The Global Medical Devices Market size was estimated at USD 550 billion in 2022 and is anticipated to reach around USD 850 billion by 2032, growing at a CAGR of roughly 5% between 2023 and 2032.
CMI research report offers a 360-degree view of the Medical Devices market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Medical Devices market.
Medical Devices Market: Overview
The medical devices market is the selling of medical equipment or devices and associated services by firms (organizations, sole proprietors, and partnerships) that produce medical equipment or devices used in diagnosing, treating, and monitoring medical problems.
To meet the significant demand for medical products like hand sanitizers, face masks, personal protective equipment (PPE), ventilators, etc., that are needed to fight the coronavirus, companies in the medical equipment sector are repurposing their production lines. For instance, the hand sanitizer industry has taken over production at AirCo, which makes alcoholic beverages. Bev and Endless West, two new alcoholic beverage businesses, have recently joined the manufacturing drive. Like this, INKSmith, a Canadian firm providing kids with access to design and technology skills, is also producing face shields. Personal safety equipment like face shields and nasal swabs for COVID-19 testing are produced by 3D printing businesses like Massachusetts-based Markforged and Formlabs.
Browse the full “Medical Devices Market Size, Trends and Insights By Type (Cardiology Devices, Respiratory Devices, Orthopedic Devices, Endoscopy Devices, Diagnostic Imaging Devices (Radiology Devices), Ophthalmology Devices, Other Devices), By End-user (Hospitals & Clinics, Research laboratory, Pharmaceutical companies, Diagnostic Centers), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/medical-devices-market/
Over the coming years, the market for medical devices is anticipated to grow as a result of rising investments in Research & Development (R&D) activity by medical technology companies for the creation of new and advanced medical devices and the straightforward approval of those devices by regulatory bodies. For instance, the U.S. Food and Drug Administration (USFDA) database indicates that the institute approved and cleared almost 54 and 27 innovative medical devices in 2018 and 2017, respectively. The main factor supporting the growth of medical devices in the upcoming years is the rising need for novel medicines along with technological improvements in medical devices to address unmet needs in the healthcare sector.
Since transferring patient data from remote devices to doctors requires an internet connection, data security concerns could restrain the market growth for medical devices. As a result, the threat to data security grows. The popularity of linked gadgets makes them more appealing, which raises the possibility of hacking or data breaches. For instance, almost 2,300 patients of Hammersmith Medicines Research had sensitive patient information, including medical questionnaires, copies of driving licenses, passports, and national insurance numbers, compromised in March 2020. On these patients, the research company was running COVID-19 vaccination studies.
The market for Medical Devices is segmented into type and end-user. Hospitals and ambulatory surgical centers led the global market for medical equipment in 2022, according to end-user. The significant expansion of the market is primarily driven by rising healthcare costs, expanding healthcare infrastructure, a strong focus on better patient outcomes, and alluring reimbursement schemes.
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North America accounted for the greatest medical device industry revenue share in 2022, and it is predicted that it will maintain its supremacy in the years to come. The region’s rapid expansion is largely a result of the region’s well-developed healthcare system and growing interest in living a healthy lifestyle. The largest and most powerful nation in North America is the United States. The rapid adoption of new and cutting-edge medical technology for improving the detection and treatment of serious illnesses is driving market expansion in the region.
Competitive Landscape/ Key Players Insights
The existence of numerous businesses engaged in the production of Medical Devices has led to a moderate degree of market fragmentation in the overall Medical Devices industry.
Our market analysis includes a section specifically devoted to key players operating in the Medical Devices Market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
Some of the prominent players
- DePuy Synthes
- Fesenius Medical Care
- Medtronics Plc
- GE Healthcare
- Ethicon LLC
- Philips Healthcare
- Siemens Healthineers
- Baxter International Inc.
- Cardinal Health
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