Medical Devices Market Size - By Product, By Type of Device, By Type of Expenditure, By EndUser, By Distribution Channel - Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Medical Devices Market Size - By Product, By Type of Device, By Type of Expenditure, By EndUser, By Distribution Channel - Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Global Medical Devices Market Overview:

According to SPER Market Research, the Global Medical Devices Market is estimated to reach USD 901.61 billion by 2032 with a CAGR of 5.72%.

The historical period saw a rise in the market for medical devices as a result of an increase in healthcare facilities, a quick increase in the older population, economic expansion in emerging markets, rapid technological advancements, and rising healthcare costs. Inadequate healthcare awareness and low healthcare reimbursements constrained the industry.Themarket for medical equipment will expand due to the rising frequency of chronic diseases and the unexpected appearance of serious infections. Future obstacles to industry expansion could come from the COVID-19 pandemic, data security problems, and governmental changes.

Impact of COVID-19 on the Global Medical Devices Market:

Other significant reasons boosting the market growth include the expanding number of internet users, more access to online services, and the increased deployment of e-prescriptions in healthcare services in the aftermath of the COVID-19 epidemic. Medical device manufacturers will benefit from COVID-19-related supply chain constraints, particularly those organisations focused on personal protective equipment (PPE), medical equipment for treatment, and a realisation of increased medical device software needs such as tracking, monitoring, and producing data for pandemic-related analysis.As healthcare professionals reduce the number of in-person visits, virtual telehealth services and care are taking over as the norm. Due to the continued dominance of self-quarantine and stay-at-home policies in society, businesses offering virtual services and in-home care have seen enormous volume gains.To stop the spread of COVID-19, there is a greater need for remote patient treatment.

As a result, more medical technologies are being used to diagnose, treat, and monitor patients without direct human interaction. Among these technologies are wearable medical gadgets, remote patient monitoring equipment, electronic health records (EHR), and uses of artificial intelligence (AI) in human healthcare. These medical technological solutions enable contactless patient monitoring, which is crucial for containing COVID-19, whether the patient is in the hospital or at home. For instance, by keeping track of a patient's EHRs, both doctors and patients can avoid managing the traditional paperwork that must be distributed to numerous people engaged in the treatment and can readily examine the information on their own devices.

Scope of the Report:

Market size available for years 2019-2032
Base year considered 2021
Forecast period 2022-2032

Segments covered By Product, By Type of Device, By Type of Expenditure, By End User, By Distribution Channel

Regions covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Companies Covered ARKRAY Healthcare Pvt. Ltd, B. Braun Medical Inc., Baxter Healthcare, Beckman Coulter, Boston Scientific, Canon Medical Systems Corporation, Chart Industries, Covidien Healthcare, Danaher Corporation, Draegerwerk AG, Essilor, Fisher & Paykel Healthcare, Flexicare, Fresenius Medical Care, Fukuda Denshi, General Electric Company, Getinge Group, Hamilton Medical AG, Hitachi Group, Koninklijke Philips N.V., Lepu Medical Technology Company Co., Ltd, Masimo Corporation, Metran Co., Ltd, Nihon Koden Corporation, NIPRO Corporation, Novartis, Olympus Medical Systems Corporation, ResMed, Inc., Roche, Sanko Manufacturing Co.,Ltd, SCHILLER Healthcare, Shandong WeiGao Group Medical Polymer Company Limited, Shanghai Runda Medical Technology Co., Ltd., Shinva Medical Instrument Company Limited, Smiths Medical, St. Jude, Stryker Corporation, SunMed, Teleflex Medical, Terumo Corporation, Themis Bioscience, Yuwell - Jiangsu Yuyue Medical Equipment & Supply Co. Ltd.

Global Medical Devices Market Segmentation:

By Product: Based on the Product, Global Medical Devices Market is segmented as ; Diagnostics and Monitoring Devices (Anaesthesia Monitoring, Blood Glucose Monitors, Blood Pressure Monitors, Breath Analyzer, Cardiovascular Devices, Dental Equipment And Supplies, Diabetes Care Devices, Diagnostic Imaging Equipment, Heart Rate Monitors, Hospital Supplies, Medical Tricorder, Nephrology And Urology Devices, Ophthalmic Devices, Orthopaedic Devices, Pulse Oximeters, Surgical Equipment), Therapeutic Devices (Hearing Aids, Insulin Pumps, Portable Oxygen Concentrators And Ventilators, Others).

By Type of Device: Based on the Type of Device, Global Medical Devices Market is segmented as; Wearable (Bracelet, Clip, Handheld, Strap), Implantable, Stationary, Others.

By Type of Expenditure: Based on the Type of Expenditure, Global Medical Devices Market is segmented as; Public Expenditure and Private Expenditure.

By End User: Based on the End User, Global Medical Devices Market is segmented as; Diagnostic Centres, Homecare, Hospitals and Clinics, Sports and Fitness, Others.

By Distribution Channels: Based on the Distribution Channel, Global Medical Devices Market is segmented as; Hypermarkets, Online Channels, Pharmacies, Others.

By Region: North America owns the prime share of this market; the major factors of the market's growth in the region are the increasing incidence of chronic illnesses, the growing amount of medicine prescriptions brought on by the region's rapidly aging population, and the expansion of key market participants in the area.