Medical Devices Market Trends, Size and Insights By Therapeutic Application (General Surgery, Gastrointestinal Surgery and Diagnostic Imaging), End User (Hospitals & Clinics, Diagnostic Centers and Research Laboratory), Product Type (Diagnostic, Cardiac Monitoring and Drug Delivery) and Region (Europe, Americas, Asia-Pacific and Middle East & Africa) – Forecast till 2027
Medical Devices Market Outlook
The need for medical devices is projected to spur the global market development in the approaching period. The market’s report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. The medical devices market size is estimated to reach USD 63423.6 million at a CAGR of 23.20% by 2027.
The variety available of medical gadgets is estimated to augment the development opportunities in medical devices market on a global scale. The rise in the implementation of IoT-based smart medical devices is predicted to further support the development of medical devices companies in the forecast period.
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Medical Devices Market Segmentation
The segmental medical devices market research is carried out on the basis of product type, therapeutic application, end user, and region. The product type market segment of medical devices consists of diagnostic & drug delivery and cardiac monitoring. The end user segment of medical devices industry consists of diagnostic centers, hospitals & clinics, and research laboratories. The region segment of the medical devices market consists of Europe, the Americas, Asia-Pacific, and Middle East & Africa. The therapeutic application medical device industry consists of general surgery, gastrointestinal surgery, and diagnostic imaging.
Medical Devices Market Regional Overview
The regional assessment of the medical devices market is carried out for regions such as Europe, Asia-Pacific, the Americas, and Middle East & Africa. The Americas are predicted to have the largest share of the global medical device market. Europe is expected to be the world’s second-largest market for medical equipment. The region’s market expansion is assisted by many medical device manufacturing units, a growing economy, and increased government funding on medical device development. Furthermore, as pharmaceutical companies innovate to manufacture new treatments, the demand for medical equipment to test product quality is increasing. Asia-Pacific is expected to be the fastest-growing regional market due to rising demand for healthcare items; the growing older population with health difficulties is driving medical devices market expansion.
Medical Devices Market Competitive Analysis
The global medical device industry trends is projected to grow due to the diversification theme, with competitors attempting to lessen the risk of instability that currently exists in the sector. On a day-to-day basis, the reestablishment of undertakings is expected to take a certain amount of time, which will show the progression of the delivery oversupplies. The monetary assistance granted by governments and trade federations is expected to compensate for the current situation in the future. The challenges that organizations face in the global market regarding their most valuable assets are being met more successfully.
The market’s prerequisite for long-term viability is expected to be generated by the renewal of open cash movements. The emphasis on innovation is expected to increase in the next years, as consumer requirements must be better handled to secure the global market’s recovery. The success of market tactics is thought to be closely monitored to nudge customer attitudes in the proper direction and lead to purchasing various items and services. Individual contributions from market stakeholders are expected to shape the industry’s development trajectory in the coming years.
The renowned companies in the medical device industry are
- Johnson & Johnson (US)
- Bio Rad Laboratories Inc. (US)
- Medtronic (Ireland)
- Siemens (Germany)
- Stryker (US)
- Abbott Laboratories (US)
- Abiomed Inc. (US)
- Accuray Inc. (US)
- Boston Scientific Corp. (US)
- Becton Dickinson (US)
- Fresenius (Germany)
- GE Healthcare (US),
- Baxter International Inc. (US)
- Biotelemetry Inc. (US)
- Angiodynamics Inc. (US).
Medical Device Industry Updates:
Jul 2021 The National Pharmaceutical Pricing Authority (NPPA) in India has regulated pricing for pulse oximeters, digital thermometers, nebulizers, blood pressure monitors, and glucometers, with 91 percent of brands reporting price reductions.
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July 2021 MiRus LLC, a commercial-stage health sciences firm, has closed a heavily oversubscribed investment round to support the expansion of its spine and extremity portfolios and the development of structural heart disease treatments using its unique Rhenium-based alloys (MoRe®). The financing was led by Mammoth Scientific and multi-generational family offices, which have backed MiRus since its inception. When compared to traditional titanium, cobalt, and nickel-based alloys used in medical implants, MiRus has broad global patent coverage for all medical implants made from Rhenium-based superalloys, which have superior mechanical strength, fatigue resistance, and dramatically better biological performance.
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