Medical Devices Market Overview
Global medical devices market is likely to cross a market size of over USD 63423.6 million by 2027 while registering a healthy CAGR of over 23.20% during the review timeframe, says Market Research Future (MRFR). Medical devices are used to diagnose, prevent, or treat diseases. There is a huge variety of medical devices available in the global market.
The global medical devices market has been witnessed massive growth over recent times owing to the factors such as government financial assistance, good healthcare reforms, rising adoption of radiation therapy in diagnosis and treatment, rising demand for portable medical devices, increase in the use of IoT-based smart medical devices, and aging population and rising life expectancy. However, the factors such as growing concerns regarding data security breaches and the high costs associated with the devices are likely to hamper the market’s growth.
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Medical Devices Market Segment Analysis
The medical devices market is split into segments based on end-users, therapeutic application, product type, and region.
Based on application, the medical devices market is bifurcated into nephrology and urology, ophthalmology, dentistry, orthopedics, diagnostic imaging, surgery, ear-nose-throat (ENT), neurology, cardiovascular, respiratory, general surgery, and others.
The medical devices market is bifurcated on end-users into pharmaceutical firms, research laboratories, diagnostic centers, and hospitals and clinics.
Medical Devices Market Regional Outlook
The global market for medical devices is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The North American regional market for medical devices is likely to dominate globally. The regional market’s growth is being driven by the rising incidence of chronic illnesses, neurological disorders, diabetes, and cancer that causes the need for medical equipment for diagnosis and treatment. The most frequently used medical instruments for illness diagnostics include the chromatograph, microscope, spectroscope.
The European regional market is likely to secure the send position in the global market for medical devices. The regional market’s growth is being driven by increased government spending on medical device development, a growing economy, and the presence of a significant number of medical device manufacturing units. Moreover, the growing need for medical equipment to validating product quality is also likely to boost the growth of the regional market.
The rising demand for healthcare goods propels the Asia-Pacific regional medical device market. The Asia-Pacific is anticipated to be the fastest-growing regional market owing to the growing elderly population with health issues is driving market expansion.
The medical devices market for the Middle East & African region is projected to grow over the review timeframe gradually. This is due to the increase in the number of government initiatives in the healthcare sector.
Medical Devices Market Competitive Analysis
The players in the market frequently use approvals and product developments to grow their businesses and customer base. The market has an intensely competitive landscape with a wide number of players spread worldwide. The list of leading players in the medical devices market includes companies such as Angiodynamics Inc. (US), Fresenius (Germany), Baxter International Inc. (US), Becton Dickinson (US), Accuray Inc. (US), Abbott Laboratories (US), Siemens (Germany), Johnson & Johnson (US), Biotelemetry Inc. (US), GE Healthcare (US), Medtronic (Ireland), Stryker (US), Abiomed Inc. (US), Boston Scientific Corp. (US), Bio Rad Laboratories Inc. (US), and many others.
Recent Developments
a global provider of medical device manufacturing solutions and a portfolio company of Arcline Investment Management, Medical Manufacturing Technologies (MMT) has acquired R&D Engineering (R&D) from Biomerics to expand its catheter production and automation technologies. The deal helps MMT strengthen its offerings in core technology areas and improves its end-to-end services platform.
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PetVivo Holdings, Inc., an emerging biomedical device company concentrating on commercializing innovative medical therapeutics for pets, happily announced that it has successfully signed a distribution agreement with VetCore, Inc, for SPRYNG™ by PetVivo, a therapeutic product with OsteoCushion™ Technology. VetCore operates and owns a legal veterinarian ordering/purchasing platform with more than 13,000 veterinary hospitals as customers.
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