Soaring Demand Set to Propel Specialty Devices Market to $88.6 Billion by 2029

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What Is the Expected CAGR for the Specialty Devices Market Through 2025?
The specialty devices market size has grown rapidly in recent years. It will grow from $46.2 billion in 2024 to $52.88 billion in 2025 at a compound annual growth rate (CAGR) of 14.5%. 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.

What's the Projected Size of the Global Specialty Devices Market by 2029?
The specialty devices market size is expected to see rapid growth in the next few years. It will grow to $88.6 billion in 2029 at a compound annual growth rate (CAGR) of 13.8%. 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.

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Top Growth Drivers in the Specialty Devices Industry: What's Accelerating the 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.

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What Trends Will Shape the Specialty Devices Market Through 2029 and Beyond?
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.

What Are the Main Segments in the Specialty Devices Market?
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

Subsegments:
1) By Construction Equipment: Excavators, Bulldozers, Cranes, Concrete Mixers
2) By Machinery Manufacturing Equipment: CNC Machines, Lathes, Milling Machines, 3D Printers
3) By Medical Equipment: Diagnostic Equipment, Surgical Instruments, Patient Monitoring Devices, Rehabilitation Equipment
4) By Office Equipment: Printers And Copiers, Scanners, Office Furniture, Conference Equipment
5) By Outdoor Equipment: Garden Tools, Camping Gear, Fitness Equipment, Outdoor Cooking Appliances
6) By Technology-Communications Equipment: Networking Devices, Telecommunications Hardware, Audio-Visual Equipment, Smart Home Devices
7) By Transportation Equipment: Electric Vehicles, Bicycles And E-Bikes, Motorcycles, Specialty Trailers

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Which Top Companies are Driving Growth in the Specialty Devices Market?
Major companies operating in the specialty devices market include ACCEL Technology Corp, 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.

Which Regions Will Dominate the Specialty Devices Market Through 2029?
Asia-Pacific was the largest region in the specialty devices market in 2024. The regions covered in the specialty devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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