Dublin, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The "Global Medical Device Market, By Product, By Application, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global medical device market held a market value of USD 434.2 billion in 2021 and is estimated to reach USD 625.3 billion by the year 2027. The market is anticipated to register a CAGR of 6.3% during the forecast period of 2022 to 2027. The market volume for medical devices in 2021 is subjected to be 66,499,150.5 thousand units.
The increase in chronic diseases, such as, arthritis, liver inflammation, cancer, renal diseases, diabetes chronic pain, sciatica, and other nervous disorders boost the demand for medical devices. For instance, according to Indian Council of Medical Research (ICMR), the Institute for Health Metrics and Evaluation, and the Public Health Foundation of India in 2019, 72 million Indians suffer from Type-2 diabetes, and this statistic is projected to nearly double to 134 million by 2025, provided the current unhealthy dietary trends continue. In addition to that, the International Diabetes Federation states that the number of diabetic populations worldwide was 463 million in 2019. Thus, such high statistics aid in the market growth of the medical devices.
On the other hand, the high cost of medical devices is estimated to restrict the market growth to a certain extent. Moreover, the reimbursement concerns associated with medical device industry and stringent regulations curb the market growth of the medical devices.
Growth Influencers:
Surging Incidence of Chronic Diseases
The increasing incidence and prevalence rates of chronic diseases such as, diabetes, chronic liver diseases, kidney failure, and other lifestyle illnesses such as, obesity, fuel the preference for diagnostic and other clinical tests. According to the statistics published by the Centres for Disease Control and Prevention (CDC), the number of adults with diagnosed liver disease was 4.5 million in the US in 2018. The increase in diagnostic examinations fuel the growth rate of the medical devices market.
Emergence of New and Hassle-Free Home Monitoring Medical Devices
The advent of innovative home monitoring medical devices, such as, oximeter, heart rate monitor, blood pressure monitor, among others, is letting patients, as well as healthcare providers, remotely monitor vital signs. For instance, in March 2021, Dozee, launched Dozee Pro, a contactless vitals monitor. This device features an AI powered triaging system that converts any bed into a step-down ICU in less than two minutes. The rising product launches of such medical devices aid in the increased growth of the medical devices market.
Increasing Geriatric Population
The rising elderly population across different countries indirectly rises the usage of medical devices for different vital functions. For instance, in India, geriatric population is predicted to be 193.8 million in 2031 including 92.9 million elderly males and 100.9 million elderly females. Such high statistics point towards the high usage of medical devices in high population countries, such as, India, China among others.
Competitive Landscape
The key players operating in the global medical device market include 3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton, Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc., Danaher, Depuy Synthes, Endologix, Inc., Essilor International SA, Fresenius Medical Care AG & Co. KGAA, GE Healthcare, Getinge Ab, Johnson & Johnson, Koninklijke Philips NV, Medtronic Inc., Novartis AG, Olympus Corp., Roche Diagnostics, Siemens Healthcare, Smith & Nephew PLC, Smiths Medical, St. Jude Medical Inc., Stryker Corp., Terumo Corp., Thermo Fisher Scientific, and Zimmer Holdings Inc., among others.
The prominent fifteen players in the market hold approximately 43.60% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in September 2021, Stryker, one of the leading Medical technology company, completed the acquisition of US-based medical device company Gauss Surgical.
The global medical device market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global medical device market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
- Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing of medical devices
The global medical device market report answers questions such as:
- What is the market size and forecast of the global medical device market?
- What are the inhibiting factors and impact of COVID-19 on the global medical device market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the global medical device market?
- What is the competitive strategic window for opportunities in the global medical device market?
- What are the technology trends and regulatory frameworks in the global medical device market?
- What is the market share of the leading players in the global medical device market?
- What modes and strategic moves are considered favorable for entering the global medical device market?
- Which are the worldwide medical device databases?
- Who are the top medical device manufacturers in the global medical device market?
- What is the cost of advanced medical devices in the global medical device market?
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Global Medical Device Market
Chapter 4. Global Medical Device Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Material Provider
4.1.2. Designing and Manufacturer
4.1.3. Distributor
4.1.4. End Users
4.2. Industry Outlook
4.2.1. Worldwide Medical Device Databases
4.2.2. Top Medical Device Manufacturers
4.2.3. Cost of Advance Medical Devices
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2027
4.7.2. Market Volume Estimates and Forecast (000' Units), 2017 - 2027
4.7.3. Price Trend Analysis
4.8. Regulatory Landscape
4.9. Competition Dashboard
4.9.1. Market Concentration Rate
4.9.2. Company Market Share Analysis (Value %), 2020
4.9.3. Competitor Mapping
Chapter 5. Global Medical Device Market Analysis, By Product
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
5.2.1. Diagnostic Devices
5.2.1.1. Electrodiagnostic Devices
5.2.1.2. Radiation Devices
5.2.1.3. Imaging Parts & Accessories
5.2.2. Consumables
5.2.2.1. Syringes, Needles & Catheters
5.2.2.2. Bandages & Dressings
5.2.2.3. Suturing Materials
5.2.2.4. Other Consumables
5.2.3. Patient Aids
5.2.3.1. Portable Aids
5.2.3.2. Therapeutic Applications
5.2.4. Orthopaedics and Prosthetics
5.2.4.1. Fixation Devices
5.2.4.2. Artificial Joints
5.2.4.3. Other Artificial Body Parts
5.2.5. Dental Products
5.2.5.1. Dental Instrument & Supplies
5.2.5.2. Dental Capital Equipment
5.2.6. Other Medical Device Categories
Chapter 6. Medical Device Market Analysis, By Application
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2027 (US$ Bn and 000' Units)
6.2.1. Diagnostic Imaging Devices
6.2.2. In Vitro Diagnostics (IVDs)
6.2.3. Cardiology
6.2.4. Orthopedics
6.2.5. Ophthalmics
6.2.6. Respiratory
6.2.7. Urology & Gynaecology
6.2.8. General and Plastic Surgery
6.2.9. Endoscopy
6.2.10. Dental
6.2.11. Diabetic Care
6.2.12. Wound Management
6.2.13. Nephrology
6.2.14. Ear, Nose and Throat
6.2.15. Neurology
6.2.16. Other Applications
Chapter 7. Medical Device Market Analysis, By End User
7.1. Key Insights
7.2. Market Size and Forecast, 2017 - 2027 (US$ Bn and 000' Units)
7.2.1. Hospitals & Surgical Centres
7.2.2. Clinics
7.2.3. Household
7.2.4. Other End Users
Chapter 8. Medical Device Market Analysis, By Region
Chapter 9. North America Medical Device Market Analysis
Chapter 10. Europe Medical Device Market Analysis
Chapter 11. Asia Pacific Medical Device Market Analysis
Chapter 12. Middle East and Africa (MEA) Medical Device Market Analysis
Chapter 13. South America Medical Device Market Analysis
Chapter 14. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
14.1. 3M Co.
14.2. Abbott Laboratories
14.3. Allergan Inc.
14.4. Baxter International Inc.
14.5. Bayer
14.6. Becton, Dickinson and Co.
14.7. Boston Scientific Corp.
14.8. Cardinal Health Inc.
14.9. Covidien plc
14.10. Cryolife Inc.
14.11. Danaher
14.12. Depuy Synthes
14.13. Endologix, Inc.
14.14. Essilor International SA
14.15. Fresenius Medical Care AG & Co. KGAA
14.16. GE Healthcare
14.17. Getinge Ab
14.18. Johnson & Johnson
14.19. Koninklijke Philips NV
14.20. Medtronic Inc.
14.21. Novartis AG
14.22. Olympus Corp.
14.23. Roche Diagnostics
14.24. Siemens Healthcare
14.25. Smith & Nephew PLC
14.26. Smiths Medical
14.27. St. Jude Medical Inc.
14.28. Stryker Corp.
14.29. Terumo Corp.
14.30. Thermo Fisher Scientific
14.31. Zimmer Holdings Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ns8pav
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