Medical Devices Market Scope and overview, To Develop with Increased Global Emphasis On Industrialization
A new
report from Astute
Analytica examines the Medical
Devices Market for the period
2021-2027, providing a comprehensive review of the industry.
In
2020, the global Medical Devices Market is valued at USD 412.4 Billion.
The market is forecast to grow at a CAGR
of 6.3% during the forecast period from 2021-2027.
An in-depth review of
the Medical Devices Market is provided, considering all the major trends and
the market dynamics. Additionally, the Medical Devices Market report offers key
market statistics, including market size, key trends, and growth prospects for
key market players.
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of customization https://www.astuteanalytica.com/request-sample/medical-devices-market
The goal of a study
report is to provide the reader with useful information and facilitate business
decisions. The company provides a range of business insight and consulting
services to help clients make business decisions and attain sustainable growth
in the marketplace.
In this report, market
key trends are discussed such as technological advancement and increased
competition. Additionally, identify any new technology or arising needs. Also
included are five basic forces that could influence the competitive
environment: whether new entrants threaten the industry, whether suppliers have
bargaining power, whether buyers have bargaining power, and if substitute
products or services are available.
Several companies,
regions, and industries from around the world are compared along with their
locations and applications. Additionally, the study will facilitate new market
participants’ ability to evaluate the potential of the market. Additionally,
the review examines products, trends, and opportunities that are expected to
impact this market over the forecast period. The upcoming Medical Devices
Market is predicted to show significant growth potential, according to a market
trend analysis.
REPORT ATTRIBUTE |
DETAILS |
Forecast Year |
2021 – 2027 |
Base year |
2020 |
Historical data |
2017 – 2019 |
Regional Scope |
North America, Europe, Asia
Pacific, Latin America, Middle East, and Africa |
The increase in chronic diseases, such as,
arthritis, liver inflammation, cancer, renal diseases, diabetes chronic pain,
sciatica, and other nervous disorders boost the demand for medical devices. For
instance, according to Indian Council of Medical Research (ICMR), the Institute
for Health Metrics and Evaluation, and the Public Health Foundation of India in
2019, 72 million Indians suffer from Type-2 diabetes, and this statistic is
projected to nearly double to 134 million by 2025, provided the current
unhealthy dietary trends continue. In addition to that, the International
Diabetes Federation states that the number of diabetic populations worldwide
was 463 million in 2019. Thus, such high statistics aid in the market growth of
the medical devices.
On the other hand, the high cost of medical devices
is estimated to restrict the market growth to a certain extent. Moreover, the
reimbursement concerns associated with medical device industry and stringent
regulations curb the market growth of the medical devices.
Growth Influencers:
• Surging Incidence of Chronic Diseases
The increasing incidence and prevalence rates of
chronic diseases such as, diabetes, chronic liver diseases, kidney failure, and
other lifestyle illnesses such as, obesity, fuel the preference for diagnostic
and other clinical tests. According to the statistics published by the Centres
for Disease Control and Prevention (CDC), the number of adults with diagnosed
liver disease was 4.5 million in the US in 2018. The increase in diagnostic
examinations fuel the growth rate of the medical devices market.
• Emergence of New and Hassle-Free Home Monitoring
Medical Devices
The advent of innovative home monitoring medical
devices, such as, oximeter, heart rate monitor, blood pressure monitor, among
others, is letting patients, as well as healthcare providers, remotely monitor
vital signs. For instance, in March 2021, Dozee, launched Dozee Pro, a
contactless vitals monitor. This device features an AI powered triaging system
that converts any bed into a step-down ICU in less than two minutes. The rising
product launches of such medical devices aid in the increased growth of the
medical devices market.
• Increasing Geriatric Population
The rising elderly population across different
countries indirectly rises the usage of medical devices for different vital
functions. For instance, in India, geriatric population is predicted to be
193.8 million in 2031 including 92.9 million elderly males and 100.9 million
elderly females. Such high statistics point towards the high usage of medical
devices in high population countries, such as, India, China among others.
Covid-19 Impact on the Medical Devices Market
The Covid-19 virus was
discovered in December and has caused health problems in nearly every country.
The World Health Organization has declared it a public health emergency. A
significant global impact is already being felt by Coronavirus disease
(Covid-19) on the Medical Devices Market, and this impact will continue into
2021. The Covid-19 outbreak has caused a state of emergency declarations in
more than 40 countries. As a result, flights have been canceled, travel bans
are in effect, restaurants have closed, events are restricted, business
confidence is decreasing, and uncertainty about the future.
Regional Analysis: The Medical Devices Market
By Geography
·
North America
o The U.S.
o Canada
o Mexico
·
Europe
o The UK
o Germany
o France
o Italy
o Spain
o Poland
o Russia
o Rest of Europe
·
Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o Korea
o ASEAN
o Rest of Asia Pacific
·
Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
·
South America
o Argentina
o Brazil
o Rest of South America
Key Players: The Medical Devices Market
This report provides an
overview of some of the leading market players. This study explores the
importance of collaboration on the market at competitive levels.
The players profiled in
the report include the following- 3M Co., Abbott Laboratories, Allergan
Inc., Baxter International Inc., Bayer, Becton Dickinson and Co., Boston
Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc.,
Danaher, Depuy Synthes, Endologix, Inc., Essilor International
SA, Fresenius Medical Care AG & Co. KGAA, GE
Healthcare, Getinge Ab, Johnson and Johnson,
Koninklijke Philips NV, Medtronic Inc., Novartis AG, Olympus Corp.,
Roche Diagnostics, Siemens Healthcare, Smith & Nephew PLC, Smiths Medical,
St. Jude Medical Inc., Stryker Corp. Terumo Corp., Thermo Fisher
Scientific, and Zimmer Holdings Inc.
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What does the Medical Devices Market report
contain?
·
Market size of Medical Devices
Market of 2020 and the expected market size in 2027 to unmask the opportunities
to enhance the growth.
·
Prominent growth drivers,
restraint factors, challenges, opportunity analysis of the market.
·
Largest revenue generating
products or services and their comparative growth rate.
·
Value chain analysis,
regulatory framework along with the market background and overview to recognize
which activities are most valuable and the ones that could be improved to
provide competitive advantage.
·
Leading key players in Global
Medical Devices Market and their competitive positioning based on their market
share, Product portfolio, recent developments in the market and their strategic
outlooks.
·
Covid-19 Impact analysis on
the Medical Devices Market.
·
PESTLE analysis to analyse key
factors Political, Economic, Sociological, Technological, Legal and
Environmental influencing the Medical Devices Market considering the external
environment.
·
Porter’s five force analysis
for understanding the forces that shape competition within a market. It is also
helpful to adjust strategy and improve potential profit.
·
Market segmentation to define
and better understand the target audience or ideal customers, this allows to
identify the right market for your products.
·
Qualitative and Quantitative
analysis including Y-o-Y growth and industrial structure.
·
Competitive landscape analysis
for better understanding of globalization of industries and markets and rapid
and significant technological change. This chapter will include market
concentration rate, Companies market share analysis and competitor mapping.
·
Exhaustive primary and
secondary research of market key players, industry verticals etc.
Aim of the Report: The Global Medical Devices Market
The Medical Devices
Market is segmented on the basis of Product Type, Application, End-User:
By Product
·
Diagnostic Devices
·
Consumables
·
Patient Aids
·
Three more segments
·
Other Medical Device
Categories
By Application
·
Oncology
·
Cardiology
·
Orthopedics
·
Ophthalmic
·
Respiratory
·
Urology & Gynecology
·
General & Plastic Surgery
·
Dental
·
Diabetic Care
·
Wound Management
·
Nephrology
·
General Hospital and
Healthcare
·
Ear, Nose, and Throat
·
Others
By End-User
·
Hospitals & Surgical
Centers
·
Clinics
·
Household
·
Other End Users
About Astute Analytica:
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SOURCE Astute Analytica
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