Medical Devices Market Outlook
Medical devices market is expected to reach USD 63,423.6 Million by the end of the review period. The market share will soar at a pace of 23.20% between 2020 and 2027, says Market Research Future (MRFR).
The medical devices market is making tremendous progress worldwide, given the surging government support along with the heightened preference among consumers for elective procedures. The latest medical devices market trend could be the enhanced demand for minimally invasive procedures, which augments the use of a variety of cutting-edge, advanced medical devices.
The escalating deployment of various medical devices is the result of the rise in favorable reimbursement schemes. Besides, the disconcerting surge in several lifestyle-based ailments, sports injuries and accidents, shall work in favor of the worldwide industry.
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Renowned manufacturers are presented with numerous opportunities, including the soaring demand for those medical devices that have use in at-home settings to diagnose and monitoring analyze various medical conditions. Technological developments in medical devices including nebulizers, oxygen concentrators, insulin delivery devices and glucose monitors for enhanced accuracy rate, elevate the medical devices market demand as well.
Medical Devices Market Segmentation
The medical devices market can be split into a few major segments, which are product type, therapeutic application, coupled with end users.
The major product types discussed in the medical devices market report are diagnostic devices, bioimplants and stimulation devices, monitoring devices, surgical devices, drug delivery devices, treatment equipment, among others.
The top therapeutic applications of medical devices are general surgery, nephrology and urology, respiratory, ophthalmology, neurology, gastrointestinal surgery, ear-nose-throat (ENT), cardiovascular, dental, orthopedics, diagnostic imaging, and more.
Diagnostic centers, research laboratory, hospitals & clinics and pharmaceutical companies are considered to be the top end-users in the industry.
Medical Devices Market Regional Analysis
America’s leadership in the worldwide industry is the result of the mounting cases of cancer, diabetes, and neurological disorders. The United States is seeing rapid growth in the number of surgical procedures, which utilizes a number of innovative medical devices. Reports confirm plastic surgeries are extremely common in the country, with significant preference for minimally invasive cosmetic surgeries. This has been highly favorable for the medical devices market in the region.
APAC is on track to be one of the most lucrative medical devices market in the next few years, and even attain the fastest growth rate over the given period. The rapidly soaring elderly patient base, rise in technical advancements and the escalating awareness about the latest medical devices also create a favorable business scenario in the region.
Medical Devices Market Leading Firms
The medical device companies are Medtronic (Ireland), Becton Dickinson (US), Abiomed Inc. (US), Angiodynamics Inc. (US), Boston Scientific Corp. (US), Siemens (Germany), GE Healthcare (US), Abbott Laboratories (US), Biotelemetry Inc. (US), Stryker (US), Baxter International Inc. (US), Bio Rad Laboratories Inc. (US), Accuray Inc. (US), Fresenius (Germany), Johnson & Johnson (US), and more.
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Orthofix Medical introduces an advanced synthetic bioactive bone graft solution called Opus BA, for lumbar and cervical spine fusion procedures. The medical device acts as a scaffold, and facilitates bone growth all across the surface, after which it gets reabsorbed and then replaced with the natural bone during healing. The device is available in strip and putty formulations and helps fill the bone gaps or voids within the skeletal system. Opus BA contains autograft or autogenous bone marrow with saline, is moldable and has a host of medical applications.
Gunze Limited receives the medical device approval to sell its latest sheet-type absorbable adhesion barrier, TENALEAF, which has been developed in Japan. The company intends to make the product available by March 2022 via its subsidiary “Gunze Medical Japan” in Japan. The medical device offers surgeons with a new technique during an open and minimally invasive surgery, leading to easier manipulation.
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