Global Medical Devices Market to be Driven by Increase in Healthcare Spending During the Forecast Period 2021-2026

Expert Market Research’s new report titled ‘Global Medical Devices Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global medical devices market, assessing the market on the basis of its segments like types, functions, end uses and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2015-2025)

• Historical market size (2019): 410 billion USD
• Forecast CAGR (2020-2025): 5.2%
• Forecast market size (2025): 556 billion USD

Growing patient populations suffering from different diseases, rising incidence of injuries, and growing research and development activities in the healthcare industry to produce technologically advanced medical devices are the major factors driving the growth of the market . Additionally, the demand for medical devices is fueled by the growing prevalence of heart disorders and the increase in the geriatric population with various health conditions. Continuous technological innovations are also one of the major drivers for the development of the market. The market for oxygen concentrators, insulin pumps, and image-guided therapy systems, among other healthcare products, has increased the preference for compact and less invasive medical technologies, further bolstering the growth of the market .

Industry definition and major segments

Medical devices can be used for surgical operations, home care and in hospitals. A medical device is an instrument, device, implant, in vitro reagent, or related device that can be used for the diagnosis, prevention, or treatment of disease in the body. It can be as simple as a medical thermometer, a tongue depressor or protective gloves. It can also be as complex as a machine that can help in medical research or an implant such as a stent or prosthesis.

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On the basis of type, the industry is divided into:

• Orthopedic devices
• Cardiovascular devices
• Diagnostic imaging
• DIVs
• GIS
• Wound care
• Diabetic treatments
• Ophthalmic devices
• Oral care
• Nephrology
• Others

On the basis of function, the industry is divided into:

• Diagnosis and monitoring
• Therapeutic
• Surgical
• Other devices

On the basis of end use, the industry is divided into:

• Home care devices
• Hospital and outpatient centers

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