Dublin, 02 December 2021– (work wire)–The “Global Medical Devices Market Opportunities and Strategies to 2030: Impact of COVID-19 and Recovery” Report added to ResearchAndMarkets.com an offer.
The global medical device market reached approximately $456.8 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.5% since 2015. The market is expected to grow from $456.8 billion in 2020 to $62.0 billion Americans in 2025 at a higher rate. an average of 7.7%. The market is then expected to grow at a CAGR of 5.5% as of 2025 and reach US$863.24 billion in 2030.
This report describes and explains the global medical device market and covers from 2015 to 2020, called the historical period, the period from 2020 to 2025 called the forecast period, along with further forecasts for the period from 2025 to 2030. The report assesses the market across each region and for the major economies within each region.
The growth in the historical period in the medical device market resulted from the growth in the number of health care facilities, rapid growth in the elderly population, economic growth in emerging markets, rapid technological progress, and increased spending on health care. The market was constrained by lower healthcare awareness and lower healthcare payments.
To go ahead with the increasing prevalence of chronic diseases, the sudden emergence of severe infection will lead to growth in the medical device market. Factors that could hinder future market growth include challenges due to regulatory changes, data security issues, and covid-19 pandemic.
The medical devices market is segmented by device type into in vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, disease Kidneys, urological organs, ENT devices, anesthesia devices, respiratory system, nerve devices, and wound care devices.
In vitro diagnostics market was the largest segment of the medical devices market segmented by product, accounting for 15.7% of the total in 2020. The hospital supplies segment is expected to be the fastest growing segment of the segmented medical devices market. By product, at a compound annual growth rate of 10.8% during 2020-2025.
The medical device market is segmented by type of expenditure into public expenditure and private expenditure. The public spending market was the largest segment of the medical device market segmented by application, accounting for 51.7% of the total in 2020. The public expenditure segment is expected to be the fastest growing segment of the medical device market segmented by application. At a compound annual growth rate of 8.2% during the period 2020-2025.
The medical devices market is segmented by end-user type into hospitals, clinics, home care, and diagnostic centers. Hospitals and Clinics market was the largest segment of the medical devices market segmented by end user, accounting for 88.7% of the total in 2020. Diagnostic centers segment is expected to be the fastest growing segment of future medical devices market segmented by end user, with annual growth rate A compound of 9.2% over the period 2020-2025.
North America was the largest region in the global medical device market, accounting for 39.7% of the total in 2020. It is followed by Asia Pacific, Western Europe and then other regions. Going forward, the fastest growing regions of the medical device market will be South America and Africa where the growth will be at a compound annual growth rate of 11.1% and 10.4% respectively. This is followed by the Middle East and Asia Pacific, where the markets are expected to register compound annual growth rates of 10.2% and 9.0%, respectively.
Production of non-COVID medical equipment is severely affected due to the focus of major production lines on manufacturing of COVID medical equipment such as life support ventilators, personal protective equipment, etc., lower demand for non-COVID medical equipment due to postponement of elective medical procedures and reduction in hospitalizations of patients for non-COVID medical procedures Because of the fear of transmission of the virus.
The medical device market is fragmented, with a large number of small players. The top ten competitors in the market accounted for up to 34.5% of the total market in 2020. The competition in the market is characterized by rapid changes brought about by technological advancement and scientific discoveries.
Market segmentation can be attributed to the significant barriers to entry in terms of high fixed costs associated with the production of medical devices and stringent regulations put in place by regulatory authorities. Medtronic Plc was the largest competitor with 6.3% of the market, followed by Johnson & Johnson with 5.0%, Abbott Laboratories with 4.9%, Becton, Dickinson and Company with 3.7%, Siemens Healthineers AG with 3.87%, and Koninklijke Philips NV with 3.6 %, General Electric Company of 2.2%, Baxter International of 1.8%, Danaher Corporation of 1.6%, and 3M of 1.6%.
Main topics covered:
1. Medical Devices Market Executive Summary
2. Table of Contents
3. Shape List
4. List of tables
5. Report structure
6.1 Segmentation by geography
6.2 Segmentation by device type
6.3 Segmentation by type of expenditure
6.4 Segmentation by end user
7. Characteristics of the medical device market
7.1 Market Definition
7.2 Market segmentation by device type
7.2.1. In vitro diagnosis
7.2.2. Dental equipment and supplies
7.2.3. ophthalmology devices
7.2.4. Diagnostic imaging equipment
7.2.5. Cardiovascular devices
7.2.6. hospital supplies
7.2.7. surgical equipment
7.2.8. orthopedic devices
7.2.9. patient monitors
7.2.10. Diabetes care devices
7.2.11. Nephrology and urology devices
7.2.12. Ear, Nose and Throat Devices
7.2.13. Anesthesia and respiratory equipment
7.2.14. Neurology devices
7.2.15. Wound care devices
7.3. Market segmentation by spending type
7.3.1. public expenditure
7.3.2. private expenses
7.4. Market segmentation by type of end user
7.4.1. Hospitals and clinics
7.4.2. home care
7.4.3. Diagnostic Centers
8. Medical Devices Market, Supply Chain Analysis
8.1 Suppliers of raw materials and components
8.1.1. Metal and plastic suppliers
8.1.2. component suppliers
8.2 Brand Manufacturers
8.3 Contract manufacturers
8.4 Wholesalers and distributors
8.6 End Users
9. Medical Devices Market, Product Analysis – Product Examples
10. Medical device market customer information
10.1. Reduction in the use of wearable technology
10.2. Diabetic heart rate scan
10.2.2. United States of America
10.3. Tubeless patches and less insulin injections are a staple for people with diabetes
10.4. Consistent results and positive patient outcomes are the major critical factors for purchasing medical devices
10.5. Medical device makers face challenges with UDI
10.6. The high rate of equipment unavailability is the main challenge in the maintenance of medical devices
10.7. The lack of evidence in scientific methods has raised the question of whether HTAs need to develop new methods
10.8. Industry experts say sales of medical devices are on the rise
10.9. Cyber attacks may target medical devices
11. Medical Devices Market Trends & Strategies
11.1. Expansion of medical technologies
11.2. Medical device manufacturers are repurposing production lines
11.3. Self-diagnosis / treatment is increasing
11.4. Technology and Analytics in Patient Care
11.5. Health monitoring devices and mobile applications receive investments
11.6. Hybrid imaging technology
11.7. Low ionizing radiation devices
11.8 Wearable devices and mobile apps
11.9 COVID Product Trends
11.9.1. Increasing demand for portable sterilizers
11.9.2. Adoption of infrared thermometers
11.9.3. High demand for disposable medical products
For more information about this report visit https://www.researchandmarkets.com/r/omuqrm
View the source version on businesswire.com: https://www.businesswire.com/news/home/20211202005528/ar/
Laura Wood, Senior Director of Press
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