Medical Device and Accessories Market Overview
Medical device and accessories market research report expects the industry size to rise at a high CAGR of 5.90% and is expected to register the growth-share of the market to about USD 121410.36 Million by the end of the forecasted period from 2022 to 2030.
Medical device and accessories collectively refer to every entity used in the prognosis of a disorder, inclusive of diagnosis, monitoring and treatment. According to the Food & Drug Administration (FDA), there are certain guidelines followed by manufacturers and FDA staffs during testing for any object to qualify as medical device and accessories. MRFR predicts numerous market dynamics anticipated to escalate the medical device and accessories market growth. Rising prevalence of chronic diseases like cardiac disorders and diabetes, increase in number of surgical cases, rise in geriatric population, surge in healthcare expenditure, technological advancements leading to better medical infrastructure, and more investment by market key players in research and developmental activities urging new product launches are some significant market drivers expected to shoot up the growth curve of the global medical device & accessories market. Additionally, other important factors envisaged to gain traction for generating market revenue are collaborations and mergers between market operators.
Segmental Analysis
An exhaustive segmental study of the medical device and accessories market provides a detailed insight into the market. The medical device and accessories market has been segmented by types of devices.
Based on the types of devices, the market study has been segmented into therapeutic medical guide, dental implant, cochlear implant, global nerve stimulator market, global diabetes monitors market, cardiovascular application, coronary pressure, global suture needles, and monitors, catheters.
The cardiovascular segments has been narrowed down to cardiac defibrillators, cardiac monitors, cardiac pacemaker, and others. The coronary pressure monitor segment has been sub-segmented into pressure monitor, BP transducers, instruments and accessories, sphygmomanometer, and automated blood ambulatory blood pressure monitor. The catheter segment has been further classified into cardiovascular catheters, specialty catheters, , neurological catheters, intravenous catheters, and urinary catheters. The therapeutic medical guidewire segment has been divided into wrapped guidewire and solid guidewire. The nerve stimulator segment has been further segmented into vagus nerve stimulator, spinal cord stimulator, and deep brain stimulator.
Regional Insights
The flourishing trend of health-consciousness coupled with increase in healthcare expenditure in North America are likely to augment the regional medical devices and accessories market. Technological advancements backing medical infrastructural support is gaining traction for investments, by the influential market players, for research and developmental activities, thereby creating scope for innovating new products. These factors are casting a powerful positive impact on the North American market. MRFR predicts North America to secure the paramount position in the global medical devices and accessories market.
The European region is anticipated to hold the second position in the global market due to its high medical expenditure, strong governmental support, and outstanding medical infrastructure.
The Asia Pacific region is expected to experience the fastest market growth. The rise in geriatric population and technological advancements creating opportunity for innovation are some key regional market drivers likely to spur the medical devices and accessories market in Asia Pacific in the near future.
The medical devices and accessories market growth in the Middle East & African region, owing to less availability of medical facilities and socio-economical set back , is estimated to hold the least market size in the upcoming years.
Key Players
Siemens AG (U.S.), Johnson & Johnson Services, Inc. (U.S.), Medtronic (Ireland), Stryker Corporation (U.S.), Danaher Corporation (U.S.), koninklijke philips n.v (the Netherlands), General Electric Company (U.S.), and Boston Scientific Corporation (U.S.) are the top companies operating in the sector which are enlisted by MRFR’s Medical Device and Accessories Market report.
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