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Medical Device Market 2022: Size, Share, Comprehensive Industry and Vendor Landscape 2031

Kenneth Research recently added a report on Medical Device Market which provides a detailed insight into the market scenario on the basis of the market size, market volume and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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 Device Market Products.

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According to the U.S. Centers for Medicare & Medicaid Services, the national health spending is estimated to grow at an annual rate of 5.5% during 2018-2027 in the United States. Moreover, the total spending in the healthcare industry in the country is anticipated to reach around USD 6 trillion by the end of 2027. On the back of such factors, the market is predicted to observe a significant growth in the next few years.

Developments in healthcare infrastructure, and a rise in lifestyle related diseases like hypertension, diabetes, asthma, etc. have led to an increasing demand for medical devices across India. The Indian medical devices market was valued at INR 338.62 Bn in 2017, and is expected to reach INR 794.29 Bn by the end of 2023, expanding at a compound annual growth rate (CAGR) of ~15.27% during the 2018-2023 period. It stands among the top 20 global medical devices market.
Market segment insights:
The diagnostic imaging segment is considered to be the largest, owing to its ability to facilitate accurate detection of diseases. It had a market share of nearly 30.41% in 2015, and is expected to occupy a similar share till 2020. Apart from diagnostic imaging devices, significant shares in the medical devices market are occupied by medical consumables, IV diagnostic devices, patient aids, etc.

Key growth drivers of the market:
o The central government of India, as well as several private organizations have taken initiatives to improve the condition of public health within the country. Such participation from the public and private enterprises have resulted in the growth of the healthcare sector, thereby leading the medical devices market in India to prosper.
o The Indian government has allowed 100% foreign direct investment (FDI) in the medical devices industry. Inflow of FDI is expected to spur research and development (R&D) activities and manufacturing innovations, which in turn can help in driving the growth of the medical devices market in India.

Key deterrent to the growth of the market:

India imports nearly 70% of the total number of medical devices sold in the country. Excessive dependency on import of high-tech devices from the developed countries is hindering the growth of the domestic medical devices’ manufacturers in India.

Companies covered:

o Centenial Surgical Suture Ltd.
o Opto Circuits (India) Ltd.
o Poly Medicure Ltd.
o B. Braun Medical (India) Pvt. Ltd.
o Philips India Ltd.
o Baxter International Inc.
o Becton, Dickinson and Company
o GE Healthcare Ltd.
o Medtronic, Inc.
o Siemens Healthineers, Inc.

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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Medical Device Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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About Kenneth Research:

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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