The Business Research Company’s Medical Devices Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical devices which are used in the diagnosis, treatment and monitoring of medical conditions.
Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth and increasing access to healthcare facilities in emerging countries, adoption of advanced technologies in the manufacture of medical devices and rising healthcare expenditure globally. Factors that negatively affected growth in the historic period were the lack of awareness about chronic diseases and decreased healthcare reimbursements.
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Growth In the Number Of Healthcare Facilities – During the historic period, there has been a growth in the number of healthcare facilities including hospitals, diagnostic centers, and specialized facilities, due to growth in the number of patients, and increased public and private healthcare expenditure. For instance, the number of hospitals in India increased from 36,857 in 2013 to 44,979 in 2017 at a CAGR of 6.9%. Growth in the number of healthcare facilities increased the demand for medical devices, thereby driving the medical devices market globally.
Opportunities – The medical devices market size will gain the most in the USA at $35.33 billion. Market-trend-based strategies for the medical devices market include investing in the research and development of self-diagnosis devices, developing and deploying technologies to capture and analyze data from medical devices, and collaborating with technology companies to develop and market devices to monitor and track the health of individuals.
The medical devices market is segmented by type of device, type of expenditure and by end user.
By Type of End User: The medical devices market can be segmented by type of expenditure into
- a) Hospitals and Clinics
- b) Homecare
- c) Diagnostic Centers
Diagnostic centers had the highest growth rate of nearly 6.8% during the historic period.
North America is the largest market for medical devices market, accounting for 42.6% of the global market. It was followed by Western Europe, Asia Pacific, and other regions. Going forward, Asia Pacific and South America will be the fastest growing markets in the medical devices market
Major players in the market are Medtronic plc, Johnson & Johnson, Abbott Laboratories, Becton, Dickinson And Company, Siemens Healthineers AG
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