Impact of COVID-19 on Economy, Industry and Company :
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The Medical Devices & Accessories Market Registered US$ 653.2 Billion In 2019 And It Is Estimated To Reach More Than USD 1066.5 Billion By 2028, Likely To Grow With A CAGR Of 5.6 % During The Forecast Period.
Healthcare industry is growing at an exponential rate. The healthcare sector comprises of pharmaceutical industry, medical devices, health insurers and healthcare service providers. Medical devices are the devices that are used to diagnose, treat or prevent any medical condition of a human body. Similar to drugs, medical devices are gone through a review process in every country before they marketed for use. There are 3 classes of medical devices Class I, class II and class III.
Continuous Technological Advances in Medical Devices is the Biggest Driver for the Market
Companies are continuously looking forward to enhance their existing medical devices and include new feature in the new devices. The use of medical devices has helped the patients to be diagnosed, monitored and treated with diseases. Also, there are several medical conditions which need to be addressed with the help of medical devices. Companies are constantly looking forward to innovate the existing product and develop new products in order to better serve the customers. The research and development involved in medical devices itself to hit around 40 billion in 2024. The smaller companies present in this industry are spending a large amount of their sales into R&D sectors in order to develop the new product and increase the efficiency of existing products. The number of new medical devices receiving FDA approvals is creating a new record every year when compared with its previous year.
Rising Chronic Diseases and Ageing Population to Boost the Medical Devices Market
Obesity, diabetes and Cancer can be considered as epidemic which has affected all sorts of people throughout the globe. Besides this, ageing population is attracting new diseases. To treat and diagnose people affected with diabetes and cancer, medical devices have been developed. As these diseases are having global reach the medical devices too have reached literally around the globe. Besides this, high disposable income and favourable reimbursement policies have helped to boost the medical devices market.
New Policies to Market the New Products Quickly To Create More Opportunities in the Market
FDA and several other medical devices reviewing authorities are working on policies aimed at getting devices to market more quickly, premarket approvals (PMAs). With these policies if formed will ensure quick outreach of product into the market which will further help to boost the sales of products as well as help companies to spend more on the research and development on the products. These policies will typically be more beneficial for the start-up companies.
Cardiovascular Devices and Hospital to Dominate Their Respective Market Segments
Cardiovascular disease is one the highest cause of mortality around the globe. To tackle this several companies have developed medical devices in order to detect, diagnose and treat the heart problems. Currently, the number of cardiovascular medical devices are much high when compared with other disease related devices. Besides this, the number of cardiovascular devices which are currently in pipeline is also more when compared with other products. Going further, hospitals have the highest market share when compared with another end-user. Hospitals have high footfalls when compared with other end-users. Also, government grants and donations and high spending power are the factors which have helped the hospitals to earn the highest market share.
Europe Dominates the Medical Devices and Accessories Market
Among the region, Europe has the highest market share in the medical devices and accessories market. Europe region has the presence of some of the prominent companies which are pioneers into medical devices. Besides this, high geriatric population and growing prevalence of chronic disease have led to the adoption of medical devices. Going further, high spending capacity and large spending of government on healthcare have boosted the Europe medical devices and accessories market. Asia Pacific region to grow at the fastest rate owing to factors such high population base, rising economic condition and rising investments in healthcare sectors.
Acquisitions and Collaborations Are the Key Strategies Adopted By the Companies
The most common strategies adopted in this industry are collaborations and acquisition of smaller companies. The medical devices segment is a vast segment and there is an ample of opportunities to venture in. One of the biggest players in the medical devices industry is Medtronic Plc . Recently Medtronic acquired Klue and Stimgenics.Klue is a startup firm which monitors and provides real time insights on patients eat habits while Stimgenics is into spinal cord stimulation programs. The other key development in this industry includes FDA approvals and collaborations. The companies are majorly looking for acqusitions of smaller companies in order to integrate their in-house products with acquired companies product line at the same time with the acquisition of smaller companies the acquirer companies are consolidating their market position, share and their presence.
Some of the prominent companies by revenues in the medical devices and accessories market include GE healthcare, Philips healthcare, Medtronic Plc, Siemens Healthineers, Fresenius medical care, Abott Laboratories, Stryker, Cardinal Health, Becton Dickinson, Johnson and Johnson, Baxter, Boston Scientific, and Essilor.
Global Medical devices and Accessory by Type
- Medical Devices
- Cardiovascular Devices
- Orthopaedic Devices
- Diagnostic Imaging
- Diabetes Care
- Ophthalmic Devices
- Wound management
- Surgical Instruments
- Tongue depressors
Global Medical devices and Accessory by End-Users
- Speciality Clinics
- Ambulatory Surgical Centres
Global Medical devices and Accessory by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America