According to SPER Market Research, the growing population, augment in chronic conditions, complex surgeries, and advancement in the implantation approach are some of the propelling aspects that assist the growth of the market. The advancement in brain monitoring devices and the proficient technological innovation in the medical device industry is predicted to foster the medical devices market throughout the review duration.
The augmenting adoption of technologically advanced smart wearables and picture-guided therapy systems coupled with the ongoing trends of correct and real-time monitoring is predicted to propel the market growth. According to the SPER market research, ‘Medical Devices Market Size- By Product, By Type of Device, By Type of Expenditure, By EndUser, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032’ state that the global medical devices market is predicted to reach USD 901.61 billion by 2032 with a CAGR of 5.72%.
There are a number of variables, involving the growth of the medical device industry and the incidence of chronic syndromes, that are underwriting the global medical devices market’s growing worth. The requirement for medical technology to diagnose and treat conditions such as cancer, diabetes, cardiovascular disease (CVD), stroke, and the renal syndrome is augmenting. The growing usage of radiation therapy in the diagnosis and treatment of the syndrome, the increasing requirement for portable medical devices and wearable medical devices, and the favorable healthcare modifications and government financial help for senior citizens are all aspects that are fostering the medical devices market forward.
The enlargement of the global market is a direct result of the growing number of technological advancements that are bettering the superiority of life for patients and the general public alike. Furthermore, the growing popularity of mobile platforms, as well as the enlarging popularity of AI and 5G, will propel the market’s enlargement. Additionally, growing investment in research and development activity by medical technology market players for the advancement of new and improved medical devices and easy approval for those devices by the regulatory authorities predicted to impel the market growth for medical devices over the forthcoming period. Growing requirement for improved therapies along with technological innovations in the medical devices to overcome the unmet demands in the healthcare segment are considered the prime aspect assisting the growth of medical devices throughout the review period.
Impact of COVID-19 on the Global Medical Devices Market:
Every aspect of civilization has undergone a radical upheaval as a result of the ongoing pandemic. The high COVID-19 infection incidence raised the need for treatment in healthcare facilities including hospitals and nursing homes. COVID-19 has altered how business is performed. Virtual telehealth services and care are replacing in-person visits as healthcare professionals decrease the number of in-person encounters. The continuous domination of self-quarantine and stay-at-home policies in society has resulted in massive volume growth for companies providing virtual services and in-home care. Remote patient care is more important than ever in the fight against COVID-19. As a result, more medical technologies are being employed to monitor, diagnose, and treat patients remotely. Wearable medical devices, remote patient monitoring gear, electronic health records (EHR), and applications of artificial intelligence (AI) in human healthcare are a few of these technologies. Whether the patient is at home or in a hospital, these medical technological solutions offer contactless patient monitoring, which is essential for limiting COVID-19.
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Aspects such as the growing prevalence of chronic and connected augments in disability-adjusted life years, technological innovations in medical devices, and a consistent augment in the aging populace are fostering the market growth. Additionally, the rising burden of chronic syndromes around the world is propelling the requirement for effective and improved treatment services that include different diagnostic and surgical processes. Hence, the requirement for medical devices around the globe is augmenting.
North America registered market growth with the presence of adequate and favorable reimbursement policies, a well-improved healthcare infrastructure, speedy adoption of improved medical technologies, and foremost market players in the region are foremost aspects commonly responsible for its ascendency.
Global Medical Devices Market Key Players:
The Global Medical Devices Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ARKRAY Healthcare Pvt. Ltd, B. Braun Medical Inc., Baxter Healthcare, Beckman Coulter, Boston Scientific, Canon Medical Systems Corporation, Chart Industries, Covidien Healthcare, Danaher Corporation, Draegerwerk AG, Essilor, Fisher & Paykel Healthcare, Flexicare, Fresenius Medical Care, Fukuda Denshi, General Electric Company, Getinge Group, Hamilton Medical AG, Hitachi Group, Koninklijke Philips N.V., Lepu Medical Technology Company Co., Ltd, Masimo Corporation, Metran Co., Ltd, Nihon Koden Corporation, NIPRO Corporation, Novartis, Olympus Medical Systems Corporation, ResMed, Inc., Roche, Sanko Manufacturing Co.,Ltd, SCHILLER Healthcare, Shandong WeiGao Group Medical Polymer Company Limited, Shanghai Runda Medical Technology Co., Ltd., Shinva Medical Instrument Company Limited, Smiths Medical, St. Jude, Stryker Corporation, SunMed, Teleflex Medical, Terumo Corporation, Themis Bioscience, Yuwell – Jiangsu Yuyue Medical Equipment & Supply Co. Ltd.
Global Medical Devices Market Segmentation:
By Product: Based on the Product, Global Medical Devices Market is segmented as ; Diagnostics and Monitoring Devices (Anaesthesia Monitoring, Blood Glucose Monitors, Blood Pressure Monitors, Breath Analyzer, Cardiovascular Devices, Dental Equipment And Supplies, Diabetes Care Devices, Diagnostic Imaging Equipment, Heart Rate Monitors, Hospital Supplies, Medical Tricorder, Nephrology And Urology Devices, Ophthalmic Devices, Orthopaedic Devices, Pulse Oximeters, Surgical Equipment), Therapeutic Devices (Hearing Aids, Insulin Pumps, Portable Oxygen Concentrators And Ventilators, Others).
By Type of Device: Based on the Type of Device, Global Medical Devices Market is segmented as; Wearable (Bracelet, Clip, Handheld, Strap), Implantable, Stationary, Others.
By Type of Expenditure: Based on the Type of Expenditure, Global Medical Devices Market is segmented as; Public Expenditure and Private Expenditure.
By End User: Based on the End User, Global Medical Devices Market is segmented as; Diagnostic Centres, Homecare, Hospitals and Clinics, Sports and Fitness, Others.
By Distribution Channels: Based on the Distribution Channel, Global Medical Devices Market is segmented as; Hypermarkets, Online Channels, Pharmacies, Others.
By Region: North America owns the prime share of this market; the major factors of the market’s growth in the region are the increasing incidence of chronic illnesses, the growing amount of medicine prescriptions brought on by the region’s rapidly aging population, and the expansion of key market participants in the area.
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