Global Medical Equipment Market Trends And Strategies Of Major Players In The Medical Equipment Market 2020

18 Dec, 2020

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The global medical equipment market is expected to decline from $456.9 billion in 2019 to $442.5 billion in 2020 at a compound annual growth rate (CAGR) of -3.2%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of medical equipment or devices due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $603.6 billion in 2023.

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.

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The global medical equipment market is further segmented based on type, end-user, type of expenditure, product 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 End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
By Geography: The global medical equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American medical equipment market accounts for the largest share of 39% in the global medical equipment market 2019.

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Trends In The Medical Equipment 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.
Medical Equipment Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides medical equipment market overviews, analyzes and forecasts market size and growth for the global medical equipment market, medical equipment market share, medical equipment market players, medical equipment market segments and geographies, medical equipment market’s leading competitors’ revenues, profiles and market shares. The medical equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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