The global medical devices market is estimated to grow at a significant CAGR during the forecast period. The COVID-19 pandemic is projected to have a mixed effect on the market. Currently, countries are facing the vast threat of the COVID-19 pandemic. There is a shortage of treatment available against this type of disease and most of the pharmaceutical and biotechnological companies are concentrating their research and development departments in identifying new molecules or leads for the cure of this disease. The supply chain disruption caused because of Covid-19 has led to shortages of critical medical tools across the world.
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The factors that are propelling the market growth include the increasing prevalence of chronic diseases and related increases in disability-adjusted life years, technological development in medical devices, and consistent growth in the ageing population. The older population is often likely to have hearing loss, cataracts and refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia. This is estimated to accelerate the market growth for medical devices.
With the increasing burden of chronic diseases, the demand for medical tools is also projected to rise sharply and thereby boost the market growth during the forecast period. Hence all these factors indicate the increasing demand for tools required for diagnosis, treatment, monitoring and management of the diseases.
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Market Coverage
- Segment Covered-
o By Type of Device
o By End-User
- Competitive Landscape: Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthineers(Siemens AG), Stryker Corporation
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Medical Devices Market by Segment
By Type of device :
- Respiratory Devices
- Cardiology Devices
- Orthopaedic Devices
- Diagnostic Imaging Devices (Radiology Devices)
- Endoscopy Devices
- Ophthalmology Devices
- Other Devices
By End-User
- Hospital
- Clinics
- Others
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