DUBLIN–(BUSINESS WIRE)–February 9, 2022–
The global medical devices market held a market value of USD 434.2 billion in 2021 and is projected to reach USD 625.3 billion by 2027. The market is expected to register a CAGR of 6.3% during the forecast period of 2022 to 2027. The Medical Devices Market volume in 2021 is subject to 66,499,150.5 thousand units.
The increase in chronic diseases, such as arthritis, liver inflammation, cancer, kidney disease, diabetes, chronic pain, sciatica and other nerve disorders, is driving the demand for medical devices. For example, according to Indian Council of Medical Research (ICMR), Institute for Health Metrics and Evaluation and Public Health Foundation of India in 2019, 72 million Indians have type 2 diabetes, and this statistic is expected to almost double. to 134 million by 2025, provided current unhealthy dietary trends continue. In addition to this, the International Diabetes Federation states that the number of diabetic populations in the world was 463 million in 2019. Thus, such high statistics help in the growth of the medical device market.
On the other hand, the high cost of medical devices is estimated to limit the market growth to some extent. Additionally, reimbursement issues associated with the medical device industry and stringent regulations are restraining the growth of the medical device market.
- 3M Co.
- Abbott Laboratories
- Allergan Inc.
- Baxter International Inc.
- Becton, Dickinson and Co.
- Boston Scientific Corp.
- Cardinal Health Inc.
- Covidien plc
- Cryolife Inc.
- From Synthes
- Endologix, Inc.
- Essilor International S.A.
- Fresenius Medical Care AG & Co. KGAA
- GE Healthcare
- Getinge Ab
- Johnson & Johnson
- Koninklijke Philips NV
- Medtronic Inc.
- Novartis AG
- Olympus Corp.
- Roche Diagnostics
- Siemens Health
- Smith & Nephew PLC
- Smith’s Medical
- St. Jude Medical Inc.
- Stryker Corp.
- Terumo Corp.
- Thermo Fisher Scientific
- Zimmer Holdings Inc.
Growing incidence of chronic diseases
Rising incidence and prevalence rates of chronic diseases such as diabetes, chronic liver disease, kidney failure and other lifestyle diseases such as obesity are fueling the preference for diagnostic tests and other clinical tests. According to statistics released by the Centers for Disease Control and Prevention (CDC), the number of adults with diagnosed liver disease was 4.5 million in the United States in 2018. The increase in diagnostic tests is fueling the rate growth in the medical device market.
Emergence of new hassle-free home monitoring medical devices
The advent of innovative home monitoring medical devices, such as the oximeter, heart rate monitor, blood pressure monitor, among others, allows patients, as well as healthcare providers, to monitor signs remotely. vital. For example, in March 2021, Dozee launched Dozee Pro, a contactless vital signs monitor. This device features an AI-powered triage system that converts any bed into a step-down ICU in less than two minutes. The increasing product launches of these medical devices are contributing to the increased growth of the medical device market.
Increase in the geriatric population
The increase in the elderly population in different countries indirectly increases the use of medical devices for different vital functions. For example, in India, the geriatric population is projected to be 193.8 million in 2031, including 92.9 million elderly men and 100.9 million elderly women. Such high statistics indicate high usage of medical devices in countries with large populations, such as India, China, among others.
The Global Medical Devices Market report answers questions such as:
- What is the market size and forecast of the global medical devices market?
- What are the inhibiting factors and impact of COVID-19 on the Global Medical Devices Market during the assessment period?
- What are the products/segments/applications/areas to invest in during the assessment period in the Global Medical Devices Market?
- What is the competitive strategic window for opportunities in the Global Medical Devices Market?
- What are the technological trends and regulatory frameworks in the global medical device market?
- What is the market share of the major players in the global medical devices market?
- What modes and strategic moves are considered favorable for entering the global medical device market?
- What are the global medical device databases?
- Who are the major medical device manufacturers in the global medical device market?
- What is the cost of advanced medical devices in the global medical devices market?
Laura Wood, Senior Press Officer
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SECTOR KEYWORD: HEALTHCARE MEDICAL DEVICES
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 02/09/2022 07:41 / DISK: 02/09/2022 07:41
Copyright BusinessWire 2022.