[150+ Pages Report] The medical devices market size in terms of value is projected to reach $ 671.49 billion by 2027, at a CAGR of 5.2% between 2020 and 2027, according to a 2021 study by Precedence Research, the Canada based market insight company.
The study provides the overall revenue of the global medical devices market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
The global medical devices market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the medical devices industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
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- In 2020, the North America captured the largest revenue share and anticipated to continue its dominance over the upcoming years because of developed healthcare infrastructure
- The Asia Pacific emerged as the fastest growing region during the forecast period owing to rising ageing population, increasing per capita income, and growing health concern among the people
- The IVD device segment accounted for a value share of nearly 15% in the year 2020 owing to increasing prevalence of chronic disease and need for precise and efficient testing kit for such diseases
- Based on end user, hospitals & ambulatory surgical centers led the global medical devices market in 2020 due to the increasing healthcare expenditure and rising development of the healthcare infrastructure
The increasing prevalence of chronic diseases that include cancer and diabetes expected to contribute prominently in driving the medical devices market. As per the United Nations, the ratio of total deaths because of chronic diseases expected to rise to around 70% along with the total burden of chronic diseases across the globe expected to reach around 60% by the end of 2030. Limited physical activity, extended working hours, and unhealthy food habits are the prominent cause for significant increase in the chronic diseases such as cancer and diabetes. Furthermore, unhealthy lifestyle and eating habits also attracts other types of critical diseases that further expected to flourish the demand for medical devices in the near future.
Moreover, rising trend for medical wearable devices anticipated to drive the demand for medical devices over the upcoming years. Further, integration of Artificial Intelligence (AI) in the medical devices such as remote patient monitoring devices, wearable medical equipment, Electronic Health Records (EHR), and many more such example estimated to propel the penetration of medical devices in the daily life of consumers.
However, threat for data breaches and hack of critical information through these devices expected to hinder the market growth. Recently in 2020, critical information of patients registered with Hammersmith Medicines Research for conducting clinical trial for COVID-19 vaccine was hacked. Apart from this, rising trend for in-house health monitoring such as heart beat, blood sugar level, and many other tests anticipated to boost the market growth over the forthcoming years.
Scope of the Medical Devices Market Report
|Market Size||USD 671.49 Billion by 2027|
|Growth Rate||CAGR of 5.2% From 2020 to 2027|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2027|
|Segments Covered||Type, End User|
|Regional Scope||Asia Pacific, North America, Europe, Latin America, Middle East and Africa|
|Companies Mentioned||DePuy Synthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD|
Despite the limitations of wearable medical devices, such as security concerns, and concerns related to data privacy, there is still a significantly high preference for fitness trackers and activity monitors. The growing emphasis on fitness among adults globally and the increasing focus of regional and national healthcare agencies towards monitoring and diagnosis have been pivotal in higher demand for fitness trackers.
According to various independent surveys conducted in the U.S., an estimated 21.0% of the adult population in the country owned a fitness tracker in 2019. This demand has been further fueled by the outbreak of COVID-19 and the introduction of advanced models by market players, with new features, at competitive pricing, which has attracted customers. This presents a huge growth opportunity for new entrants and established players to focus on this segment and launch new wearable devices to cater to these devices growing demand.
North America emerged as a global leader in 2020 and expected to retain its position over the upcoming years. The prominent growth of the region is mainly due to well-developed infrastructure for healthcare services along with high level of awareness among consumers related to health and fitness. On an average, the consumers in the North America spend significant share of their income on health and fitness. Apart from this, the regional government also supports and easily approves new and advanced medical devices in the region for its easy commercialization and reach to the common public. Collectively all the above mentioned factors estimated to drive the overall market growth for medical devices in the region.
On the contrary, the Asia Pacific projected to grow at a rapid rate over the analysis period owing to increasing per capita income, increased spending on healthcare infrastructure, and rapid increment in the ageing population in the region. In medical devices market China holds the second largest position after the United States. Similarly, India holds the fifth leading position in the global market. This is mainly attributed to the rapid technological developments in various sectors in the countries along with their diverse nature for sales channel and distribution models.
Top Players Contending in the Market:
The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global medical devices market are as follows:
- DePuy Synthes
- Medtronics Plc
- Fesenius Medical Care
- GE Healthcare
- Philips Healthcare
- Ethicon LLC
- Siemens Healthineers
- Cardinal Health
- Baxter International Inc.
- Cardiovascular Devices
- Orthopedic Devices
- Diagnostic Imaging
- Diabetes Care
- Wound Management
- Ophthalmic Devices
By End User
- Hospitals & Ambulatory Surgical Centers
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Some of the key highlights of the report are:
- Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
- Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Competitive Landscape Analysis – Some of the leading companies operating in the medical devices market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
Why should you invest in this report?
If you are aiming to enter the global medical devices market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for medical devices are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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