With 5.5% CAGR, Medical Devices Market Size to Surpass Around USD 718.92 billion by 2029
According to Fortune Business Insights, Medical Devices Market to Register CAGR of 5.5% during 2022-2029; Growing Existence of Chronic Diseases to Foster Growth; Medical Devices Market to Gain Impetus; Medtronic Gained U.S. FDA Approval for Intellis Rechargeable Neurostimulator to Spur Growth
Pune, India, June 15, 2022 (GLOBE NEWSWIRE) — The global medical devices market size was valued at USD 488.98 billion in 2021. The market is projected to grow from USD 495.46 billion in 2022 to USD 718.92 billion by 2029, exhibiting a CAGR of 5.5% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Medical Devices Market, 2022-2029.”
Key Industry Development:
January 2022: Medtronic received the U.S. FDA approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator to treat chronic pain related to diabetes peripheral neuropathy.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 5.5% |
| 2029 Value Projection | USD 718.92 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 495.46 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 258 |
| Segments covered | Type, End-user, Diagnostic Imaging and Clinics |
Drivers and Restraints:
Growing Existence of Chronic Diseases to Augur Demand for Medical Devices
There is a surging occurrence of chronic disorders, involving diabetes, cancer, and other infectious diseases due to the implementation of inactive lifestyles and other factors. Similarly, healthcare agencies of numerous economies are emphasizing on growing the diagnosis and treatment rates through the increasing number of awareness programs. With the growing prevalence and alertness of such ailments among the population, the patient population necessitating diagnostic processes and tests is also increasing.
Nevertheless, the high cost of these devices, which comprises a relatively greater acquisition cost and subsequent maintenance prices, results in a general augmented device cost and ownership. This is expected to hamper the medical devices market growth.
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COVID-19 Impacts:
Deferment of Elective Procedures to Reduce Market Growth amid Coronavirus
The COVID-19 pandemic led to a drop in non-emergency operations and hospital appointments. Among the methods considered to be less severe or are not dangerous, such as dental measures, orthopedic surgeries observed a substantial deterioration in the number of surgeries amid the pandemic.
The Medical Devices market players providing medical devices that were essentially utilized for techniques that were termed as elective such as orthopedic, dental procedures, and other surgeries, combined with diagnostic imaging apparatus, perceived a notable decline in revenues in 2020 as compared to 2019.
Growing Number of Hospitals & ASCs to Boost Market
Based on end-user, the Medical Devices market covers hospitals & ASCs, clinics, and others. The hospitals & ASCs segment held a dominating share in 2021, owing to the rising number of multispecialty and community hospitals, particularly in developing nations.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Surging Occurrence of Infectious Diseases to Fuel the In-vitro Diagnostics (IVD) Segment during 2022-2029 Period
Among types, the In-Vitro Diagnostics (IVD) segment is projected to record a higher CAGR, owing to surging uptake of real-time diagnostic tests for precise diagnosis of chronic and infectious ailments such as diabetes, cancer, and HIV/AIDS.
Segments:
| Segmentation | By Type
|
| By End-user
| |
By Region
|
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Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Competitive Landscape:
Vital Business-related Announcements by Prime Players to Control Market
The majority of companies present in the Medical Devices market often make indispensable announcements concerning some business moves, which, in turn, affect the market either affirmatively or negatively. Furthermore, players procure companies, launch novel products, engage in collaborative contracts, sign agreements with government organizations, and so on.
Regional Insights:
North America to Lead Backed by Constant Government Support through Policies
North America held the largest medical devices market share and stood at USD 188.14 billion in 2021. The existence of enough and favorable reimbursement plans, a well-developed healthcare infrastructure, prompt implementation of advanced medical technologies, and prime players in the region are predominant factors accountable for its dominance.
The market of medical devices in Europe is estimated to note a remarkable CAGR, owing to the growing healthcare spending, well-settled infrastructure, and growing adoption of advanced diagnostic and treatment devices.
Asia Pacific is projected to grow at a relatively higher CAGR, owing to the surging occurrence of diseases such as cardiovascular disorders, infectious ailments, dental problems, and diabetes.
List of Key Players Mentioned in the Report:
- Medtronic (Ireland)
- Stryker (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Fresenius SE & Co. KGaA (Germany)
- Koninklijke Philips N.V. (Netherlands)
- F. Hoffmann-La Roche Ltd (Switzerland)
- General Electric Company (U.S.)
- Siemens Healthineers AG (Germany)
- BD (U.S.)
- Boston Scientific Corporation (U.S.)
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Table of Contents
- Key Insights
- New Product Launches, by Key Players
- Recent Industry Developments – Mergers & Acquisitions
- Overview of Healthcare Expenditure by Key Countries
- Prevalence of Key Diseases, Key Countries, 2020/2021
- Impact of COVID-19 on the Medical Devices Market
- Global Medical Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Nephrology
- Dental
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Medical Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Nephrology
- Dental
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- U.S. Medical Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Nephrology
- Dental
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Clinics
- Others
- Canada Medical Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Nephrology
- Dental
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Clinics
- Others
- Europe Medical Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Nephrology
- Dental
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- U.K. Medical Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Nephrology
- Dental
- Others
TOC Continued…….
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