Medical Devices Market is shares overview with a CAGR of 6.1% from 2020-2027
According to our new market research study on “Medical Devices Market to 2027 – Global Analysis and Forecast – by Product Type, Function, and End User,” the market is expected to reach US$ 767,684.9 million by 2027 from US$ 483,285.8 million in 2019; it is estimated to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights trends prevailing in the global medical devices Market and the drivers and restraints pertaining to the market growth.
A
medical device can be a machine, instrument, apparatus, or an article that is
used to diagnose, monitor, and therapeutic purposes. A medical device plays an
essential role, such as detection, measurement, restoration, and modification
of the structure or a function of the body due to health problems or chronic
medical conditions.There are various types of medical devices, which include
glasses, pacemakers, wheelchairs, X-ray machines, MRI, CT scans, and others.
These medical devices are categorized into four classes, such as I, IIa, IIb,
and III. The categories of the medical devices are based on the Food and Drug
Administration and CE marking. The organizations have categorized class I as
low-risk medical devices and class III as high-risk medical devices. The global medical devices market is driven by
factors such as growing medical device industry and rising prevalence of
chronic diseases. However, the challenges in medical device industry like low
reimbursement limit and expensive product approval process may hinder the
market growth. Additionally, rising government support on medical technologies
are creating growth opportunities for the market players.
Rising prevalence of chronic diseases, such as cardiovascular
diseases (CVDs), cancer, diabetes, stroke, and kidney diseases, increases the
demand for medical devices for diagnosis and treatment purposes. As per the
WHO, CVDs are the leading cause of mortality and result in the deaths of ~17.9
million people every year across the world. Additionally, the increasing
prevalence of diabetes shoots up the demand for medical devices such as insulin
pumps, glucose monitoring devices, insulin pens, and wearable injectors. As per
the International Diabetes Federation’s Diabetes Atlas Ninth edition 2019,
about 463 million adults (aged 20–79 years) had diabetes in 2019, and the
number is expected to reach 700 million by 2045.
Based on product type, the global medical devices market is segmented into in vitro diagnostics (IVD), surgical device, general medical devices, cardiovascular devices, orthopedic, infection control devices, ophthalmology, endoscopy, neurology, and others. The neurology segment is estimated to register the highest CAGR in the market during the forecast period. Increasing prevalence of neurological diseases, and rapid product approvals and launches are the factors boosting the market for the neurology segment.
The global medical devices market growth is mainly attributed to factors such as increasing number of medical device industry and rising prevalence of chronic diseases. However, challenges in medical device industry like expensive product approval process, low reimbursement limit and others hinder the growth of the market.
Medtronic; Abbott; Boston Scientific Corporation; Braun Melsungen AG; 3M; General Electric Company; Stryker Corporation; Koninklijke Philips N.V.; Siemens AG; and Johnson and Johnson Services, Inc are among the leading companies operating in the Medical Devices Market.
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