Medical Devices Market by Type of Device (Anesthesia and Respiratory Devices, Cardiovascular Devices, Dental Equipment and Others), Type of Expenditure, End User and Geography - Global Industry Analysis, Opportunities and Forecast up to 2026

The global medical devices market size was valued at $427.55 billion in 2020, and is projected to reach $623.86 billion by 2026, growing at a CAGR of 6.5% during the forecast period.

• The medical devices market is expected to witness significant growth in the future due to the demand for hospital supplies, in-vitro diagnostic devices, and spontaneous emergence of severe infections such as the on-going coronavirus pandemic. This demand is predicted to remain in order to combat the pandemic and to reduce the danger of infection emergence and transmission.

• In addition, the rising trend for medical wearable devices is expected to fuel medical device demand in the approaching years. Additionally, the incorporation of Artificial Intelligence (AI) in medical devices such as remote patient monitoring devices, wearable medical equipment, Electronic Health Records (EHR), and many other examples is expected to accelerate the penetration of medical devices into consumers' daily lives.

• However, the potential loss of revenue owing to product delays, as well as the additional costs incurred due to tight approval processes, places a burden on new product development investments, limiting the market's growth.

• Furthermore, the advent of technologically advanced smart medical gadgets will open up numerous prospects all around the world.

The medical device is used for medical objectives such as disease and injury diagnosis, monitoring, prevention, and therapy. Patients benefit from medical devices because they help them overcome illness or disease while also improving their overall quality of life. There are a range of medical devices on the market, ranging from wheelchairs to surgical equipment. The intended usage distinguishes medical devices from everyday devices. Medical devices are categorised as Class I, Class II, or Class III by the FDA (Food and Drug Administration). Class I and II are exposed to the least amount of regulatory oversight and must be labeled differently. Those in Class III maintain or sustain human life. A pulse generator, external defibrillators, and an endosseous implant are all included.

By End User, the Hospitals Segment is Expected to Project a Significant Growth over the Forecast Period

The hospitals segment is expected to project a significant growth during the forecast period. Due to increased demand in hospitals and surgical facilities, this market is currently seeing rapid expansion. The worldwide medical device market is being driven by the increased use of these devices across institutions. Hospitals will continue to dominate in the future years. During the forecast period, this segment is expected to be driven by increasing healthcare infrastructure and expanding healthcare infrastructure, particularly in emerging nations. These medical technological solutions enable patients to be monitored in real time, whether at home or in hospitals, which is critical in the fight against COVID-19. For example, by preserving a patient's EHRs, doctors and patients alike are relieved of having to deal with traditional paperwork that is passed through a number of people engaged in the treatment process, and they can examine the data on their own devices.

By Geography, Asia Pacific Region is Expected to Register Significant Growth during the Forecast Period

For major medical device makers, the Asia Pacific area is a desirable place for manufacturing and sourcing medical products. The understanding that medical devices add value to hospitals, patients, and payers is fueling the rise of medical devices in Asia-Pacific. Another aspect that is boosting the market's growth is the increased adoption of routine healthcare check-ups and technical advancements in medical devices. Furthermore, the demand for minimally invasive treatments, as well as government support for medical device development and research and development in developing highly advanced medical devices, has increased exponentially in recent years and is expected to continue to do so over the forecasted period. China is predicted to lead the Asia-Pacific medical devices market, since it is one of the main countries in the region that uses innovative medical devices for disease treatment and screening.

List of the Key Players Profiled in the Market Include:

• Medtronic Plc
• F. Hoffmann-La Roche AG
• General Electric Company
• Koninklijke Philips N.V.
• BD
• Siemens Healthineers AG
• Abbott Laboratories
• Johnson & Johnson
• Fresenius SE & Co. KGaA
• 3M Company
• Boston Scientific Corporation
• Stryker Corporation
• Canon Medical Systems Corporation
• Danaher Corporation
• Hitachi Group
• Novartis
• Getinge Group
• Hamilton Medical AG
• Smiths Medical
• SunMed

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market, challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observed promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type of Device:
• Anesthesia and Respiratory Devices
• Cardiovascular Devices
• Dental Equipment
• Diabetes Care Devices
• Diagnostic Equipment
• Ear Nose Throat (ENT) Devices
• Hospital Supplies
• In-Vitro Diagnostics (IVD)
• Minimally Invasive Surgery (MIS)
• Nephrology and Urology Devices
• Neurology Devices
• Ophthalmic Devices
• Orthopedic Devices
• Patient Monitoring Devices
• Surgical Equipment
• Wound Care Devices
   
Market by, Type of Expenditure:
• Public Expenditure
• Private Expenditure

Market by, End User:
• Clinics
• Homecare
• Diagnostics Centers
• Hospitals
• Research Laboratory
• Ambulatory Surgical Centers
   
Market by, Geography:
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Table Of Content

1 Market Overview           
    1.1 Introduction       
    1.2 Research Objectives      
    1.3 Market Segmentation      
    1.4 Stakeholders       
    1.5 List of Acronyms       
             
2 Executive Summary           
              
3 Research Methodology          
    3.1 Identification of Data      
    3.2 Evaluation of Market Dynamics     
    3.3 Collaboration of Data      
    3.4 Verification and Analysis      
    3.5 Data Sources       
    3.6 Assumptions        
             
4 Market Dynamics           
    4.1 Market Drivers       
            4.1.1 Growth in the Number of healthcare Facilities
            4.1.2 Rising Prevalence of Chronic Diseases
            4.1.3 Increasing Genetic Population Across the Globe
            4.1.4 Shift Towards Homecare Settings
    4.2 Market Restraints       
            4.2.1 Low Healthcare Reimbursements
            4.2.2 High Cost of Medical Devices
    4.3 Market Opportunities      
            4.3.1 Rapid Technological Advances
    4.4 Market Challenges       
            4.4.1 Challenges Due to Regulatory Changes
    4.5 Impact of COVID-19 on Medical Devices Market    
             
5 Porter's Five Force Analysis          
    5.1 Bargaining Power of Suppliers      
    5.2 Bargaining Power of Buyers      
    5.3 Threat of New Entrants      
    5.4 Threat of Substitutes      
    5.5 Competitive Rivalry in the Market     
             
6 Global Medical Devices Market by, Type of Device        
    6.1 Overview       
    6.2 Anesthesia and Respiratory Devices     
    6.3 Cardiovascular Devices      
    6.4 Dental Equipment       
    6.5 Diabetes Care Devices      
    6.6 Diagnostic Equipment      
    6.7 Ear Nose Throat (ENT) Devices      
    6.8 Hospital Supplies       
    6.9 In-Vitro Diagnostics (IVD)      
    6.10 Minimally Invasive Surgery (MIS)     
    6.11 Nephrology and Urology Devices     
    6.12 Neurology Devices       
    6.13 Ophthalmic Devices       
    6.14 Orthopedic Devices       
    6.15 Patient Monitoring Devices      
    6.16 Surgical Equipment       
    6.17 Wound Care Devices      
             
7 Global Medical Devices Market by, Type of Expenditure       
    7.1 Overview       
    7.2 Public Expenditure       
    7.3 Private Expenditure       
             
8 Global Medical Devices Market by, End User        
    8.1 Overview       
    8.2 Clinics        
    8.3 Homecare       
    8.4 Diagnostics Centers       
    8.5 Hospitals         
    8.6 Research Laboratory      
    8.7 Ambulatory Surgical Centers      
             
9 Global Medical Devices Market by, Geography        
    9.1 Overview       
    9.2 North America       
    9.3 Europe        
    9.4 Asia Pacific        
    9.5 South America       
    9.6 Middle East & Africa      
             
10 Key Developments           
             
11 Company Profiling           
    11.1 Medtronic Plc       
            11.1.1 Business Overview
            11.1.2 Product/Service Offering
            11.1.3 Financial Overview
            11.1.4 SWOT Analysis
            11.1.5 Key Activities
    11.2 F. Hoffmann-La Roche AG      
    11.3 General Electric Company      
    11.4 Koninklijke Philips N.V.      
    11.5 BD        
    11.6 Siemens Healthineers AG      
    11.7 Abbott Laboratories       
    11.8 Johnson & Johnson       
    11.9 Fresenius SE & Co. KGaA      
    11.10 3M Company       
    11.11 Boston Scientific Corporation      
    11.12 Stryker Corporation       
    11.13 Canon Medical Systems Corporation     
    11.14 Danaher Corporation      
    11.15 Hitachi Group       
    11.16 Novartis        
    11.17 Getinge Group       
    11.18 Hamilton Medical AG      
    11.19 Smiths Medical       
    11.20 SunMed