Pune, India, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The global US Medical Devices Market size was valued at USD 177.06 billion in 2021. The market is expected to grow from USD 174.69 billion in 2022 to USD 255.14 billion by 2029, exhibiting a CAGR of 5.4% during the forecast period. The increasing prevalence of a chronic lifestyle and the robust demand for advanced medical devices are likely to elevate the industry’s progress. Fortune Business Insights™ mentions this information in its report titled “US Medical Devices Market, 2022-2029.”
Key Industry Development
- January 2022- Stryker entered an agreement to acquire Vocera Communications to expand its cardiovascular portfolio
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Drivers and Restraints
Strong R&D Investments and Robust Pipelines to Foster Market Progress
Medical devices are software, instruments, machine appliances, and apparatus that help cure patients effectively. Robust R&D investments and increasing adoption of robust pipelines are expected to facilitate the medical devices market share. For example, Boston Scientific Corporation undertook a USD 25.2 million investment in September 2021 to fast track the manufacturing and development of minimally invasive medical technologies in the Cork facility. Furthermore, rising investment by medical device producers may foster the demand for medical devices. In addition, the increasing focus on fitness by several adults in the U.S. is expected to drive the US Medical Devices Market growth.
However, increasing medical device costs are likely to hamper this industry’s growth.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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COVID-19 Impact
Declining Elective Surgeries Hampered Market Progress
This market was negatively affected during the COVID-19 pandemic due to declining elective surgeries. The alarming spike in COVID-19 infections declined elective surgeries, reducing medical device sales. Furthermore, the cancellation and postponement of numerous procedures reduced elective surgeries. Moreover, the cancellation of dental procedures and elective surgeries hindered medical activities and hampered medical device adoption. However, the resumption of activities after the end of the pandemic allowed businesses to recover costs and enhance their sales figures, thereby facilitating the market’s growth.
Segmentation
In-Vitro Diagnostics Segment to Dominate Attributable to the Robust Demand for Real-time Diagnostics
By type, the market is segmented into cardiovascular devices, in-vitro diagnostics, orthopedic devices, diagnostic imaging, minimally invasive surgery, wound management, diabetes care, ophthalmic devices, nephrology, dental, and others. The in-vitro diagnostics segment is expected to grow due to the robust demand for real-time diagnostic procedures.
Hospitals & Ambulatory Surgery Centers (ASCs) Segment to Lead Backed by Rising Patient Population
As per end-user, the market is classified into hospitals & ambulatory surgical centers (ASCs), clinics, and others. The hospitals & ambulatory surgical centers (ASCs) segment is estimated to lead due to the rising patient population.
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Competitive Landscape
Major Players Devise Acquisitions to Elevate their Outcomes
The prominent companies operating in the market devise acquisitions to bolster their outcomes. For example, DaVita Inc. and Medtronic plc. declared the formation of a novel and independent kidney care-focused medical device organization in May 2022. This strategy may allow both companies to bolster their outcomes. Further, companies deploy research and development strategies to boost their resources, attract consumers, utilize resources effectively, and enhance their sales figures. Moreover, major players devise research and development, innovations, mergers, innovations, novel product launches, and expansions to boost their market position.
List of Key Players Profiled in the US Medical Devices Market Report
- Medtronic (Ireland)
- Abbott (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Stryker (U.S.)
- BD (Becton, Dickinson, and Company) (U.S.)
- Boston Scientific Corporation (U.S.)
- Siemens Healthineers AG (Germany)
- F. Hoffmann-La Roche AG (Switzerland)
- Danaher (U.S.)
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Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- US Medical Devices Market Drivers
- Market Restraints
- US Medical Devices Market Opportunities
- US Medical Devices Market Trends
- Key Insights
- New Product Launches, by Key Players
- Recent Industry Developments
- Overview of Healthcare Expenditure in U.S.
- Prevalence of Key Diseases in U.S., 2021
- Impact of COVID-19 on the Medical Devices Market
- US Medical Devices Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Market Analysis, Insights and Forecast – By Type
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- Joint Reconstruction Devices
- Spinal Devices Trauma Devices
- Orthobiologic
- Arthroscopy Devices
- Others
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- Cardiovascular Devices
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- Diagnostic and Monitoring
- Therapeutic & Surgical Devices
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- Diagnostic Imaging
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- Computed Tomography
- Magnetic Resonance Imaging
- X-Ray
- Ultrasound
- Others
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- IVD
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- Instruments & Reagents
- Consumables
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- MIS
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- Laparoscopy Devices
- Endosurgical Equipment
- Electrosurgical Equipment
- Others
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- Wound Management
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- Wound Dressings
- Wound Management Devices
- Biologics
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- Diabetes Care
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- Glucose Monitoring Devices
- Insulin Delivery Devices
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- Ophthalmic Devices
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- Surgical Devices
- Vision Care Devices
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- Nephrology
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- Dialysis Devices
- Kidney Stone Treatment Devices
- Benign Prostatic Hyperplasia (BPH) Devices
- Others
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- Dental
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- Dental Consumables
- Dental Equipment
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- Competitive Analysis
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- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers (ASCs)
- Clinics
- Others
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- Others
- Market Analysis, Insights and Forecast – By End User
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- U.S. Market Share Analysis (2021)
- Company Profiles (Overview, Products, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
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- Medtronic
- Abbott
- Siemens Healthineers AG
- Johnson & Johnson Services, Inc.
- Koninklijke Philips N.V.
- Stryker
- F. Hoffmann-La Roche AG
- BD
- GE Healthcare
- Boston Scientific Corporation
- Fresenius Medical Care AG & Co. KGaA
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