The Global Medical Devices Market: Advancing Healthcare for All

The COVID-19 pandemic had a significant impact on the total Medical Device Market, with several segments seeing widespread repercussions. During the pandemic, ventilators, which are vital equipment for COVID-19 patients in critical situations, were in great demand. Medtronic boosted ventilator output by more than 40% to date in March 2020. During the pandemic, this had an impact on the growth of medical devices. During the first phase of the COVID-19 pandemic in 2020, the demand for monitoring devices such as blood pressure monitors and temperature monitoring devices skyrocketed, as there were important factors to look at for detecting the virus's existence.

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Data Bridge Market Research analyses that the market, which was USD 10,224.90 million in 2020, is expected to reach USD 15,455.60 million by 2028, at a CAGR of 5.30% during the forecast period of 2021-2028. Increasing healthcare spending has a substantial impact on the development of new diagnostic tests and surgical tools. As a result, high health-care spending is a positive driver for the growth of the medical devices market. The increasing negative effects of medical equipment are acting as a restraint and hampered the medical device market's demand. The introduction of new products is a huge potential for medical device market participants to accelerate their business growth in the medical devices market.            

Growing prevalence of chronic diseases is expected to drive the market's growth rate

The global ageing population and the incidence of chronic diseases, as well as the demand for home-based monitoring equipment, are driving market growth. According to the American Cancer Society's 2022 annual report, the expected number of new cancer cases in the United States was around 1.9 million, and over 500,000 persons in the country had critical disease leading to cancer mortality. Because of the high expected incidence of cancer and high mortality rate, the adoption of health monitoring technology among the affected population would increase.

Report Scope and Market Segmentation

Segment Analysis:

Global medical devices market is categorized into six notable segments which are based on product, mode, application, facility, end user and distribution channel.

• On the basis of product, the medical devices market is segmented into ventilator, spirometers, oxygen concentrators, anesthesia machines, CPAP/BIPAP. Ventilator segment is dominating the medical devices market with the market share of 56.0% as large number of patient pool suffering from respiratory diseases and COVID-19.
• On the basis of mode, the medical devices market is segmented into portable, tabletop, standalone. Portable segment is dominating the medical devices market with the market share of 50.9% 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. Therapeutic segment is dominating the medical devices market with the market share of 92.9% due to growing number surgeries. Moreover, initiative by government anticipated to propel the further market growth.
• On the basis of facility, the medical devices market is segmented into large, small and medium. Large segment is dominating the medical devices market with the market share of 55.3% 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 centers, specialty clinics, long term care centers, rehabilitation centers, homecare settings. Hospital segment is dominating the medical devices market with the market share of 30.6% because most patients are suffering from COVID-19 disease so they would be seen in the hospital to get proper diagnosis and treatment.

The hospital segment will dominate the end user segment of the medical devices market

The hospital segment will emerge as the dominating segment end user segment. This is because of the growing number of hospitals in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

• On the basis of distribution channel, global medical devices market is segmented into direct sales and third party distributor. Pharmacies segment is dominating the medical devices market with a market share of 41.77% due to full control over the sales and revenue process and direct interaction with your customers. The segment is growing due to the increasing number of hospitals in developed and developing countries.

The pharmacies segment will dominate the distribution channel segment of the medical devices market

The pharmacies segment will emerge as the dominating segment under distribution channel. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.

Major Players

Data Bridge Market Research recognizes the following companies as the major market players: GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), Drägerwerk AG & Co. KGaA (Germany), VYAIRE (U.S.), Getinge AB (Sweden), Smiths Medical Inc. (U.S.), NDD Medical Technologies (U.S.), ResMed (U.S.), Invacare Corporation (U.S.), Teijin Limited (Japan), Inogen, Inc. (U.S.), Teleflex Incorporated (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), MGC Diagnostics Corporation (U.S.), Midmark Corporation (U.S.), CAIRE Inc. (U.S.), GCE Group (Sweden), Fisher & Paykel Healthcare Limited (New Zealand), Schiller (Switzerland).

Market Development

• In 2022, Stryker introduced the EasyFuseDynamic Compression System in May. It is a foot and ankle staple system that is intended to simplify surgical complexity, provide strong dynamic-compression implants, and eliminate operating room waste.
• In 2021, in collaboration with CapsoVision, Inc., PENTAX Medical expanded the availability of the CapsoCam Plus video capsule system with Health Canada licencing in January. This product expansion allows eligible patients to administer the CapsoCam Plus small bowel capsule endoscope at home during the COVID-19 pandemic, allowing for a fully remote capsule endoscopy procedure and effectively eliminating the need for in-person interactions between clinicians and their patients.
• In 2022, Respira Labs, a respiratory healthcare technology company based in the United States, launched Sylvee in March, an AI-powered wearable lung monitor that uses acoustic resonance to assess lung function and identify fluctuations in lung air volume. It can help detect and treat chronic obstructive pulmonary disease (COPD), asthma, and COVID-19 early.

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in the medical devices market during the forecast period 2021-2028

The market is dominated by North America. The increased penetration of diagnostic, therapeutic, and monitoring portable medical devices for illness management is one of the major drivers driving the expansion of this region. A rising chronic disease burden and an ageing population are also propelling the market.

Asia-Pacific is estimated to be the fastest growing region in the medical devices market in the forecast period 2021-2028

Asia-Pacific, on the other hand, is predicted to grow at a rapid pace during the projection period. The rise in the senior population, rising diabetes prevalence, rising heart disease rates, and an increase in disposable income, combined with the use of smart wearables, are all factors driving regional market expansion.

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