According to the report, the medical devices market is expected to grow at a CAGR of 4.7% from 2025 to 2035. Medical devices are in great demand, especially by hospitals, clinics and home users, due to large pool of patients with higher risk of diseases.
Medical devices advancements: Rising awareness for wearable devices and home use devices
Rising transformative changes in home use devices by focusing on ongoing transformative world, personalization of wearable devices will capture the trend and upcoming growth in industry. According to NIH report A Canadian survey carried out in 2016 found that 85% of participants would share data from their wearable if their doctor requested it.
"Strict regulations of USFDA and higher equipment cost: The major turnover blockade”
Higher R&D cost and overtime consumption of US FDA & EU approvals turns the table to higher cost of supply of medical devices. The pre-approval of medical devices from different regulation bodies have created a havoc in devices market for export in various countries with higher surge of export costs. According to NIH article Evenett and Winters highlighted that the fragmented production patterns caused by export curtailing are very costly in some countries. In addition, the export restriction of medical devices has not encouraged the much-needed domestic production expansion.
Expansion of Medical Devices Market
“The Future: Robotics, wearables and AI”
Manufacturers are gushing into constant R&D in Robotics which minimizes the humanization in surgeries with better compatability and outcome. Wearables categorizes into 2 different segments holding a crucial advancement in healthcare medical devices with an accuracy to monitor SPO2 levels with monitoring of heart rate , a milestone in healthcare achieved.
Regional Analysis of Global Medical Devices Market
Prominent players operating in the global medical devices market include Medtronic plc, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers, GE HealthCare Technologies Inc., Philips Healthcare, Stryker Corporation, Boston Scientific Corporation, Becton, Dickinson and Company (BD), Zimmer Biomet Holdings, Inc., 3M Health Care, Cardinal Health, Inc., Smith & Nephew plc, Terumo Corporation, B. Braun Melsungen AG, Fresenius Medical Care AG & Co. KGaA, Canon Medical Systems Corporation, Draegerwerk AG & Co. KGaA, Olympus Corporation, Hologic, Inc., ResMed Inc., Mindray Medical International Limited, Edwards Lifesciences Corporation, Intuitive Surgical, Inc., Nipro Corporation, Other Key Players.
The global medical devices market has been segmented as follows:
Global Medical Devices Market Analysis, by Type Category
Global Medical Devices Market Analysis by Application
Global Medical Devices Market Analysis by End User
Global Medical Devices Market Analysis by Technology
Global Medical Devices Market Analysis by Distribution Channel
Global Medical Devices Market, by Region
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