The Worldwide Medical Device Industry is Expected to Reach $625.3 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Medical Device Market, By Product, By Application, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global medical device market held a market value of USD 434.2 billion in 2021 and is estimated to reach USD 625.3 billion by the year 2027. The market is anticipated to register a CAGR of 6.3% during the forecast period of 2022 to 2027. The market volume for medical devices in 2021 is subjected to be 66,499,150.5 thousand units.

The increase in chronic diseases, such as, arthritis, liver inflammation, cancer, renal diseases, diabetes chronic pain, sciatica, and other nervous disorders boost the demand for medical devices. For instance, according to Indian Council of Medical Research (ICMR), the Institute for Health Metrics and Evaluation, and the Public Health Foundation of India in 2019, 72 million Indians suffer from Type-2 diabetes, and this statistic is projected to nearly double to 134 million by 2025, provided the current unhealthy dietary trends continue. In addition to that, the International Diabetes Federation states that the number of diabetic populations worldwide was 463 million in 2019. Thus, such high statistics aid in the market growth of the medical devices.

On the other hand, the high cost of medical devices is estimated to restrict the market growth to a certain extent. Moreover, the reimbursement concerns associated with medical device industry and stringent regulations curb the market growth of the medical devices.

Companies Mentioned

• 3M Co.
• Abbott Laboratories
• Allergan Inc.
• Baxter International Inc.
• Bayer
• Becton, Dickinson and Co.
• Boston Scientific Corp.
• Cardinal Health Inc.
• Covidien plc
• Cryolife Inc.
• Danaher
• Depuy Synthes
• Endologix, Inc.
• Essilor International SA
• Fresenius Medical Care AG & Co. KGAA
• GE Healthcare
• Getinge Ab
• Johnson & Johnson
• Koninklijke Philips NV
• Medtronic Inc.
• Novartis AG
• Olympus Corp.
• Roche Diagnostics
• Siemens Healthcare
• Smith & Nephew PLC
• Smiths Medical
• St. Jude Medical Inc.
• Stryker Corp.
• Terumo Corp.
• Thermo Fisher Scientific
• Zimmer Holdings Inc.

Growth Influencers:

Surging Incidence of Chronic Diseases

The increasing incidence and prevalence rates of chronic diseases such as, diabetes, chronic liver diseases, kidney failure, and other lifestyle illnesses such as, obesity, fuel the preference for diagnostic and other clinical tests. According to the statistics published by the Centres for Disease Control and Prevention (CDC), the number of adults with diagnosed liver disease was 4.5 million in the US in 2018. The increase in diagnostic examinations fuel the growth rate of the medical devices market.

Emergence of New and Hassle-Free Home Monitoring Medical Devices

The advent of innovative home monitoring medical devices, such as, oximeter, heart rate monitor, blood pressure monitor, among others, is letting patients, as well as healthcare providers, remotely monitor vital signs. For instance, in March 2021, Dozee, launched Dozee Pro, a contactless vitals monitor. This device features an AI powered triaging system that converts any bed into a step-down ICU in less than two minutes. The rising product launches of such medical devices aid in the increased growth of the medical devices market.

Increasing Geriatric Population

The rising elderly population across different countries indirectly rises the usage of medical devices for different vital functions. For instance, in India, geriatric population is predicted to be 193.8 million in 2031 including 92.9 million elderly males and 100.9 million elderly females. Such high statistics point towards the high usage of medical devices in high population countries, such as, India, China among others.

The global medical device market report answers questions such as:

• What is the market size and forecast of the global medical device market?
• What are the inhibiting factors and impact of COVID-19 on the global medical device market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the global medical device market?
• What is the competitive strategic window for opportunities in the global medical device market?
• What are the technology trends and regulatory frameworks in the global medical device market?
• What is the market share of the leading players in the global medical device market?
• What modes and strategic moves are considered favorable for entering the global medical device market?
• Which are the worldwide medical device databases?
• Who are the top medical device manufacturers in the global medical device market?
• What is the cost of advanced medical devices in the global medical device market?

For more information about this report visit https://www.researchandmarkets.com/r/3my3yt

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