DUBLIN, December 02, 2021--(BUSINESS WIRE)--The "Medical Devices Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global medical devices market reached a value of nearly $456.8 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.5% since 2015. The market is expected to grow from $456.8 billion in 2020 to $62.0 billion in 2025 at a rate of 7.7%. The market is then expected to grow at a CAGR of 5.5% from 2025 and reach $863.2.4 billion in 2030.
This report describes and explains the global medical devices market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period in the medical devices market resulted from growth in the number of healthcare facilities, rapid growth in elderly population, economic growth in emerging markets, rapid technological advances, increased healthcare expenditure. The market was restrained by low healthcare awareness, low healthcare reimbursements.
Going forward increasing prevalence of chronic diseases, sudden emergence of severe infections will drive the growth in the medical devices market. Factors that could hinder the growth of the market in the future include challenges due to regulatory changes, data security issues, covid-19 pandemic.
The medical devices market is segmented by type of device into in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, and wound care devices.
The in-vitro diagnostics market was the largest segment of the medical devices market segmented by product, accounting for 15.7% of the total in 2020. Going forward, the hospital supplies segment is expected to be the fastest growing segment in the medical devices market segmented by product, at a CAGR of 10.8% during 2020-2025.
The medical devices market is segmented by type of expenditure into public expenditure and private expenditure. The public expenditure market was the largest segment of the medical devices market segmented by application, accounting for 51.7% of the total in 2020. Going forward, the public expenditure segment is expected to be the fastest growing segment in the medical devices market segmented by application, at a CAGR of 8.2% during 2020-2025.
The medical devices market is segmented by type of end-user into hospitals and clinics, homecare, and diagnostic centers. The hospitals and clinics market was the largest segment of the medical devices market segmented by end-user, accounting for 88.7% of the total in 2020. Going forward, the diagnostics centers segment is expected to be the fastest growing segment in the medical devices market segmented by end-user, at a CAGR of 9.2% during 2020-2025.
North America was the largest region in the global medical devices market, accounting for 39.7% of the total in 2020. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the medical devices market will be South America and, Africa where growth will be at CAGRs of 11.1% and 10.4% respectively. These will be followed by Middle East and Asia Pacific, where the markets are expected to register CAGRs of 10.2% and 9.0% respectively.
The production of non-COVID medical equipment is severely impacted due to the focus of major production lines on the manufacturing of COVID medical equipment such as life support ventilators, PPE and others, less demand for non-COVID medical equipment due to the deferring of elective medical procedures and lowering of patient submissions in hospitals for non-COVID medical procedures due to the fear of virus transmission.
The medical devices market is fragmented, with a large number of small players. The top ten competitors in the market made up to 34.5% of the total market in 2020. The market competition is characterized by the rapid changes resulting from technological advances and scientific discoveries.
The market fragmentation can be attributed to the high barriers to entry in terms of high fixed costs associated with the production of medical devices and the stringent regulations set up by the regulatory authorities. Medtronic Plc was the largest competitor with 6.3% of the market, followed by Johnson & Johnson with 5.0%, Abbott Laboratories with 4.9%, Becton, Dickinson and Company with 3.7%, Siemens Healthineers AG with 3.87%, Koninklijke Philips N.V. with 3.6%, General Electric Company with 2.2%, Baxter International Inc. with 1.8%, Danaher Corporation with 1.6% and 3M Company with 1.6%.
Key Topics Covered:
1. Medical Devices Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1. Segmentation By Geography
6.2. Segmentation By Type Of Device
6.3. Segmentation By Type Of Expenditure
6.4. Segmentation By End-User
7. Medical Devices Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Type Of Device
7.2.1. In-Vitro Diagnostics
7.2.2. Dental Equipment And Supplies
7.2.3. Ophthalmic Devices
7.2.4. Diagnostic Imaging Equipment
7.2.5. Cardiovascular Devices
7.2.6. Hospital Supplies
7.2.7. Surgical Equipment
7.2.8. Orthopedic Devices
7.2.9. Patient Monitoring Devices
7.2.10. Diabetes Care Devices
7.2.11. Nephrology And Urology Devices
7.2.12. ENT Devices
7.2.13. Anesthesia And Respiratory Devices
7.2.14. Neurology Devices
7.2.15. Wound Care Devices
7.3. Market Segmentation By Type Of Expenditure
7.3.1. Public Expenditure
7.3.2. Private Expenditure
7.4. Market Segmentation By Type Of End-User
7.4.1. Hospitals and Clinics
7.4.3. Diagnostic Centers
8. Medical Devices Market, Supply Chain Analysis
8.1. Raw Material And Component Suppliers
8.1.1. Metals And Plastics Suppliers
8.1.2. Components Suppliers
8.2. Brand Manufacturers
8.3. Contract Manufacturers
8.4. Wholesalers And Distributors
8.6. End Users
9. Medical Devices Market, Product Analysis - Product Examples
10. Medical Devices Market Customer Information
10.1. Decrease In The Use Of Wearable Technology
10.2. Diabetes Devices Pulse Survey
10.3. Tube-Free Patches And Fewer Insulin Injections Are Key For Diabetes Patients
10.4. Consistent Outcomes And Positive Patient Outcomes Are The Major Deciding Factors For Purchasing Medical Devices
10.5. Medical Device Makers Face Challenges With UDI Implementation
10.6. A High Rate Of Equipment Unavailability Is The Major Challenge In Medical Devices Maintenance
10.7. Lack Of Evidence In Scientific Methods Raised The Question Of Whether Health Technology Assessment (HTA) Agencies Need To Develop New Methods
10.8. Industry Experts Say Medical Devices Sales Are On Rise
10.9. Cyber-Attacks May Target Medical Devices
11. Medical Devices Market Trends And Strategies
11.1. Expansion Of Medical Technologies
11.2. Medical Device Manufacturers Are Repurposing Production Lines
11.3. Self-Diagnosis/Treatment Is Increasing
11.4. Technology And Analytics In Patient Care
11.5. Health Monitors And Mobile Applications Receive Investments
11.6. Hybrid Imaging Technology
11.7. Devices With Low Ionizing Radiation
11.8. Wearables And Mobile Applications
11.9. COVID Product Trends
11.9.1. Increased Demand For Portable Sterilization Devices
11.9.2. Adoption Of Infrared Thermometers
11.9.3. High Demand For Disposable Medical Products
Johnson & Johnson
Becton, Dickinson and Company
Siemens Healthineers AG
For more information about this report visit https://www.researchandmarkets.com/r/omuqrm
View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005528/en/
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