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The global medical devices market size was valued at USD 425.5 Billion in 2018 and is expected to reach USD 612.7 Billion by 2025, grow at a CAGR of 5.4% 2018 to 2025.
Medical devices offer several advantages to patients by helping health care providers treat and diagnose patients and assisting patients in improving their quality of life. Rising geriatric population, the growing prevalence of chronic conditions, along with growth in surgical procedures, and complex surgeries are projected to boost the global medical devices market during the forecast period.
The rising interest of medical technology companies for the investment in the R&D of new generation medical devices, and green signal by regulatory authorities for their approval are likely to boost the medical device industry in the forecast period of 2018-2025. For instance, as per USFDA database, there were around 27 and 54 new medical devices cleared and approved by the FDA in 2017 and 2018 respectively. Technological advancements and rising demand for innovative therapies to overcome unmet needs in the healthcare area considered to be another factor supporting growth in medical device market during the forecast period.
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"In Vitro Diagnostic Medical Devices (IVD) to Emerge as Most Attractive Device Type"
In vitro diagnostics devices used to detect diseases or other conditions, and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases. IVD segment accounted for a market share of 12.9% in 2018. The efficient and precise testing of diseases such as diabetes, malaria, HIV/AIDS, sexually transmitted diseases (STDs) and cancer, are some of the factors driving the segment. For instance, the World Health Organization (WHO) estimated that in 2017, an estimated 47% of new infections of HIV/AIDS occurred among key populations and their partners. Some of the factors which limit the growth of the IVD segment includes the due approval from the regulatory authorities, which are subject to stringent tests might hamper and delay the growth of the market.
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In terms of end user, the hospitals & ambulatory surgical centers segment dominated the global medical devices market in 2018. Developing healthcare infrastructure, rising healthcare expenditures, increasing emphasis on better patient outcomes, and lucrative reimbursement policies are expected to drive the hospitals & ambulatory surgical centers segment during the forecast period.
"Evolving Healthcare Infrastructure and Faster Adoption of Novel Medical Technologies to Boost Market in Asia Pacific"
North America was valued at USD 169.3 Bn in 2018 and is anticipated to hold a significant share in the global medical devices market during the forecast period. Medical device market growth witnessed in the region is likely to be driven by the well-developed healthcare infrastructure and faster adoption of new medical technologies. Asia Pacific, on the other hand, is an emerging market, exhibiting high growth potential due to increasing per capita income, increasing aging population, increasing disease awareness and improving health infrastructure.
North America Medical Devices Market, 2018
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Major players such as Medtronic adheres to the business expansion policies in emerging countries such as China, India, and others. This will further drive the market in Asia Pacific over the forecast period. However, the medical devices Industry in Europe is expected to expand at a relatively lower CAGR during 2019-2025, attributed to a relatively mature market and the smaller patient pool compared to Asia Pacific region. The market in Middle East & Africa, and Latin America accounted for a comparatively small share of the market in 2018.
"Medtronic is the Top-selling Medical Devices Company"
The presence of several players at global as well as region levels has rendered the global medical devices market highly fragmented. Among these companies, Medtronic has emerged as the leading player holding the highest share in the global market in 2018. The company has a diversified product portfolio, established brand presence, and strong R&D focus, which has enabled it to establish a stronghold in the medical devices Industry. The company also has a strong presence across the globe, through a network of distributors and subsidiaries in the Asia Pacific, Latin America, and Africa.
Medical device market is growing at a relatively faster pace in emerging nations compared to developed nations. Increasing income levels, an ageing population, and rising health awareness in developing nations are major factors considered to support the growth of the global market in the near future.
An Infographic Representation of Medical Devices Market
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The report provides qualitative and quantitative insights on the medical devices industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented in terms of type, end user, and geography. By type, the global medical devices market is categorized into orthopedic devices, cardiovascular devices, diagnostic imaging, in vitro diagnostic medical devices (IVD), minimally invasive surgical devices (MIS), wound management, diabetes care, ophthalmic devices, dental, nephrology, and others. Various end users covered in the report are hospitals & ambulatory surgical centers, clinics, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report analysis includes market dynamics and competitive landscape. The report also offers insights into recent industry developments such as mergers & acquisitions, an overview of healthcare expenditure by key countries, technological advancements, and key industry trends.
"The concept of automation have set the market alive. Recent technological advances in healthcare have yielded medical devices of high caliber, precision, and efficiency. With regard to ongoing trends, we offer individual reports on the following."
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Based on the detailed study conducted by Fortune Business Insights, the medical devices market was valued at USD 425.50 Billion in 2018
Fortune Business Insights has estimated the medical devices market to reach USD 612.70 Billion in 2026.
The medical devices market is projected to grow at a CAGR of 5.4% during the forecast period.
In 2018, North America dominated the contraceptive devices market by generating a revenue of USD 169.30 Billion.
Increasing prevalence of chronic diseases is driving the growth of global medical devices market.
Medtronic, DePuy Synthes and GE Healthcare are the companies that dominated the medical devices market in 2018.
Based on the analysis done by Fortune Business Insights, the medical devices market is expected to witness a diverse opportunities owing to the demand of technologically advanced medical devices for treatment of chronic diseases.