Medical Devices Market.
Market Research Future (MRFR), in its “Medical Devices Market” report, states that the market can value at USD 6170.72 Bn at 22% CAGR by 2025. In 2018, the global medical devices market was recorded at about USD 1533.97 Bn. The surge in the medical device market is likely, due to an increase in the need for medical devices. Medical devices are used to diagnose, prevent, and the prognosis of diseases. The growing utility of medical devices is expected to prompt the expansion of the global market. The availability of different types of medical devices from surgical equipment to wheelchairs can impel the expansion of the global medical devices market. Other driving factors of the worldwide medical devices market are an increase in patient pool afflicted with various malaises, the surge in cases of accidents, and hefty investment on R&D to develop effective medical solutions. The intervention of disruptive technology in the research and development field of the healthcare industry can bolster the expansion of the medical devices market growth. In addition, the growing prevalence of cardiac problems and the expansion of the geriatric populace promoting the need for medical devices can encourage their market growth. On the downside, expensive medical devices and other healthcare expenses can resist the growth of the medical devices market.
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The Global Medical Devices Market was studied based on Therapeutic Application, Product Type, and End Users.
By product type, the market segments are diagnostic devices, monitoring devices, surgical devices, drug delivery devices, treatment equipment, bio-implants and stimulation devices, and others. The monitoring devices segment comprises of neuromonitoring devices, cardiac monitoring devices, multi-parameter monitoring devices, respiratory monitoring devices, fetal and neonatal monitoring devices, hemodynamic monitoring devices, temperature monitoring devices, and weight monitoring devices. The diagnostic devices comprise imaging devices, endoscopes, surgical ENT devices, and others. The expansion of the medical devices market can be attributed to the expansion of the diagnostic devices segment.
By therapeutic application, the market segments are general surgery, gastrointestinal surgery, respiratory, diagnostic imaging, orthopedics, dental, cardiovascular, ophthalmology, neurology, nephrology, ear-nose-throat (ENT), and urology, and others. The increase in the population of chronic patients can prompt the expansion of the global medical devices market.
By the end-user, the medical devices market segments are diagnostic centers, hospitals & clinics, pharmaceutical companies, and research laboratories.
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The worldwide medical devices market’s regional segments are Europe, the Americas, Asia Pacific, and the MEA. North America's medical devices market to lead in the global market. The regional market poised to value at a decent amount. Europe's medical device market is can touch a considerable valuation on the conclusion of the review period. Asia Pacific medical device market can thrive at a healthy CAGR across the assessment period. Japan and China are deploying advanced technologies for seamless operation of medical devices. The high concentration of reputed medical devices developers in Europe and North America and high export trading activities concerning medicine-centric gadgets can bolster the expansion of the medical devices market in these regions.
GE Healthcare (US), Fresenius (Germany), Medtronic (Ireland), Johnson & Johnson (US), Stryker (US), Siemens (Germany), Abiomed Inc. (US), Abbott Laboratories (US), Boston Scientific Corp. (US), Accuray Inc. (US), Bio Rad Laboratories Inc. (US), Becton Dickinson (US), Biotelemetry Inc. (US), Baxter International Inc. (US), and Angiodynamics Inc. (US) are some reputed key players functioning in the worldwide medical devices market.