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Global Medical Devices Market: By Type: Orthopaedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Care, Diabetes Care, Ophthalmic Devices, Oral Care, Nephrology; By Function; By End Use: Regional Analysis; Historical Market and Forecast (2016-2026); Competitive Landscape; Industry Events and Developments

Global Medical Devices Market Outlook

The global medical devices market reached a value of about USD 410 billion in 2020. The industry is further expected to grow at a CAGR of about 5.2% in the forecast period of 2021-2026 to reach a value of around USD 556 billion by 2026.

 

Medical Devices Market

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North America Leading the Medical Devices Market

North America was the most significant market for the product in 2020. The regional market is being driven by the rising prevalence of chronic diseases and the high prevalence of hearing loss. The rising use of advanced technical equipment, increased GDP, and a strong presence of leading vendors are also significantly aiding the growth of the industry in the region.

 

Medical Devices Market by Function

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Medical Devices: Industry Definition and Segmentation

Any device designed for medical purposes is called a medical device. Medical devices allow patients to identify, treat, and enable patients to cure their disorders and their disabilities and to improve their quality of life.

Based on type, the global medical devices market can be divided as follows:

  • Orthopaedic Devices
  • Cardiovascular Devices
  • Diagnostic Imaging
  • IVD
  • MIS
  • Wound Care
  • Diabetes Care
  • Ophthalmic Devices
  • Oral Care
  • Nephrology
  • Others

On the basis of function, the medical device industry can be divided into the following:

  • Diagnostic and Monitoring
  • Therapeutic
  • Surgical
  • Others

Medical devices find their end-use in hospitals and ambulatory centres and homecare devices, among others. The regional markets for the product can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Medical Devices Market by Region

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Technological Advancements Bolstering the Global Medical Devices Market Growth

In cardiology, neurology, orthopaedics, oncology, and medical imaging, the medical device industry is experiencing major advancements. ECG Stress Tools, for example, have seen advancements in algorithms of waveform analysis, EMR networking, and wireless lead systems. The success in battery endurance, implantation, and miniaturisation have been shown by the pacemakers. One of the main accomplishments of recent years is the development of innovative brain monitoring devices. Likewise, 3D mapping for advanced orthopaedic treatment is now being used. Such advancements have generated favourable consumer experiences for medical devices. Thus, the rising technological advancements and improvements in existing products are expected to catalyse the growth of the industry in the coming years.

The rising number of skilled professionals and the rising R&D investments by the major players are also expected to support the industry growth. The industry is also expected to be aided by the rising approval of new medical devices by regulatory authorities. The increasing need to curb the volume of medical waste generated across the globe is also expected to inform the industry development in the coming years significantly.

 

Key Industry Players in the Global Medical Devices Market

The report gives a detailed analysis of the following key players in the global medical devices market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Medtronic Plc
  • Johnson & Johnson Services, Inc.
  • Siemens Healthcare Private Limited
  • GE Healthcare
  • Philips Healthcare
  • F. Hoffmann-La Roche Ltd
  • Boston Scientific Corporation
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Medical Devices Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Medical Devices Historical Market (2016-2020) 
    8.3    Global Medical Devices Market Forecast (2021-2026)
    8.4    Global Medical Devices Market by Type
        8.4.1    Orthopaedic Devices
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Cardiovascular Devices
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
        8.4.3    Diagnostic Imaging
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2016-2020)
            8.4.3.3    Forecast Trend (2021-2026)
        8.4.4    IVD
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2016-2020)
            8.4.4.3    Forecast Trend (2021-2026)
        8.4.5    MIS
            8.4.5.1    Market Share
            8.4.5.2    Historical Trend (2016-2020)
            8.4.5.3    Forecast Trend (2021-2026)
        8.4.6    Wound Care
            8.4.6.1    Market Share
            8.4.6.2    Historical Trend (2016-2020)
            8.4.6.3    Forecast Trend (2021-2026)
        8.4.7    Diabetes Care
            8.4.7.1    Market Share
            8.4.7.2    Historical Trend (2016-2020)
            8.4.7.3    Forecast Trend (2021-2026)
        8.4.8    Ophthalmic Devices
            8.4.8.1    Market Share
            8.4.8.2    Historical Trend (2016-2020)
            8.4.8.3    Forecast Trend (2021-2026)
        8.4.9    Oral Care
            8.4.9.1    Market Share
            8.4.9.2    Historical Trend (2016-2020)
            8.4.9.3    Forecast Trend (2021-2026)
        8.4.10    Nephrology
            8.4.10.1    Market Share
            8.4.10.2    Historical Trend (2016-2020)
            8.4.10.3    Forecast Trend (2021-2026)
        8.4.11    Others
    8.5    Global Medical Devices Market by Function
        8.5.1    Diagnostic and Monitoring
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Therapeutic
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
        8.5.3    Surgical
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2016-2020)
            8.5.3.3    Forecast Trend (2021-2026)
        8.5.4    Others
    8.6    Global Medical Devices Market by End Use
        8.6.1    Hospitals and Ambulatory Centres
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Homecare Device
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
        8.6.3    Others
    8.7    Global Medical Devices Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape
    12.1    Market Structure
    12.2    Key Players' Market Share
    12.3    Company Profiles
        12.3.1    Medtronic Plc
            12.3.1.1    Company Overview
            12.3.1.2    Product Portfolio
            12.3.1.3    Demographic Reach and Achievements
            12.3.1.4    Certifications
        12.3.2    Johnson & Johnson Services, Inc.
            12.3.2.1    Company Overview
            12.3.2.2    Product Portfolio
            12.3.2.3    Demographic Reach and Achievements
            12.3.2.4    Certifications
        12.3.3    Siemens Healthcare Private Limited
            12.3.3.1    Company Overview
            12.3.3.2    Product Portfolio
            12.3.3.3    Demographic Reach and Achievements
            12.3.3.4    Certifications
        12.3.4    GE Healthcare
            12.3.4.1    Company Overview
            12.3.4.2    Product Portfolio
            12.3.4.3    Demographic Reach and Achievements
            12.3.4.4    Certifications
        12.3.5    Philips Healthcare
            12.3.5.1    Company Overview
            12.3.5.2    Product Portfolio
            12.3.5.3    Demographic Reach and Achievements
            12.3.5.4    Certifications
        12.3.6    F. Hoffmann-La Roche Ltd
            12.3.6.1    Company Overview
            12.3.6.2    Product Portfolio
            12.3.6.3    Demographic Reach and Achievements
            12.3.6.4    Certifications
        12.3.7    Boston Scientific Corporation
            12.3.7.1    Company Overview
            12.3.7.2    Product Portfolio
            12.3.7.3    Demographic Reach and Achievements
            12.3.7.4    Certifications
        12.3.8    Boston Scientific Corporation
            12.3.8.1    Company Overview
            12.3.8.2    Product Portfolio
            12.3.8.3    Demographic Reach and Achievements
            12.3.8.4    Certifications
        12.3.9    Others
13    Industry Events and Developments

 

List of Figures and Tables

1.    Global Medical Devices Market: Key Industry Highlights, 2016 and 2026
2.    Global Medical Devices Historical Market: Breakup by Type (USD Billion), 2016-2020
3.    Global Medical Devices Market Forecast: Breakup by Type (USD Billion), 2021-2026
4.    Global Medical Devices Historical Market: Breakup by Function (USD Billion), 2016-2020
5.    Global Medical Devices Market Forecast: Breakup by Function (USD Billion), 2021-2026
6.    Global Medical Devices Historical Market: Breakup by End Use (USD Billion), 2016-2020
7.    Global Medical Devices Market Forecast: Breakup by End Use (USD Billion), 2021-2026
8.    Global Medical Devices Historical Market: Breakup by Region (USD Billion), 2016-2020
9.    Global Medical Devices Market Forecast: Breakup by Region (USD Billion), 2021-2026
10.    North America Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
11.    North America Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
12.    Europe Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    Europe Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Asia Pacific Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Asia Pacific Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Latin America Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Latin America Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Middle East and Africa Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Middle East and Africa Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
20.    Global Medical Devices Market Structure

Key Questions Answered in the Report

What was the global medical devices market size in 2020?

The global medical devices market reached a value of USD 410 billion in 2020.

What is the growth rate of the market?

The market is projected to grow at a CAGR of nearly 5.2% in the forecast period of 2021-2026.

What is the forecast outlook of the market for 2021-2026?

The market is estimated to reach a value of about USD 556 billion by 2026.

What are the major market drivers?

The major drivers of the industry include rising disposable incomes, increasing population, rising R&D, rising availability of skilled human resources, lower cost of devices, and the increasing adoption of new technology in medical devices.

What are the key industry trends of the market?

The pressure by various governments to reduce volume of regulated medical waste, along with the rising number of medical devices being approved by various regulatory authorities, is expected to be a key trend guiding the growth of the industry.

What are the major regional markets, according to the EMR report?

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market, with North America accounting for the largest market share.

What are the leading types of the product?

The leading types of the product are orthopaedic devices, cardiovascular devices, diagnostic imaging, IVD, MIS, wound care, diabetes care, ophthalmic devices, oral care, and nephrology, among others.

What are the major functions of the product?

The major functions of the product are diagnostic and monitoring, therapeutic, and surgical, among others.

What are the leading end-uses of medical devices?

The leading end-uses of the product are found in hospitals and ambulatory centres and homecare devices, among others.

Who are the key industry players, according to the report?

The key players in the industry are Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, and Boston Scientific Corporation, among others.

Analyst Review

The global medical devices market attained a value of USD 410 billion in 2020, driven by the growth in the adoption of new technology in medical devices. Aided by the rising availability of skilled human resources and lower cost of devices, the industry is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 5.2%. The industry is projected to reach USD 556 billion by 2026.

EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on its types, the industry can be segmented into orthopaedic devices, cardiovascular devices, diagnostic imaging, IVD, MIS, wound care, diabetes care, ophthalmic devices, oral care, and nephrology, among others. By functions, the industry can be divided into diagnostic and monitoring, therapeutic, and surgical, among others. On the basis of end uses, the global medical devices market can be divided into hospitals and ambulatory centres and homecare device, among others. The major regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America accounting for the largest share of the market. The key players in the above industry include Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, and Boston Scientific Corporation, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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