Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- 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 Size, 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 medical devices market share in 2020.
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.
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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 medical 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 devices and update the existing ones. All the above factors are anticipated to create a growth engine for the market during the forecast period.
COVID-19 Impact:
Postponement of Non Compulsory Procedures to Inhibit Market amid Coronavirus
The outbreak had a minimal impact on the medical device industry due to the demand for medical and hospital supplies to manage patients positively with COVID-19. However, the reduced need for orthopedic devices, dental devices, and cardiovascular devices has negatively affected the medical devices market growth. Moreover, the postponement of elective surgeries, minimally invasive surgery, ophthalmology, wound management have further impacted the market amid the coronavirus pandemic.
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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.
Competitive Landscape:
Key Players are Adopting Innovative Strategies to Remain at the Forefront
In December 2020, Koninklijke Philips N.V. announced the acquisition of the U.S.-based cardiac diagnostics and monitoring company BioTelemetry to expand its remote care product offerings. Such growth strategies adopted by leading companies will enable growth in the market. Some of the other players present in the global market include GE Healthcare, DePuy Synthes, Ethicon LLC., Baxter International Inc., Medtronic, and Philips Healthcare. Companies are adopting strategies to improve their revenue shares market.
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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)
- F. 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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