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Global Specialty Devices Market Projected to Grow at 13.2% CAGR, Reaching $85.52 Billion by 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Will the Specialty Devices Industry Market Size Be by 2025?
The market size for specialty devices has seen a significant expansion in the past few years. The growth is projected to rise from $46.2 billion in 2024 to $52.08 billion in 2025, with a compound annual growth rate (CAGR) of 12.7%. The rise during the historical span is the result of factors such as expansion in the healthcare industry, an aging population, a surge in chronic diseases, supportive regulations, a preference for home healthcare by patients, and advancements in diagnostics.
What's the Long-Term Growth Forecast for the Specialty Devices Market Size Through 2029?
The market for specialty devices is predicted to experience a substantial surge in the coming years, increasing to a value of $85.52 billion in 2029, recording a compound annual growth rate (CAGR) of 13.2%. Factors that will drive this growth during the predicted period include the use of minimally invasive procedures, in-home testing kits, biocompatible materials, point-of-care testing, responses to global health crises, along with emphasis on cybersecurity and data privacy. In the same forecast period, the key trends will consist of progress in wearable technology, telehealth, remote patient monitoring, applications of artificial intelligence (ai), smart home healthcare devices and telemedicine platforms and apps.
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What Are the Key Growth Drivers Fueling the Specialty Devices Market Expansion?
The specialty devices market is poised for growth, driven by enhancements in vehicle safety and the rise of autonomous driving. Autonomous driving involves smart, self-operated vehicles boasting advanced connectivity. Customers are gravitating toward vehicles offering an enjoyable, comfortable, and productive journey. Specialized equipment for vehicles, involving a general-purpose chassis and tailored body or mounted device serving a unique function, are gaining traction. These devices are prevalent in manufacturing procedures and in-car functionalities, marking a promising trend towards better vehicle safety and the adoption of autonomous driving. For example, a survey in January 2023 by the American Automobile Association, a federation of North American motor clubs, revealed that 72% of American adults feel safer in a self-driving car. Furthermore, 51% of US residents showed interest in legislation ensuring the safety of autonomous vehicles. Thus, the growing focus on vehicle safety and autonomous driving fuels the expansion of the specialty devices market.
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What Are the Key Trends Driving Specialty Devices Market Growth?
The rise in technological progress is a significant trend seen in the specialty devices market. Many leading businesses in this market concentrate on producing innovative technological solutions for motion control and other niche products to bolster their market status. For example, in November 2022, TEXSPIN Bearings Limited, a company based in India that operates in the automotive sector, showcased its technological improvements in the automotive industry through its tech-centric platforms. The platform incorporates bearings referred to as 'green products', which contribute to pollution reduction, vehicle friction minimisation, and fuel consumption decrease. These are created through tribology in bearing development, along with necessary treatments like heat, precision machining, and precise measurement. These offer innovative value-added solutions across all its technology platforms, underlining their stern commitment toward innovation driven by research.
How Is the Specialty Devices Market Segmented?
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 Companies Are Leading the Charge in Specialty Devices Market Innovation?
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 Are Leading the Global Specialty Devices Market in Revenue?
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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