In a recent published report, Kenneth Research has updated the market report for Medical Devices Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Devices Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Medical Devices Market was valued at USD 510 Billion in the year 2017. Global Medical Devices Market 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 Market share in 2017 and the Asia Pacific is considered as the fastest growing Market 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.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Major market players in Medical Devices Market 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 Market:
Strength:
Increasing number of aging population
Growing incidence of chronic conditions
Weakness:
High cost for medical devices
Opportunities:
Advancement in technology
Growth in research funding
Threats:
Inadequate regulatory compliance
The Global Medical Devices Market 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 Market share due to rising trend of knee replacement surgeries especially by older people.
Medical Devices Market Segmentation:
By Function
*Diagnostic and Monitoring
*Therapeutic
*Surgical
*Other
By Application
*Surgical and Infection Control Devices
*General Medical Devices
*Cardiovascular Devices
*Orthopedic Devices
*Home Healthcare Devices
*Other Devices
By Region
*North America
o USA
o Canada
*Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
*APAC
o China
o India
o Japan
o Rest of Asia-Pacific
*RoW
o Latin America
o Middle East & Africa
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Reasons to Purchase this Report
*Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
*Provision of market value (USD Billion) data for each segment and sub-segment
*Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
*Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
*Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
*Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
*The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
*Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
*Provides insight into the market through Value Chain
*Market dynamics scenario, along with growth opportunities of the market in the years to come
*6-month post sales analyst support
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