Medical devices are specific type of devices, which are usually used for various conditions for surgical procedures, home-healthcare, and clinical-settings or in the medical office-setting. From wheelchairs to surgical devices, there is a wide variety of medical devices in the market. The proportion of the elderly population and life expectancy has also increased worldwide. It is likely to have a noteworthy impact on the healthcare-system and consequently positively on the growth of the global medical device market.
In addition, chronic diseases are
most widespread health condition that involves noteworthy expenditure globally.
Chronic diseases include diabetes, hypertension, cancer, stroke, respiratory
diseases, heart disease, arthritis, and obesity that can lead to long-term
disability, hospitalization, reduced quality of life, and even death. Hence,
with the increasing burden of chronic diseases, the demand for medical devices
is also expected to increase significantly and thus accelerate the growth of the
market during the forecast period.
As per analysis, Global
Medical Device Market Report 2020 by Key Players, Types, Applications,
Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide
Spread). Some of the key companies operating in the global medical
devices market include Medtronic, Boston, Baxter International, Philips
Healthcare, Johnson and Johnson, Smith and Nephew, Siemens Healthcare, GE
Healthcare, Roche, Stryker and among others. The renowned players incorporate
mergers & acquisition (M&A), partnership, expansion, collaboration, and
product launch in order to expand competitive advantage in the industry and to
maintain their marketplace position. These players contend on the pricing &
services. Players operating in the market endeavor to deliver the best-quality
products & services based on the new technologies as well as best
practices. The players make a significant investment for research &
development (R&D) and to secure a certain resource for the customers.
Based on types, medical devices market can be segregated as irradiation apparatuses, electro-medical equipment and surgical & medical instruments. In addition, based on application, market can be segregated as clinic, hospital and others. Clinics segment dominates the global market because of increase in funding by public & private players in small or medium-sized clinics. Hospitals segment is predicted to exhibit considerable growth rate owing to increase in number of multispecialty & community hospitals during the forecast period.
Increase in number of surgical
& diagnostic procedure, followed by surge in number of inpatient admission,
growth in emphasis of healthcare agencies towards early diagnosis &
treatment and rise in prevalence of chronic diseases are some major factors,
which are responsible for growth of the medical devices market. Apart from
this, data security breaches & worries about the transfer of insightful
data may impact the market. Moreover, increase in government backing for
medical technology is a leading opportunity for market.
Based on geographic analysis, the
North-America region holds major share in global medical devices market caused
by favorable reimbursement policies and rapid adoption of advanced medical
technologies across the region. The Europe and Asia-Pacific regions are
anticipated to witness higher growth rate as a result of well-established
infrastructure and introduction of portable medical equipment over the forecast
period. It is estimated that future of the global medical devices market will
be optimistic on account of rise in prevalence of chronic diseases &
related increase in disability-adjusted life years during the forecast period.
For More Information, Click on the Link Below:-
Related Reports:-
Global
Medical Devices Market 2019 by Company, Regions, Type and Application, Forecast
to 2024
Global
Medical Device & Accessories Market Research Report 2021 Professional
Edition
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