DALLAS, TX / ACCESSWIRE / October 29, 2020 / According to a new market report published by Lucintel, the future of the global medical device market looks good with opportunities in hospital and homecare sector. The global medical device market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $426.2 billion by 2025 with a CAGR of 3% to 5% from 2020 to 2025. The major drivers for market growth are increasing healthcare expenditure, technological development, growing aging population, and chronic diseases.
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In this market, surgical and infection control, general medical, cardiovascular, and orthopedic are the major applications of medical device. On the basis of comprehensive research, Lucintel forecasts that cardiovascular device will remain the largest segment over the forecast period due to increasing global geriatric population, inactive lifestyle, and poor eating habits.
Within the global medical device market, diagnostic and monitoring, therapeutic, and surgical are the major function segments. Surgical device will remain the largest segment over the forecast period due to increasing number of surgical procedures, growing aging population, and increase in incidence of several chronic diseases.
North America will remain the largest region during the forecast period mainly due to a large target patient pool coupled with a high adoption rates for advanced treatments in this region. Asia Pacific is expected to witness the highest growth over the forecast period due to growing health awareness, increasing per capita income, and improving healthcare infrastructure.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of AI-Optimized medical device, increasing acceptance of wearable medical devices, growing use of miniaturized medical devices, and growing adoption 3D-Printing in medical devices. Medtronic, Johnson & Johnson, GE Healthcare, Siemens, and Cardinal Health are among the major suppliers of medical devices.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global medical device market by application, function, end use, and region, and has compiled a comprehensive research report entitled "Growth Opportunities in the Global Medical Device Market 2020-2025: Trends, Forecast, and Opportunity Analysis." The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global medical device market by application, function, end use, and region, as follows:
By Application [$B shipment analysis from 2014 to 2025]:
- Surgical and Infection Control Devices
- General Medical Devices
- Cardiovascular Devices
- Orthopedic Devices
- Home Healthcare Devices
- Other Devices
By Function [$B shipment analysis from 2014 to 2025]:
- Diagnostic and Monitoring
- Therapeutic
- Surgical
- Other Devices
By End Use [$B shipment analysis from 2014 to 2025]:
- Homecare Medical Device
- Hospital and Ambulatory Care Medical Device
By Region [$B shipment analysis from 2014 to 2025]:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- APAC
- Japan
- China
- India
- ROW
- Brazil
This 177-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: [email protected]
Tel. 972.636.5056
Cell: 303.775.0751
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SOURCE: Lucintel