DUBLIN--(BUSINESS WIRE)--The "Medical Devices Global Market Opportunities And Strategies To 2022" report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest-growing market for the medical devices market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The global medical devices market report answers all these questions and many more.
The report describes and evaluates the global medical devices market. It covers two five-years' periods, 2014 to 2018, termed the historic period, and 2018 through 2022, the forecast period.
The global medical devices market reached a value nearly $423.8 billion in 2018, having grown at a compound annual growth rate (CAGR) of 5.28% since 2014, and is expected to grow at a CAGR of 5.33% to nearly $521.64 billion by 2022.
Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth and increasing access to healthcare facilities in emerging countries, adoption of advanced technologies in the manufacture of medical devices and rising healthcare expenditure globally. Factors that negatively affected growth in the historic period were the lack of awareness about chronic diseases and decreased healthcare reimbursements.
Going forward, faster global economic growth, increasing prevalence of chronic diseases globally, and technological advances in the industry will drive the growth. Factors that could hinder the growth of the medical devices market in the future include regulatory changes that can potentially increase production costs for medical devices manufacturers, data security issues in connected medical devices, high costs and long payback periods for investments in new technologies, and the expected rise in interest rates.
The medical devices market is segmented by type of equipment into in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, and wound care devices. The cardiovascular devices market was the largest segment of the medical devices market, accounting for $64.5 billion or 15.2% of the total in 2018. It was followed by in-vitro diagnostics, diagnostic imaging equipment and then other segments. Going forward, the fastest-growing segments in the medical devices market will be the patient monitoring devices and diabetes care devices segments, where growth will be at CAGRs of 8.2% and 7.6% respectively.
The medical devices market for the countries mentioned in this report is segmented by type of expenditure into public expenditure and private expenditure. The USA was the largest country in terms of private expenditure on medical devices, accounting for $88.98 billion in 2018. Going forward, the fastest-growing countries with private expenditure on medical devices will be India and the UK, where growth in expenditures will be at CAGRs of 11.39% and 11.03% respectively. The USA was also the largest country in terms of public expenditure on medical devices, accounting for $76.92 billion in 2018. Going forward, the fastest-growing countries with public expenditure on medical devices will be China and India, where growth in expenditures will be at CAGRs of 12.12% and 8.85% respectively.
The medical devices market mentioned in this report is segmented by type of end-user into hospitals and clinics, homecare and diagnostic centres. Hospitals and clinics were the largest segments of the medical devices market by type of end-user, accounting for $372.59 billion in 2018.
North America was the largest region in the global medical devices market, accounting for 42.6% of the total in 2018. It was followed by Western Europe, Asia-Pacific, and then the other regions. Going forward, the fastest growing regions in the medical devices market will be Asia-Pacific and South America, where growth will be at CAGRs of 7.07% and 6.53% respectively. These will be followed by Africa and the Middle East where the markets are expected to grow at CAGRs of 6.47% and 6.43% respectively.
The medical devices market is fairly concentrated, with a small number of large players constituting more than one-third of the market. The top ten competitors in the market made up to 35.8% in 2018. Major players in the market include Medtronic Inc., Johnson & Johnson, Abbott Laboratories, Becton, Dickinson and Company and Siemens Healthineers AG.
The top opportunities in the global healthcare market will arise in the cardiovascular devices segment which will gain $16.17 billion of global annual sales by 2022. The medical devices market size will gain the most in the USA at $35.33 billion. Market-trend-based strategies for the medical devices market include investing in the research and development of self-diagnosis devices, developing and deploying technologies to capture and analyze data from medical devices, and collaborating with technology companies to develop and market devices to monitor and track the health of individuals. Player-adopted strategies in the medical devices industry include innovating product portfolios through collaborations and partnerships and expanding operations geographically through mergers and acquisitions.
To take advantage of the opportunity, the author recommends medical devices companies to focus on the manufacturing of portable medical devices, ensuring the reliability of connected medical devices, expanding product portfolios through collaborations, and expanding in emerging markets, among other strategies.
- Abbott Laboratories
- B. Braun Medical Inc.
- Baxter Healthcare
- Beckman Coulter Inc.
- Becton, Dickinson & Company
- Boston Scientific Corporation
- Draegerwerk AG
- Essilor International S.A.
- Fresenius Medical Care AG & Co. KGaA
- Getinge AB
- Hamilton Medical AG
- Johnson & Johnson
- Masimo Corporation
- Medtronic plc
- ResMed, Inc.
- Siemens Healthineers AG
- Stryker Corporation
- Teleflex Inc.
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