Medical Devices Market Hit To Reach USD 864.49 Billion By 2030 | Reports and Data
medical devices market size is expected to reach USD 864.49 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period
NEW YORK, NEW YORK, UNITED STATES, June 15, 2022 /EINPresswire.com/ — The global medical devices market size is expected to reach USD 864.49 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. The development of relatively cheaper diagnostics devices aiming toward reducing the overall medical costs of a patient is driving market revenue growth.
The rising prevalence of chronic diseases, technological advancements in medical devices, and a steady increase in the geriatric populations are factors driving market revenue growth. Around the world, the proportion of people aged 65 and up has risen, as has the length of life expectancy. This is expected to have a big impact on the healthcare system and, as a result, on the global medical device market’s growth. According to the World Aging Population report, there were around 703 million people aged 65 and up in the world in 2019. Over the next three decades, the number of people aged 65 and up is expected to more than double, reaching 1.5 billion by 2050 .
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Some Key Highlights From the Report
On January 22, 2021, the FDA approved Abbott’s i-STAT Alinity TBI plasma assay, a quick handheld traumatic brain injury (TBI) blood analyzer device. The device is to assist doctors in assessing people who have mild TBIs, such as concussions. The test is performed using Abbott’s handheld i-STAT Alinity platform, and results are available within 15 minutes of placing plasma in the test cartridge. According to the company, a negative test can be used to rule out the necessity for a head CT scan, while a positive test can be used to supplement CT scans and improve a clinician’s evaluation.
The wound management segment revenue is expected to register a steady growth rate over the forecast period due to rising need for advanced wound care management due to increase in burnt and accident victims. Lack of proper wound management carries the risk of increasing a patient’s Disability-Adjusted Life Years (DALY). As the field of biotechnology progresses with introduction of novel wound devices, faster recovery rates, and bioactive therapies along with physiotherapies, modern wound management has the potential to minimize the burden of an injury or damage on a patient’s health. Aforementioned factors are driving this revenue growth of the segment.
The dental devices segment revenue is expected to grow at a steady rate over the forecast period. The use of modern technologies in intraoral cameras to record photographs of the smile is an emerging trend of dental devices. Patients can use intraoral imaging to help them decide which cosmetic dental treatments will best improve their smile. As a result, 4D image scanners are being used more frequently to detect jaw motions.
The market in Europe accounted for a moderate revenue share in 2021 as a result of the increasing geriatric population in this region. Rising healthcare insurance plans, well-established infrastructure, increased adoption of modern diagnostic and treatment devices, and significant focus on a transition of medical treatment to home care settings and the launch of portable medical equipment by prominent global and domestic players in the region are all factors that are propelling the market revenue growth in this region.
Top Players in the Global Medical Devices Market:
Abbott, F. Hoffmann-La Roche Ltd, Koninklijke Philips NV, Siemens Healthcare GmbH, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Pvt. Ltd, Medtronic GmbH, Smith & Nephew PLC, and General Electric Company.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory standards and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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Medical Devices Market Segmentation:
Type Outlook (Revenue, USD Billion; 2019–2030)
Diagnostic Imaging Devices
In vitro devices
End-use Outlook (Revenue, USD Billion; 2019–2030)
Global Medical Devices Market Report: Regional Segmentation
Middle East & Africa
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Global Medical Devices Market: Table of Contents
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.1. Primary Sources
1.4.2. Secondary Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
Chapter 3. Key Insights
Chapter 4. Global Pharma & Healthcare Market Segmentation
4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Porter’s Five Forces Analysis
4.5. Regulatory Framework
4.6. Price trend Analysis
4.7. Competitive Metric Space Analysis
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Frequently Asked Questions Answered in the Report:
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