Medical Device Market | Robust Growth in Global Industry | 2021 to 2030 | Medtronic, Stryker, Philips, 3M Company

Absolute Markets Insights has announced the addition of new informative data titled as Medical Device Market to its extensive repository. The aim of this report is to enable the readers to focus on some significant aspects of the businesses such as, recent developments, technological platforms, various standard operating procedures, and tools, which helps to boost the performance of the industries. Primary and secondary research techniques have been used to examine the desired data effectively.

Global medical device market was valued at US$ 509.81 billion in 2020 and is expected to reach US$ 972.54 billion by 2029, growing at an estimated CAGR of 7.6% over the forecast period. Sedentary lifestyle and increasing levels of green house gases have been one of the major reasons behind reducing life expectancy and continuously degenerate immunity of living person. These aspects have resulted in rising number of healthcare facilities, and increased amount of healthcare expenditure, which are directly contributing to the growth of medical devices market.

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At present, the medical devices market is being driven majority by surging prevalence of chronic diseases like cancer, hypertension and diabetes. People affected by these diseases are more susceptible to get infected with the dreadful coronavirus and this is often likely to require up the demand for medical devices used for diagnosing any sort of disease. While the medical devices market was mainly driven by technological advancements within the field of life science, this same reason could cause a dent in its growth. Extensive use of electronic medical devices has made the humanity largely hooked in to them.

The involvement of medical devices in rendering any treatment starts from diagnosis and remains till monitoring and end results. The sale of remote patient monitoring devices has also brought in the risk of hacking as these devices use the internet to transfer patient’s data to a medical expert or physician. In recent past, there have several ransomware attacks on leading medical institutions.

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Post-Covid situation is expected to be very different as in order to stay protected from any upcoming infection, the people are likely to continue use of face masks, gloves and adopt more hygienic lifestyle and this clearly indicates that the medical devices market will continue its dream run. Due to the COVID-19 pandemic, the demand for disposable masks, eye gear and hand sanitizers has increased as these equipment are key to stay safe

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Key Findings of the Report:

• Rise of cardiovascular diseases and diabetes has led to increased demand for cardiac monitoring devices and insulin pens, and this is why patient monitoring devices have the highest CAGR in the medical devices market
• As the demand for medical equipment like X-RAY equipment, Ultrasound machines remains the highest, the maximum amount of revenue for this industry is generated from the sale of these devices.
• Along with diagnostic centres, testing laboratories are key to determine cause of any disease and to do so several devices is required. This ultimately contributes in the growth of the market
• The major players operating in the Medical Device market include Johnson & Johnson, Medtronic, Stryker, Philips, Siemens Healthineers and 3M Company amongst others.

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This release was published on openPR.