Medical Devices Market Size| 2021 Covid-19 Impact On Healthcare Industry Global Analysis By Size, Trends, Growth, Share, Business, Key Players, Merger, Statistics, Competitive Landscape, And Regional Forecast To 2026 is latest study published by Fortune Business Insights. The global medical devices market size is expected to reach USD 657.98 billion by 2028, exhibiting a CAGR of 5.4% during the forecast period. The rising geriatric population will boost the growth of the market. Fortune Business Insights, in a new study, titled “Medical Devices Market, 2021-2028.” states that in-vitro diagnostics is expected to lead the market. According to the study, the US IVD segment covered 15.5% of the global market share in 2021.
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Regional Insights:
Heavy R&D Investments to Aid Development in North America
North America is expected to emerge dominant over the forecast tenure. The presence of many companies, coupled with substantial R&D investments, is boosting the market in North America. Other regions such as Asia Pacific are expected to show considerable growth opportunities in the market during the forecast period.
The Report Lists the Companies in the Global Market:
- Medtronic (Dublin, Ireland)
- Stryker (Kalamazoo, United States)
- Fresenius SE & Co. KGaA (Bad Homburg, Germany)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Hoffmann-La Roche Ltd (Basel, Switzerland)
- General Electric Company (Chicago, United States)
- Siemens Healthineers AG (Munich, Germany)
- BD (Franklin Lakes, United States)
- Boston Scientific Corporation (Marlborough, United States)
- Johnson & Johnson Services, Inc. (New Brunswick, United States)
- Other Players
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Driving Factor:
Rising Prevalence of Chronic Disorders and Demand for Preventive Healthcare to Spur Growth
The rising incidence of chronic diseases such as diabetes, cancer, heart diseases is fueling the demand for various medical devices in North America. According to the National Center for Chronic Disease Prevention and Health Promotion (CDC), around six in every ten people in the U.S live with one of the above-mentioned chronic diseases. This further increases demand for these devices and encourages several companies to introduce innovative technologies in the field. With the rising prevalence of chronic diseases, the need for preventive healthcare will increase exponentially. This is another factor driving the market. Medical device manufacturers around the world are likely to invest in the development of new medical type of devices and update the existing ones. All the above factors are anticipated to create a growth engine for the market during the forecast period.
Key Development:
January 2021: Stryker announced that it had acquired OrthoSensor Inc., a leader in the digital evolution of musculoskeletal care and sensor technology for total joint replacement, in order to include its Verasense intraoperative sensor technology in its portfolio of Mako robots.
The global medical devices market can be segmented into the following categories:
By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic
- Dental
- Nephrology
- General Surgery
- Others
By End-User
- Hospitals & ASC’s
- Clinics
- Others
By Geography
- North America (By Type, By End user, and By Country)
o The U.S. (By Type)
o Canada (By Type)
- Europe (By Type, By End user, and By Country)
o The U.K. (By Type)
o Germany (By Type)
o France (By Type)
o Italy (By Type)
o Spain (By Type)
o Scandinavia (By Type)
- Asia Pacific (By Type, By End user, and By Country)
o China (By Type)
o Japan (By Type)
o India (By Type)
o Australia (By Type)
o Southeast Asia (By Type)
o Rest of Asia Pacific (By Type)
- Latin America (By Type, By End user, and By Country)
o Brazil (By Type)
o Mexico (By Type)
o Rest of Latin America (By Type)
- The Middle East & Africa (By Type, By End user, and By Country)
o GCC (By Type)
o South Africa (By Type)
o Rest of the Middle East & Africa (By Type)