Medical Devices Market Size Worth Around US$ 671.49 Bn by 2027

The global medical devices market size was valued at US$ 447.63 Billion in 2019 and expected to be worth around US$ 671.49 billion by 2027

OTTAWA, Nov. 11, 2020 (GLOBE NEWSWIRE) -- According to Precedence Research, the global medical devices market is growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period 2020 to 2027.

Medical device refers to an apparatus, instrument, appliance, or machine for prevention, diagnosis, treatment, monitoring, or alleviation of disease. These devices offer numerous advantages to patients by helping medical service providers in diagnosis and treatment of patients; in addition, assisting patients to improve their quality of life.

Growth Factors

The increasing prevalence of chronic diseases that include cancer and diabetes expected to contribute prominently in driving the medical devices market. As per the United Nations, the ratio of total deaths because of chronic diseases expected to rise to around 70% along with the total burden of chronic diseases across the globe expected to reach around 60% by the end of 2030. Limited physical activity, extended working hours, and unhealthy food habits are the prominent cause for significant increase in chronic diseases such as cancer and diabetes. Furthermore, unhealthy lifestyles and eating habits also attracts other types of critical diseases that are further expected to flourish the demand for medical devices in the near future.

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Moreover, the rising trend for medical wearable devices anticipated to drive the demand for medical devices over the upcoming years. Further, integration of Artificial Intelligence (AI) in the medical devices such as remote patient monitoring devices, wearable medical equipment, Electronic Health Records (EHR), and many more such examples estimated to propel the penetration of medical devices in the daily life of consumers.

However, threat for data breaches and hack of critical information through these devices expected to hinder the market growth. Recently in 2020, critical information of patients registered with Hammersmith Medicines Research for conducting clinical trial for COVID-19 vaccine was hacked. Apart from this, rising trend for in-house health monitoring such as heart beat, blood sugar level, and many other tests anticipated to boost the market growth over the forthcoming years.

Report Highlights

  • North America captured the largest revenue share in 2019 and anticipated to continue its dominance over the upcoming years because of developed healthcare infrastructure
  • The Asia Pacific emerged as the fastest growing region during the forecast period owing to rising ageing population, increasing per capita income, and growing health concern among the people
  • The IVD device segment accounted for a value share of nearly 13% in the year 2019 owing to increasing prevalence of chronic disease and need for precise and efficient testing kit for such diseases
  • Based on end user, hospitals & ambulatory surgical centers led the global medical devices market in 2019 due to the increasing healthcare expenditure and rising development of the healthcare infrastructure

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Regional Snapshots

North America emerged as a global leader in 2019 and expected to retain its position over the upcoming years. The prominent growth of the region is mainly due to well-developed infrastructure for healthcare services along with high level of awareness among consumers related to health and fitness. On average, the consumers in North America spend significant share of their income on health and fitness. Apart from this, the regional government also supports and easily approves new and advanced medical devices in the region for its easy commercialization and reach to the common public. Collectively all the above mentioned factors estimated to drive the overall market growth for medical devices in the region.

On the contrary, the Asia Pacific projected to grow at a rapid rate over the analysis period owing to increasing per capita income, increased spending on healthcare infrastructure, and rapid increment in the ageing population in the region. In medical devices market China holds the second largest position after the United States. Similarly, India holds the fifth leading position in the global market. This is mainly attributed to the rapid technological developments in various sectors in the countries along with their diverse nature for sales channel and distribution models.

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Key Players & Strategies

The medical devices industry seeks to be largely fragmented in nature because of the presence of large number of market players at both regional and global level. These market players largely focus on product development and enhancement, merger & acquisition, partnership, collaboration, and joint venture with other technology providers to upgrade their existing product line or develop an advanced medical device to cater the increasing need of the consumers. Furthermore, these industry participants also focus in contracting with large number of distributors present globally to expand their customer range along with their offerings.

Some of the key players operating in the market are DePuy Synthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD among others.

Market Segmentation

By Type

  • Cardiovascular Devices
  • Orthopedic Devices
  • Diagnostic Imaging
  • MIS
  • IVD
  • Diabetes Care
  • Wound Management
  • Dental
  • Nephrology
  • Ophthalmic Devices
  • Others

By End User

  • Clinics
  • Hospitals & Ambulatory Surgical Centers
  • Others

By Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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