pune, June 07, 2023 (GLOBE NEWSWIRE) — According to a recent study by Quince Market Insights, the global Medical Devices Market size was valued at USD 557.19 billion in 2023 and is expected to reach at USD 977.43 billion by 2032 at a CAGR of 6.4% over 2023-2032.
The rising incidence of chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders is driving the demand for advanced medical devices. These devices aid in diagnosis, treatment, and monitoring of these diseases, improving patient outcomes and quality of life. As the global population continues to age and the burden of chronic diseases grows, the demand for innovative medical devices is expected to surge, propelling market growth.
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A medical device is any tool, gadget, machine, implant, piece of software, or similar product used for diagnosing, preventing, treating, monitoring, or otherwise addressing a medical problem. These devices play a crucial role in healthcare by aiding in the diagnosis, treatment, and management of various diseases and medical conditions. Medical devices can range from simple tools like stethoscopes and blood pressure monitors to more complex devices such as pacemakers, MRI machines, and surgical robots. They are designed to be safe, effective, and reliable, undergoing rigorous testing and regulation to ensure their quality and performance before being approved for use in medical settings.
The Medical Devices Market has been divided based on types, end user and region.
Some Significant Market Developments Considered in the Report:
- Feb. 8, 2023: Abbott acquired Cardiovascular Systems, Inc., a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.
- November 2020: Stryker acquired Wright Medical Group N.V., a worldwide medical device company specializing in extremities and biologics. This acquisition strengthens the company’s worldwide market position in trauma and extremities, opening new chances to drive innovation and serve more patients.
COVID-19 Impact on the Global Medical Devices Market
The study suggests that the global medical devices market experienced a significant acceleration in adoption due to the COVID-19 pandemic. The outbreak has resulted in a surge in demand for essential medical devices such as ventilators, personal protective equipment (PPE), and diagnostic tests.
Manufacturers have ramped up production to meet the increased need, leading to supply chain disruptions and shortages. Additionally, elective surgeries and non-emergency procedures have been delayed or cancelled, affecting the demand for non-essential medical devices. While the pandemic has presented challenges, it has also created opportunities for innovation, such as the development of rapid diagnostic tests and telemedicine solutions, driving the adoption of new technologies in the Medical Devices Market.
Global Medical Devices Market Analysis by Region
The global medical devices market exhibits a strong regional analysis, with North America and Asia-Pacific emerging as prominent contributors. North America captured the largest revenue share in the year 2021 and is anticipated to continue its dominance over the upcoming years. The significant growth of the region is majorly because of developed healthcare infrastructure and rising concern for healthy life.
Asia Pacific emerged as the fastest expanding area over the predicted period. Due to an ageing population, rising per capita income and increased health concerns among the people. Increased investment in healthcare infrastructure in the region is expected to drive the market for medical devices even further over the course of the analysis.
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Some Major Findings of the Medical Devices Market Report Include:
- Major global market trends and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth medical devices market analysis by the segments, along with an analysis of trend-based insights and factors
- The major market players operating in the global medical devices market include Medtronic, Abbott, Smith+Nephew, Johnson & Johnson Services Inc, Stryker, Koninklijke Philips N.V., GE Healthcare, Cardinal Health, Fresenius SE & Co. KGaA, Siemens Healthineers AG
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global medical devices market.
- Impact of COVID-19 on the global medical devices market
Leading Companies & Their Analysis
The global medical devices market is highly competitive owing to a large number of industry players. The market provides various opportunities for new entrants due to changing consumer preferences and the easy availability of raw materials. Furthermore, major players engage in competitive strategies such as new product launches, joint ventures, strengthening of online presence, and capacity expansions.
- Medtronic
- Abbott
- Smith+Nephew
- Johnson & Johnson Services Inc
- Stryker
- Koninklijke Philips N.V.
- GE Healthcare
- Cardinal Health
- Fresenius SE & Co. KGaA
- Siemens Healthineers AG
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Market Segmentation
- Type Outlook (Revenue, USD Million, 2019 – 2032)
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- Dental
- IVD – in-vitro diagnostics
- General Surgery
- Others
- End User Outlook (Revenue, USD Million, 2019-2032)
- Regional Outlook (Revenue, USD Million, 2019 – 2032)
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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