Kenneth Research recently added a report on Medical Devices 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 Devices 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.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The medical device market is a thriving segment of the healthcare industry in India. Rise in the number of hospitals and increasing requirement of healthcare facilities is creating a need for sophisticated devices and equipments which can provide accurate treatment to individuals. The global market is growing rapidly and India has also joined the bandwagon of being one of the fastest growing countries in this respect. The government is expected to develop a regulatory structure leading to quality products by manufacturers. However, the regulatory structure currently lacks active participation from the government but with the increase in competition in the sector, it is due to follow in a very short period of time. Currently, imports account for a large share of primarily the high-end medical device segment and players are gearing up establishing large manufacturing facilities in India to tap the opportunities.
The report begins with an introduction of medical devices in India and their classification based on relative parameters set by the Indian Government. The market overview section provides the market size and growth. It also provides an overview of the various segments that exist in the market along with their market share, size and growth. The import and the export structure of the medical devices are also given.
This is followed by an analysis of the drivers fueling growth in the market which includes improving health infrastructure, increasing healthcare spending, changing demographics and growing target consumer group, increasing lifestyle diseases and therapies, and increasing medical tourism in India. The key challenges identified include high dependency on exports and lack of standard regulatory structure. The key trends in the market have also been identified including outsourcing/relocating of manufacturing facilities, increasing joint ventures and tie-ups, various exhibitions and trade fairs, and increasing demand for refurbished devices.
The involvement of government in this industry is also included. It shows the role of various government bodies that are involved in regulating this sector and also involved in the promotion of this sector in India. It also highlights the regulations set in terms of assessment of a medical device manufacturing organization in India along with the procedure involved in registration of an organization and procurement of an import license. The initiatives taken by the government in order to promote the sector by providing tax reliefs and import duty relaxations have also been highlighted.
The competitive landscape provides a look into the nature of the market, and the active players in the market. Profiles of the major domestic and foreign players have been included.
A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential for improving market share and increasing profitability.
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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 Devices 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 Playes
- 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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