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Nov-2021

Global Medical Devices Market Worth USD 591.34 Billion by 2026

Global Medical Devices Market Size, Share, Trends, COVID-19 impact & Growth Analysis Report – Segmented By Type, End-User & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)

As per the research report published by Market Data Forecast, the size of the global medical devices market is predicted to be growing at a CAGR of 4.9% from 2021 to 2026 and worth USD 591.34 billion by 2026.

COVID-19 impact on the global medical devices market:

The impact of the COVID-19 epidemic on the global medical devices market is predicted to be mixed. The COVID-19 pandemic is currently posing a threat to countries. There is a lack of therapy options for this disease; thus, most pharmaceutical and biotech companies focus their research and development efforts on finding new compounds or treating them. Covid-19 has disrupted the supply chain, resulting in crucial medical device shortages all across the world. As a result, many countries have taken concrete steps to alleviate shortages by importing domestic medical device manufacturing equipment. Ventilators are in great demand for COVID–19 patients since they are a key tool in hospitals that can keep patients alive in life-threatening situations.

Since the advent of COVID-19 in many nations, demand for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has surged dramatically. This need is predicted to remain to combat the pandemic and reduce the danger of infection emergence and spread. To restrict the spread of COVID-19, the necessity to diagnose, treat, and monitor patients without human interaction has intensified, leading to more uses of medical technology that will allow medical practitioners to treat their patients remotely. These medical technological solutions enable patients to be monitored in real-time, whether at home or in hospitals, which is critical in combat against COVID-19.

KEY DRIVING FACTORS:

Chronic diseases are becoming more widespread and are predicted to accelerate the need for medical devices.

The rising prevalence of chronic diseases such as cancer and diabetes is predicted to contribute significantly to the growth of the global medical device industry. According to the United Nations, the ratio of total fatalities due to chronic diseases is predicted to climb to over 70% by the end of 2030, with the global burden of chronic diseases expected to reach around 60%. Chronic diseases such as cancer and diabetes are on the rise due to a lack of physical activity, long working hours, and unhealthy eating habits. In addition, poor lifestyles and eating habits attract various sorts of severe ailments, which is projected to drive up demand even further.

Wearable Devices are becoming increasingly popular among customers, which favors the global medical devices market.

The rise in demand for fitness trackers can be attributed to a growing emphasis on fitness among people around the world and a shift in regional and national healthcare authorities' focus on monitoring and diagnosis. In addition, artificial intelligence (AI) in humane conditions and wearable medical devices are becoming popular nowadays.

RESTRAINING FACTORS:

Challenges posed by legislative changes, data security difficulties, and the covid-19 pandemic are all factors that could slow the market's growth in the future. In addition, the potential loss of revenue due to delays in product launches and the additional costs paid due to demanding approval processes places a strain on new product development investments, limiting the market's growth.

KEY MARKET INSIGHTS:

Based on type, the cardiology devices segment is expected to hold a significant share in the global medical devices market. Cardiovascular devices are used to diagnose and treat heart disease and related health conditions, among the world's leading causes of mortality. Electrocardiograms (ECGs), defibrillators, pacemakers, cardiac rhythm management devices, catheters, grafts, heart valves, and stents are the most often utilized cardiovascular devices.
Based on the end-user, due to the growing number of multispecialty and community hospitals, particularly in emerging nations, the hospitals segment was dominant in 2020. Thus, the above reasons and the increasing emphasis of healthcare organizations and the government on routine patient diagnosis and early treatment have resulted in increased awareness among the general population, fueling the market's expansion over the forecast period.
Based on the region, higher yearly revenue investments in product innovation and continuous development of existing technologies are the key growth drivers of the medical devices market in North America. In the United States, mobile health and telemedicine have been gaining popularity, with an increasing acceptance rate. In the North American area, the United States is the largest market. Medical devices are a significant aspect of the healthcare industry in the United States. Furthermore, the industry is very competitive, with major medical device companies such as Johnson & Johnson, Abbott, and Baxter International participating.
The global medical devices market is competitive and fragmented, with several large manufacturers. Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthineers (Siemens AG), Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare are among the market leaders.

KEY MARKET DEVELOPMENTS:

Siemens Healthineers released the MULTIX Impact C, a ceiling-mounted digital radiography (DR) system, in November 2020. MULTIX Impact VA20, a new version of the established floor-mounted parent DR system, was also introduced.
Medtronic PLC and The Foundry, a medical device firm, announced cooperation in October 2020. The Foundry's track record of innovation in the field of transcatheter mitral valve repair and replacement is combined with Medtronic's leadership in structural heart and intellectual property.
Esaote North America launched the MyLabX8 Ultrasound System in Canada in January 2020. The product broadens the MyLab Ultrasound product line's reach in Canada.
The US Food and Drug Administration (FDA) granted 510(k) clearance to use Innovasis Inc.'s Bio-enhanced 3D printed AxTiHA and TxTiHA Interbody Fusion Devices that have been upgraded with Promimic HAnano Surface technology in August 2020.
Koninklijke Philips N.V. acquired BioTelemetry, a U.S.-based cardiac diagnostics and monitoring company, in December 2020 to expand its remote care product portfolio.

MARKET SEGMENTATION:

By Type: