Medical Devices Market-Overview

A medical device is any instrument, equipment, implement, machine, appliance, implant, in vitro reagent, software, material, or other similar or related product that the manufacturer intends to be used for a medical purpose, by itself or in combination.  The medical equipment market is boosted by the increased prevalence of cardiac diseases and the growing older population with various health problems. According to Market Research Future, the Medical devices market is estimated to achieve a CAGR of 23.20 % to accomplish a revenue of  USD 63423.6 million by 2027.

A few of the major factors driving the medical devices market are the elderly and increased life span, rising adoption of IoT-based smart medical devices, rising demand for portable medical devices and wearable medical device market, rising use of radiation therapy in disease diagnosis and treatment, and good healthcare reforms and government financial assistance for senior citizens. An increase in the number of patients suffering from various diseases, an increase in the number of accidents, and an increase in healthcare sector research & development to manufacturing technologically sophisticated medical equipment are driving the market.  However, the market expansion is predicted to be stifled by the high cost of medical equipment and the additional expenditures associated with professional maintenance training.

Segmental Examination

The segmental scrutiny of the medical device market is conducted on the basis of product type, end user, and region. The medical device market consists of gastrointestinal surgery, general surgery, and diagnostic imaging based on therapeutic application. The medical device market consists of diagnostic centers, hospitals & clinics, and research laboratories based on the end user. The medical device market consists of Americas, Europe, Asia-Pacific, and Middle East & Africa based on region. Based on product type, the medical device market consists of diagnostic & drug delivery and cardiac monitoring.

Regional Breakdown

The Americas are anticipated to contribute to the global medical devices market share due to the increased frequency of chronic illnesses, cancer, diabetes, and neurological disorders, which increases the need for medical equipment for diagnosis and treatment. The spectroscope, microscope, and chromatograph are the most commonly used medical devices for illness diagnosis.

Europe is predicted to be the second-largest market for medical devices in the globe. The region's market growth is aided by many medical device manufacturing units, a growing economy, and increased state funding on medical device development.

In addition, as pharmaceutical companies develop novel medicines, the need for medical equipment to assess product quality is growing. Due to expanding demand for healthcare items, Asia-Pacific is estimated to be the quickest rising regional market; also, the growing older population with medical problems is driving market expansion.

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Competitive Analysis

The distinguished companies in the medical device market are Abiomed Inc. (US), Biotelemetry Inc. (US), Accuray Inc. (US), Fresenius (Germany), GE Healthcare (US), Johnson & Johnson (US), Medtronic (Ireland), Abbott Laboratories (US), Siemens (Germany), Stryker (US), Baxter International Inc. (US), and Angiodynamics Inc. (US).

Issues with product patents and increased competition to launch new and innovative products in the global market are estimated to bolster the medical device market. The prestigious New York University has filed a massive patent infringement lawsuit against medical device giant Resmed, alleging that the Australian business improperly utilized the university's technology to develop one of its best-selling sleep apnea products.

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