Global Medical Devices Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
25 Feb, 2021
The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical equipment or devices which are used in the diagnosis, treatment and monitoring of medical conditions. The medical device industry includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies and other medical devices.
Global Medical Devices Market Size And Drivers:
The global medical devices market reached a value of nearly $456.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015. The market is expected to decline from $456.9 billion in 2019 to $442.5 billion in 2020 at a rate of -3.2%. The market is then expected to recover and grow at a CAGR of 6.1% from 2021 and reach $603.5 billion in 2023. The rising prevalence of chronic diseases such as diabetes and cancer is expected to be a major driver of the medical devices market.
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Trends In The Global Medical Devices Market
Use of medical devices for the home-based diagnosis and treatment of medical conditions is increasing. Technological developments in devices such as glucose monitors, insulin delivery devices, nebulizers and oxygen concentrators have enabled diagnosis and monitoring of many diseases at home. Remote control technology is also allowing healthcare professionals to support home-based treatments which is leading to increased preference for home and self-care treatment.
Global Medical Devices Market Segments:
The global medical devices market is further segmented based on type of device, type of product, type of expenditure, end user and geography.
By Type Of Device:In-Vitro Diagnostics, Dental Equipment And Supplies, Ophthalmic Devices, Diagnostic Imaging Equipment, Cardiovascular Devices, Hospital Supplies, Surgical Equipment, Orthopedic Devices, Patient Monitoring Devices, Diabetes Care Devices, Nephrology And Urology Devices, ENT Devices, Anesthesia And Respiratory Devices, Neurology Devices, Wound Care Devices.
By Type Of Product:Disposable Hospital Supplies, Operating Room Equipment, Sterilization Equipment And Disinfectants, Mobility Aids And Transportation Equipment.
By Type Of Expenditure:Public Expenditure, Private Expenditure.
By End-User:Homecare, Hospitals and Clinics, Diagnostic Centers.
By Geography:The global medical devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, North America is the largest region in the global medical devices market, accounting to 39.4% of the total market.
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Medical Devices Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides medical devices market overviews, analyzes and forecasts market size and growth for the global medical devices market, medical devices market share, medical devices market players, medical devices market segments and geographies, medical devices market’s leading competitors’ revenues, profiles and market shares. The medical devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.