iCrowd Newswire – Jul 20, 2020
The global medical devices market is expected to reach US$ 767,684.9 million by 2027 from US$ 483,285.8 million in 2019. The market is estimated to grow with a CAGR of 6.1% from 2020 to 2027. A medical device can be a machine, instrument, apparatus, or an article that is used to diagnose, monitor, and therapeutic purposes. A medical device plays an essential role, such as detection, measurement, restoration, and modification of the structure or a function of the body due to health problems or chronic medical conditions. There are various types of medical devices, which include glasses, pacemakers, wheelchairs, X-ray machines, MRI, CT scans, and others. These medical devices are categorized into four classes, such as I, IIa, IIb, and III. The categories of the medical devices are based on the Food and Drug Administration and CE marking. The organizations have categorized class I as low-risk medical devices and class III as high-risk medical devices. The global medical devices market is driven by factors such as growing medical device industry and rising prevalence of chronic diseases. However, the challenges in medical device industry like low reimbursement limit and expensive product approval process may hinder the market growth. Additionally, rising government support on medical technologies are creating growth opportunities for the market players.
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Inaddition, the report focuses on leading industry players with information suchas company profiles, components and services offered, financial information oflast 3 years, key development in past five years.
- Johnson and Johnson Services, Inc.
- Boston Scientific Corporation
- B. Braun Melsungen AG
- GENERAL ELECTRIC COMPANY
- Koninklijke Philips N.V.
- Siemens AG
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, neurology, endoscopy, ophthalmology, and others. The in vitro diagnostics (IVD) segment held the largest share of the market in 2019. The growth of the market for this segment is attributed to the increasing prevalence of chronic diseases and technological developments by the market players for early diagnosis of diseases, which is likely to drive the growth of the market. However, neurology devices is estimated to register the highest CAGR in the market during the forecast period.
Rising prevalence of chronic diseases, such as cardiovascular diseases (CVDs), cancer, diabetes, stroke, and kidney diseases, increases the demand for medical devices for diagnosis and treatment purposes. As per the WHO, CVDs are the leading cause of mortality and result in the deaths of ~17.9 million people every year across the world. Additionally, the increasing prevalence of diabetes shoots up the demand for medical devices such as insulin pumps, glucose monitoring devices, insulin pens, and wearable injectors. As per the International Diabetes Federation’s Diabetes Atlas Ninth edition 2019, about 463 million adults (aged 20–79 years) had diabetes in 2019, and the number is expected to reach 700 million by 2045.
Cancer diagnosis requires medical devices such as computerized tomography (CT), magnetic resonance imaging (MRI), bone scanner, positron emission tomography (PET) scanner, ultrasound, and X-ray. Thus, the growing prevalence of cancer increases the demand for cancer diagnostic devices. As per the WHO, cancer is the second leading cause of death across the globe and was responsible for 9.6 million deaths in 2018. Rising prevalence of chronic kidney diseases increases the demand for dialysis. As per the National Institute of Diabetes and Digestive and Kidney Diseases, in 2016, over 661,000 Americans had kidney failure, of these, 468,000 individuals were on dialysis.
Function – Based Insights
Based on function, the medical devices market is segmented into diagnostic and monitoring, therapeutics, surgical, and others. The diagnostic and monitoring segment held the largest share of the market in 2019. However, the surgical segment is estimated to register the highest CAGR in the market during the forecast period.
End User – Based Insights
Based on end user, the medical devices market is segmented into hospitals, homecare, ambulatory surgical centers, and others. The hospital segment held the largest share of the market in 2019 and the same segment is estimated to register the highest CAGR in the market during the forecast period.
Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints and product portfolios; these strategies help them meet the growing consumer demand. Collaboration is one of the major strategies adopted by the medical devices market players to enlarge customer base worldwide, which also permits them to maintain their brand name globally.
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