The new report by Expert Market Research titled, ‘Global Medical Devices Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global medical devices market, assessing the market based on its segments like types, functions, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 410 Billion
• Forecast CAGR (2020-2025): 5.2%
• Forecast Market size (2025): USD 556 Billion
The growing patient populations suffering from different diseases, increasing incidences of injuries, and growing research and development activities in the healthcare industry to produce technologically advanced medical devices are the key factors driving the growth of the market. Moreover, the demand for medical devices is fuelled by the growing prevalence of cardiac disorders and the increasing geriatric population with various health problems. Continued technological innovations are also one of the main factors driving the market development. The market for oxygen concentrators, insulin pumps, and image-guided therapy systems, among other healthcare products, has increased the preference for compact and less invasive medical technology, which is further bolstering the market growth.
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Industry Definition and Major Segments
Medical devices can be used for surgical operations, home healthcare, and in hospitals. A medical device is an instrument, device, implant, in vitro reagent, or related device that may be utilised for the diagnosis, prevention, or treatment of an illness within the body. It can be as easy as a medical thermometer, a tongue depressor, or protective gloves. It can also be as complex as a machine that can aid in medical research or an implant such as a stent or a prosthesis
On the basis of type, the industry is divided into:
On the basis of function, the industry is divided into:
• Diagnostic and Monitoring
• Other Devices
On the basis of end use, the industry is divided into:
• Homecare Devices
• Hospital and Ambulatory Centres
On the basis of region, the industry is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The growing number of trained professionals and the increasing investments in R&D by the major players are expected to help the growth of the industry. It is also expected that the industry will be supported by the growing approval of new medical devices by regulatory authorities. The burden of diseases is increased by the rising geriatric populations, shifting lifestyles, unhealthy eating behaviours, and environmental factors, leading to an increased demand for medical devices. The demand for fitness devices is expected to be driven by the growing need to monitor the physical activities of individuals for early detection or disease prevention. The medical device market is also expanding in developing countries such as China and India. Combined with advancements in medical equipment, technological advances in sensors, embedded systems, and electronics, are expected to drive innovations in medical technology, further boosting the market growth.
Key Market Players
The major players in the market are Medtronic Plc (NYSE: MDT), Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited (ETR: SHL), GE Healthcare (NYSE: GE), Philips Healthcare (AMS: PHIA), F. Hoffmann-La Roche Ltd (SWX: RO), and Boston Scientific Corporation (NYSE: BSX), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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