Medical Devices Market set for rapid growth forecast 2023-2029

The Global Medical Devices Market is likely to derive growth from recent technological advancements. According to a report published by Fortune Business Insights, The global medical devices market size was valued at USD 488.98 billion in 2021. The market is projected to grow from USD 495.46 billion in 2022 to USD 718.92 billion by 2029, exhibiting a CAGR of 5.5% during the forecast period.

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Leading Players operating in the Medical Devices Market are:

Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:

• Medtronic
• DePuy Synthes
• Fresenius Medical care
• Philips Healthcare
• GE Healthcare
• Ethicon LLC.
• Siemens Healthiness
• Cardinal Health
• Stryker
• BD
• Baxter International Inc.

Massive Supply Chain Disruptions to Hamper the Market

The COVID-19 outbreak has had a crippling effect on the global supply chain and logistics. With a large number of major economies such as India and Italy going under prolonged periods of lockdown, transfer of medical devices and services across international borders has been severely stymied. More importantly, majority of the world’s leading medical devices companies have their manufacturing facilities stationed in China. Being the epicenter of the outbreak, China has suspended most of its industrial activities. As a result, timely delivery of necessary medical devices has been affected and the medical devices market trends have been negatively impacted in the process.

Adoption of Novel Technologies to Boost the Market in Asia Pacific

Based on regional demographics, the report classifies the global medical devise market into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the adoption of medical technologies is the highest in the Asia Pacific.

The growing adoption is a consequence of rising population and increasing number of chronic diseases. Additionally, increasing hospital visits will contribute to the demand for medical devices. Furthermore, the adoption of novel technologies in these products, coupled with the increased healthcare expenditure, will favor the growth of the market in Asia Pacific.

Reasons to Purchase this Report:

• Comprehensive analysis of the Medical Devices Market growth drivers, obstacles, opportunities, and other related challenges.
• Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
• Identifies market restraints and boosters.
• Identifies all the possible segments present in the market to aid organizations in strategic business planning.

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Based on end-user, the market includes hospitals & ASCs, clinics, and others. The hospitals & ASCs segment held a dominating share in 2021 due to the increasing number of multispecialty and community hospitals, especially in emerging countries.

Thus, the above factors and growing emphasis of healthcare agencies and government toward a routine diagnosis of patients and their timely treatment have resulted in raising awareness among the general population, thereby subsequently propelling the market growth during the forecast period.

To suffice the constantly increasing demand and growing expectations from end users, healthcare manufacturers are putting in more efforts to come up with new products. Along with new products, healthcare manufacturers are also under the pressure of improving product and device efficiencies. There is an increasing demand for ultrasound imaging equipment arising from healthcare settings in emerging countries. The major reason for this rising demand is the improved efficiency of new ultrasound imaging equipment introduced in the market. Among all types of medical imaging equipment, ultra-sonic devices accounted for almost 22.9% of the global Market.

What are the Driving Factors of the Global Medical Devices Market?

• Increasing awareness about health and the availability of advanced medical devices
• Rising incidence of gynecological disorders
• Growing geriatric population and associated health issues
• Rising disposable income and healthcare expenditure
• Government initiatives to promote healthcare infrastructure and access to healthcare services.

Key Trends

These are plans with a higher deductible than any traditional insurance plan. The monthly premium is usually lower, but one pays more health care costs themselves before the insurance company starts to pay its share (your deductible). A high deductible plan (HDHP) can be combined with a health savings account (HSA), allowing one to pay for certain medical expenses with money free from federal taxes.

The enrolment number for these plans continues to grow YoY, as many employees feel the need to combat the rising healthcare prices. Rising consumerization may continue to drive the tremendous growth of voluntary benefits among employees, and therefore, the HDHPs are gaining popularity, in order to manage costs. The large group market with more than 50 employees remains the most popular setting for HDHP and HAS enrolment, according to AHIP. In 2017, 82% of enrolment occurred in large employer settings, followed by the small-employer market (11%) and the individual market (7%)

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