Know More about Medical Device Market Research Reports

 

According to the recent medical device market research reports, the size and share of global medical device market is expected to rise at 5% compound annual growth rate (CAGR) and reach USD 623 Billion by 2026 from USD 471 Billion in 2020.

The medical device market consists of sales of medical equipment or devices, and related services by entities that manufacture them. Until 2020, factors like rise in the number of healthcare facilities, healthcare expenditure, technological advancements and rapid growth of the elderly population were the only reason behind the growth of the medical device market. However, the coronavirus pandemic has added a whole new list of products to support the market – from EUAs for in vitro diagnostic tests to personal protective equipment (PPE), and more. Besides, the market (especially that of IVD) is expected to grow even further due to increasing prevalence of chronic and infectious diseases.

The global medical device market can be segmented on the basis of types of devices, and end-users. The types are orthopedic devices, cardiovascular devices, diagnostic imaging, IVD, MIS, wound management, diabetes care, ophthalmic, dental, nephrology & urology, general surgery, and others (dental equipment & supplies, patient monitoring devices, anesthesia & respiratory devices).

Whereas end-users of the market are hospitals and clinics, and diagnostic centers. The medical device market research reports predicts that hospitals and clinics are going to own the largest market share in the coming years, given that investment in the healthcare industry, both in terms of revenue & marketing strategies, has been rapidly increasing.

Medical technology breakthroughs have led to a radical transformation in the main market. The report further discusses factors responsible for this transformation in favor of global medical device market. From increased uptake of investment in the health sector, to favorable and loosened medical regulations on the approval and testing of medical devices. Other factors include the rise in regional support for the establishment and demand of these devices, plus the growing use of medical devices for home-based diagnosis and treatment of medical conditions. Since technological developments in devices such as glucose monitors, insulin delivery devices, nebulizers and oxygen concentrators have made diagnosis at home not only convenient but also affordable.

Moreover, North America as a region is said to witness the largest market share in the beginning of the coming years, owing to its massive revenue collection. The recent trends indicate that the market will accumulate over 30% of total global revenue. Reason being the presence of key players in the region, strong healthcare infrastructure, rapid adoption of advanced medical technologies, and favorable regulation surrounding the approval of medical devices. On the other hand, the region of Europe is expected to witness the fastest growing CAGR during the forecast.