Medical Device & Accessories Market Is Expected To Reach Revenue Of USD 3,869.8 Mn By 2033, at 8.1% CAGR: Dimension Market Research.

New York, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Global Medical Device & Accessories Market is projected to reach USD 1,919.8 million in 2024 which is further anticipated to reach USD 3,869.8 million by 2033 at a CAGR of 8.1%.

Key drivers driving this market growth include technological advancements, an aging population and rising healthcare expenditures. Wearable devices and minimally invasive procedures have already made an appearance across developed regions' healthcare market space, with further growth expected via wearable devices and minimally invasive surgeries.

While regulations and development costs may present potential hurdles to expansion, superior healthcare solutions will continue to drive its development at a robust pace.

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The US Medical Device & Accessories Market

The US Medical Device & Accessories Market is projected to reach USD 1,161.9 Million by 2033 with a compound annual compound growth rate of 7.6% from its base value of USD 600.6 million in 2024, driven by substantial R&D investments and product innovation.

Digital health technologies and telemedicine provide opportunities as an increasingly aging population experiences chronic illnesses; favorable reimbursement policies add further strength to market potential, making the medical device sector an appealing business venue.

Important Insights

• Market Value: The global medical device & accessories market size is projected to reach USD 3,869.8 million by the end of 2033, up from USD 1,919.8 million in 2024.
• Global Growth Rate: The market is growing at a CAGR of 7.6% over the forecast period.
• US Market Value: The US medical device & accessories market is expected to be valued at USD 600.6 million in 2024 and reach USD 1,161.9 million by 2033, with a CAGR of 7.6%.
• By Type Segment Analysis: Diagnostic devices are projected to dominate the global medical device market, holding 63.1% of the market share in 2024.
• By Product Type Segment Analysis: Coronary pressure monitors are expected to lead this market, holding the highest market share in 2024.
• By End User Segment Analysis: Urology devices are anticipated to hold a 24.1% market share by 2024 in terms of application.
• Regional Analysis: North America is projected to account for the highest market share of medical device & accessories sales globally, around 37.2% in 2024.

Latest Trends

• AI and ML algorithms help improve diagnosis accuracy, the ability to make certain predictions, and even individual patient plans of treatment. The Internet of Things enhances real-time observation and data acquisition through medical devices that in turn help in improving the management of the patients. For instance, imaging systems such as AI are efficient in the early identification of abnormality, and IoT-connected wearables provide consistent updates on the health status, which would permit prompt action.
• Current devices that exist to track an individual's health include Smart Fitness Trackers and Health Monitoring Bands; this technology enables real-time monitoring of signs like heart rate, blood pressure, and glucose levels - this trend stems from consumer concern for their well-being as well as innovation within sensing technology and digital health solutions being adopted into everyday products and solutions.

Medical Device & Accessories Market: Competitive Landscape

The global medical device and accessory market is highly competitive, with major players such as Medtronic, Johnson & Johnson, GE Healthcare, Siemens Healthineers, and Philips Healthcare commanding significant market shares.

These firms invest heavily in R&D to introduce cutting-edge medical technologies; Medtronic excels in cardiovascular and diabetes care devices while Johnson & Johnson stands out with medical equipment and surgical instruments; joint ventures, mergers, and acquisitions are often undertaken to diversify portfolios geographically.

Some of the prominent market players:

• Medtronic Plc
• Abbott Laboratories Inc
• Johnson & Johnson Services
• 3M Company
• Stryker
• Philips
• General Electric
• Siemens Healthineers AG
• Becton, Dickinson, and Company
• Danaher
• Boston Scientific
• Other Key Players

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Medical Device & Accessories Market Scope

Growth Drivers

• Aging Population: With an increasing older population worldwide, medical device access has become more of an issue. Older individuals are likely to develop age-related ailments like heart diseases, arthritis, diabetes, and respiratory ailments that necessitate diagnosis and treatment tools specific to this demographic.
• Chronic Disease Prevalence: With increasing rates of diabetes, hypertension, and cardiovascular diseases comes an increase in demand for medical devices that treat them. Check-up equipment such as glucose meters, blood pressure monitors, ECG machines, and therapeutic devices such as insulin pumps or pacemakers have become essential tools in overseeing such health conditions.

Restraints

• Regulatory Challenges: Manufacturers who manufacture medical devices face unique regulatory and compliance difficulties when seeking approval and compliance certification of their devices from regulatory bodies such as the FDA or EMA, often necessitating expensive clinical trials, quality assurance measures, and documentation efforts to comply.
• Research, Development, and Manufacturing Costs: High research development and manufacturing costs can be major barriers when creating innovative medical devices. Expensive investments must be made in research development, clinical trials, and regulatory compliance procedures as these financial barriers could prevent newcomers from entering the market.

Growth Opportunities

• Emerging Markets: Emerging markets offer tremendous potential for expansion in Asia, Latin America, and Africa as rapid economic development leads to improved healthcare facilities and an increase in health awareness.
• Telemedicine and Remote Monitoring: Telemedicine and remote patient monitoring are two other areas ready for multiple growth opportunities. Telemedicine technology when integrated into monitors, which are telecommunication devices, advances an efficient manner of extending healthcare to populations considered hard to reach.

Market Analysis

Diagnostic devices are projected to hold 63.1% of the global medical device market by 2024. This market share will include devices like imaging systems (MRI, CT scans, X-rays and ultrasounds) and monitoring tools such as ECG, EEG and pulse oximeters which play an essential role in early disease detection and ongoing patient monitoring. Their non-invasive precision enhanced by technological innovations like portable and wearable devices makes these tools invaluable for use across hospitals, diagnostics centers and home care settings - with chronic diseases increasing demand further fueling demand for these essential diagnostic tools.

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Medical Device & Accessories Market Segmentation

By Type

• Diagnostic Devices
  • Imaging Systems
    • MRI
    • CT
    •  X-ray
    • Ultrasound
  • Diagnostic Monitoring Devices
    • ECG
    • EEG
    • Pulse Oximeters
  • In-vitro diagnostic Devices (IVD)
  • Endoscopy Devices
  • Molecular Diagnostic Devices
  • Point-of-Care Testing Devices
• Therapeutic Devices
  • Surgical Devices
    • Robotic Surgery Devices
    • Laparoscopic Instruments
  • Electrosurgical Devices
  • Drug Delivery Systems
    • Infusion Pumps
    • Insulin Pumps
  • Respiratory Devices
    • Ventilators
    • Nebulizers
  • Rehabilitation Devices
    • Exoskeletons
    • Orthopedic Implants
  • Renal Therapy Devices
  • By Device Type
• Coronary Pressure Monitors
  • Invasive Monitors
  • Non-invasive Monitors
• Catheters
  • Cardiovascular Catheters
  • Urological Catheters
  • Intravenous Catheters
  • Specialty Catheters
• Therapeutic Medical Guide
  • Guidewires
  • Stent Delivery Systems
  • Embolic Protection Devices
•  Cochlear Implant
•  Cardiovascular Application
  • Pacemakers
  • Defibrillators
  • Heart Valves
  • Vascular Grafts
• Dental Implant
  • Endosteal Implants
  • Subperiosteal Implants
  • Zygomatic Implants
• Nerve Stimulator
  • Spinal Cord Stimulators
  • Deep Brain Stimulators
  • Vagus Nerve Stimulators
• Diabetes Monitors
• Suture Needles

By Application

• Urology
• Wound Care
• Radiology
• Respiratory
• Infection Control
• Cardiology
• Others

By End User

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Others

Regional Analysis

North America is projected to dominate the global medical device and accessories market by holding 37.2% market share by 2024, driven by advanced healthcare infrastructure, substantial R&D efforts, the presence of leading companies like Medtronic and GE Healthcare, technological innovations like AI machine learning IoT integration as well as favorable regulatory policies promoting an aging population and high chronic disease prevalence driving demand for advanced diagnostic, therapeutic and home healthcare devices in this region.

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Region and Countries

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Medical Device & Accessories Market

• January 2023: Medtronic launched an AI-powered insulin pump that predicts insulin needs and adjusts dosages automatically, improving glycemic control for diabetes patients.
• February 2023: Johnson & Johnson acquired Auris Health, enhancing its portfolio with robotic technologies for minimally invasive lung and gastrointestinal surgeries.
• March 2023: Siemens Healthineers introduced a new MRI system offering higher-resolution images, faster scans, and reduced patient discomfort for improved diagnostic accuracy.
• April 2023: GE Healthcare partnered with Microsoft to develop AI-driven radiology solutions, integrating Azure cloud computing to streamline workflows and enhance image analysis.
• May 2023: Philips Healthcare launched a next-gen portable ultrasound device, ideal for emergency settings, remote locations, and home care with high-resolution imaging and ease of use.
• June 2023: Abbott Laboratories received FDA approval for a continuous glucose monitoring system providing real-time glucose data for better diabetes management.
• July 2023: Boston Scientific expanded its electrophysiology product line with a new catheter ablation system for treating atrial fibrillation and cardiac arrhythmias.
• August 2023: Stryker Corporation acquired a leading orthopedic implant manufacturer, enhancing its offerings in joint replacement, trauma, and spine surgeries.
• September 2023: Baxter International launched a new line of infusion pumps with enhanced safety features and improved drug delivery accuracy to minimize medication errors.

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