The global medical device market will be worth around $773 billion
Bangalore, Aug. 04, 2022 (GLOBE NEWSWIRE) — Summary of the report
The rise in the aging population coupled with rising rates of chronic disease around the world has increased medical expenditures and advances in medical device technology. This paradigm shift offers many opportunities for medical device suppliers around the world.
Increased pricing pressure from healthcare systems, non-acute care providers, group purchasing organizations, GPOs and other market players has particularly affected consumables players, whose products are often considered as relatively more commoditized than physicians’ favorite items.
With the progression of AI and ML technology due to the digital transformation trend of COVID-19, there has been a massive improvement in the ability of medical devices to diagnose disease better and earlier, in order to provide more treatment. accurate.
In emerging countries, with increasing reliable network connectivity, it is expected that IoT device will penetrate more into medical infrastructure in the coming years.
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- Diagnostic imaging devices generate approximately 25% of global medical device market revenue worldwide
- The cardiovascular segment is one of the leading medical device segments, expected to grow to ~$80 billion by 2027 from ~$55 billion in 2021
- The continued integration of artificial intelligence (AI), machine learning and connected devices continues to accelerate the demand for new technologies around the world. US medical device market.
- In Asia, China is the largest and fastest growing medical device market after Japan. This period of medical device business in China is now considered the “golden age”
- In Europe, diagnostics contributed to strong growth with the support of advanced therapies and imaging. The top 5 countries, including Germany, UK, France, Italy and Spain, accounted for around 68% of the total European medical device market size.
Market trends and opportunities
- In Europe, more than 50% of the population could suffer from some form of periodontitis and more than 10% would suffer from a serious disease in the near future, with the prevalence rising to 70-85% of the population aged 60-65. year.
- Germany is one of the largest IVD device markets in the world. In response to the growing COVID-19 pandemic and the shortage of sufficient laboratories to take COVID-19 tests, IVD manufacturers have come up with new IVD products
- India being the second largest country by population, it still depends on imports for its medical device needs, around 80% of the country’s devices are still imported. Indian medical device market is estimated at $9.7 billion in 2022, growing at a CAGR of 15.7% through 2027
- The growing number of robot-assisted minimally invasive procedures that provide quick recovery and less pain has led to an increase in demand for IoT-connected devices
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- Medtronic Sees Signs of Supply Chain Recovery and Works on Pricing Strategy as Inflation Rises
- Intuitive with a large global market share in the robotic medical device segment, also started renting machines to hospitals that otherwise could not afford the system
- In the dental device segment, Formlabs is a major player in 3D printing devices. Since 2016, the company has seen a 460% increase in the number of printers sold in the dental industry
- Owens & Minor, Inc acquired Apria Inc approx. $1.6 billion to improve patient services across the hospital and in the home medical device segment
- DePuy Synthes
- Medtronics Plc
- Fesenius medical care
- GE Healthcare
- Philips Health
- Ethicon LLC
- Siemens Healthineers
- Cardinal Health
- Baxter International Inc.
- Johnson & Johnson
- Abbott Laboratories
- Abiomed Inc.
- Accuray Inc.
- Boston Scientific Corp.
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