01 Jul Global Medical Device Market Size & Share Increases at 5% CAGR, Will Reach USD 623 Billion By 2026: Facts & Factors

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According to Facts and Factors market research report, the Global Medical Device Market size & share revenue is expected to grow from USD 471 Billion in 2020 to reach USD 623 Billion by 2026, at 5% annual CAGR growth during forecast period of 2021-2026. The top market companies profiles included in 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 and others.

New York, NY, July 01, 2021 (GLOBE NEWSWIRE) — Facts and Factors have 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 Forecasts, 2021 – 2026”.

“According to the recent research report, the demand of global Medical Device Market size & share expected to reach to USD 623 Billion by 2026 from USD 471 Billion in 2020, at a compound annual growth rate (CAGR) of 5% during the forecast period 2021 to 2026”

Global Medical Device Market: Overview

Medical devices are a form of equipment that aids medical practitioners and professionals by adding extra utility in the form of vision or optics for performing complicated functions or providing a better quality of life. Since medical devices are used for life or death situations, they are often carefully vetted in order to be approved. 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.

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Our Free Sample Report Includes:

  • 2020 Updated Report Introduction, Overview, and In-depth industry analysis
  • COVID-19 Pandemic Outbreak Impact Analysis Included
  • 225+ Pages Research Report (Inclusion of Updated Research)
  • Provide Chapter-wise guidance on Request
  • 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
  • Includes Updated List of tables & figures
  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
  • Facts and Factors research methodology

(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)

Industry Major 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
  • Fisher & Paykel Healthcare Limited

To know an additional revised list of 2020-2021 top market players, request a sample report: https://www.fnfresearch.com/sample/medical-device-market                                  

Key questions answered in this report:

  • What is the projected market size & growth rate of Medical Device Market?
  • What are the key driving factors for the growth of the Medical Device Market?
  • What are the top companies operative in Medical Device Market?
  • What segments are covered in Medical Device Market?
  • How can I get free sample report/company profiles of Medical Device Market?

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Market Dynamics

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.

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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Global Medical Device Market: Growth Factors

The major driving forces behind the global medical device market are the increased uptake of investment in the sector coupled with favorable and loosened medical regulations on the approval and testing of these devices. Additional factors include the rise in increasing regional support for the establishment and demand of these devices and the global economy slowing inching towards post-pandemic levels. Furthermore, with the latest trend of wearable medical devices catching on for a larger consumer base, the market is expected to be in a swollen condition during the forecast. Moreover, factors pertaining to the advanced model being introduced by key players in the market, the latest features, optimal prices, and increasing marketing campaigns will propel the growth of the global medical device market over the forecast period.

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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.

Browse the full report “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 Region – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/medical-device-market

The global medical device can be segmented on the basis of:

Global Medical Device Market: By Type of Device Segment Analysis

  • 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)

Global Medical Device Market: By End-Users Segment Analysis

  • Homecare
  • Hospitals & Clinics
  • Diagnostic Centers

Key Highlights of this Report:

  • Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
  • Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
  • Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
  • Market Attractiveness Analysis and Key Investment Opportunity Analysis in the Market going forward
  • Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
  • Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data

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SOURCE: Globe Newswire, 1st July 2021