New York, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Medical Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Devices Market Information By Product Type, Therapeutic Application, End User and Region - Forecast till 2030”, the market size is expected to reach USD 964.90 billion by 2030 at 6.99% CAGR during the forecast 2022-2030.
Market Scope:
Companies that produce tools for diagnosing, treating, and monitoring medical diseases sell those tools on the medical devices market. The medical device sector produces a wide variety of instruments used in healthcare, including those used for in-vitro diagnostics, diagnostic imaging, dentistry, optometry, cardiology, and hospital supply.
Medical Devices Market Competitive Analysis:
Expanding a company's global reach and product range through new releases and approvals is a common practice that helps businesses keep up with expanding client demand. One of the most popular strategies utilized by manufacturers of medical devices to increase their international clientele while preserving their established identities is collaboration.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 964.90 Billion |
| CAGR | 6.99% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Device Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Shift towards homecare settings is boosting the demand for portable devices |
| Rising prevalence of chronic diseases |
Major Key Players are:
- Fresenius (Germany)
- GE Healthcare (US)
- Johnson & Johnson (US)
- Medtronic (Ireland)
- Siemens (Germany)
- Stryker (US)
- Abbott Laboratories (US)
- Abiomed Inc. (US)
- Accuray Inc. (US)
- Boston Scientific Corp. (US)
- Becton Dickinson (US)
- Bio Rad Laboratories Inc. (US)
- Baxter International Inc. (US)
- Biotelemetry Inc. (US)
- Angiodynamics Inc. (US)
Medical Devices Market Dynamics
Market Drivers
There are a number of variables, including the growth of the medical device industry and the incidence of chronic diseases, that are contributing to the global medical devices market's rising value. The need for medical technology to diagnose and treat conditions like cardiovascular disease (CVD), cancer, diabetes, stroke, and renal disease is growing. The increasing use of radiation therapy in the diagnosis and treatment of disease, the growing demand for portable medical devices and wearable medical devices, and the favorable healthcare reforms and government financial assistance for senior citizens are all factors that are propelling the medical devices market forward.
The expansion of the global market is a direct result of the rising number of technical developments that are bettering the quality of life for patients and the general public alike. In addition, the rising popularity of mobile platforms, as well as the expanding popularity of AI and 5G, will fuel the market's expansion.
More people are getting sick, more accidents are happening, and more money is being spent on research and development in the healthcare industry, all of which are pushing the market forward. The increasing prevalence of heart problems, as well as an aging population dealing with a wide range of health issues, both bode well for the medical equipment industry.
Market Restraints
However, the high cost of medical equipment and the additional costs associated with professional maintenance training are expected to limit market expansion.
The growth of the medical device market could be stunted by low reimbursement caps and an expensive product approval process.
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Medical Devices Market COVID-19 Analysis:
Medical gadget manufacturers were severely impacted by the pandemic because the lockdown severely disrupted supplies. In light of the recent COVID-19 epidemic, the market for wearable medical devices is likely to be affected by the growing importance of telemedicine. As a result of social isolation, people are avoiding going out in public. Utilizing telemedicine, doctors are able to treat patients at a distance, eliminating the potential for the transmission of infectious diseases. The expansion of telemedicine and the development of apps that include AI into its systems as a tool for medical staff have both contributed to the expansion of the wearable medical devices industry.
However, businesses reacted well to these constraints, and within weeks had established a more resilient supply chain to meet demand for a wide range of medical supplies. The medical device sector in the Americas was severely impacted by the COVID-19 pandemic for a short period of time (a few weeks), but by the third quarter of 2020, things were beginning to look up. The surge in the medical equipment industry can be largely attributed to the rising demand for ventilators, breathing systems, patient monitoring systems, and imaging systems.
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Medical Devices Market Segmentation:
Market Segmentation:
By Type
The market has been segmented into Drug Delivery Systems, Diagnostic Devices, Invasive Devices, Respiratory Therapeutic Devices, Electronic Medical Devices, and Others. Owing to the pandemic, the drug delivery system is anticipated to expand at a faster rate over the review period.
By Application
The market is analyzed based on segment such as Cardiovascular Diseases, Diagnostic Imaging, Orthopedics, Oncology, Ophthalmology, General Surgery, Respiratory, Dental, ENT, Neurology, Nephrology & Urology, and Others. We anticipate significant growth in the diagnostic imaging subsector over the assessment period.
By End-Use
The market is segmented into Hospitals & Clinics, Ambulatory Surgical Centers, Homecare Settings, Others. In terms of market value, analysts anticipate the hospitals and clinics segment to develop and lead the market over the study period.
Medical Devices Market Regional Analysis:
Due to rising rates of chronic diseases like as cancer, diabetes, and neurological disorders, the medical device market in the Americas is forecast to rise rapidly over the next few years. In the field of medicine, the spectroscope, microscope, and chromatograph are the Big Three instruments used for diagnosis.
As such, experts predict that Europe will become the world's second-largest market for such products. The region's expanding market can be attributed to several factors, including the presence of a large number of medical device manufacturing units, an improving economy, and increased government funding for medical device development. Furthermore, as pharmaceutical companies experiment with new medicines, there is a rise in the need for medical equipment used to test the quality of products.
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Due to increasing demand for healthcare products and an aging population with health issues, Asia-Pacific is expected to be the fastest-growing regional market in the next years. The percentage of the market held by the Middle East and Africa is expected to be the lowest during the projection period. Increased government participation in the healthcare industry in the Middle East is expected to make this region the most lucrative market for healthcare providers.
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