Medical Devices Market (Covid-19) Impact and Analysis by 2027 | 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

The Insight Partners analysts forecasts the latest report on “Medical Devices Market (Covid-19) Impact and Analysis by 2027”, according to report; The Medical Devices Market report covers the overall and all-inclusive analysis of Market with all its factors that have an impact on market growth. This report is anchored on the thorough qualitative and quantitative assessment of the Medical Devices Market.

The study provides details such as the market share, Market Insights, Strategic Insights, Segmentation and key players in the Medical Devices Market.

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The medical devices market is expected to reach US$ 767,684.9 million by 2027 from US$ 483,285.8 million in 2019. The market is estimated to grow with a CAGR of 6.1% from 2020 to 2027.

Some of the Major Market Players Are:

Medtronic
Abbott
Boston Scientific Corporation
Braun Melsungen AG
3M
General Electric Company
Stryker Corporation
Koninklijke Philips N.V.
Siemens AG
Johnson and Johnson Services, Inc.

Market Insights

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. Additionally, the increasing prevalence of diabetes shoots up the demand for medical devices such as insulin pumps, glucose monitoring devices, insulin pens, and wearable injectors. As per the International Diabetes Federation’s Diabetes Atlas Ninth edition 2019, about 463 million adults (aged 20–79 years) had diabetes in 2019, and the number is expected to reach 700 million by 2045.

Cancer diagnosis requires medical devices such as computerized tomography (CT), magnetic resonance imaging (MRI), bone scanner, positron emission tomography (PET) scanner, ultrasound, and X-ray. Thus, the growing prevalence of cancer increases the demand for cancer diagnostic devices. As per the WHO, cancer is the second leading cause of death across the globe and was responsible for 9.6 million deaths in 2018.
Rising prevalence of chronic kidney diseases increases the demand for dialysis. As per the National Institute of Diabetes and Digestive and Kidney Diseases, in 2016, over 661,000 Americans had kidney failure, of these, 468,000 individuals were on dialysis.

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. The growth of the market for this segment is attributed to the increasing prevalence of chronic diseases and technological developments by the market players for early diagnosis of diseases, which is likely to drive the growth of the market. However, neurology devices is estimated to register the highest CAGR in the market during the forecast period.

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
o Electrosurgical Generators
o Ultrasonic Surgical Generators
o Minimally Invasive Surgery Devices
o Other Surgical Devices
• Infection Control Devices
• General Medical Devices
• Cardiovascular Devices
• Orthopaedic Devices
• In Vitro Diagnostics (IVD)
• Endoscopy
• Neurology
• Ophthalmology
• Others

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

The report analyses factors affecting the Medical Devices Market from further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Medical Devices Market in these regions.

Moreover, the report entails the estimate and analysis for the Medical Devices Market on a global as well as regional level. The study provides historical data as well as the trending features and future predictions of the market growth. Further, the report encompasses drivers and restraints for the Medical Devices Market growth along with its impact on the overall market development. In addition, the report provides an analysis of the accessible avenues in the market on a global level.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global Medical Devices Market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2027 with respect to five major regions. The Medical Devices Market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

Promising Regions & Countries Mentioned in The Medical Devices Market Report:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Major Features of Medical Devices Market Report:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Medical Devices market
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global Medical Devices market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

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