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Medical Devices Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 120
  • SKU: IRTNTR41168
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The medical devices market share is expected to increase by USD 134.2 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.37%.

This medical devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical devices market segmentations by product (therapeutic and surgical devices, PMDMID, and other medical devices) and geography (North America, Europe, and Asia). The medical devices market report also offers information on several market vendors, including Becton, Dickinson and Co., F. Hoffmann-La Roche Ltd., Fresenius SE & Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips NV, Medtronic Plc, Olympus Corp., Siemens AG, and Stryker Corp. among others.

What will the Medical Devices Market Size be During the Forecast Period?

Medical Devices Market Size

Download the Free Report Sample to Unlock the Medical Devices Market Size for the Forecast Period and Other Important Statistics

 

Medical Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing prevalence of diseases is notably driving the medical devices market growth, although factors such as declining reimbursement and cost containment measures may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Medical Devices Market Driver

Increasing prevalence of diseases is one of the key factors driving the global medical devices market growth. The global prevalence of acute and chronic diseases, including cardiovascular, neurological, orthopedic, and respiratory diseases, is increasing significantly. In 2019, the five common diagnosed types of cancers were lung cancer, breast cancer, prostate cancer, colorectal cancer, and stomach cancer. The prevalence of various types of cancers is increasing. Age-related macular degeneration (AMD) is the third-leading cause of visual disability across the world and the leading cause in the industrialized world. The prevalence of these chronic diseases increases significantly with age. Globally, the aging population is also growing rapidly due to the increasing average life expectancy. Hence, the demand for advanced surgical imaging equipment, such as C-arms systems, is increasing, which is driving the growth of the global medical devices market.

Key Medical Devices Market Trend

Emergence of innovative technologies is a key performing trend impacting the global medical devices market growth. Numerous medical technologies and devices introduced in recent years are expected to enhance the diagnosis and treatment of various diseases significantly. Regenerative medicine is increasingly gaining prominence due to its potential applications in repairing or replacing damaged human cells, tissues, and organs using therapeutic stem cells, tissue engineering, and artificial organ production. Genome editing technologies such as the CRISPR-Cas9 system can be used to slice and alter the genome in human cells. Many end-users are increasingly adopting surgical robots which have various advantages over laparoscopic and traditional surgery methods. Many vendors are focusing their R&D efforts on developing novel surgical robots. Many companies are marketing liquid biopsies. Wearable medical devices are another segment of the global medical devices market. They are increasingly being used in diverse applications, including pain management, patient assistance, and fetal monitoring.

Key Medical Devices Market Challenge

Declining reimbursement and cost containment measures will be a major challenge negatively impacting the global medical devices market growth. The cost-containment measures include limiting the compensation for certain procedures or treatments, tying reimbursements to outcomes, shifting to population health management (PHM), and introducing new laws and regulations. The medical device industry has argued that the imposition of such taxes will reduce the incentives of companies investing in the development of innovative medical devices. It is a significant barrier for small medical device companies that are heavily engaged in R&D as they have to pay tax even if they are not profitable. One of the major reimbursement challenges is the misalignment of reimbursement rates and the value of medical technologies. cost containment measures are hampering the profitability of companies operating in the market and restricting market growth.

This medical devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global medical devices market as a part of the global healthcare equipment market.  Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical devices market during the forecast period.

Who are the Major Medical Devices Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Becton, Dickinson and Co.
  • F. Hoffmann-La Roche Ltd.
  • Fresenius SE & Co. KGaA
  • General Electric Co.
  • Johnson and Johnson Services Inc.
  • Koninklijke Philips NV
  • Medtronic Plc
  • Olympus Corp.
  • Siemens AG
  • Stryker Corp.

 

This statistical study of the medical devices market encompasses successful business strategies deployed by the key vendors. The medical devices market is fragmented and the vendors are deploying growth strategies such as increasing M&A and strategic collaborations to compete in the market.

Product Insights and News

  • Becton, Dickinson and Co.- The key offerings include Standard Thoracentesis and Paracentesis device, Safe-T-Centesis Drainage system, and other interventional devices.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The medical devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Medical Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the medical devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Medical Devices Market?

Medical Devices Market Market segmentation by region

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43% of the market's growth will originate from North America during the forecast period. US is the key market for medical devices in North America. Market growth in this region will be slower than the growth of the market in regions.

The medical devices market in the US is growing due to favorable reimbursement policies, increasing expenditures and initiatives in health care, growing awareness among the general population about chronic diseases and the importance of health, and the rise in the number of product approvals will facilitate the market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had a mixed impact on the demand for medical devices in North America as the supply chain network for medical devices came to a halt in the first half of 2020. This decreased the sales of medical devices in the region in early 2020. The manufacturing of medical devices was also stopped in the first half of 2020, as most medical device companies switched to the production of essential equipment and supplies, such as PPE kits, which were required for the diagnosis and treatment of patients with COVID-19. Hence, the growth of the medical devices market in North America was restrained in the first half of 2020. As of July 28, 2021, more than 35.48 million cases of COVID-19 have been diagnosed in the US, and the number of deaths from the disease crossed 0.62 million. The rising number of deaths due to COVID-19 led to lockdowns in several countries, including the US, Canada, and Mexico, in the first half of 2020. 

What are the Revenue-generating Product Segments in the Medical Devices Market?

Medical Devices Market Segmentation

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The market share growth by the therapeutic and surgical devices segment will be significant during the forecast period. The global AIMD market is expected to grow steadily during the forecast period. The increase in the prevalence of CVD, neurological disorders, and rapidly growing geriatric population due to increased life expectancy is likely to drive this segment.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the medical devices market size and actionable market insights on post COVID-19 impact on each segment.

 

Medical Devices Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 5.37%

Market growth 2021-2025

$ 134.2 billion

Market structure

Fragmented

YoY growth (%)

5.24

Regional analysis

North America, Europe, and Asia

Performing market contribution

North America at 43%

Key consumer countries

US, Germany, China, Japan, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Becton, Dickinson and Co., F. Hoffmann-La Roche Ltd., Fresenius SE & Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips NV, Medtronic Plc, Olympus Corp., Siemens AG, and Stryker Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Medical Devices Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive medical devices market growth during the next five years
  • Precise estimation of the medical devices market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the medical devices industry across North America, Europe, and Asia
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of medical devices market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis – Healthcare equipment

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Therapeutic and surgical - Market size and forecast 2020-2025
      • Exhibit 17: Therapeutic and surgical - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 18: Therapeutic and surgical - Year-over-year growth 2020-2025 (%)
    • 5.4 PMDMID - Market size and forecast 2020-2025
      • Exhibit 19: PMDMID - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 20: PMDMID - Year-over-year growth 2020-2025 (%)
    • 5.5 Other medical devices - Market size and forecast 2020-2025
      • Exhibit 21: Other medical devices - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 22: Other medical devices - Year-over-year growth 2020-2025 (%)
    • 5.6 Market opportunity by Product
      • Exhibit 23: Market opportunity by Product

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 25: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 26: Geographic comparison
    • 7.3 North America - Market size and forecast 2020-2025
      • Exhibit 27: North America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
    • 7.4 Asia - Market size and forecast 2020-2025
      • Exhibit 29: Asia - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 30: Asia - Year-over-year growth 2020-2025 (%)
    • 7.5 Europe - Market size and forecast 2020-2025
      • Exhibit 31: Europe - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)
    • 7.6 ROW - Market size and forecast 2020-2025
      • Exhibit 33: ROW - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 34: ROW - Year-over-year growth 2020-2025 (%)
    • 7.7 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.8 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Vendor landscape
          • Exhibit 38: Vendor landscape
        • 9.2 Landscape disruption
          • Exhibit 39: Landscape disruption
          • Exhibit 40: Industry risks
        • 9.3 Competitive Scenario

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 41: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 42: Market positioning of vendors
          • 10.3 Becton Dickinson and Co.
            • Exhibit 43: Becton Dickinson and Co. - Overview
            • Exhibit 44: Becton Dickinson and Co. - Business segments
            • Exhibit 45: Becton, Dickinson and Co. - Key news
            • Exhibit 46: Becton Dickinson and Co. - Key offerings
            • Exhibit 47: Becton Dickinson and Co. - Segment focus
          • 10.4 F. Hoffmann La Roche Ltd.
            • Exhibit 48: F. Hoffmann La Roche Ltd. - Overview
            • Exhibit 49: F. Hoffmann La Roche Ltd. - Business segments
            • Exhibit 50: F. Hoffmann La Roche Ltd. - Key offerings
            • Exhibit 51: F. Hoffmann La Roche Ltd. - Segment focus
          • 10.5 Fresenius SE and Co. KGaA
            • Exhibit 52: Fresenius SE and Co. KGaA - Overview
            • Exhibit 53: Fresenius SE and Co. KGaA - Business segments
            • Exhibit 54: Fresenius SE & Co. KGaA – Key news
            • Exhibit 55: Fresenius SE and Co. KGaA - Key offerings
            • Exhibit 56: Fresenius SE and Co. KGaA - Segment focus
          • 10.6 General Electric Co.
            • Exhibit 57: General Electric Co. - Overview
            • Exhibit 58: General Electric Co. - Business segments
            • Exhibit 59: General Electric Co. – Key news
            • Exhibit 60: General Electric Co. - Key offerings
            • Exhibit 61: General Electric Co. - Segment focus
          • 10.7 Johnson and Johnson Inc.
            • Exhibit 62: Johnson and Johnson Inc. - Overview
            • Exhibit 63: Johnson and Johnson Inc. - Business segments
            • Exhibit 64: Johnson & Johnson – Key news
            • Exhibit 65: Johnson and Johnson Inc. - Key offerings
            • Exhibit 66: Johnson and Johnson Inc. - Segment focus
          • 10.8 Koninklijke Philips NV
            • Exhibit 67: Koninklijke Philips NV - Overview
            • Exhibit 68: Koninklijke Philips NV - Business segments
            • Exhibit 69: Koninklijke Philips NV – Key news
            • Exhibit 70: Koninklijke Philips NV - Key offerings
            • Exhibit 71: Koninklijke Philips NV - Segment focus
          • 10.9 Medtronic Plc
            • Exhibit 72: Medtronic Plc - Overview
            • Exhibit 73: Medtronic Plc - Business segments
            • Exhibit 74: Medtronic Plc - Key offerings
            • Exhibit 75: Medtronic Plc - Segment focus
          • 10.10 Olympus Corp.
            • Exhibit 76: Olympus Corp. - Overview
            • Exhibit 77: Olympus Corp. - Business segments
            • Exhibit 78: Olympus Corp. – Key news
            • Exhibit 79: Olympus Corp. - Key offerings
            • Exhibit 80: Olympus Corp. - Segment focus
          • 10.11 Siemens AG
            • Exhibit 81: Siemens AG - Overview
            • Exhibit 82: Siemens AG - Business segments
            • Exhibit 83: Siemens AG – Key news
            • Exhibit 84: Siemens AG - Key offerings
            • Exhibit 85: Siemens AG - Segment focus
          • 10.12 Stryker Corp.
            • Exhibit 86: Stryker Corp. - Overview
            • Exhibit 87: Stryker Corp. - Business segments
            • Exhibit 88: Stryker Corp. – Key news
            • Exhibit 89: Stryker Corp. - Key offerings
            • Exhibit 90: Stryker Corp. - Segment focus

          11 Appendix

          • 11.1 Scope of the report
            • 11.2 Currency conversion rates for US$
              • Exhibit 91: Currency conversion rates for US$
            • 11.3 Research methodology
              • Exhibit 92: Research Methodology
              • Exhibit 93: Validation techniques employed for market sizing
              • Exhibit 94: Information sources
            • 11.4 List of abbreviations
              • Exhibit 95: List of abbreviations

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            Medical Devices Market market growth will increase by $134.2 bn during 2021-2025.
            The medical devices market market is expected to grow at a CAGR of 5.37% during 2021-2025.
            Technavio has segmented the medical devices market market by product (therapeutic and surgical devices, PMDMID, and other medical devices) ,geography (North America, Europe, Asia, and ROW) , and geographic (North America, Europe, and Asia).
            Becton, Dickinson and Co., F. Hoffmann-La Roche Ltd., Fresenius SE & Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips NV, Medtronic Plc, Olympus Corp., Siemens AG, Stryker Corp. are a few of the key vendors in the medical devices market market.
            North America will register the highest growth rate of 43% among the other regions. Therefore, the medical devices market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the medical devices market market growth are:
            • Increasing prevalence of diseases
            • Emergence of innovative technologies
            The medical devices market market vendors should focus on grabbing business opportunities from the therapeutic and surgical devices segment as it accounted for the largest market share in the base year.
            • What are the key global market and the regional market share?
            • What are the revenue-generating key market segments?
            • What are the key factors driving and challenging this market’s growth?
            • Who are the key market vendors and their growth strategies?
            • What are the latest trends influencing the growth of this market?
            • What are the variables influencing the market growth in the primary regions?
            • What are the factors influencing the growth of the parent market?
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