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 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 Ageing 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. As a result of the growing geriatric population, health and long-term care costs are expected to increase substantially. Hearing loss, cataracts, refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia are all common among the elderly. This is expected to boost medical device market revenue growth.
Some Key Highlights From the Report
- On 22 January 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.
For More Industry Insight, Request Sample@ https://www.reportsanddata.com/download-summary-form/5089
- 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.
- Companies profiled in the global market report include Abbott, F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Siemens Healthcare GmbH, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Pvt. Ltd, Medtronic GmbH, Smith & Nephew PLC, and General Electric Company.
For this study, Reports and Data have segmented the medical devices market based on type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019–2030)
- Respiratory devices
- Cardiology devices
- Orthopedic devices
- Diagnostic imaging devices
- Endoscopy devices
- Ophthalmology devices
- Wound management
- In-vitro devices
- Dental devices
- Others
Request For Custom Research @ https://www.reportsanddata.com/request-customization-form/5089
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Clinics
- Hospitals
- Others
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
Browse More Reports:
Pen Needles Market Size, Share, Trends, By Needle Length (4 mm, 5 mm, 6 mm, and Others), By Product Type (Disposable pens and Reusable pens), By Application (Insulin therapy, Allergic reactions, and Others), and By Region Forecast to 2030
Population Health Management (PHM) Market By Product Type (Software, Services), By Delivery Mode (Web-Based, Cloud-Based, On-Premises), By Application (Patient-Centered Medical Home, Comprehensive Longitudinal Patient Record), By End-Use, and By Region Forecast to 2030
Rapid Test Kit Market Size, Share, Trends, By Technology, and By Region Forecast to 2030
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problem provide our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com