QY Research has published a report titled, “Global Medical Device Industry Research Report Growth Trends and Competitive Analysis 2019-2025” to offer an overview of shifting dynamics and factors supporting the growth of the global Medical Device market. According to this report, the global Medical Device market is poised to attain US$ 614.2 Bn by the end of 2025 from an earlier value of US$ 430.6 Bn in 2018, registering a moderate CAGR of 5.2% from 2019 to 2025.
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Global Medical Device Market – Growth Drivers
● Increasing adoption of medical devices compatible with smartphones for monitoring health and fitness is expected to drive the growth of the market
● Increasing concerns regarding health are creating a high demand for medical devices such as blood pressure monitoring, breath analyzer, heart rate monitor, pulse oximeter, and others
Increased Spending on Healthcare to Boost the Growth of the Hospital Segment
The end-user segment of the market is segregated into the Consumer and Hospital segment. Hospital Segment is expected to capture remarkable market share due to increasing spending on healthcare, rising awareness in patients regarding the availability of medical devices for assistance and health monitoring, and supportive initiatives by governments around the globe to improve patient care. The authors of the report have segmented the product segment into Cardiology, In Vitro Diagnostics, Orthopedics, Diagnostic Imaging, and Other.
Emerging Markets from the Asia-Pacific to Exhibit Potential Growth
Increasing instances of chronic diseases such as diabetes, cancer, and heart problems along with a rapidly growing healthcare sector are anticipated to create a lucrative opportunity for the market in the Asia-Pacific region. Technological advancement and innovation in developing countries are likely to create high awareness in tech-savvy consumers, which is expected to propel the growth of the market.
Due to the presence of a well-developed healthcare sector and high adoption of advanced technology the region of North America held a substantial share of the global market. The region is expected to benefit from favorable economic conditions and high per-capita income.
Medtronic Announces New Product Approved by FDA
The leading companies are largely investing in R&D and are involved in strategic expansions, acquisitions, mergers, and product launch.
● For instance, in Jan 2020, FDA recently approved Micra AV, a new pacemaker developed by Medtronic. The device is expected to benefit a large number of people as it is designed as leadless technology.
● In another instance, in 2020, FDA approved LVAD HeartMAte 3 developed by Abbott, which will ensure lateral thoracotomy procedure has less bleeding and shortened recovery time.
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Major players operating in the market are Johnson & Johnson, Medtronic, Abbott, GE Healthcare, Philips Health, Siemens Healthineers, Becton Dickinson, Stryker, Danaher, Boston Scientific, Essilor, Zimmer Biomet, B. Braun, 3M Health Care, Novartis, Terumo, Olympus, Dentsply Sirona, Smith & Nephew, Varian Medical Systems, Edwards Lifesciences, and Getinge.
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