Medical Devices Market is Projected to Show Significant Growth by 2030. - Reports and Data

The global medical devices market size is expected to reach USD 864.49 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. The development of relatively cheaper diagnostics devices aiming toward reducing the overall medical costs of a patient is driving market revenue growth.

The rising prevalence of chronic diseases, technological advancements in medical devices, and a steady increase in the geriatric populations are factors driving market revenue growth. Around the world, the proportion of people aged 65 and up has risen, as has the length of life expectancy. This is expected to have a big impact on the healthcare system and, as a result, on the global medical device market's growth. According to the World Ageing Population report, there were around 703 million people aged 65 and up in the world in 2019. Over the next three decades, the number of people aged 65 and up is expected to more than double, reaching 1.5 billion by 2050. As a result of the growing geriatric population, health and long-term care costs are expected to increase substantially. Hearing loss, cataracts, refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia are all common among the elderly. This is expected to boost medical device market revenue growth.

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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market's future growth.

Some Key Highlights From the Report:

On 22 January 2021, the FDA approved Abbott's i-STAT Alinity TBI plasma assay, a quick handheld traumatic brain injury (TBI) blood analyzer device. The device is to assist doctors in assessing people who have mild TBIs, such as concussions. The test is performed using Abbott's handheld i-STAT Alinity platform, and results are available within 15 minutes of placing plasma in the test cartridge. According to the company, a negative test can be used to rule out the necessity for a head CT scan, while a positive test can be used to supplement CT scans and improve a clinician's evaluation.

The wound management segment revenue is expected to register a steady growth rate over the forecast period due to rising need for advanced wound care management due to increase in burnt and accident victims. Lack of proper wound management carries the risk of increasing a patient's Disability-Adjusted Life Years (DALY). As the field of biotechnology progresses with introduction of novel wound devices, faster recovery rates, and bioactive therapies along with physiotherapies, modern wound management has the potential to minimize the burden of an injury or damage on a patient's health. Aforementioned factors are driving this revenue growth of the segment.

The dental devices segment revenue is expected to grow at a steady rate over the forecast period. The use of modern technologies in intraoral cameras to record photographs of the smile is an emerging trend of dental devices. Patients can use intraoral imaging to help them decide which cosmetic dental treatments will best improve their smile. As a result, 4D image scanners are being used more frequently to detect jaw motions.

The market in Europe accounted for a moderate revenue share in 2021 as a result of the increasing geriatric population in this region. Rising healthcare insurance plans, well-established infrastructure, increased adoption of modern diagnostic and treatment devices, and significant focus on a transition of medical treatment to home care settings and the launch of portable medical equipment by prominent global and domestic players in the region are all factors that are propelling the market revenue growth in this region.

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Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Medical Devices market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.

Leading companies operating in the market are:

Abbott
F. Hoffmann-La Roche Ltd
Koninklijke Philips N.V.
Siemens Healthcare GmbH
Stryker Corporation
Boston Scientific Corporation
Johnson & Johnson Pvt. Ltd
Medtronic GmbH
Smith & Nephew PLC
General Electric Company
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

Medical Devices Market Segmentation:

Type Outlook:

Respiratory devices
Cardiology devices
Orthopedic devices
Diagnostic imaging devices
Endoscopy devices
Ophthalmology devices
Wound management
In-vitro devices
Dental devices
Others
End-use Outlook:

Clinics
Hospitals
Others
Regional Outlook:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Some essential purposes of the Medical Devices market research report:

Vital Developments: Custom investigation provides critical improvements to the Medical Devices market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.

Market Characteristics: The report contains Medical Devices market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.

Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Medical Devices market by methods. Systematic tools and methodologies, for example, Porter's Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Medical Devices market.

Convincingly, the Medical Devices report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Medical Devices market.

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