Medical Device Market 2024 To See Huge Growth by 2030 | Cognate Life Sciences

The Latest Research Report on Medical Device Market 2024 covering the micro level of analysis by competitors and key business segments. The Global Medical Device explores an inclusive study on various segments like growth drivers, opportunities, market size, shares, development, innovation, sales, and overall growth of major key players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing.

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Major Major Players are:

DePuy Synthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD

Market Size and Overview:

In 2023, the Global Medical Device Market was valued at USD 481.67 Billion and is projected to reach a market size of USD 710.03 Billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 5.7%.

Industry Overview:

Medical devices, which transmit signals corresponding to physical, chemical, or biological impulses from a patient's body, play a crucial role in diagnosis, monitoring, and therapy. Technological advancements in the medical field enhance the accurate detection of various medical conditions, addressing the growing prevalence of chronic ailments such as arthritis, liver inflammation, cancer, renal diseases, diabetes, chronic pain, sciatica, and nerve disorders. Alarming statistics, like the projection that Type-2 diabetes in India may nearly double from 72 million in 2019 to 134 million by 2025, underscore the escalating demand for medical devices. However, the high costs and challenges related to reimbursement and regulatory constraints may hinder the industry's growth.

Covid-19 Impact on the Industry:

The COVID-19 pandemic has had both positive and negative impacts on the medical device market. The disruption in the supply chain led to global shortages of essential medical devices, prompting countries to take measures such as importing or domestically producing these items. While the pandemic increased demand for certain medical devices, it also exposed challenges like counterfeiting and overpricing of imported equipment. Ventilators, in particular, saw a surge in demand for treating severe COVID-19 cases. Efforts to address shortages and enhance domestic production aim to ensure market stability despite the challenges posed by the pandemic.

Market Drivers:

The market growth is fueled by the increasing trend of high healthcare spending and the dynamic healthcare landscape.

Elevated healthcare spending, linked to factors such as an aging population, higher per capita income, and improved quality of life, contributes to rising medical costs. To address accessibility and affordability issues, expanding healthcare spending is crucial. The growing elderly population worldwide, despite improvements in healthcare infrastructure, necessitates increased healthcare expenditures. This is anticipated to enhance access to medical devices, encouraging investment in research and development, and fostering market growth.

The demand for portable devices is on the rise, driven by a shift toward homecare settings. The prevalence of chronic diseases and efforts by healthcare authorities to promote home care have led to innovations in portable and wearable medical technologies. These devices cater to the needs of individuals managing chronic conditions at home, reducing the financial burden associated with prolonged hospital stays.

Market Restraints:

The high cost of medical devices remains a significant impediment to the growth of the medical device market.

Despite technological advancements and design updates, the overall cost of devices, including purchase and maintenance expenses, has risen. Complex devices with multiple components, requiring regular replacements, contribute to the financial burden on patients. Limited reimbursement policies in developing nations further restrict the adoption of these devices.

Creating a networked ecosystem and designing suitable medical gadgets is a complex undertaking in the modern medical landscape.

The demand for compact, lightweight, and cost-effective medical equipment poses challenges, particularly in ensuring electromagnetic compatibility. The emergence of the Internet of Medical Things (IoMT) introduces the need for collaboration among various stakeholders in the IoMT ecosystem. Achieving seamless integration and cooperation among service providers becomes imperative, as challenges in catering to end-users may disrupt the system's overall operation.

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Market Segmentation are:

by Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology, General Surgery, Others) by End User (Hospitals & ASCs, Clinics, Others) and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Medical Device insights, overview and deep study of factors are considered to have greater influence over future course of the industry such as market size, market share, different dynamics of the industry, Medical Device market companies, regional analysis of the domestic markets, value chain analysis, consumption, demand, key application areas and more.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

How will this report benefit potential stakeholders?
-Comprehensive assessment of all opportunities and risks in the Medical Device market.
-The detailed study of business strategies for the growth of the Medical Device market-leading players.
-Conclusive study about the growth plot of the Medical Device market for forthcoming years.
-In-depth understanding of Medical Device market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Medical Device market.

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What Medical Device Market report offers:
1.Medical Device Market share assessments for the regional and country-level segments
2.Market share analysis of the top industry players
3.Medical Device Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
4.Strategic recommendations in key business segments based on the market estimations
5.Competitive landscape covering following points: Company Overview, Product Portfolio, Financial Performance, Recent Highlights, Strategies

COVID-19 has had a major impact on the world economy in addition to that on the public health. This particular pandemic had caused severe economic destruction and not a single country has been left unaffected. The virus has forced businesses around the globe to change the way they operate. This report gives an analysis of the COVID-19 aftermath on Medical Device market.

Competitive Rivalry:

The report highlights vital details based on the leading players in the global Industrial Medical Device market. It features their details such as product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, manufacturing base, capacities, production volume, major vendors, raw material sourcing strategies, organizational structure. Their latest corporate deals, joint ventures, mergers and acquisitions, product launches, and other brand promotions are other facts about the market players included in the report.

We also offer customization on reports based on specific client requirement:

1- country-level analysis for any 5 countries of your choice.
2- Competitive analysis of any market players.
3- 40 analyst hours to cover any other data points

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Finally, Medical Device Market is a valuable source of guidance for individuals and companies in decision framework.

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About us :

Cognate Lifesciences is a specialized hub for all market research reports related to Lifesciences Market. Some of the sub domains covered by our team are Pharmaceuticals, Medical Devices and Supplies, Healthcare, Diagnostics, Biotech, Therapeutics, Healthcare IT etc. We offer syndicated/customized market research studies along with advisory and consulting services.

This release was published on openPR.