According to Goldstein Research, “Medical Device market is majorly driven due to digitization, consumer empowerment, involvement of tech-giants & start ups. Industry players are focusing in the development of smart devices to increase health awareness and product value among the consumers. Moreover, cost-effective, improved quality & efficient medical services deliverance has accelerated medical device market in the past couple of years.”
Global medical device market is segmented on the basis of medical device type such as surgical and infection control medical devices, cardiovascular medical devices, general medical devices, home healthcare medical devices and other medical devices. On the basis of medical device type, cardiovascular medical devices are projected to acquire the largest market share in the global market of medical devices due to increasing heart disease rate in the growing population.
Europe medical device market is anticipated to reach over USD 160.0 billion by the end of 2024, growing at a CAGR of 4.0% over the forecast period. The biggest contribution is made by Germany, France, the United Kingdom, Sweden, Italy and Spain in the European market of medical devices. Germany is the largest manufacturer of orthopaedic devices, dental devices, respiratory devices, and ophthalmic devices.
Connected Healthcare: Promising business opportunities for medical devices
Technological advancement for providing tissue or organ transplantation has taken the rapid growth in the market of medical devices. The manufacturing companies of medical device are concentrating on the collaboration of Biotechnology and microelectronics for the development of advanced medical devices. The implementation of highly developed devices such as implantable electronic devices, neuro-stimulators, biomarkers has dynamically increased the market demand for medical devices. With the help of advanced technology, several mobile apps are developed which are connected with the sensors of medical device and aims to provide improved intensive care for patients.
“Global Medical Device Market 2024” contains detailed overview of the global medical device market in terms of market segmentation by medical device type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global medical device market also provides competitive outlook of some of the major players of the global medical device market which includes profiling of companies such as Johnson & Johnson, Philips HealthCare, Medtronic Inc., GE HealthCare, Siemens AG, Novartis AG, Stryker Corp., 3M Company, Abbott Laboratories, Toshiba Corp., Becton, Dickinson and Co., Baxter International Inc., Cardinal Health Inc., Boston Scientific Corp., Allergan Inc., Zimmer Biomet, Danaher Corp., Dentsply Sirona, Essilor International S.A. and Covidien plc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global medical device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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