Press release
Medical Devices Market to 2027 Reach US$ 767,684.9 million by Top Company Profiles Medtronic, Abbott, Boston Scientific Corporation, Braun Melsungen AG, 3M; ,eneral Electric Company
A medical device can be a machine, instrument, apparatus, or an article that is used to diagnose, monitor, and therapeutic purposes. A medical device plays an essential role, such as detection, measurement, restoration, and modification of the structure or a function of the body due to health problems or chronic medical conditions. There are various types of medical devices, which include glasses, pacemakers, wheelchairs, X-ray machines, MRI, CT scans, and others.
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Top Company Profiles - Medtronic; Abbott; Boston Scientific Corporation; Braun Melsungen AG; 3M; General Electric Company; Stryker Corporation; Koninklijke Philips N.V.; Siemens AG; and Johnson and Johnson Services, Inc are among the leading companies operating in the Medical Devices Market.
The global medical devices market is driven by factors such as growing medical device industry and rising prevalence of chronic diseases. However, the challenges in medical device industry like low reimbursement limit and expensive product approval process may hinder the market growth. Additionally, rising government support on medical technologies are creating growth opportunities for the market players.
Rising Chronic Disease Prevalence
Rising prevalence of chronic diseases, such as cardiovascular diseases (CVDs), cancer, diabetes, stroke, and kidney diseases, increases the demand for medical devices for diagnosis and treatment purposes. As per the WHO, CVDs are the leading cause of mortality and result in the deaths of ~17.9 million people every year across the world.
Product Type - Based Insights
Based on product type, the medical devices market is segmented into surgical devices, infection control devices, general medical devices, cardiovascular devices, orthopedic devices, home healthcare devices, neurology, endoscopy, ophthalmology, and others. The in vitro diagnostics (IVD) segment held the largest share of the market in 2019.
Function - Based Insights
Based on function, the medical devices market is segmented into diagnostic and monitoring, therapeutics, surgical, and others. The diagnostic and monitoring segment held the largest share of the market in 2019. However, the surgical segment is estimated to register the highest CAGR in the market during the forecast period.
End User - Based Insights
Based on end user, the medical devices market is segmented into hospitals, homecare, ambulatory surgical centers, and others. The hospital segment held the largest share of the market in 2019 and the same segment is estimated to register the highest CAGR in the market during the forecast period.
Strategic Insights
Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints and product portfolios; these strategies help them meet the growing consumer demand. Collaboration is one of the major strategies adopted by the medical devices market players to enlarge customer base worldwide, which also permits them to maintain their brand name globally.
Global Medical Devices Market– By Product Type
Surgical Devices
Infection Control Devices
General Medical Devices
Cardiovascular Devices
Orthopaedic Devices
In Vitro Diagnostics (IVD)
Endoscopy
Neurology
Ophthalmolog
Global Medical Devices Market – By Function
Diagnostic and Monitoring
Therapeutics
Surgical
Others
Global Medical Devices Market – By End User
Homecare Medical Devices
Hospital Medical Devices
Ambulatory Care Medical Devices
Others
Medical Devices Market – By Geography
North America
Europe
Asia Pacific (APAC)
Middle East and Africa (MEA)
South and Central America
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