Mar 23, 2021. Medical Devices Market Overview. Which segments of the medical device market were most affected by COVID? The global medical devices market reached a value of nearly $456.8 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.5% since 2015. The global medical devices market reached a value of nearly $456.8 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.5% since 2015. The global medical device market is expected to reach an estimated $445.1 billion by 2026 with a CAGR of 5% from 2021 to 2026. The U.S. medical device manufacturers market size was valued at USD 176.7 billion in 2020 and is anticipated to exhibit a compound annual growth rate (CAGR) of 5.0% over the forecast period. The global medical devices market was valued at US$ 550 billion in 2021 and is expected to reach US$ 850 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.5% during the forecast period 2022 to 2030. Rising population, increase in a chronic condition, complex surgeries, and development in the implantation technique are some of the driving factors that support the growth of the market. The global medical devices market was valued at US$ 550 billion in 2021 and is expected to reach US$ 850 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.5% during the forecast period 2022 to 2030. Medical devices reimbursement is defined as payment a private insurer pays to healthcare providers for costs the provider incurred while using medical devices. See the table below for an example. The medical devices market size in North America stood at USD 168.76 billion in 2020. See the latest industry stats and market share. 5 Global Ophthalmic Devices Consumption, Revenue ($) by Region (2018-2022) 6 Global Ophthalmic Devices Production by Top Regions (2018-2022) North America medical device market is dominating with a market value of US$ 169.1 billion in 2020 and is expected to reach US$ 248.6 billion by 2027. Tailor the marketing needs to specific . The Medical Device market report presents a comprehensive assessment of this industry vertical and comprises of significant insights pertaining to the current as well as anticipated situation of the marketplace over the forecast period. The medical devices market is estimated to increase at a CAGR of 23.20 percent to USD 63423.6 million by 2027. The elderly population and rising life expectancy, rising acceptance of IoT-based smart medical devices, expanding demand for portable medical devices, and the wearable medical device industry are primary factors driving the medical devices market. Speech Generating Devices Market by Segmentation, Development and Forecast 2017-2027. The COVID-19 pandemic had a mixed impact on the market. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.3% in the. Newsmantraa. Medical Devices Market Overview. Segmentation Schemes. Growth Factors In India is among the top 20 markets for medical devices worldwide. Regional dominance is attributed to favorable reimbursement policies, a well-developed healthcare infrastructure, and the rapid adoption of advanced medical technologies in the region. Medical Devices Market Size. Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027) The Medical Devices Market is segmented by Type of Device (Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices (Radiology Devices), Endoscopy Devices, Ophthalmology Devices, and Other Devices) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and . Medical Devices Market was valued at USD 417.41 Billion in 2018 and is projected to reach USD 623.50 Billion by 2026, growing at a CAGR of 5.16% from 2019 to 2026. Even as "shelter in place" mandates eased and surgery centers and hospitals slowly resumed elective procedures, it became clear that the impact affected some segments more than others. The report also covers the global medical devices market and its segments. Currently, countries continue to face the huge threat of the pandemic. Track historical and forecast market growth of the market by region. Published. Additionally, the market on the basis of. Visualize the composition of the global ligation devices market segmentation by product, application, procedure, end user, and region highlighting the key commercial assets and players. It's potential comes from the fact that you can segment a market in a large number of ways: Geographically Technology Customer persona Customer type (s) Customer charaturistic (s) Customer preference (s) Customer buying behavior Customer attitude Customer demographics Therapeutic method Care facility type Price point Distribution channel The global brain monitoring device market is expected to be one of the fastest growing segments in the global medical device market in 2019. As per the report . Rising population, increase in a chronic condition, complex surgeries, and development in the implantation technique are some of the driving factors that support the growth of the market. Brain monitoring devices. The report throws light on the competitive landscape, segmentation, geographical expansion, and revenue, production, and consumption growth of the Medical Devices market. The global medical devices market is projected to grow from $455.34 billion in 2021 to $657.98 billion in 2028 at a CAGR of 5.4% in forecast period, 2021-2028 The Global Medical Device Testing, Inspection, and Certification Market Reports is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country analysis, competitive landscape, market shares, trends and strategies for this market. For the purpose of this study, Grand View Research has segmented the U.S. medical device manufacturers market report on the basis of type: Type Outlook (Revenue, USD Billion, 2016 - 2028) Eternity Insights has published a new study on Global Medical Device Packaging Market focusing on key segments as By Material Type (Plastic, Paper & Paperboard, Foils, Glass, Others), By Product Type (Pouches, Clamshell Packs, Boxes, Bags, Blisters, Others), By Application (Sterile Packaging, Non-Sterile Packaging), and by region. The elderly population and rising life expectancy, rising acceptance of IoT-based smart medical devices, expanding demand for portable medical devices, and the wearable medical device industry are primary factors driving the medical devices market. Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, In-vitro Diagnostics, Minimally Invasive Surgery, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, and Others); By End-user (Hospitals & ASC's, Clinics, and Others), and Regional Forecast, 2021-2028 This market growth is expected to be mainly . By. The market is expected to increase at a 37% CAGR to reach US$ 50 billion in 2025, from Rs. The global medical devices reimbursement market size was valued at USD 374.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2021 to 2028. The Global Medical Device Testing, Inspection, and Certification Market Reports is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country analysis, competitive landscape, market shares, trends and strategies for this market. The market is expected to grow from $456.8 billion in 2020 to $62.0 billion in 2025 at a rate of 7.7%. Market segmentation analysis helps medical devices industry: Identify the potential market segments and evaluate the needs and wants of different market segments. The orthopedic instruments segment is the largest segment. 3 Global Ophthalmic Devices Market, by Type. Excluding the sizeable In Vitro Diagnostics and Hospital Supplies markets, which had both grown significantly since the onset of the pandemic, GlobalData has calculated the remaining overall medical devices market to exceed $335 billion in 2021, which reflects a more than 20% year-over-year growth and a 2.4% growth in comparison to 2019 levels. Several factors are combining to require successful companies to approach market segmentation more effectively. Key industry trends which are impacting the Medical Device market are also mentioned in the report. The US medical devices industry can be categorized according to the field of medicine in which a device is used. 75,611 crore (US$ 10.36 billion) in 2020. Track historical and forecast market growth of the market by region. Endoscopy devices generated some 18.5 billion U.S. dollars of revenue worldwide in . Market Segmentation Analysis: Neuromonitoring Devices Client Leverages Segmentation Strategies to Develop a New Product Aug 29, 2017 Business Challenge In the medical device industry, the number of consumers is very obviously large and varied due to the presence of numerous product offerings in the market space. Medical Devices Market Size And Forecast. Medical Devices Market Size And Forecast. The presence of adequate and favorable reimbursement policies, a well-developed healthcare infrastructure, rapid adoption of advanced medical technologies, and key players in the region are major factors primarily responsible for its dominance. 1 Ophthalmic Devices Introduction and Market Overview. Smart Medical Devices Market Segments 2021 | Size By Country, Industry Demand, Competitive Analysis, Report, Growth Factors And Opportunity Assessment By 2023 December 15th, 2020 Market Research . 2 Industry Chain Analysis. The global brain monitoring device market is expected to be one of the fastest growing segments in the global medical device market in 2019. Devise new ways of positioning the products across different target audiences. Discover new segments, market niches, and business opportunities. The medical devices market was estimated at USD 532.62 billion in 2021, and it is expected to record a CAGR of around 5.5% over the forecast period, to reach USD 734.39 billion in 2027. Smart Medical Devices Market Segments 2021 | Size By Country, Industry Demand, Competitive Analysis, Report, Growth Factors And Opportunity Assessment By 2023 December 15th, 2020 Market Research . The decrease in demand for medical devices led to a decline in the annual growth rate of the global medical devices market from 5.4% to 3.0% in 2020. trends, opportunities and forecast in medical device market to 2026 by application (surgical and infection control devices, general medical devices, cardiovascular devices, orthopedic devices, home healthcare devices, and other devices), function (diagnostic and monitoring, therapeutic, surgical, and other devices), end use (homecare medical … The medical devices market is estimated to increase at a CAGR of 23.20 percent to USD 63423.6 million by 2027. The medical devices market is segmented by type of device into in-vitro diagnostics, dental equipment and supplies . This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. Medical Device Market Trends and Forecast The future of the global medical device market looks promising with opportunities in the hospital and homecare sector. Speech generating devices are also known as voice output communication aids. 4 Ophthalmic Devices Market, by Application. Medical Devices Market was valued at USD 417.41 Billion in 2018 and is projected to reach USD 623.50 Billion by 2026, growing at a CAGR of 5.16% from 2019 to 2026. Magnetoencephalography Devices Market will grow at 4.5% CAGR, to be valued at US$ 359.5 Million by 2028 | Global Industry Analysis by Company Profiles, Segments, Size, Landscape and Demand May . Speech generating device are the electronic device which allow the user to select the message which to be spoken aloud. The Asia-Pacific medical device market has the highest CAGR of 7.1% throughout the forecast period, with China accounting for the largest market share in 2020, followed by Japan. Some of the instruments used in orthopedic treatments and surgeries are suture anchors, staples, bone holding retractors, and bone gauges. This statistic displays the worldwide revenue of top medical technology segments in 2017 and 2024. . This market posted a strong 8.42% year-over-year growth in 2018 and will continue to grow through 2022, accelerating at a CAGR of 9%. Speech generating devices help individual users with limited . The rising prevalence of chronic diseases and the increasing geriatric population in the country are the key market drivers. Segmentation. The market is expected to grow from $456.8 billion in 2020 to $62.0 billion in 2025 at a rate of 7.7%. Global medical devices market is expected to gain market growth in the forecast period of 2021 to 2028. In other words, how will segmenting the market help in my defining or selling the product that I currently am developing. Medical Devices Market Size, Share Dynamics, Segments, Size and Demand 2021-2027. This market posted a strong 8.42% year-over-year growth in 2018 and will continue to grow through 2022, accelerating at a CAGR of 9%. Identify commercial opportunities in the global ligation devices market by analyzing trends and co-development deals. The segmentation choice I am referring to here is to optimize your product based segmentation. The orthopedic instruments segment is the largest segment in the . To select a segmentation scheme it must be: Meaningful and Actionable. In our continuing series on the topic of market transformation within the pharmaceutical and medical device industry, we have highlighted the need for a more sophisticated, strategic approach to market segmentation. Global Connected Medical. Medical Devices Market Size. The research report on the medical device industry presents the analysis on the basis of the following segments - product, application, and end-user. On the basis of applications, the market for medical device coating is segmented based on gynecology, neurology, orthopedics, cardiovascular, and others. Medical Device Contract Manufacturing Market - Size, Shares, Scope, Competitive Landscape and Segmentation Analysis: Medical Device Contract Manufacturing Market reports provide a concise overview . Medical Device Additive Manufacturing Market Share 2022 Recent Developments, Latest Trends, Segmentation by Application, Size Estimates, Global Growth Analysis and Forecast to 2028 Published: May . April 29, 2022. The global Connected Medical Device market size is projected to reach USUSD 41940 million by 2026, from USUSD 20550 million in 2020, at a CAGR of 12.6% during 2021-2026. The medical devices sector in India comprises large multinationals and small and midsized companies. 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