LONDON, April 03, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Medical Equipment Global Market Report 2024, the medical equipment market has witnessed robust growth in recent years, with the market size expected to reach $775.42 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.3%. The market is poised for further expansion, with projections indicating a growth to $1,077.6 billion by 2028, driven by a CAGR of 8.6%. This medical equipment market growth trajectory is fueled by various factors, including the rising prevalence of chronic diseases, technological advancements, and increasing healthcare expenditure.
Addressing the Growing Burden of Chronic Diseases
One of the primary drivers of the medical equipment market's growth is the escalating prevalence of chronic diseases worldwide. Chronic diseases, characterized by long-lasting health issues, are on the rise, contributing significantly to the global disease burden. Medical equipment plays a crucial role in managing chronic conditions by enabling remote care and monitoring of patients, facilitating vital sign measurements, and providing valuable data for risk prediction and management. With healthcare spending projected to reach $344 billion in Canada by 2023, including significant increases in hospital and physician costs, the demand for medical equipment is expected to surge, driving market growth.
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Innovative Technological Solutions
Companies operating in the medical equipment market are at the forefront of innovation, developing cutting-edge products to address evolving healthcare needs. Advanced technologies such as computed tomography (CT) scanners are enhancing clinical confidence in disease diagnosis and improving operational efficiency in healthcare settings. For instance, GE Healthcare Technologies Inc. introduced the revolution aspire CT system, designed to democratize access to quality healthcare in India. With features aimed at improving clinical confidence and operational efficiency, these innovations are revolutionizing healthcare delivery, particularly in underserved regions.
Market Segmentation and Concentration
The medical equipment market is segmented by type, type of expenditure, product, and end-user. This segmentation reflects the diverse range of medical equipment available and the varied needs of healthcare providers and patients. Moreover, the medical equipment market exhibits a high level of concentration, with the top ten competitors, including Medtronic Inc., Abbott Laboratories, and Johnson & Johnson, accounting for a significant share of the total market. This concentration underscores the competitive dynamics within the market, with companies seeking to consolidate their positions through acquisitions, partnerships, and product innovations.
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Regional Outlook
North America emerged as the largest region in the medical equipment market, driven by significant investments in healthcare infrastructure and technological advancements. However, the fastest-growing regions are expected to be the Middle East and South America, with projected CAGRs of 22.8% and 12.8%, respectively. These regions present untapped opportunities for market expansion, fueled by rising healthcare expenditure and increasing demand for medical equipment.
In conclusion, the global medical equipment market is poised for transformative growth, driven by the increasing prevalence of chronic diseases, technological innovations, and rising healthcare expenditure. As companies continue to innovate and expand their product portfolios, the market is expected to witness sustained growth, creating new opportunities for stakeholders across the healthcare ecosystem.
Medical Equipment Global Market Report 2024 by The Business Research Company provides insights on the medical equipment market size, medical equipment market segments, medical equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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