Global Medical Devices Market, By Product (Ventilator, Spirometers, Oxygen Concentrators, Anesthesia Machines, CPAP/BIPAP), Mode (Portable, Tabletop, Standalone), Application (Diagnostic and Therapeutic), Facility (Large, Small and Medium), End User (Hospital, Ambulatory Surgical Centres, Specialty Clinics, Long Term Care Centers, Rehabilitation Centers, Homecare Settings), Distribution Channel (Direct Sales, Third Party Distributor), Country (U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Israel and rest of Middle East and Africa, Brazil, Argentina and rest of South America)– Industry Trends & Forecast to 2028
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Market Analysis and Insights : Global Medical Devices Market
Global medical devices market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.3% in the forecast period of 2021 to 2028 and is expected to reach USD 15,455.60 million by 2028. Pandemic outbreak of COVID-19 and growing initiative activities by government; are the major drivers which propelled the demand of the market in the forecast period.
Medical devices are any appliance, machine, implement, apparatus, instrument, implant and reagent for in vitro usage, material, software or another related or similar article, intended by the manufacturer to be utilized, separately or in consolidation, for any healthcare purpose. Medical devices are utilized for alleviation, treatment, monitoring, prevention or diagnosis of disease. Additionally, medical devices are also utilized for support, modification, replacement or investigation of the physiological process or anatomy.
Growing healthcare expenditure is significantly affecting the development of new diagnostic tests and new surgical tools. Hence, huge health care expenditure is a favourable factor for the growth of the medical devices market. The increasing side effects of medical devices is acting as a restraint and hampering the demand of the medical devices market. The new product launches is the tremendous opportunity for the medical devices market players to elevate their business growth in the medical devices market. Growing number of recalls by major and niche market players across the world is anticipated to constrict the demand of medical devices; consequently, it may challenge the future medical devices market growth.
The medical devices market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an analyst brief, our team will help you create a revenue impact solution to achieve your desired goal.
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Medical Devices Market Scope and Market Size
The medical devices market is categorized into six notable segments which are based on the product, mode, application, facility, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the medical devices market is segmented into ventilator, spirometers, oxygen concentrators, anesthesia machines and CPAP/BIPAP. In 2021, ventilator segment holds the highest share in the medical devices market as the large number of patient pool is suffering from respiratory diseases and COVID-19.
- On the basis of mode, the medical devices market is segmented into portable, tabletop, standalone. In 2021, portable segment is dominating the medical devices market due to growing demand for highly advanced and efficient medical devices for treatment.
- On the basis of application, the medical devices market is segmented into diagnostic and therapeutic. In 2021, therapeutic segment is dominating the medical devices market due to growing number of surgeries.
- On the basis of facility, the medical devices market is segmented into large, small and medium. In 2021, large segment is dominating the medical devices market due to increasing number of wealthy hospitals across the world. Furthermore, the growing demand for various medical devices serves as another driving factor.
- On the basis of end user, the medical devices market is segmented into hospital, ambulatory surgical centres, specialty clinics, long term care centres, rehabilitation centres and homecare settings. In 2021, hospital segment is dominating the medical devices market because most patients are suffering from COVID-19 disease so they would be seen in the hospital to get proper diagnosis and treatment.
- On the basis of distribution channel, the medical devices market is segmented into direct sales and third party distributor. In 2021, direct sales segment is dominating the medical devices market due to having full control over the sales and revenue process as well as direct interaction with your customers.
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Medical devices Market Country Level Analysis
The medical devices market is analysed and market size information is provided by the country, product, mode, application, facility, end user and distribution channel as referenced above.
The countries covered in the medical devices market report are the U.S., Canada and Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Turkey, Belgium and Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines and rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Israel, Egypt and rest of Middle East and Africa, Brazil, Argentina and rest of South America.
Ventilator segment in North America region is expected to grow with the highest growth rate in the forecast period of 2021 to 2028 owing to growing usage of medical devices in numerous treatments. Moreover, to treat critical COVID-19 patient, healthcare organizations are recommending ventilators in the U.S. Asia-Pacific is expected to grow with the fastest CAGR in the forecast period as in the Asia-Pacific’s countries, the demand for medical devices is increasing very rapidly due to rapidly increasing population and increasing healthcare expenditure. China is expected to dominate in Asia-Pacific medical devices market as China is one of the leading countries in the Asia-Pacific which utilize advanced medical devices in treatment as well as screening of disease. The ventilator segment in Germany is dominating the European market owing to advancement in healthcare expenditure.
The country section of the medical devices market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Strategic Activities by Major Market Players to Enhance the Awareness for Medical devices is Boosting the Market Growth of Medical devices market.
Medical devices market also provides you with detailed market analysis for every country growth in medical devices industry. Moreover, it provides detailed information regarding medical devices sales, impact of regulatory scenarios, and trending parameters regarding medical devices market. The data is available for historic period 2011 to 2019.
Competitive Landscape and Medical Devices Market Share Analysis
Medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to medical devices market.
Some of the major players operating in the medical devices market are GE Healthcare, Koninklijke Philips N.V., Medtronic, Drägerwerk AG & Co. KGaA, VYAIRE, Getinge AB, Smiths Medical Inc. (A part of Smiths Group plc.), NDD Medical Technologies, ResMed, Invacare Corporation, NIDEK MEDICAL, O2 CONCEPTS, LLC, Teijin Limited, GCE Healthcare, Inogen, Inc, Teleflex Incorporated, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., MGC Diagnostics Corporation, HILL-ROM, Drive DeVilbiss Healthcare Inc., Midmark Corporation, CAIRE Inc., GCE Group, Fisher & Paykel Healthcare Limited, Schiller among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contract and agreement are also initiated by the companies’ worldwide which are also accelerating the medical devices market.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market player is enhancing the company footprints in the medical devices market which also provides the benefit for organization’s profit growth.
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