Global Medical Devices Market Research Report 2020, Size, Share, Growth, Trends and Industry Analysis By Product Type (Cardiac Monitoring, Diagnostic and Drug Delivery), Therapeutic Application (Gastrointestinal Surgery, General Surgery and Diagnostic Imaging), End User (Hospitals & Clinics, Diagnostic Centers and Research Laboratory) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast till 2025
Medical Devices Market Overview:
Global medical devices market report, as discussed by Market Research Future (MRFR), reveals the possibility of valuation of USD 6170.72 million by 2025. The process would also see a rise of 22% CAGR during the forecast period (2019-2025).
The global medical devices market would benefit from technological progress, better funding for research and development sectors, hike in the availing of medical support, and others. These factors are further getting backed by the inclusion of IoT and AI, and the growing demand for remote operations of various medical devices.
However, the high cost of acquiring such devices and their maintenances can put a cap on the medical devices market growth status.
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Medical Devices Market Segmentation:
The global medical devices market report segments the market product type, end users, and therapeutic application to get a better picture of the segment. This would simplify the growth process of the market and ensure a decent hike.
By product type, the global medical devices market can be segmented into diagnostic devices, drug delivery devices, monitoring devices, bioimplants and stimulation devices, treatment equipment, surgical devices, and others. The monitoring devices segment includes neuromonitoring devices, respiratory monitoring devices, cardiac monitoring devices, hemodynamic monitoring devices, temperature monitoring devices, multi-parameter monitoring devices, fetal and neonatal monitoring devices, and weight monitoring devices. The diagnostic devices segment incorporates endoscopes, imaging devices, surgical ENT devices, and others.
By therapeutic application, the medical devices market reveals general surgery, diagnostic imaging, gastrointestinal surgery, orthopedics, cardiovascular, nephrology and urology, respiratory, neurology, dental, ear-nose-throat (ENT), ophthalmology, and others.
By end user, the medical devices market report includes research laboratories, diagnostic centers, hospitals & clinics, and pharmaceutical companies.
Medical Devices Market Regional Analysis:
The global medical devices market would get substantial backing in the American market as countries like Canada and the US would ensure the market gets proper financial support. Easy technological inclusion, infrastructural advantage, and high expenditure capacities, along with better reimbursement policies are features of these two countries, which is impacting the growth of the regional market.
The market in Europe would follow a similar track with Russia, France, Germany, the UK, and others contributing to the regional market growth. Hike in research-related activities would ensure strong growth for the market.
The Asia Pacific market would benefit from several pointers like emerging economies, better investment in the healthcare sector, and others. Various global companies are trying to take benefit of the region by tapping into its potentials. In the Middle East & Africa region, this growth would be hindered by a lack of resources and the presence of poor economies.
Medical Devices Market Competitive Landscape:
The global medical devices market has substantial growth opportunities as several companies are contributing significantly to fetching more revenues. They are launching their strategic moves like mergers, acquisitions, innovations, hike in funding, and other prospects to ensure the market moves forward and a proper cementing of their place can take place. These companies are GE Healthcare (US), Johnson & Johnson (US), Fresenius (Germany), Siemens (Germany), Stryker (US), Abbott Laboratories (US), Medtronic (Ireland), Accuray Inc. (US), Abiomed Inc. (US), Becton Dickinson (US), Boston Scientific Corp. (US), Baxter International Inc. (US), Biotelemetry Inc. (US), Bio Rad Laboratories Inc. (US), and Angiodynamics Inc. (US)
Medical Devices Industry News:
In February 2020, the FDA declared that makers of various medical devices should note the possibilities of cybercrimes. The report says a lot about this possibility in GE Healthcare Clinical Information Central Stations and Telemetry Servers.
In February 2020, reports in the UK revealed the possibility of a negative impact on the UK medical devices market. This is due to the EU MDR that the UK would now follow. This is rigid in its approach and can deter the growth of the market.
In February 2020, an activist organization named Health Care Without Harm launched a campaign where they have argued in favor of curbing the use of PVC and DEHP plasticizer in medical devices to reduce the impact of the machines on the patient.
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