A new market study, titled “Medical Devices Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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Market Overview:
The globalmedical devices market size is expected to gain momentum by reaching USD 657.98 billion by 2028 from USD 455.34 billion in 2021 while exhibiting a CAGR of 5.4% between 2021 to 2028. In its report titled, “Medical Devices Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 432.23 billion in 2020.
The increasing prevalence of chronic diseases and increasing focus of healthcare professionals on early diagnosis and treatment is promoting patients to undergo different types of diagnostic procedures surgical procedures. For instance, a report by the American Hospital Association (AHA), published in 2019, stated that there were an estimated 36.2 million inpatient admissions in the U.S. in the year 2019. The rising number of inpatient admissions and the increasing number of surgical and diagnostic procedures is expected to promote the growth of the market for medical devices during the forecast period.
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COVID-19 Impact
The pandemic crippled the global economy. The manufacturing facilities saw a decline in their production capacity due to lockdown and stringent regulations imposed by governments amid pandemics to curb the spread of the virus. For instance, Johnson & Johnson Services, Inc. reported that it generated a revenue of USD 23.0 billion in the year 2020, which was a decline of 11.6% as compared to 2019. Medtronic, another key manufacturer of medical devices, witnessed a decline in their revenues by 5.4% in the financial year 2020 and a significant decline of 26% in the fourth quarter of 2020, as compared to 2019.
Market Segmentation:
By type, the market is segmented into orthopedic devices, cardiovascular devices, diagnostic imaging, in vitro diagnostic, minimally invasive surgery, wound management, diabetes care, ophthalmic devices, dental devices, nephrology, general surgery, and others. By end-user, it is trifurcated into hospitals & ASC’s, clinics, and others.
Out of these, the orthopedic segment held a market share of 7.3% in 2020. This is attributable to the rising geriatric population worldwide.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
What does the Report Provide?
The market report for medical devices provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
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Driving Factor
Increasing Demand from Geriatric Population to Promote Market Growth
The increasing geriatric population is promoting demand for ophthalmic and orthopedic devices, as these help in reducing impaired vision and hip fractures in the elderly population. For instance, it is estimated through national and regional databases that that around 303 million people in the world are suffering from osteoarthritis of the knee. These factors contribute to the market positively. Moreover, healthcare agencies worldwide are focusing on increasing the diagnosis and treatment rates through the growing number of awareness programs. This, along with growing per capita healthcare expenditure in developed and emerging countries, is expected to promote medical devices market growth.
Regional Insights
North America to Dominate Backed by Presence of Key Players in the Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of favorable reimbursement policies, well-developed healthcare infrastructure in the region. Additionally, there is the rapid adoption of advanced medical technologies in the region is accelerating the regional market for medical devices. The region’s market stood at USD 168.76 billion in 2020.
Europe is expected to showcase significant medical devices market share in upcoming years, owing to the presence of well-established healthcare infrastructure. Additionally, the adoption of advanced diagnostic and treatment devices by healthcare experts in the region is positively promoting the regional market.
Competitive Landscape
Key Players to Focus on Partnerships and New Launches to Strengthen the Market Growth
This market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
- January 2021 –Smith & Nephew partnered with Movemedical, a U.S based company, to expand its inventory automation solutions and improve customer experience.
- January 2021 – Koninklijke Philips N.V. launched the abdominal aortic aneurysm (AAA) model, providing physicians a more patient-friendly solution compared to the current standard of care for managing AAA patients.
List of Key Players Profiled in Report
- Medtronic (Dublin, Ireland)
- Stryker (Kalamazoo, U.S.)
- Fresenius SE & Co. KGaA (Bad Homburg, Germany)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- General Electric Company (Chicago, U.S.)
- Siemens Healthineers AG (Munich, Germany)
- BD (Franklin Lakes, U.S.)
- Boston Scientific Corporation (Marlborough, U.S.)
- Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
- Other Players
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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