The Rising Prevalence Of Chronic Diseases Such As Cardiovascular Diseases, Cancer And Diabetes To Boost The Medical Devices Market Growth

 

Medical Devices

The Medical Devices Market is Segmented by Type of Device (Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices (Radiology Devices), Endoscopy Devices, Ophthalmology Devices, and Other Devices) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) -Size, Share, Outlook, and Opportunity Analysis, 2022-2030.

The Medical Devices Market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A Medical Device is any type of appliance, device, software, substance, or other instruments, which might be utilized individually or in combination by people for a surgical purpose. Various articles come under the category of medical device and start from walking sticks to eye lenses to breast grafts.

Competitive Landscape:

Key players involved in the global Medical Devices Market are Smith & Nephew PLC, Medtronic PLC,  Abbott Laboratories Inc, Siemens Healthineers (Siemens AG), F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, Stryker Corporation,  Philips Healthcare, Johnson & Johnson, and GE Healthcare 

Market Key Drivers:

The rising prevalence of chronic diseases such as cardiovascular diseases, cancer and diabetes are expected to augment the growth of global medical devices market. For instance, as per a report published in December 2021, the prevalence of cardiovascular diseases among people of age 45 years and above was 29.4%.

The rising launches and developing innovative products is projected to propel the growth of global Medical Devices Market. For instance, in India, in May 2022, Max ventilator introduced versatile noninvasive ventilators, which are equipped with inbuilt oxygen treatment and humidifier.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Medical Devices Market. The rise in cases led to shutdown across several regions globally. The delay in hospital treatments and appointments in the healthcare center, postponement or cancellation in several operations and elective procedures impeded the market growth.

Key Takeaways:

The global Medical Devices Market is anticipated to exhibit a CAGR of XX % during the forecast period owing to rising heart diseases. For instance, as per AHA, around 130 million people suffer from one or the other kind of heart disease in U.S.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global medical devices market due to rising cardiovascular diseases, chronic diseases, rising geriatric population and increasing launches and approvals. For instance, as per the United Nations Population Fund, in Canada, a huge proportion of the populace is expected to be among 15 years and 64 years and holds for 65% of the total populace in the year 2022.