[225+ Pages Research Report] According to Facts and Factors market research report, the Global Medical Device Market size & share revenue is expected to grow from USD 471 Billion in 2020 to reach USD 623 Billion by 2026, at 5% annual CAGR growth during forecast period of 2021-2026. The top market companies profiles included in report with their sales, revenues and strategies are Medtronic , Stryker , Fresenius Medical Care SE & CO., Koninklijke, F. Hoffman-La Roche Ltd, Siemens Healthineers AG, BD, Boston Scientific Corporation and others.
New York, NY, July 01, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Medical Device Market By Type of Device (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology & Urology, General Surgery, & Others), By End-User (Homecare, Hospitals & Clinics, & Diagnostic Centers), And By Regions – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 - 2026”.
“According to the recent research report, the demand of global Medical Device Market size & share expected to reach to USD 623 Billion by 2026 from USD 471 Billion in 2020, at a compound annual growth rate (CAGR) of 5% during the forecast period 2021 to 2026”
Global Medical Device Market: Overview
Medical devices are a form of equipment that aids medical practitioners and professionals by adding extra utility in the form of vision or optics for performing complicated functions or providing a better quality of life. Since medical devices are used for life or death situations, they are often carefully vetted in order to be approved. The major driving factors responsible for the growth of the medical device market are increased rounds of investment by the public and government bodies across the world and loosened restrictions in terms of these devices.
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Industry Major Market Players
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On the basis of types of device, the global medical device market can be divided into orthopedic devices, cardiovascular devices, diagnostic imaging, IVD, MIS, wound management, diabetes care, ophthalmic, dental, nephrology & urology, general surgery, and others (dental equipment & supplies, patient monitoring devices, anesthesia & respiratory devices). The IVD category is expected to witness the largest market share during the advent of the forecast due to the increasing prevalence of chronic and infectious disorders.
On the basis of end-users, the global medical device market can be fragmented into homecare, hospitals & clinics, and diagnostic centers. The hospitals and clinics are expected to witness the largest market share during the advent of the forecast owing to a larger physical presence of hospitals in the region spread across the form of multispecialty and community-based hospitals. Additionally, the rising healthcare expenditure and government programs based on reimbursements will aid in boosting the growth of the market across a larger footprint.
Here are some noteworthy developments occurring in the global medical device market during the forecast:
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Global Medical Device Market: Growth Factors
The major driving forces behind the global medical device market are the increased uptake of investment in the sector coupled with favorable and loosened medical regulations on the approval and testing of these devices. Additional factors include the rise in increasing regional support for the establishment and demand of these devices and the global economy slowing inching towards post-pandemic levels. Furthermore, with the latest trend of wearable medical devices catching on for a larger consumer base, the market is expected to be in a swollen condition during the forecast. Moreover, factors pertaining to the advanced model being introduced by key players in the market, the latest features, optimal prices, and increasing marketing campaigns will propel the growth of the global medical device market over the forecast period.
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North America Will Exhibit The Largest Market Share During The Forecast Period
North America is expected to witness the largest market share during the advent of the forecast owing to global revenue collection. The recent trends indicate that the market will accumulate over 30% of total global revenue. The factors credited with the dominant position of the market are the presence of key players in the region, strong healthcare infrastructure, rapid adoption of advanced medical technologies, and favorable regulation surrounding the approval of these devices will boost the growth of the market during the forecast. The region of Europe is expected to witness the fastest growing CAGR during the forecast.
Browse the full report “Medical Device Market: By Type of Device (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology & Urology, General Surgery, & Others), By End-User (Homecare, Hospitals & Clinics, & Diagnostic Centers), And By Region – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/medical-device-market
The global medical device can be segmented on the basis of:
Global Medical Device Market: By Type of Device Segment Analysis
Global Medical Device Market: By End-Users Segment Analysis
Key Highlights of this Report:
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