Precedence Research09.16.21
The global medical devices market was worth $448 billion in 2020 and is forecasted to reach $671.49 billion by 2027, growing at a compound annual growth rate of 5.2 percent, Precedence Research predicts.
Medical devices refer 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 provider in diagnosis and treatment of patients; in addition, assisting patients to improve their quality of life.
Growth Factors
Regional Snapshots
North America emerged as a global leader in 2020 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 an average, the consumers in the 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.
Key Players and 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 and 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, Medtronic plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker Corp., Cardinal Health, Baxter International Inc., Boston Scientific Corp., Zimmer Biomet, and BD, among others.
Medical devices refer 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 provider 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
- Unhealthy lifestyle and eating habits also attracts other types of critical diseases
- Rising trend for medical wearable devices
- 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
- Threat for data breaches and hack of critical information through these devices
- Rising trend for in-house health monitoring such as heart beat, blood sugar level, and many other tests
Regional Snapshots
North America emerged as a global leader in 2020 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 an average, the consumers in the 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.
Key Players and 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 and 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, Medtronic plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker Corp., Cardinal Health, Baxter International Inc., Boston Scientific Corp., Zimmer Biomet, and BD, among others.
