Medical Devices Market Overview
As per Market Research Future (MRFR) analysis, the medical devices market is expected to rise significantly over the forecast period. The global demand for medical devices was estimated at around USD 1533.97 billion in 2018 and is expected to hit USD 6170.72 billion with a healthy CAGR of 22% from 2019 to 2025 (forecast period). The report offers a thorough analysis of the impact of the Covid-19 pandemic on the global medical devices market.
Medical devices are products that are used, among others, to assess, prevent, or treat a disease. There are various types of medical devices available on the market, from wheelchairs to surgical equipment.
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Medical Devices Market Dynamics
The main factors driving the market growth are growing patient populations suffering from different diseases, rising incidences of accidents, and increasing research and development in the healthcare sector to develop technologically advanced medical devices that drive market growth. In addition, the increasing prevalence of cardiovascular disease and the growing geriatric population with multiple health conditions boost the demand for medical devices.
Nevertheless, factors such as the rising cost of medical devices and the additional cost on the maintenance training of professionals are expected to hinder the market growth.
Impact of Covid-19 on Global Medical Devices Market
The COVID-19 pandemic has had a debilitating impact on the healthcare system. Healthcare systems are overwhelmed, and adequate medical care delivery to all patients has become a global challenge. Insufficient exposure to early warning signs, inadequate storage, lack of access to test kits and personal protective equipment (PPE), and national variability in testing methods, distribution of PPE, timing, and degree of social distance measures are likely to influence the spread of the disease. Inadequate PPE, overcrowding, and difficulty in protecting existing patients are key challenges for the medical industry.
Manufacturers of medical devices have not escaped the effects of the pandemic. Like pharmaceutical firms, manufacturers of medical devices rely heavily on healthcare facilities to obtain data from clinical trials. Most medical device products must pass pre-and post-market clinical trials before manufacturers can receive regulatory approval certificates. While the COVID-19 pandemic continues, medical device companies struggle to make informed decisions about their products, supply chains, and regulatory responsibilities amid uncertainty. Announcements from the governing bodies and discussions with key decision-makers and regulatory experts are critical to the medical device industry’s success.
Medical Devices Market Segmentation
The global medical devices market has been segmented into product type, therapeutic application, and end-users.
Based on product type, the global market for medical devices has been segmented into diagnostic devices, monitoring devices, drug delivery devices, surgical devices, treatment equipment, bioimplants and stimulation devices and others. The monitoring devices have been further divided into cardiac monitoring devices, respiratory monitoring devices, neuromonitoring devices, multi-parameter monitoring devices, hemodynamic monitoring devices temperature monitoring devices, fetal and neonatal monitoring devices, and weight monitoring devices. The diagnostic devices are further divided into surgical ENT devices, endoscopes, imaging devices, and others.
Based on therapeutic application, the global market for medical devices has been divided into gastrointestinal surgery, cardiovascular, general surgery, orthopedics dental, diagnostic imaging, respiratory, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others.
Based on end-user, the global market for medical devices has been segmented into hospitals & clinics, diagnostic centers, research laboratory, and pharmaceutical companies.
Medical Devices Market Regional Analysis
By region, the global market for medical devices has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas are expected to dominate the global market for medical devices due to the high prevalence of cancer, chronic diseases, diabetes, and neurological disorders, which increase the demand for medical devices for diagnosis and treatment. Spectroscope, microscope, and chromatograph are the primary medical devices used to diagnose diseases. As stated by the American Cancer Society, 1,762,450 new cancer cases were diagnosed in the United States in 2019. In addition, in 2017, the Centers for Disease Control and Prevention estimated that 30.8 million people had digestive disorders in the US. The rising incidence of various health problems is boosting the growth of medical devices in the region.
Europe is set to retain the second-largest spot on the global market for medical devices. The presence of a significant number of medical device manufacturing units, the growing economy, and increasing government spending on medical device production are boosting the market growth in the region. In addition, growing innovation in pharmaceutical companies to produce new medicines raises the demand for medical devices to check the quality of the products.
The Asia Pacific is projected to be the fastest-growing regional market due to rising demand for healthcare products; additionally, the growing geriatric population with health issues drives the market growth.
The Middle East & Africa is predicted to have the least market share in the projected period. The majority of the market share of the region is expected to be taken by the Middle East due to the increasing number of government initiatives for the healthcare sector in the region.
Medical Devices Market Key Players
Some of the leading participants operating in the global medical devices market are Fresenius (Germany), Johnson & Johnson (US), Medtronic (Ireland), GE Healthcare (US), Stryker (US), Abiomed Inc. (US), Siemens (Germany), Accuray Inc. (US), Abbott Laboratories (US), Boston Scientific Corp. (US), Becton Dickinson (US), Baxter International Inc. (US), Biotelemetry Inc. (US), Bio Rad Laboratories Inc. (US), and Angiodynamics Inc. (US).
Table Of Contents
1. REPORT PROLOGUE
2. MARKET INTRODUCTION
2.2. Scope Of The Study
2.2.1. Research Objective
3. RESEARCH METHODOLOGY
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
4. MARKET DYNAMICS
5. MARKET FACTOR ANALYSIS
5.1. Porter’s Five Forces Analysis
5.1.1. Bargaining Power Of Suppliers
5.1.2. Bargaining Power Of Buyers
5.1.3. Threat Of New Entrants
5.1.4. Threat Of Substitutes
5.1.5. Intensity Of Rivalry
5.2. Value Chain Analysis
LIST OF TABLES
TABLE 1 GLOBAL MEDICAL DEVICES MARKET SYNOPSIS, 2019–2025
TABLE 2 GLOBAL MEDICAL DEVICES MARKET ESTIMATES & FORECAST, 2019–2025 (USD MILLION)
TABLE 3 GLOBAL MEDICAL DEVICES MARKET, BY PRODUCT TYPE, 2019–2025 (USD MILLION)
TABLE 4 GLOBAL MEDICAL DEVICES MARKET, BY THERAPEUTIC APPLICATION, 2019–2025 (USD MILLION)
TABLE 5 GLOBAL MEDICAL DEVICES MARKET, BY END USER, 2019–2025 (USD MILLION)
TABLE 6 GLOBAL MEDICAL DEVICES MARKET, BY REGION, 2019–2025 (USD MILLION)
LIST OF FIGURES
FIGURE 1 RESEARCH PROCESS
FIGURE 2 MARKET STRUCTURE OF THE GLOBAL MEDICAL DEVICES MARKET
FIGURE 3 MARKET DYNAMICS OF THE GLOBAL MEDICAL DEVICES MARKET
FIGURE 4 GLOBAL MEDICAL DEVICES MARKET SHARE, BY PRODUCT TYPE, 2018 (%)
FIGURE 5 GLOBAL MEDICAL DEVICES MARKET SHARE, BY THERAPEUTIC APPLICATION, 2018 (%)
FIGURE 6 GLOBAL MEDICAL DEVICES MARKET SHARE, BY END USER, 2018 (%)
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