30 January 2023
Medical devices include various high-tech equipment used in hospitals to monitor patients’ health. These devices all help aid in the diagnosis of almost all diseases. Examples of medical devices include MRI machines, CT scanners, ultrasound machines, X-ray machines, etc. Owing to the benefits offered by these devices, the global medical devices market has experienced rapid growth in the past few years and is expected to grow further in the future.
The outbreak of the covid-19 pandemic led to an increase in patient influx in hospitals worldwide. Therefore, there was an increase in medical devices with advanced technologies to monitor patient health and help combat the virus.
One of the major factors driving the medical devices market includes a rise in the number of diagnostic and surgical procedures. In addition, the rising number of inpatient admissions is also propelling the growth of the medical devices market.
Moreover, leading players operating in this market are also increasing investments in research and development. They are aiming to introduce technologically advanced equipment to cater to the increasing demand for unique medical solutions. This increasing investment is likely to create significant growth opportunities in this market.
Furthermore, regulatory authorities and governments worldwide are providing monetary support and favourable policies to companies operating in the medical devices market. Therefore, this market is expected to grow rapidly in the projected years.
The rising number of chronic diseases, such as cancer, diabetes, etc., is also expected to increase the demand for medical devices. Governments and healthcare agencies worldwide are increasing their focus on creating awareness about early diagnosis and treatment of various diseases. This increasing awareness is leading to an increase in diagnostic tests, thereby increasing the demand for medical devices.
The prevalence of the covid-19 virus and other chronic illnesses is putting pressure on hospitals worldwide, leading to an economic burden. Therefore, an increase in the rising population coupled with this economic burden is leading to a shift towards home health care. To cater to the shift in demand, key players operating in the medical devices market are looking to develop new wearable medical devices to diagnose chronic diseases. The adoption of home healthcare devices is thereby propelling the global medical devices market.
Another significant factor leading to the increasing demand for medical devices is the rise in many hospitals and clinics worldwide. In addition, healthcare agencies are continuously providing routine and timely diagnoses and treatments, propelling market growth in the projected period.
However, the high cost of medical devices and the prevalence of inadequate reimbursement policies may challenge the growth of the medical devices market. These devices are costly to acquire and maintain, which thereby leads to an increase in the overall device cost and ownership.
The global medical devices market comprises five regions: Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa. North America has the largest market size and thus dominates the medical devices market.
One of the significant factors for its dominance is the presence of favourable reimbursement policies. In addition, North America has also made efforts to improve the healthcare infrastructure, which is another reason for its high market share.
Furthermore, Europe is also expected to experience a high market share owing to its well-established healthcare infrastructure, rapid adoption of medical devices and a rise in healthcare expenditure by the government. These factors will drive the medical devices market in this region.
Prominent players operating in the medical devices market include Siemens Healthineers, Boston Scientific Corporation, GE Healthcare, Johnson and Johnson Services, Ethicon LLC, Cardinal Health, Baxter International Inc., Medtronic’s PLC, Philips Healthcare, DePuy Synthes and many others.
Douglas Insights, the world’s first-ever comparison engine, provides access to in-depth market research reports. Market analysts, research specialists, and businesses can use these reports to draw significant comparisons. They have included the medical devices market in their comparison engine, allowing specialists to compare three reports simultaneously.
The in-depth reports offered by Douglas Insights highlight key drivers of market growth, challenges, limitations, historical trends and future predictions. It offers access to the most comprehensive public and private research reports. Industry specialists can easily compare these reports based on publisher ratings, price, publication date, and list of contents.
This meticulously detailed report is all you need to learn all there is to know about the global medical devices market. It is packed with information to help business owners make well-informed decisions to succeed and grow in the medical devices market.
This report will provide you with significant insights into the current market trends. In addition, you will also find data on historical trends, along with future projections for the next five years. This report also highlights and discusses the annual growth rate of the medical devices market (CAGR), allowing researchers to assess the current market condition.
Using the Douglas Insights report, you will also learn about the impact of the covid-19 virus on the medical devices market. The report will also highlight different areas of the healthcare sector where there was an increase in the demand for medical devices and the sectors that experienced a decline in demand.
In addition, this report will highlight growth opportunities and restraints in the medical devices market. Therefore, it will equip you with all the up-to-date and precise facts you need to succeed in this market.
The data will be further divided into categories like geography, distribution methods, etc. Moreover, you’ll be able to access specific data and make predictions to help you decide. The research report will meticulously discuss industry changes affecting the market’s growth. Additionally, it will include all the demographic factors to give you more insights into the market.
The medical devices market research report will also discuss in detail the recent development made by key players in the market. All the players will be ranked accordingly in the report. You will be able to identify the region dominating the global medical devices market and the reasons for its dominance.
The Douglas inside market research report will make a valuable addition to your business, allowing you to make informed and timely decisions. Click here for more information and details on purchasing the full report.
The report analyzes global market trends based on Compound Annual Growth Rates (CAGRs) with the data collected from 2020 stats and estimates for future years till 2024.
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