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.
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Ankur Gupta, Head Marketing & Communications