Medical Devices Industry By Function (Diagnostic, Monitoring And Therapeutic), and By Application (Surgical , Infection Control Devices And General Medical Devices) - Market Forecast and Size Analysis 2019-2025
Global Medical Devices Industry was valued at USD 510 Billion in the year 2017. Global Medical Devices Industry is further estimated to grow at a CAGR of 5.3 % from 2019 to reach USD 766.27 Billion by the year 2025.
The North America region holds the highest Industry share in 2017 and the Asia Pacific is considered as the fastest growing Industry in the forecasted period. At a country level, US, China, and the U.S.
are projected to grow strongly in the coming years due to increasing density of population.
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Major market players in Medical Devices Industry are Medtronic plc, Johnson & Johnson, Cardinal Health Inc., Stryker Corp., General Electric Company, Becton Dickinson and Company, Koninklijke Philips N.V., Siemens AG, Boston Scientific Corp., GE Healthcare, and brief overview of 10 companies is also provided. Rising research and development expenses are catering to changing demand of end users.
Similarly, growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
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SWOT analysis of Medical Devices Industry:
Increasing number of aging population
Growing incidence of chronic conditions
High cost for medical devices
Advancement in technology
Growth in research funding
Inadequate regulatory compliance
The Global Medical Devices Industry is segmented as By Application, Function, and Region. The Application Type is segmented surgical and Infection Control Devices, General Medical Devices, Cardiovascular Devices, Orthopedic Devices, Home Healthcare Devices and other Devices in which the orthopedic devices segment contributes to the highest Industry share due to rising trend of knee replacement surgeries especially by older people.
Medical Devices Industry Segmentation:
- • Diagnostic and Monitoring
- • Therapeutic
- • Surgical
- • Other
- • Surgical and Infection Control Devices
- • General Medical Devices
- • Cardiovascular Devices
- • Orthopedic Devices
- • Home Healthcare Devices
- • Other Devices
- • North America
- • Europe
o Rest of Europe
- • APAC
o Rest of Asia-Pacific
- • RoW
o Latin America
o Middle East & Africa
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