Medical Devices

Medical Devices Market to Grow at Rate of 5.2% Through 2027

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[150+ Pages Report] The medical devices market is expected to exhibit a CAGR of 5.2% from 2020 to 2027 and is projected to reach US$ 671.49 Billion by the end of 2027, according to a 2021 study by Precedence Research, the Canada based market insight company.

The study provides the overall revenue of the global medical devices market from 2017 to 2027, considering 2020 as the base year and 2027 as the forecast year.

The global medical devices market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the medical devices industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

We customize your report according to your research need. REQUEST SAMPLE OR CUSTOMIZED COPY OF THIS REPORT (Including TOC, List of Tables & Figures, and Chart) @ https://www.precedenceresearch.com/customization/1129

Growth Factors

The increasing prevalence of chronic diseases that include cancer and diabetes expected to contribute prominently in driving the medical devices market. As per the United Nations, the ratio of total deaths because of chronic diseases expected to rise to around 70% along with the total burden of chronic diseases across the globe expected to reach around 60% by the end of 2030. Limited physical activity, extended working hours, and unhealthy food habits are the prominent cause for significant increase in chronic diseases such as cancer and diabetes. Furthermore, unhealthy lifestyles and eating habits also attracts other types of critical diseases that are further expected to flourish the demand for medical devices in the near future.

Moreover, the rising trend for medical wearable devices anticipated to drive the demand for medical devices over the upcoming years. Further, integration of Artificial Intelligence (AI) in the medical devices such as remote patient monitoring devices, wearable medical equipment, Electronic Health Records (EHR), and many more such examples estimated to propel the penetration of medical devices in the daily life of consumers.

However, threat for data breaches and hack of critical information through these devices expected to hinder the market growth. Recently in 2020, critical information of patients registered with Hammersmith Medicines Research for conducting clinical trial for COVID-19 vaccine was hacked. Apart from this, rising trend for in-house health monitoring such as heart beat, blood sugar level, and many other tests anticipated to boost the market growth over the forthcoming years.

Scope of the Medical Devices Market Report

Report Highlights Details
Market Size USD 671.49 Billion by 2027
Growth Rate CAGR of 5.2% From 2020 to 2027
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2027
Segments Covered Type, End User
Regional Scope Asia Pacific, North America, Europe, Latin America, Middle East and Africa
Companies Mentioned DePuy Synthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD

Report Highlights

  • North America captured the largest revenue share in 2019 and anticipated to continue its dominance over the upcoming years because of developed healthcare infrastructure
  • The Asia Pacific emerged as the fastest growing region during the forecast period owing to rising ageing population, increasing per capita income, and growing health concern among the people
  • The IVD device segment accounted for a value share of nearly 13% in the year 2019 owing to increasing prevalence of chronic disease and need for precise and efficient testing kit for such diseases
  • Based on end user, hospitals & ambulatory surgical centers led the global medical devices market in 2019 due to the increasing healthcare expenditure and rising development of the healthcare infrastructure

Regional Snapshots

North America emerged as a global leader in 2019 and expected to retain its position over the upcoming years. The prominent growth of the region is mainly due to well-developed infrastructure for healthcare services along with high level of awareness among consumers related to health and fitness. On average, the consumers in North America spend significant share of their income on health and fitness. Apart from this, the regional government also supports and easily approves new and advanced medical devices in the region for its easy commercialization and reach to the common public. Collectively all the above mentioned factors estimated to drive the overall market growth for medical devices in the region.

On the contrary, the Asia Pacific projected to grow at a rapid rate over the analysis period owing to increasing per capita income, increased spending on healthcare infrastructure, and rapid increment in the ageing population in the region. In medical devices market China holds the second largest position after the United States. Similarly, India holds the fifth leading position in the global market. This is mainly attributed to the rapid technological developments in various sectors in the countries along with their diverse nature for sales channel and distribution models.

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global medical devices market are as follows:

  • DePuy Synthes
  • Medtronics Plc
  • Fesenius Medical Care
  • GE Healthcare
  • Philips Healthcare
  • Ethicon LLC
  • Siemens Healthineers
  • Stryker
  • Cardinal Health
  • Baxter International Inc.
  • BD

Market Segmentation

By Type

  • Cardiovascular Devices
  • Orthopedic Devices
  • Diagnostic Imaging
  • MIS
  • IVD
  • Diabetes Care
  • Wound Management
  • Dental
  • Nephrology
  • Ophthalmic Devices
  • Others

By End User

  • Clinics
  • Hospitals & Ambulatory Surgical Centers
  • Others

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Some of the key highlights covered in the report include:

Market Demand-Supply Analysis – The report covers detailed insights into demand and supply forces prevailing in the global medical devices market. It examines trends and factors influencing demand for medical devices globally and gauges the impact of the same on the production.

Pricing Analysis – The report presents an exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.

Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.

Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for medical devices across the world.

Competitive Analysis – Some of the leading market players are profiled in the report on medical devices. The report offers an estimation of share individually help by the market players and determines the impact of some of their popular strategies.

COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.

Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.

Why should you invest in this report?

If you are aiming to enter the global medical devices market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for medical devices are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

TABLE OF CONTENT

By Type

  • Cardiovascular Devices
  • Orthopedic Devices
  • Diagnostic Imaging
  • MIS
  • IVD
  • Diabetes Care
  • Wound Management
  • Dental
  • Nephrology
  • Ophthalmic Devices
  • Others

By End User

  • Clinics
  • Hospitals & Ambulatory Surgical Centers
  • Others

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semiconductors, chemicals, automotive, and aerospace & defence, among different ventures, present globally.

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. Email: sales@flairinsight.com

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