Medical Devices Market (By Device Type: Orthopedic, Cardiovascular, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology, Diagnostic Imaging, Others; By End-Use: Hospitals and Clinics, Diagnostic Centers, Homecare) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026
The global medical devices market size is expected to be worth around US$ 605.1 Bn by 2026, growing at a CAGR of around 4.7% during forecast period 2019 to 2026.
A medical device is any instrument is used to diagnose, prevent, relieve or treat diseases, disability, injury, etc. without any chemical action on any part of the body. Medical devices benefit patients by helping health care providers diagnose and treat patients and helping patients overcome sickness, improving their quality of life. It requires calibration, repair, maintenance, and user training all these activities are mainly managed by clinical engineers. It can be used either alone or in combination with any accessory, another piece of medical devices.
Market Dynamics
The growth of the medical devices market is primarily driven by the rising geriatric population, growing incidence of chronic diseases like AIDS, diabetes, cancer, and cardiovascular diseases, complicated surgeries and rise in surgical procedures, growing interest of medical technology organizations are investing in the research and development for the manufacturing of new medical devices, and green signal by government authorities for their approval. Furthermore, the advancement of technologies and the growing demand for innovative therapies to prevail over unmet requirements in the healthcare area, are the major factors likely to boost the medical devices' market during the forecast period. However, change in government policies that can potentially rise the production cost for the manufacturer of medical devices, high coats and long payback duration for investment in new technology, the anticipated increase in interest rates, and data security issues related to medical devices are expected to hamper the growth of medical devices market in the coming years.
By devices type, the VID segment dominated the medical devices market
Based on device type, the market has been segmented into orthopedic, cardiovascular, IVD, MIS, wound management, diabetes care, ophthalmic, dental, nephrology, diagnostic imaging, and others. The IVD (vitro diagnostic device) segment accounts of the largest market share and are expected to grow at a CAGR of around during the forecast period.
VID is used to identify diseases and can be used to check a person’s overall health to help treat, cure, or prevent diseases. The major factors that are driving the growth of this segment are efficient and precise testing of diseases like cancer, diabetes, sexually transmitted diseases (STDs) and AIDS/HIV. However, stringent government regulation related to due approval for the test is anticipated to hamper the growth of the global medical devices market in the near future.
Based on end-use, the hospitals and clinics segment is expected to dominate during the forecast period
Based on end-use, the market has been segmented into hospitals and clinics, diagnostic centers and home care. The hospitals and clinics segment accounts for the largest market share in 2018. The major factors that are driving the growth of this segment are the rising healthcare expenditure, the development of healthcare infrastructures, rising prominence better patient result, and lucrative reimbursement policies. This expected to enhance the dominance of the hospitals and clinics segment in the global market over the forecast period.
The market research study on “Medical Devices Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global medical devices market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global Medical Devices market, its device type, end-use, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global medical devices market size and volume, and segment markets by device type, end-use, and geography along with the information on companies operating in the market. The medical devices market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the medical devices market and the region is also expected to maintain its dominance over the forecast period. The well-developed healthcare centers, increase in disposable income, availability of health insurance, investment in the R&D of medical devices, and quick adoption of medical technologies are the major driving factor for the region in the global market. Europe is expected to account for the second-largest in the global market during the forecast period. An increase in a number of healthcare facilities such as diagnostic centers, hospitals, and specialized facilities and owing to rise in the number of patients, and growth in private and public expenditure in medical devices are expected to enhance the regional market growth in the global medical devices market throughout the forecast.
Asia Pacific is expected to hold the highest CAGR in the global market throughout the forecast period. The producers are investing in developing countries to meet the demand for medical devices. Moreover, growth in aging population, rise in per capita income, enhancing healthcare infrastructure, increasing disease awareness, low labor cost, generate significant profit margins for investors, and business expansion policies in emerging countries such as China, India, and others are expected to enhance the market growth in the global Medical Devices market during the forecast.
The players profiled in the report includes Philips Healthcare, Medtronic, DePuySynthes, GE Healthcare, Stryker, Cardinal Health, Baxter International Inc., Fresenius Medical Care, Ethicon LLC, and Siemens Healthineers. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market Segmentation
Market By Device Type
- Orthopedic
- Cardiovascular
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic
- Dental
- Nephrology
- Diagnostic Imaging
- Others
Market By End-Use
- Hospitals and Clinics
- Diagnostic Centers
- Homecare
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Where are medical devices used?
A medical devices are used to diagnose, prevent, relieve or treat diseases, disability, injury, etc. without any chemical action on any part of the body.
Which are the medical devices?
The medical devices are orthopedic, cardiovascular, IVD, wound management, diabetes care, ophthalmic, dental, nephrology, diagnostic imaging and others.
What is market sizeof medical devices?
According to Acumen Research and Consulting, the medical devices market size is anticipated to be worth around US$ 605.1 billion in 2026.
How much is the CAGR of medical devices market?
The medical devices market is anticipated to grow over 4.7% CAGR during the forecast period 2019 to 2026.
Which factor curbs the growth of medical devices market?
Factors such as the rising geriatric population, growing incidence of chronic diseases like AIDS, diabetes, cancer, and cardiovascular diseases, complicated surgeries and rise in surgical procedures restrain the medical devices market growth.
Which region held the maximum share of the medical devices market?
North America held maximum share in 2018 for medical devices market.
Which region is projected to grow at a fastest rate during the forecast period?
Asia Pacific is projected to grow at a fast pace during forecast period in the medical devices market.
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