[Latest] Medical Device Market Size Will Attain USD 623 Billion by 2026 Growing at 5% CAGR: Facts & Factors | Global Medical Device Market Size, Share, Trends Analysis Report
[205+ Pages Report] According to Facts and Factors, the Global Medical Device Market size & share was valued at around USD 471 billion in 2020 and is estimated to grow about USD 623 billion by 2026, at a CAGR of approximately 5% between 2021 and 2026. The key market players are listed in the report with their sales, revenues and strategies are Medtronic, Stryker, Fresenius SE & CO., Koninklijke, F. Hoffman-La Roche Ltd, Siemens Healthineers AG, BD, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Abbott Laboratories, Becton, Dickinson and Company, General Electric Company, 3D, Fisher & Paykel Healthcare Limited, and others.
SAN FRANCISCO, U.S., Feb. 23, 2023 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Medical Device Market By Type of Device (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology & Urology, General Surgery, & Others), By End-User (Homecare, Hospitals & Clinics, & Diagnostic Centers), And By Regions – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026” in its research database.
“According to the latest research study, the demand of global Medical Device Market size & share was valued at approximately USD 471 billion in 2020. The market is expected to grow above a CAGR of 5% and is anticipated to reach over USD 623 billion by 2026.”
Medical Device Market Overview:
Medical devices are apparatus that aid and assists medical practitioners and professionals in a wide range of medical procedures. They often provide medical caregivers the ability to diagnose and treat patients by adding an extra set of mechanical and optical utilities. Their main function is to provide a better quality of life for the ailing patient and help them overcome a particular sickness or disease.
Since medical devices are often integrated with life-or-death situations, they are thoroughly vetted in order to keep up with the global standards of safety by organizations across the world. As such, as a general rule, the more vital the device’s capabilities are, the most testing it goes through before getting approved for usage.
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Key Insights from Primary Research
- As per the analysis, the Medical Device market share is likely to grow above a CAGR of around 5% between 2021 and 2026.
- The Medical Device market size was worth around US$ 471 billion in 2020 and is estimated to hit approximately US$ 623 billion by 2026. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The global market for medical devices is primarily driven by growing investment in the industry and more flexible medical regulations for the testing and approval of these devices.
- Based on type of device, the in-vitro diagnostics (IVD) segment is anticipated to hold the biggest market share throughout the projection period due to reasons related to the rising prevalence of chronic and infectious diseases including cancer, diabetes, and HIV/AIDS.
- Based on end-users, the hospitals and clinics are anticipated to hold the largest market share among end-users during the forecast period due to the increased presence of multispecialty and community hospitals around the world
- On the basis of region, the North America Will Exhibit The Largest Market Share During The Forecast Period.
Competitive Players
Some of the main players in the global Medical Device market include;
- Medtronic
- Stryker
- Fresenius SE & CO./nKoninklijke
- F. Hoffman-La Roche Ltd
- Siemens Healthineers AG
- Boston Scientific Corporation
- Johnson & Johnson Services Inc.
- Abbott Laboratories
- Becton, Dickinson and Company
- General Electric Company
- 3D
- Fisher & Paykel Healthcare Limited
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Industry Growth Factors
The major driving factors responsible for the growth of the medical device market are increased rounds of investment by the public and government bodies across the world and loosened restrictions in terms of these devices.
Additional factors include a wider range of products being approved, the latest integrated features, and increased marketing will further propel the growth of the global medical device market to a larger extent. Moreover, a sharp decline is observed in the list of people skipping regular clinical visits which are expected to add to the sales of medical devices. The current trend further shows uptake of interest in the sector of wearable medicine which will open new revenue streams for the market during the forecast.
Medical Device Market: Segmentation Analysis
On the basis of types of device, the global medical device market can be divided into orthopedic devices, cardiovascular devices, diagnostic imaging, IVD, MIS, wound management, diabetes care, ophthalmic, dental, nephrology & urology, general surgery, and others (dental equipment & supplies, patient monitoring devices, anesthesia & respiratory devices). The IVD category is expected to witness the largest market share during the advent of the forecast due to the increasing prevalence of chronic and infectious disorders.
On the basis of end-users, the global medical device market can be fragmented into homecare, hospitals & clinics, and diagnostic centers. The hospitals and clinics are expected to witness the largest market share during the advent of the forecast owing to a larger physical presence of hospitals in the region spread across the form of multispecialty and community-based hospitals. Additionally, the rising healthcare expenditure and government programs based on reimbursements will aid in boosting the growth of the market across a larger footprint.
Browse the full “Medical Device Market – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026” Report at https://www.fnfresearch.com/medical-device-market
Regional Dominance:
- North America Will Exhibit the Largest Market Share During the Forecast Period
North America is expected to witness the largest market share during the advent of the forecast owing to global revenue collection. The recent trends indicate that the market will accumulate over 30% of total global revenue.
The factors credited with the dominant position of the market are the presence of key players in the region, strong healthcare infrastructure, rapid adoption of advanced medical technologies, and favorable regulation surrounding the approval of these devices will boost the growth of the market during the forecast. The region of Europe is expected to witness the fastest growing CAGR during the forecast.
Recent Industry Developments:
Here are some noteworthy developments occurring in the global medical device market during the forecast:
- Koniklijke Philips recently acquired the U.S.-based cardiac diagnostic and monitoring company BioTelemetry in order to expand aggressively into the sector of remote care products.
- Smith & Nephew recently collaborated with Movemedical in order to expand their portfolio to automated solutions and improve the customer care experience.
- Koniklijke Philips N.V launched the abdominal aortic aneurysm (AAA) model for assisting medical physicians with a more patient-friendly approach for managing long-term solutions for AAA patients.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Medical Device industry?
- What are the main driving factors propelling the Medical Device Market forward?
- What are the leading companies in the Medical Device Industry?
- What segments does the Medical Device Market cover?
- How can I receive a free copy of the Medical Device Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market Size in (2020) | USD 471 Billion |
| Projected Market Size in (2026) | USD 623 Billion |
| CAGR Growth Rate | 5% CAGR |
| Base Year | 2020 |
| Forecast Years | 2021 – 2026 |
| Key Market Players | Medtronic, Stryker, Fresenius SE & CO., Koninklijke, F. Hoffman-La Roche Ltd, Siemens Healthineers AG, BD, Boston Scientific Corporation, Johnson & Johnson Services, Inc., Abbott Laboratories, Becton, Dickinson and Company, General Electric Company, 3D, and Fisher & Paykel Healthcare Limited, among others |
| Key Segment | By Type of Device, End-Users, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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The global medical device market is segmented as follows:
By Type of Device
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic
- Dental
- Nephrology & Urology
- General Surgery
- Others
-
- Dental Equipment & Supplies
-
- Patient Monitoring Devices
-
- Anesthesia & Respiratory Devices)
By End-Users
- Homecare
- Hospitals & Clinics
- Diagnostic Centers
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
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