US holds the major share in terms of revenue in the North America medical devices market in 2021. Whereas Mexico is projected to grow with the highest CAGR during the forecast period due to higher investment into product innovation and constant improvement of existing technologies.
New Delhi, May 25, 2022 (GLOBE NEWSWIRE) -- The Global Medical Devices Market was valued at US$ 434.2 billion in 2021 and is forecasted to reach US$ 625.3 billion by 2027. The market is expected to register a CAGR of 6.3% during the forecast period 2022-2027. In terms of volume, the market is expected to register a CAGR of 4.2% during the forecast period 2022-2027.
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Medical devices are any instrument or machine, which is used alone or in combination for a medical purpose in order to assist patients by supporting health care practitioners in diagnosing and treating them. Moreover, the medical device industry has been significantly transformed by the introduction of 3D printing in the healthcare industry. Also, IoMT (Internet of Medical Things) to modernize healthcare, strengthen cybersecurity, device connectivity as another product of revenue and robotics are some of the key technological advancements that provide medical device companies with new potential.
Factors such as the surging incidence of chronic diseases, the emergence of new and hassle-free home monitoring medical devices, and the increasing geriatric population drives the growth in the global medical devices market over the forecast period. Also, the increasing prevalence of cancer across the globe will foster medical device market growth. Moreover, technological advancements in the medical devices industry and IoMT (Internet of Medical Things) to modernize healthcare create a lucrative growth opportunity in the market. However, the high cost of medical devices which includes a higher acquisition cost and subsequent maintenance cost, and reimbursement issues associated with the medical device industry inhibit the market growth.
Based on product, the other medical devices segment holds the highest share in 2021. Whereas patient monitoring devices are anticipated to grow at the highest CAGR during the forecast period due to their easy-to-use feature. It allows for contactless monitoring of patients, either in their homes or in hospitals.
In terms of application, the cardiology segment held the largest share in the market in 2021 owing to the rising global prevalence of various coronary heart diseases, such as stroke and cardiomyopathy. Whereas the respiratory segment is expected to grow at the highest CAGR during the forecast period due to the rising chronic diseases which require a respiratory system.
On the basis of end-users, the hospitals & surgical center segment is estimated to hold the largest share in 2021 due to the increasing healthcare expenditure and rising development of the healthcare infrastructure. Moreover, the household segment is anticipated to hold the highest CAGR owing to the rising trend of in-house health monitoring systems.
Global Medical Devices Market Region Wise Insights
North America Medical Devices Market
The US holds the major share in terms of revenue in the North America medical devices market in 2021. Whereas Mexico is projected to grow with the highest CAGR during the forecast period due to higher investment into product innovation and constant improvement of existing technologies. Among the product, other medical devices product holds the major share in terms of revenue in the North America medical devices market in 2021.
Europe Medical Devices Market
Germany is the highest shareholder country in 2021, whereas Poland is projected to grow with the highest CAGR of 6.7% over the forecast period. Moreover, based on application, the cardiology segment contributed the major share of Europe medical devices market. Whereas, the respiratory application in Europe medical devices market is anticipated to grow at the highest CAGR during the forecast period.
Asia Pacific Medical Devices Market
Japan is the highest shareholder country in 2021, whereas India is projected to grow with the highest CAGR in the Asia Pacific medical devices market. Factors such as increasing per capita income, increased spending on healthcare infrastructure, and rapid increment in the aging population in the region are propelling the market growth. Moreover, on the basis of product, the patient monitoring devices product is projected to grow at the highest CAGR during the forecast period.
Middle East & Africa Medical Devices Market
UAE holds the major share in terms of revenue in the market in 2021. Where the South Africa in the Middle East and Africa (MEA) medical devices market is growing at the highest CAGR of 7.0% during the forecast period. Moreover, by end-user, the hospitals and surgical centers segment contributed the major share in the MEA medical devices market in 2021. Whereas, the household segment is projected to grow at the highest CAGR during the forecast period.
South America Medical Devices Market
Brazil is the highest shareholder country in 2021 and is also projected to grow with the highest CAGR over the forecast period in the South America medical devices market. Furthermore, based on application, the cardiology segment contributed the major share of the market in 2021. Whereas, the respiratory application in South America is expected to grow with the highest CAGR during the forecast period.
Global Medical Devices Market is highly competitive in order to increase its presence in the marketplace. Some of the key players operating in the market include 3M Co., Abbott Laboratories, Baxter International Inc., Boston Scientific Corp., Essilor International SA, GE, Healthcare, Getinge Ab, Koninklijke Philips NV, Novartis AG, Olympus Corp., Siemens Healthcare, Smiths Medical, St. Jude Medical Inc., Stryker Corp. Terumo Corp., Thermo Fisher Scientific and Zimmer Holdings Inc. among others.
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The industry trends in the global medical devices market are sub-divided into different categories in order to get a holistic view of the global marketplace. Following are the different segments of the Global Medical Devices Market:
By Product segment of the Global Medical Devices Market is sub-segmented into:
Magnetic Resonance Imaging (MRI)
Other Electrodiagnostic Devices
Other Medical X-ray Apparatus
Imaging Parts & Accessories
Medical X-ray Film
Other Imaging Parts & Accessories
Syringes, Needles & Catheters
Syringes (with/without needles)
Tubular Metal Needles/Needles for Sutures
Bandages & Dressings
Adhesive Medical Dressings
Non-adhesive Medical Dressing
First-aid Boxes & Kits
Therapeutic Respiration Devices
Others (Endoscope, Defibrillators, CRT Devices, etc.)
Orthopedics and Prosthetics
Other Artificial Body Parts
Dental Instrument and Supplies
Teeth and Other Fittings
Dental Care Equipment
Patient Monitoring Devices
Other Medical Device Categories
Medical & Surgical Sterilizers
Ultra-violet or Infra-Red Ray Apparatus
Other Instruments & Appliances
By Application segment of the Global Medical Devices Market is sub-segmented into:
Urology & Gynecology
General and Plastic Surgery
General Hospital and Healthcare
Ear, Nose and Throat
By End User segment of the Global Medical Devices Market is sub-segmented into:
Hospitals & Surgical Centers
Other End Users
By Region segment of the Global Medical Devices Market is sub-segmented into:
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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