Several of the key considerations propelling the medical devices industry are the older populace and increasing life span, growing adoption of the Internet – of – things smart medical equipment, growing market for smartwatches health gadgets medical device industry, increasing the use radiotherapy in illness diagnosis and medication, and positive healthcare initiatives and federal govt financial support for elderly people.
The industry has been pushed by a growth in the population of people suffering from numerous illnesses, a growth in the frequency of accidents, as well as a rising healthcare sector r&d to build increasingly complex medical devices. Additionally, the rising prevalence of heart disease as well as the growing senior demographic with a range of health concerns are driving the medical device industry. Nevertheless, market development is expected to be stifled by restrictions such as the expensive cost of medical technology as well as the additional expenditures connected with expert maintenance instruction.
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The worldwide market is competitive, with J&J Services, Medtronic, Abbott, and Stryker combining for a significant proportion in 2020. To improve their worldwide market dominance, the leading market players rely on tactics such as mergers, partnerships, and innovation of new products and releases.
Medical Device Market Report Highlights
- Koninklijke Philips N.V. purchased BioTelemetry, a heart diagnosis and surveillance firm located in the United States, in Late 2020 to extend its portfolio of distant care products.
- Koninklijke Philips N.V. debuted the (AAA) prototype in January 2021, offering clinicians a more physician alternative than the existing level of care for treating AAA sufferers.
- The industry in Europe is expected to grow at a rapid pace due to rising healthcare expenditures, well-established architecture, and increased use of sophisticated screening and therapeutic technologies.
- Companies frequently utilize new product releases and approvals to expand their global footprints and market segments, and these techniques help them meet increasing client demand.
- The partnership is among the most frequent strategies employed by medical equipment businesses to increase their international customer base while retaining their brand recognition.
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MEDICAL DEVICE MARKET SEGMENTATION
The research report published by Market Research Strategy contains industry segments, as below-
Medical Device Type Outlook (Revenue, USD Million, 2016 – 2027)
- Cardiovascular Devices
- Orthopedic Devices
- Diagnostic Imaging
Medical Device End-user Outlook (Revenue, USD Million, 2016 – 2027)
- Hospitals & ASC’s
Medical Device Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)
List of Key Players of Medical Device Market
- Bio Rad Laboratories Inc.
- Fresenius SE & Co. KGaA
- Baxter International Inc.
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd
- Biotelemetry Inc.
- General Electric Company
- Angiodynamics Inc.
- Siemens Healthineers AG
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- Becton Dickinson
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