Medical Devices Market Scope
Medical devices are the devices used for safe and effective prevention, diagnosis, treatment and rehabilitation of illness and disease. These devices help patients as well as health care providers to diagnose and treatment of sickness or diseases, improving their quality of life. These devices can be used either alone or in combination with any accessory, consumable or other pieces of medical equipment.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Fresenius (Germany), GE Healthcare (United States), Johnson & Johnson (United States), Medtronic (Ireland), Siemens (Germany), Stryker (United States), Abbott Laboratories (United States), Abiomed Inc. (United States), Accuray Inc. (United States) and Boston Scientific Corp. (United States) |
CAGR | 11.3% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Medical Devices market throughout the predicted period.
Fresenius (Germany), GE Healthcare (United States), Johnson & Johnson (United States), Medtronic (Ireland), Siemens (Germany), Stryker (United States), Abbott Laboratories (United States), Abiomed Inc. (United States), Accuray Inc. (United States) and Boston Scientific Corp. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Becton Dickinson (United States), Bio Rad Laboratories Inc. (United States), Baxter International Inc. (United States), Biotelemetry Inc. (United States) and Angiodynamics Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Medical Devices market by Type and Region with country level break-up.
On the basis of geography, the market of Medical Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In May 2022, Stryker launched EasyFuseDynamic Compression System. It is a foot and ankle staple system which is designed to decrease surgical complexity, provide strong dynamic-compression implants, and reduce waste in the operating room.
In May 2022, Max ventilator launched multifunctional noninvasive ventilators, which come with inbuilt oxygen therapy and humidifier, in India.
Influencing Trend:
Increased Research and Development Activities, Technological Advancements in The Medical Science and Increasing Number of Hospitals and Clinics
Market Growth Drivers:
Increased Prevalence of Chronic Diseases, High Demand from Developing Regions and Increased Number of Online Customers
Challenges:
Stringent Government Rules and Regulations about Medical Devices and Technological Complexities Associated with Equipment
Restraints:
High Cost Associated with Medical Devices and Lack of Skilled Professionals
Opportunities:
Huge Investments by Major Players, Growing Geriatric Population Worldwide and Growing E-commerce Industry
Key Target Audience
Medical Devices Manufacturers, Raw Material Suppliers, Distributors, Emerging Companies and End-users