Instruments and machinery used in illness prevention, diagnosis, and treatment are included in the medical devices market. Simple bandages, tongue depressors to intricate gear like prosthetic joints and heart valves are examples of medical devices varying in complexity. They are employed in a range of venues, such as businesses, residences, clinics, and hospitals.
According to SPER market research, ‘Medical Devices Market Size- By Product, By Type of Device, By Type of Expenditure, By End User, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Medical Device Market is predicted to reach USD 901.61 billion by 2033 with a CAGR of 5.72%.
The primary driver of medical device growth in the upcoming years is expected to be the growing need for novel therapeutics along with technology developments in medical devices to address unmet needs in the healthcare industry.
Patients having diagnostic and surgical treatments are becoming more common as a result of the rising incidence of chronic disease and the growing focus placed by healthcare organizations on early identification and treatment. Elderly persons are more susceptible to age-related illnesses that are less common in younger people. The prevalence rate has increased over the years, suggesting that there is a significant risk of cardiovascular disease (CVD) in the elderly population. This discovery is anticipated to fuel the market’s expansion by raising demand for cardiac operations and tools that support routine cardiac condition monitoring. As a result, there is a growing need for medical equipment worldwide due to increase in burden of disease.
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With the increase in advancement of technology and development of new medical devices with cutting-edge technologies and a rise in product launches, threats to data security can impede the expansion of the medical device business because patient data must be transferred from distant devices to the doctor over an internet connection. As a result, the risk to data security rises. Apart from this, high purchase and maintenance cost, stringent regulations and unpredictability in payment are projected to limit the growth of the medical device market.
Impact of COVID-19 on Global Medical Devices Market
The COVID-19 pandemic had a significant negative effect on the medical equipment market as a whole, with different categories being affected in different ways. Procedures that were neither necessary nor elective have to be postponed or cancelled as a result of the pandemic. To meet the enormous demand, however, the market for hospital goods for COVID-19 management—including ventilators, personal protective equipment (PPE), and basic hospital supplies—saw a sharp increase in sales. For example, during the pandemic, ventilators—a crucial piece of equipment for COVID-19 patients in critical conditions—were in high demand. Over the course of the forecast period, North America is anticipated to dominate the medical devices market due to factors including the rising prevalence of chronic diseases, high healthcare costs, and the presence of major companies.
Medical Devices Market Key Players:
Over the course of the forecast period, North America is anticipated to dominate the medical devices market due to factors including the rising prevalence of chronic diseases, high healthcare costs, and the presence of major companies. Some key players in the healthcare market are GE Healthcare, Medtronic PLC, Johnson & Johnson, others.
Global Medical Devices Market Segmentation:
By Product: Based on the Product, Global Medical Devices Market is segmented as; {Diagnostics and Monitoring Devices (Anaesthesia Monitoring, Blood Glucose Monitors, Blood Pressure Monitors, Breath Analyzer, Cardiovascular Devices, Dental Equipment And Supplies, Diabetes Care Devices, Diagnostic Imaging Equipment, Heart Rate Monitors, Hospital Supplies, Medical Tricorder, Nephrology And Urology Devices, Ophthalmic Devices, Orthopaedic Devices, Pulse Oximeters, Surgical Equipment), Therapeutic Devices (Hearing Aids, Insulin Pumps, Portable Oxygen Concentrators And Ventilators, Others)}
By Type of Device: Based on the Type of Device, Global Medical Devices Market is segmented as; Wearable, Implantable, Stationary, Others.
By Type of Expenditure: Based on the Type of Expenditure, Global Medical Devices Market is segmented as; Public Expenditure and Private Expenditure.
By End User: Based on the End User, Global Medical Devices Market is segmented as; Diagnostic Centres, Homecare, Hospitals and Clinics, Sports and Fitness, Others.
By Distribution Channel: Based on the Distribution Channel, Global Medical Devices Market is segmented as; Hypermarkets, Online Channels, Pharmacies, Others.
By Region: This research also includes data for Middle East and Africa, Asia-Pacific, Latin America, Europe, North America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
Medical Devices Market Analysis
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