Specialty Devices Market 2024 - Industry Size, Business Segments, Innovative Strategies, and Outlook until 2033

The specialty devices market size has grown rapidly in recent years. It will grow from $40.71 billion in 2023 to $46.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to healthcare industry growth, aging population, increased chronic diseases, regulatory support, patient preference for home healthcare, diagnostic advancements..

The specialty devices market size is expected to see rapid growth in the next few years. It will grow to $79.94 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to minimally invasive procedures, home-based testing kits, biocompatible materials, point-of-care testing, global health crises response, focus on cybersecurity and data privacy.. Major trends in the forecast period include advancements in wearable technology, telehealth and remote patient monitoring, integration of artificial intelligence (ai), smart home healthcare devices, telemedicine platforms and apps..

Market Overview -
Specialty devices refers to the equipment installed by the tenant that processes certain distinctive or specialized performance qualities that enable it to carry out specified tasks.

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Autonomous Driving And Vehicle Safety Propel Specialty Devices Market
An increase in vehicle safety and autonomous driving is expected to propel the growth of the specialty devices market going forward. Autonomous driving refers to self-driving with enhanced and smart connected vehicles. Customers prefer vehicles that offer enjoyable, comfortable, and productive experiences, and specialty devices of a vehicle with a general-purpose chassis and a body or mounted equipment that is tailored to serve a specific purpose, when used in production and manufacturing procedures as well as inside automobiles provide in-car functions, offer immense promise, leading to increased vehicle safety and autonomous driving. For instance, in January 2023, according to a survey conducted by the American Automobile Association, a North American federation of motor clubs, 72% of American adults said they would feel safer riding in a self-driving automobile. Further, 51% of US citizens are interested in laws to guarantee the safety of autonomous vehicles. Therefore, increasing vehicle safety and autonomous driving drives the specialty devices market.

Competitive Landscape -
Major companies operating in the specialty devices market report are American Autowire, AAMP Global, A&A International Co. Ltd., AE Tools & Computers, GForce Engineering LLC, Ginetta Cars Limited, Ablaze Grilles Inc., ProSpeed Autosports, Accelerated Racing Products LLC, ACCEL Technology Corp., Acme Manufacturing Co., Qingdao Aonuo Tyre Co. Ltd., Gorilla Automotive Products, Great Plains Industries Inc., Abbott Laboratories, Medtronic PLC, Johnson & Johnson, Becton Dickinson & Company, Cardinal Health, Philips N.V., Stryker Corporation, GE Healthcare, Boston Scientific Corporation, Siemens Healthineers AG, Zimmer Biomet Holdings Inc., Baxter International Inc., Danaher Corporation, Terumo Corporation, Olympus Corporation, Smith & Nephew plc, Intuitive Surgical Inc., Hologic Inc., ResMed Inc. .

Technological Advancement Drives Specialty Devices Market
Technological advancement is a key trend gaining popularity in the specialty devices market. Major companies operating in the specialty devices market are focused on developing new technological solutions for motion control and other specialized products to strengthen their position in the market. For instance, in November 2022, TEXSPIN® Bearings Limited, an India-based company operating in the automotive industry introduced its technological breakthroughs in the automotive sector through its technology-driven platforms. The platform involves bearings that are 'green products' that help to reduce pollution, vehicle friction, and fuel consumption. These are tribology cultivated through bearing development, and the heat treatment, precision machining, and precision measurement required for bearing manufacturing. These offer value-added innovative solutions across all its technology platforms, with a strong commitment to research-driven innovation.

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Key Segments -
The specialty devices market covered in this report is segmented -
1) By Equipment: Construction Equipment, Machinery Manufacturing Equipment, Medical Equipment, Office Equipment, Outdoor Equipment, Technology-Communications Equipment, Transportation Equipment
2) By Supply Chain: Manufacturer, Distributor, Retailer

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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