Medical Devices Market to grow by USD 177.95 billion from 2022 to 2027, North America to account for 39% of market growth- Technavio

NEW YORK, Sept. 19, 2023 /PRNewswire/ -- The medical devices market size is expected to grow by USD 177.95 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 5.87% during the forecast period, according to Technavio Research. The market is segmented by Product (Therapeutic and surgical, PMDMID, and Others), End-user (Hospitals and ASCs, Clinics, and Others), and Geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 39% to the growth of the global market during the forecast period. The main revenue contributor in the region is the US, followed by Canada. In addition, the US is the world's largest consumer of medical equipment, of which EU countries and Japan are the largest export markets of medical equipment from the country. The medical device market in the country has grown due to favorable return policies, increased spending, and healthcare initiatives, increased public awareness of chronic diseases, and an increased number of product approvals. In addition, the US has a competitive advantage in several areas where the medical device industry relies on, such as microelectronics, instrumentation, biotechnology, and software development. Hence, these factors are expected to drive market growth during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

Company Profile:

Abbott Laboratories, B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Danaher Corp., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, General Electric Co., Johnson and Johnson, Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corp., Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc.

Abbott Laboratories - The company offers medical devices such as Accent 3 CRT-D System, and Assurity MRI SureScan Pacemaker.

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The market share growth by the therapeutic and surgical segment will be significant during the forecast period. Regenerative therapy is a field of medicine that focuses on developing techniques for the regeneration, repair, or replacement of damaged or diseased cells, organs, and tissues. In addition, surgical tools are specially designed equipment or devices used in surgery to carry out certain operations or have an effect that is desirable.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Medical Devices Market: Driver & Trend:

• Early detection of diseases
• Increasing initiatives and awareness by public and private organizations
• Technological advances and new product launches

The early detection of diseases is a key factor driving market growth.  As a result, the number of patients requiring medical intervention and treatment also increased. This has led to an increasing demand for medical devices that aid in the diagnosis, management, and treatment of these conditions. Chronic diseases such as diabetes, cardiovascular, respiratory disorders, and cancer are increasing globally, requiring constant monitoring and management by medical devices such as blood glucose meters, blood meters, blood pressure monitors, pressure, and respiratory therapy equipment. The aging of the population also leads to an increase in age-related diseases and conditions, which require medical devices such as joint replacements, hearing aids, and assistive devices, further increasing the demand for medical devices. Hence, these factors are expected to drive market growth during the forecast period.

Increasing market penetration in emerging countries is a major trend in the market. Identify key trends, drivers, and challenges in the market. Download a FREE sample to gain access to this information.

FAQS

• How do the major trends impact the market?
• How big is the North America market?
• How do the key drivers and challenges impact the market?

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio