Medical Devices Market By Application (Surgical , Infection Control Devices And General Medical Devices), By Function (Diagnostic, Monitoring And Therapeutic) - Global Outlook Analysis and Industry Forecast, 2018-2023

Global Medical Devices Market was valued at USD 509.64 Billion in the year 2017. Global Medical Devices Market is further estimated to grow at a CAGR of 5.23% from 2017 to reach USD 692 Billion by the year 2023. The North America region holds the highest market share in 2017 and the Asia Pacific is considered as the fastest growing market in the forecasted period. At a country level, US, China, and the U.S. are projected to grow strongly in the coming years due to increasing density of population.

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Cardinal Health Inc. (U.S), Medtronic plc (U.S), Stryker Corporation (U.S). Rising research and development expenses are catering to changing demand of end users. Similarly, growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.

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Drivers:

• Increasing number of aging population
• Growing incidence of chronic conditions

Restraints:

• High cost for medical devices

Opportunities:

• Advancement in technology
• Growth in research funding

Challenges:

• Inadequate regulatory compliance

The Global Medical Devices Market is segmented as By Application, Function, and Region. The Application Type is segmented surgical and Infection Control Devices, General Medical Devices, Cardiovascular Devices, Orthopedic Devices, Home Healthcare Devices and other Devices in which the orthopedic devices segment contributes to the highest market share due to rising trend of knee replacement surgeries especially by older people.

The Application segment is divided Surgical and Infection Control Devices, General Medical Devices, Cardiovascular Devices, Orthopedic Devices, Home Healthcare Devices and other Devices in which the surgical and infection control segment contributes to the highest market share. Among all, it is expected that the surgical and infection control segment will be growing at a moderate CAGR of XXX % in the assessment period.

Key Benefits for Stakeholders

• Medical Devices System manufacturers, suppliers, and distributors
• Research institutes
• Physicians and surgeons
• Healthcare service providers and clinical research organizations

By Application

• Surgical and Infection Control Devices
• General Medical Devices
• Cardiovascular Devices
• Orthopedic Devices
• Home Healthcare Devices
• Other Devices

By Function

• Diagnostic and Monitoring
• Therapeutic
• Surgical
• Other

By Region

• North America
• Europe
• Asia-Pacific
• RoW

Key Market Players

• Medtronic plc
• Johnson & Johnson
• Cardinal Health Inc.
• Stryker Corporation
• General Electric Company
• Becton Dickinson and Company
• Koninklijke Philips N.V.
• Siemens AG
• Boston Scientific Corporation
• GE Healthcare

(A brief overview of 10 companies is also provided)

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