Medical device is any type of apparatus, appliance, instrument, implant, machine, or any other related or similar article, which is used for diagnosing, prevention, treatment monitoring, or alleviation of diseases. Medical devices allow the patients to identify, treat, and enable the patients to treat their disorders & disabilities and to improve their quality of life.
By type, medical device market is divided into diagnostic imaging, MIS, oral care, diabetes care, nephrology, In Vitro Diagnostics (IVD), orthopedic devices, wound care, ophthalmic devices, diagnostic imaging and cardiovascular devices. Cardiovascular devices segment holds major share in global market owing to inactive lifestyle and poor eating habits. By function, market is divided into therapeutic, diagnostic & monitoring, surgical and others. Surgical segment is estimated to witness higher growth rate due to growth in aging population, increase in number of surgical procedures and rise in incidence of several chronic diseases during the forecast period. In addition, by end-use, market is divided into homecare services, ambulatory center, hospitals and among others.
Rise in prevalence of chronic diseases and related increase in disability-adjusted life years and growth in geriatric population across the world are some of the major factors, which are responsible for growth of the medical device market. Apart from this, strict regulatory policies & uncertainty in reimbursement is a hindering factor for market. Moreover, rise in use of miniaturized medical devices; increase in acceptance of wearable medical devices, growth in adoption 3D-Printing in medical devices and increase in use of AI-Optimized medical device are key trends for medical device market.
Medical device industry is shifting, with a shift towards the more complex product design with integrated solutions, challenging approval processes, shorter exclusivity periods, and request for innovative & compliant devices. Medical device manufacturers drive growth in the healthcare industry by developing the state-of-art medical devices & investing all the available resources including money, time, and personnel in research & development (R&D) activities. At the same time, modern players are entering in the market to boost the pressure in the medical device industry due to rise in need to build or manage the collaborative partnerships, and longer time-to-market for novel products. Additionally, Medical Device Market Competition allows a variety of organizations to assess their competitors’ product portfolio, pricing-strategy, and industry outreach activities for developing the valuable go-to-market plan.
By geographical analysis, the North-America is a leading region in global market owing to growth in adoption of innovative technologies across the region. The consisted growth in innovation by the pharmaceutical companies is likely to develop new drugs leading to considerable increase in demand for Medical Devices Market Forecast period. Additionally, the Asia-Pacific and Europe regions are anticipated to witness higher growth rate due to growth in aging population, increase in per capita income and rise in disease awareness over the forecast period. It is estimated that medical device market will be reached at rapid pace caused by improvement in health infrastructure coupled with high adoption rates for advanced treatments during the forecast period.
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Ankur Gupta, Head Marketing & Communications
Tags: Global Medical Device Companies, Medical Devices Industry Research Report, Medical Devices Market Competition, Medical Devices Market Forecast, Medical Devices Market Future Outlook, Medical Devices Market Growth Analysis, Medical Devices Market Research Report, Medical Devices Market Revenue, Medical Equipments Industry