LONDON, Oct. 27, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report, global medical device industry statistics show that growth in the historic period resulted from a rise in the number of healthcare facilities, healthcare expenditure, technological advancements, and rapid growth of the elderly population.
Going forward beyond 2020, a rapid increase in the prevalence of infectious diseases as well as the increasing prevalence of chronic diseases will support the global medical devices market’s growth. The spontaneous emergence of severe infections such as the novel coronavirus is expected to drive the demand for medical devices globally. The demand for hospital supplies, in-vitro diagnostic devices, and respiratory care devices has significantly increased since the emergence of COVID-19 across various countries. This demand is expected to continue for combating the pandemic and importantly to avoid the risk of emergence and spread of similar infections. The rising prevalence of chronic diseases such as diabetes and cancer is expected to be a major driver of the medical devices market as well. Extended working hours, limited physical activity, and unhealthy food habits are the major causes of such diseases. The high prevalence of chronic diseases also increases the vulnerability to other contagious infections such as coronavirus infections. Thus, this will further increase the demand for medical devices used in diagnosis, prognosis, and treatment of a number of diseases, driving the medical devices market.
The Business Research Company’s report titled Medical Devices Market - Opportunities And Strategies – Global Forecast To 2030 covers major medical devices companies, medical devices market share by company, medical devices manufacturers, medical devices market size, and medical devices market forecasts. The report also covers the global medical devices market and its segments. The medical devices market is segmented by type of device 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, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, and wound care devices.
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The medical devices market 2020 size reached nearly $456.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015. The market is expected to decline from $456.9 billion in 2019 to $442.5 billion in 2020 at a rate of -3.2%. The decline is mainly due to lockdowns imposed by the governments across the world that hindered the supply chain in the medical devices manufacturing industry. However, there is an exceptional increase in the manufacturing of the ventilators that are used to treat COVID-19 patients. The medical devices market is expected to recover and grow at a CAGR of 6.1% from 2021 and reach $603.5 billion in 2023. This is because as mentioned, beyond 2020, an increase in the incidences of infectious and chronic diseases will drive the market growth. Analysis of the medical device market by country shows that North America accounts for about 39%, the largest share in the global market.
Global medical device industry trends that shape this growth include the companies that began repurposing their production lines to manufacture medical supplies that are in high demand to combat the coronavirus, such as hand sanitizers, face masks, personal protective equipment (PPE), ventilators, etc. For example, liquor manufacturing company AirCo shifted the focus of its production facilities to making hand sanitizers. New alcohol brands Bev and Endless West also joined the manufacturing push.
Similarly, in Canada, INKSmith, a startup that was making design and tech tools accessible for kids, moved to make face shields. 3D-printing companies like Massachusetts-based Markforged and Formlabs are both making personal protective equipment like face shields, as well as nasal swabs to use for COVID-19 testing. Besides this, large-scale investments in health monitors and relevant mobile apps from medical device manufacturers, technology companies and other investors are also helping the market, and medical device companies ought to collaborate with such technology companies to develop and market devices to monitor and track the health of individuals for more effective diagnoses and treatments of patients.
Medical Devices Market - Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, medical devices market segments, and medical devices market geographies, medical devices market trends, medical devices market drivers, medical devices market restraints, medical devices market-leading competitors’ revenues, profiles, and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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