into cardiovascular application, coronary pressure monitors, catheters, therapeutic medical guide, dental implant, cochlear implant, global nerve stimulator market, global diabetes monitors market, and global suture needles market. Furthermore, the cardiovascular application segment is sub-segmented into cardiac monitors, cardiac pacemaker, cardiac defibrillators, and others. The coronary pressure monitor segment is sub-segmented into sphygmomanometer, automated blood pressure monitor, BP transducers, ambulatory blood pressure monitor, and instruments & accessories. The catheter segment is sub-segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters. The therapeutic medical guidewire segment is sub-segmented into solid guidewire and wrapped guidewire. The nerve stimulator is further sub-segmented into deep brain stimulator, vagus nerve stimulator, and spinal cord stimulator.
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