Pune, India., April 26, 2021 (GLOBE NEWSWIRE) -- Medical Devices Market: Key Insights
According to our new research study on “Medical Devices Market to 2027 – Global Analysis and Forecast – by Product Type, Function, and End User,” The Medical Devices Market Size was valued at US$ 483,285.8 million in 2019 and is projected to reach US$ 767,684.9 million by 2027; it is estimated to grow at a CAGR of 6.1% from 2020 to 2027. The market growth is attributed to growing medical device industry as medical devices are essential for disease prevention and medical diagnosis, as well as for treatment and rehabilitation of a medical condition and rising chronic disease prevalence as increases the demand for medical devices for diagnosis and treatment purposes However, the challenges in medical device such as financial limitations are among the major constraints faced by the medical device companies owing to which they are forced by the cost-conscious hospitals to reduce the price of products industry hinder the growth of the market.
Medical Devices Market: Competition Landscape and Key Developments
Medtronic; Abbott; Boston Scientific Corporation; Braun Melsungen AG; 3M; General Electric Company; Stryker Corporation; Koninklijke Philips N.V.; Siemens AG; and Johnson and Johnson Services, Inc. are among the key companies operating in the global medical devices market. Leading players are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In June 2020, Medtronic partnered with Foxconn to increase its ventilator production capacity. Further, the partnership aims to manufacture around 10,000 ventilators in the US by 2021.
In April 2020, Abbott received CE mark approval for its TriClip, a minimally invasive tricuspid valve repair device. These devices are specifically designed to treat severe tricuspid regurgitation, as well as to offer effective and safe alternative to invasive surgical procedures.
North America dominated the global medical devices market in 2019 and accounted for approximately half of the market revenue. The market growth in the region is credited to the increasing adoption of advanced medical devices, advancements in various technologies, and rising emphasis on improving treatment outcomes. Similarly, the significant growth of the medical devices industry in North America and increasing investments by international companies are likely to bolster the medical devices market growth in North America in the coming years. Based on product type, the medical devices market is segmented into surgical devices, infection control devices, general medical devices, cardiovascular devices, orthopedic devices, home healthcare devices, and others. The neurology devices segment is expected to register the highest CAGR in the market during the forecast period. Based on function, the medical devices market is segmented into diagnostic and monitoring, therapeutics, surgical, and others. The diagnostic and monitoring segment are expected to register a higher CAGR in the market during the forecast period. On the basis of end user, the market is segmented into hospitals, homecare, ambulatory surgical centers, and others. The hospital segment dominated the medical devices market in 2019.
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Medical devices are used in disease prevention and medical diagnosis, as well as in the treatment and rehabilitation of medical conditions. The global medical device industry is witnessing continuous innovations and technological advancements, which is driving the global healthcare sector growth. As per the International Trade Administration (ITA), the US Department of Commerce is the world’s largest market for medical devices. The market valued at US$ 156 billion in 2017, and it is projected to reach US$ 208 billion by 2023. On the other hand, exports of medical devices from the US exceeded US$ 43 billion in 2018. There are more than 6,500 medical device companies in the country, which are mostly small and medium-sized enterprises (SMEs). These companies are highly regarded globally for their innovations and technologically advanced products.
In Europe, Germany is the largest importer and exporter of medical devices. The country is home to Europe’s largest medical device industry, producing high-quality medical equipment. The German medical device market reported the year-on-year (y-o-y) growth rate of 4.2% in 2018, and the market in this country is expected to continue to flourish at growth rates ranging from 4% to 6% through 2021. All major US companies, such as GE Healthcare, Johnson & Johnson, Becton Dickinson, Abbvie, Stryker, Zimmer, 3M, McKesson, Cardinal Health, Henry Schein, and Medline have subsidiaries in Germany.
Developing countries such as China and India also hold significant potential for the medical device market growth. As per the US Department of Commerce’s International Trade Administration, the market in China reached US$ 78.81 billion in 2018, at a rate of 22% from 2017. Moreover, the Indian medical device market was valued at US$ 6 billion in 2017 and is projected to reach US$ 50 billion by 2025. As per the National Investment Promotion and Facilitation Agency, ~65% of the medical device manufacturers in India are domestic players. In 2019, Telangana, Andhra Pradesh, Tamil Nadu, and Kerala received approval from the Government of India for new medical device parks.
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Medical Devices Market: Segmental Overview
In terms of product type, the neurology devices segment is anticipated to register the highest CAGR in the medical devices market during the forecast period. This devices category consists of neuro interventional devices, neurostimulation devices, transcranial doppler (TCD), implantable neurostimulators, neurosurgery surgical robots, skull clamps, and others. Neurological diseases represent significant burden on health systems in terms of disease diagnosis, treatment, and management. Several frequently observed neurological diseases comprises narcolepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, spinal muscular atrophy (SMA), Duchenne muscular dystrophy, and others.
According to data published by National Institutes of Neurological Disorders and Stroke, ~7,000 rare neurological diseases were registered in the US in 2019. In terms of function, the diagnostic and monitoring segment accounted for more than 43% share in global medical devices market in 2019. In terms of end user, the market for the hospital segment is anticipated to grow at the highest CAGR during the forecast period.
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