Global Medical Devices Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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 decline is mainly due to lockdowns imposed by the governments across the world that hindered the supply chain in the medical devices manufacturing industry. However, there is an unprecedented increase in the manufacturing of the ventilators that are used to treat COVID-19 patients. The market is then expected to recover and grow at a CAGR of 6.1% from 2021 and reach $603.5 billion in 2023. Going forward beyond 2020, a rapid increase in the prevalence of infectious diseases and increasing prevalence of chronic diseases will support the market’s growth.
The medical devices market consists of sales of medical equipment or devices and related services by entities 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.
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The global medical devices market is further segmented based on type and geography.
By Type: 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 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 has the largest share, accounting for 39.4% of the global medical devices market.
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Trends In The Medical Devices Market
In the wake of the coronavirus pandemic, medical technologies such as wearables are becoming commonplace. The need to diagnose, treat and monitor patients without human contact has risen to contain the spread of COVID-19, resulting in increased applications of medical technologies which will enable medical professionals to remotely treat their patients. Some such technologies are the applications of artificial intelligence (AI) in the care of people, wearable medical equipment, remote patient monitoring devices, electronic health records (EHR), etc.
Medical Devices Global Market Report 2020 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.