Medical Device Segment Analysis By Device Type
The Medical Device Market based on device type can be further segmented into Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, Diabetes Care, Ophthalmic Devices, Dental, Nephrology, and Others. The cardiovascular devices segment is the major segment generating revenue in 2020. This can be attributed to the fact that there is a growing prevalence and impact of cardiovascular diseases which were posing multiple challenges to the healthcare systems and professionals. Furthermore, with the introduction of cardiovascular stents and its rapid evolution from stainless steel towards novel biodegradable devices are driving the market.
On the other hand, the orthopedic devices segment is estimated to register the fastest CAGR of 6.5% for the period 2021-2026. The orthopedic device market is poised to outgrow with the escalating numbers for arthritis and osteoporosis and consistently rising demand for minimally invasive surgeries for the globally rising geriatric population. Also, there are growing prevalences of various bone related infirmities which requires joint reconstruction. All these surging factors requires smart medical procedures, customized implants, etc. which altogether in a way portrays to cater the market growth.
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Medical Device Segment Analysis By Application
The Medical Device Market based on application can be further segmented into Medical Imaging, Remote Monitoring, Wearable, Self-Diagnosis, and Preventive Care, Implants, Wound Care and Surgery, and Others. The medical imaging is to hold the market share owing to the presence of an accurate and an efficient medical imaging system technologies both in the developed and growing economies. But with the high disease burden and up surge in technological advancements such as Artificial Intelligence (AI), etc. there is a revolution in the medical imaging industry which has led to the growth of the segment holding the major segmental share.
On the contrary, the self-diagnosis and preventive care segment is forecasted to register the fastest CAGR of 7.7% over 2021-2026. This is mainly owing to the fact that diagnosis becomes much easier as these kits claim to diagnose from prostate cancer to Alzheimer disease and menopause and hence, appealing to many. Furthermore, with Artificial Intelligence (AI) diagnostic apps soaring high in recent years, many consumers are inclining towards the home monitoring and portable instruments that are able self-diagnose. All these are to trigger to the growth of the self-diagnosis segment in the forecast period of 2021-2026.
Medical Device Segment Analysis By Geography
North America dominated the Medical Device Market with major share of 45.2% in 2020. North America is the world’s top producer of medical devices followed by the presence of well-developed medical infrastructure. Furthermore, with the adoption of various novel technologies and its continuous developments also pose an active reason to its growth. Apart from these, the region has also seen a surge up in the cases for multiple chronic illness especially amongst the geriatric population which has also in a way enhance the market share and hence its growth.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 7.85% during the forecast period 2021-2026 owing to the fact that Asian countries such as Japan, China, and India are considered as the regions offering largest contract manufacturing of medical devices by the developed ones, thereby offering significant potential growth in the Medical Device industry. Apart from this, the region is also considered to be amongst the fastest growing economies followed by the increase in focus by the market players to expand its direct presence in these countries owing to the availability of raw materials at a low cost which is also to aid to the regional market growth.
Medical Device Market Drivers
Increasing Technological Advancement in Medical Devices
The significant driver boosting the Medical Device Market during the projected period 2021-2026 is technological advancements. The demand for wearable medical equipment has risen as a result of the corona virus pandemic, and in vitro diagnostic tests have also become more important as the focus shifts to no-human-contact therapies. The medical equipment industry has also been boosted by artificial intelligence and the need for home care monitoring devices. Electronic applications in large data management, such as Electronic Healthcare Records (EHR), have also aided medical treatment in data handling.
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Medical Device Market Challenges
High Initial Capital And Stringent Rules
The major challenge in the Medical Device market is the high initial capital investment that is required by the manufacturers for high-quality treatment and compliance of these medical devices in a vast and heterogeneous market. Moreover, the stringent rules and regulations regarding the manufacturing following the regulations prior to distribution and sales in specific regions is the major problem. However, governments are trying to simplify regulations and paperwork, in order to resolve the challenges.
Medical Device Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Medical Device market. In 2020, Medical Device market share is fragmented by the top ten players present in the market. The Medical Device market top 10 companies are Medtronic, GE Healthcare, Ethicon LLC, Siemens Healthineers, Cardinal Health, Stryker, Baxter International Inc, Philips Healthcare, DePuy Synthesan, Fresenius Medical Care and others.
Acquisitions/Product Launches
In January 2021, Koninklijke Philips N.V. launched the abdominal aortic aneurysm(AAA) model, providing physicians a more patient-friendly solution compared to the current standard of care for managing AAA patients.
In May 2020: GE Healthcare a US-based American multinational is developing cybersecurity through artificial intelligence which can access and monitor medical devices, in order to prevent the data of patient healthcare and its information.
Key Takeaways
In 2020, North America dominated the Medical Device Market.
Increase in the number of chronic illness treatments followed by the rise in the number of geriatric population are enhancing the growth of the Medical Device Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Medical Device Market report.
Stringent laws regarding the manufacturing and its compliance to the various regions is set to create hurdles for the Medical Device Market.
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