Pune, India, May 25, 2021 (GLOBE NEWSWIRE) -- Medical Devices Market Size| 2021 Covid-19 Impact On Healthcare Industry Global Analysis By Size, Trends, Growth, Share, Business, Key Players, Merger, Statistics, Competitive Landscape, And Regional Forecast To 2026 is latest study published by Fortune Business Insights. The global medical devices market size is expected to reach USD 657.98 billion by 2028, exhibiting a CAGR of 5.4% during the forecast period. The rising geriatric population will boost the growth of the market. Fortune Business Insights, in a new study, titled “Medical Devices Market, 2021-2028.” states that in-vitro diagnostics is expected to lead the market. According to the study, the US IVD segment covered 15.5% of the global market share in 2021.
In-vitro diagnostics help test diseases such as malaria, diabetes, cancer, STDs, and AIDS/HIV. These devices provide accurate information, which is a crucial factor fueling their demand worldwide. This industry is currently witnessing high growth due to increasing demand in hospitals and surgical centers. The rapid adoption of these devices across hospitals is driving the global medical device market. Fortune Business Insights predicts hospitals and surgical centers to remain dominant in the forthcoming years. Increasing healthcare infrastructure and expansion of healthcare infrastructure, especially in emerging nations, are anticipated to drive this segment during the forecast period.
The Medical Devices Market report offers an in-depth analysis of the Active Pharmaceutical Ingredient industry and the demand drivers by highlighting information on several aspects of the market. Prudent Markets addresses all these aspects and provides the latest scoop and detailed eye-opening study on all major & emerging business segments. In addition to this, the report sheds light on the industry developments by key players, which are contributing to the expansion of this industry. The development scope, feasibility study, Medical Devices Market concentration, and maturity analysis is elaborated in this report.
Information given in the research report pertains to different technological advancements introduced in recent years, which allows for a meticulous analysis of the industry and offers a more comprehensive understanding to the readers.
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The Report Lists the Companies in the Global Market:
- Medtronic (Dublin, Ireland)
- Stryker (Kalamazoo, United States)
- Fresenius SE & Co. KGaA (Bad Homburg, Germany)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- General Electric Company (Chicago, United States)
- Siemens Healthineers AG (Munich, Germany)
- BD (Franklin Lakes, United States)
- Boston Scientific Corporation (Marlborough, United States)
- Johnson & Johnson Services, Inc. (New Brunswick, United States)
- Other Players
Driving Factor:
Rising Prevalence of Chronic Disorders and Demand for Preventive Healthcare to Spur Growth
The rising incidence of chronic diseases such as diabetes, cancer, heart diseases is fueling the demand for various medical devices in North America. According to the National Center for Chronic Disease Prevention and Health Promotion (CDC), around six in every ten people in the U.S live with one of the above-mentioned chronic diseases. This further increases demand for these devices and encourages several companies to introduce innovative technologies in the field. With the rising prevalence of chronic diseases, the need for preventive healthcare will increase exponentially. This is another factor driving the market. Medical device manufacturers around the world are likely to invest in the development of new medical type of devices and update the existing ones. All the above factors are anticipated to create a growth engine for the market during the forecast period.
Stringent FDA Regulations on the Approval of Medical Devices May Hamper the Growth
The global medical devices market is expected to grow, but certain factors are restricting the market. Time taken to attain regulatory approvals may limit the growth of the market to an extent.
The outbreak of covid-19 in the global market has made companies uncertain about their future scenario as the prolonged lock-down finds a serious economic slump. The latest survey on COVID-19 Outbreak-Global Medical Devices Market is conducted to provide hidden gems performance analysis. Essential growth factors and study of Basis points [BPS] have been discussed in the following report. Research Report explains a detailed overview of market dynamics, segmentation, product portfolio, business plans, and the latest development in the industry.
COVID-19 Impact:
Postponement of Non Compulsory Procedures to Inhibit Market amid Coronavirus
The outbreak had a minimal impact on the industry due to the demand for medical and hospital supplies to manage patients positively with COVID-19. However, the reduced need for orthopedic devices, dental devices, and cardiovascular devices has negatively affected the medical devices market growth. Moreover, the postponement of elective surgeries, minimally invasive surgery, ophthalmology, wound management have further impacted the market amid the coronavirus pandemic.
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Regional Insights:
Heavy R&D Investments to Aid Development in North America
North America is expected to emerge dominant over the forecast tenure. The presence of many companies, coupled with substantial R&D investments, is boosting the market in North America. Other regions such as Asia Pacific are expected to show considerable growth opportunities in the market during the forecast period.
Competitive Landscape:
Key Players are Adopting Innovative Strategies to Remain at the Forefront
In December 2020, Koninklijke Philips N.V. announced the acquisition of the U.S.-based cardiac diagnostics and monitoring company BioTelemetry to expand its remote care product offerings. Such growth strategies adopted by leading companies will enable growth in the market. Some of the other players present in the global market include GE Healthcare, DePuy Synthes, Ethicon LLC., Baxter International Inc., Medtronic, and Philips Healthcare. Companies are adopting strategies to improve their revenue shares market.
This report focuses on Active Pharmaceutical Ingredient Global Market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application. Regional analysis is another highly comprehensive part of the research and analysis study of the global market presented in the report. This section sheds light on the sales growth of different regional and country-level markets. For the historical and forecast period to 2026, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.
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Key Development:
January 2021: Stryker announced that it had acquired OrthoSensor Inc., a leader in the digital evolution of musculoskeletal care and sensor technology for total joint replacement, in order to include its Verasense intraoperative sensor technology in its portfolio of Mako robots.
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The global medical devices market can be segmented into the following categories:
By Type
• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• IVD
• MIS
• Wound Management
• Diabetes Care
• Ophthalmic
• Dental
• Nephrology
• General Surgery
• Others
By End-User
• Hospitals & ASC’s
• Clinics
• Others
By Geography
• North America (By Type, By End user, and By Country)
o The U.S. (By Type)
o Canada (By Type)
• Europe (By Type, By End user, and By Country)
o The U.K. (By Type)
o Germany (By Type)
o France (By Type)
o Italy (By Type)
o Spain (By Type)
o Scandinavia (By Type)
• Asia Pacific (By Type, By End user, and By Country)
o China (By Type)
o Japan (By Type)
o India (By Type)
o Australia (By Type)
o Southeast Asia (By Type)
o Rest of Asia Pacific (By Type)
• Latin America (By Type, By End user, and By Country)
o Brazil (By Type)
o Mexico (By Type)
o Rest of Latin America (By Type)
• The Middle East & Africa (By Type, By End user, and By Country)
o GCC (By Type)
o South Africa (By Type)
o Rest of the Middle East & Africa (By Type)
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