COVID 19 Impact on Medical Devices Market Segmentation, Growth Potential, Comprehensive Analysis, Technological Advancement

Medical Devices Market Analysis 

The globalmedical devices market is anticipated to touch USD 6170.72 million at a 22% CAGR between 2019-2025, states the latest Market Research Future (MRFR) report. A medical device, simply put, is any device that is intended to be utilized for medical purposes. It is its intended use that differentiates it from the everyday device. Such devices help health care providers in diagnosing and treating patients and also helping patients in overcoming disease or sickness, thus improving the quality of life.  

Various factors are propelling the medical devices market growth. Such factors, according to the latest Market Research Future report, include rising geriatric population having various health problems, rising prevalence of heart diseases, rising R&D activities in the healthcare sector to create advanced and innovative medical devices, growing incidences of accidents, and rising patient population.  

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On the contrary, the high price of medical devices coupled with high maintenance costs are factors that are likely to restrict the medical devices market growth during the forecast period. 

Medical Devices Market Segmentation 

The Market Research Future report offers a complete segmental analysis of the medical devices market based on end users, therapeutic application, and product type.  

Based on product type, the global medical devices market is segmented into treatment equipment, bioimplants & stimulation devices, surgical devices, drug delivery devices, diagnostic devices, and monitoring devices. The monitoring devices segment is again segmented into weight monitoring devices, temperature monitoring devices, fetal & neonatal monitoring devices, hemodynamic monitoring devices, multi-parameter monitoring devices, respiratory monitoring devices, neuromonitoring devices, and cardiac monitoring devices. The diagnostic devices segment is again segmented into imaging devices, endoscopes, ENT devices, and others. Of these, cardiac monitoring devices will have the largest share in the market during the forecast period.  

Based on therapeutic application, the global medical devices market is segmented into nephrology and urology, ear-nose-throat (ENT), ophthalmology, neurology, dental, cardiovascular, orthopedics, respiratory, diagnostic imaging, general surgery, and gastrointestinal surgery.  

Based on end user, the global medical devices market is segmented into pharmaceutical companies, research laboratory, diagnostic centers, and hospitals & clinics. Of these, hospitals & clinics will have the maximum share in the market during the forecast period.  

Medical Devices Market Regional Analysis 

By region, the medical devices market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, the Americas, and the Middle East & Africa. Of these, the Americas will have the lion’s share in the market during the forecast period for the rising prevalence of chronic diseases such as neurological disorders, diabetes, and cancer. Chromatograph, microscope, and spectroscope are the most widely used medical devices to diagnose diseases. 

The medical devices market in Europe will have the second-largest share during the forecast period. Various factors are propelling the growth of the medical devices market in the region, such as growing innovations in pharmaceutical companies for developing new drugs, rising government expenditure to develop medical devices, developing economy, and the presence of numerous medical device manufacturing units.  

The medical devices market in the APAC region will grow at the fastest pace during the forecast period for the growing geriatric population having health problems coupled with the rising demand for healthcare products.  

The medical devices market in the MEA will have a small share during the forecast period. A major share in the market will be held by the Middle East for the increasing initiatives by the government for the region’s healthcare sector. 

Medical Devices Market Key Players 

Notable players profiled in the medical devices market report include Angiodynamics Inc. (US), Biotelemetry Inc. (US), Baxter International Inc. (US), Bio Rad Laboratories Inc. (US), Becton Dickinson (US), Boston Scientific Corp. (US), Accuray Inc. (US), Abiomed Inc. (US), Abbott Laboratories (US), Stryker (US), Siemens (Germany), Medtronic (Ireland), Johnson & Johnson (US), GE Healthcare (US), and Fresenius (Germany). Key players have incorporated specific strategies to create a niche in the market, such as mergers, acquisitions, research and development activities, collaborations, partnerships, and more.  

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Medical Devices Industry News 

December 2019: Researchers at IIT Hyderabad have created a low-power device that can help to monitor ECG (electrocardiogram) and alert doctors and patients regarding the risk of cardiovascular disorders in real-time. 

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