Medical Device Market Overview
Report Coverage
Key Takeaways
- In 2020, North America dominated the Medical Device Market.
- Increase in the number of chronic illness treatments followed by the rise in the number of geriatric population are enhancing the growth of the Medical Device Market.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Medical Device Market report.
- Stringent laws regarding the manufacturing and its compliance to the various regions is set to create hurdles for the Medical Device Market.Medical Device Market Size, By Application, 2020 (%)
Medical Device Segment Analysis – By Device Type
The Medical Device Market based on device type can be further segmented into Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, Diabetes Care, Ophthalmic Devices, Dental, Nephrology, and Others. The cardiovascular devices segment is the major segment generating revenue in 2020. This can be attributed to the fact that there is a growing prevalence and impact of cardiovascular diseases which were posing multiple challenges to the healthcare systems and professionals. Furthermore, with the introduction of cardiovascular stents and its rapid evolution from stainless steel towards novel biodegradable devices are driving the market.
Medical Device Segment Analysis – By Application
The Medical Device Market based on application can be further segmented into Medical Imaging, Remote Monitoring, Wearable, Self-Diagnosis, and Preventive Care, Implants, Wound Care and Surgery, and Others. The medical imaging is to hold the market share owing to the presence of an accurate and an efficient medical imaging system technologies both in the developed and growing economies. But with the high disease burden and up surge in technological advancements such as Artificial Intelligence (AI), etc. there is a revolution in the medical imaging industry which has led to the growth of the segment holding the major segmental share.
Medical Device Segment Analysis – By Geography
North America dominated the Medical Device Market with major share of 45.2% in 2020. North America is the world's top producer of medical devices followed by the presence of well-developed medical infrastructure. Furthermore, with the adoption of various novel technologies and its continuous developments also pose an active reason to its growth. Apart from these, the region has also seen a surge up in the cases for multiple chronic illness especially amongst the geriatric population which has also in a way enhance the market share and hence its growth.
Medical Device Market Drivers
Increasing Technological Advancement in Medical Devices
Medical Device Market Challenges
High Initial Capital And Stringent Rules
Medical Device Market Landscape
Acquisitions/Product Launches
- In January 2021, Koninklijke Philips N.V. launched the abdominal aortic aneurysm(AAA) model, providing physicians a more patient-friendly solution compared to the current standard of care for managing AAA patients.
- In May 2020: GE Healthcare a US-based American multinational is developing cybersecurity through artificial intelligence which can access and monitor medical devices, in order to prevent the data of patient healthcare and its information.
Relevant Reports:
LIST OF TABLES
LIST OF FIGURES
1.US Medical Device Market Revenue, 2023-2030 ($M)2.Canada Medical Device Market Revenue, 2023-2030 ($M)
3.Mexico Medical Device Market Revenue, 2023-2030 ($M)
4.Brazil Medical Device Market Revenue, 2023-2030 ($M)
5.Argentina Medical Device Market Revenue, 2023-2030 ($M)
6.Peru Medical Device Market Revenue, 2023-2030 ($M)
7.Colombia Medical Device Market Revenue, 2023-2030 ($M)
8.Chile Medical Device Market Revenue, 2023-2030 ($M)
9.Rest of South America Medical Device Market Revenue, 2023-2030 ($M)
10.UK Medical Device Market Revenue, 2023-2030 ($M)
11.Germany Medical Device Market Revenue, 2023-2030 ($M)
12.France Medical Device Market Revenue, 2023-2030 ($M)
13.Italy Medical Device Market Revenue, 2023-2030 ($M)
14.Spain Medical Device Market Revenue, 2023-2030 ($M)
15.Rest of Europe Medical Device Market Revenue, 2023-2030 ($M)
16.China Medical Device Market Revenue, 2023-2030 ($M)
17.India Medical Device Market Revenue, 2023-2030 ($M)
18.Japan Medical Device Market Revenue, 2023-2030 ($M)
19.South Korea Medical Device Market Revenue, 2023-2030 ($M)
20.South Africa Medical Device Market Revenue, 2023-2030 ($M)
21.North America Medical Device By Application
22.South America Medical Device By Application
23.Europe Medical Device By Application
24.APAC Medical Device By Application
25.MENA Medical Device By Application