The Future Of The Global Medical Device Market Looks Good With Opportunities In Public And Private Hospitals. The Global Medical Device Market to Register a Compound Annual Growth Rate Of 6.53% During The Assessment Period Of 2017-2023.
Market Research Future (MRFR), after an exhaustive analysis, reports that the global medical device and accessories market could obtain a CAGR of 6.53% during the forecast period (2017-2023).
Growth Boosters and Key Restraints
Medical device and accessories together form an entity that is used for prognosis of a disorder, which includes monitoring, diagnosis, and treatment. There are few guidelines followed by manufacturers as well as FDA staffs when it comes to testing of any object, so it qualifies as medical device and accessories. Data experts estimate that various market dynamics could work in favor of the overall growth of the market.
Surging prevalence of chronic diseases such as diabetes and cardiac disorders and the rising number of surgical cases could elevate the market position in the subsequent years. Other than this, expanding the geriatric population, a boost in healthcare expenditure, and technological advancements that lead to better medical infrastructure has done wonders for the market. Massive investments by leading players in research and developmental activities that give rise to new product launches are some growth-inducing factors in the worldwide medical device & accessories market.
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Some other critical factors envisaged to generate market revenue in the near future are mergers and collaborations between market participants. Citing a reference, in January 2019, BioTelemetry had acquired a startup named Geneva Healthcare for USD 45 million.
Boston Scientific Corporation (U.S.), koninklijke philips n.v (the Netherlands), Stryker Corporation (U.S.), Danaher Corporation (U.S.), Siemens AG (U.S.), General Electric Company (U.S.), Medtronic (Ireland), Johnson & Johnson Services, Inc. (U.S.), are some of the top players in the global medical device and accessories market.
Hamilton Medical and Draeger have been given the Pentagon contracts valued at USD 75 million and USD 60 million, respectively. Hamilton Medical got the contract for capital equipment and patient monitoring systems and accessories. Draeger’s contract is for patient monitoring accessories, systems, subsystems, training, and consumables
The worldwide medical device and accessories market has been segmented by types of devices.
Depending on the types of devices, the market can be narrowed down into therapeutic medical guide, dental implant, cochlear implant, global nerve stimulator market, global diabetes monitors market, cardiovascular application, coronary pressure, global suture needles, and monitors, catheters.
Asia Pacific, North America, Middle East & Africa and Europe are the primary markets for medical device and accessories.
The rising trend of health-consciousness, along with growth in healthcare expenditure, has turned North America into a highly profitable market for medical devices and accessories. Technological advancements supporting medical infrastructure is gaining favor in terms of investments by influential players to conduct research and development. This factor provides scope for innovation of new products in the region. On this basis, the region could acquire the paramount spot in the worldwide medical devices and accessories market.
Europe is expected to secure the second position in the worldwide medical device and accessories market. The market growth is the result of the high medical expenditure, robust governmental support as well as outstanding medical infrastructure. Other than this, the hike in incidences of chronic diseases like hypertension, diabetes, osteoporosis, and other age-related diseases could boost the demand for high-quality products and services in the region. Regional players are striving to come up with solutions that are best matched to the demands of the customers. With the prevalence of intense competition and increasing costs of medical devices and accessories in the region, players are indulging in enhanced sales strategies as well as long-term partnerships with other companies.
With the fastest growth in the worldwide market, Asia Pacific could benefit from the expanding geriatric population. Also, technological developments lead to rise in opportunities for innovation, which could enhance market growth for medical devices and accessories in the region.
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Middle East & Africa could expect the slowest market growth for medical devices and accessories. Market prospects in the future look bleak in the region due to low availability of medical facilities and economic stagnancy.
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