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Medical Devices Market – Industry Dynamics, Market Size, and Opportunity Forecast To 2031

Global Medical Devices Market By Product (Diagnostic Devices, Consumables, Patient Aids, Others); By Application (Oncology, Cardiology, Orthopedics, Ophthalmic, Respiratory, Others); By End-Users (Hospitals & Surgical Centres, Clinics, Household, Others); By Region (North America, Europe, Asia Pacific, South America, Middle East and Africa)- Opportunity Analysis and Forecast To 2031

  • Published Date: 11-Apr-2023  |   Format: pdfpowerpointexcel  |  Report ID: AA1021097  | Delivery: 2 to 4 Hours
Medical Devices Market

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Report AttributeDetails
Market Size Value in 2022US$ 458.3 Bn
Expected Revenue in 2031US$ 801.4 Bn
Historic Data2018-2021
Base Year2022
Forecast Period2023-2031
UnitValue (USD Bn)
Segments coveredBy Product, By Application, By End-User,  By Region
Key Companies                                                                                                                           3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton, Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc., Danaher, Depuy Synthes, Endologix, Inc., Essilor International SA, Fresenius Medical Care AG & Co. KGAA, GE Healthcare, Getinge Ab, Johnson & Johnson, Koninklijke Philips NV, Medtronic Inc., Novartis AG, Olympus Corp., Roche Diagnostics, Siemens Healthcare, Smith & Nephew PLC, Smiths Medical, St. Jude Medical Inc., Stryker Corp., Terumo Corp., Thermo Fisher Scientific, Zimmer Holdings Inc., Other Prominent Players
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The medical device industry is majorly dominated by small-scale companies and consist of very few big players. Although, industry is facing an increasing competition from unrelated industries with technological innovation that will outpace clinical innovation in the long-term. 

Global medical device market generated a revenue of US$ 458.3 Bn in 2022. 

The market is growing at a CAGR of 6.3% during the forecast period 2023-2031. 

North America is dominating the global medical device industry followed by Asia-Pacific. 

The report gives a comprehensive market analysis and forecast on the basis of various factors at different segment level. Some of the key segments are product, application, end user and region. These segments are further categorized into sub-segments to study the market extensively. 

The report includes detailed profiles of 31 companies, under various heads such as Business description, strategic outlook, product portfolio, financial details, recent developments, business segmentations and regional segmentations. 

Yes, the report offers a detailed study of COVID-19 impact on the industry that include analysis on different levels- Optimistic Outlook, Pessimistic Outlook, Astute Analysis and Pre-COVID Outlook. 

Yes, there is a dedicated chapter that explains about regulatory landscape of the industry. 

Medtronics, Johnson and Johnson, Abbott and GE Healthcare are the major shareholders in the global medical devices market and study shows that cumulative market share of the 15 major players is close to 45%, hence the market is fragmented in nature.

Threat of new entrants is moderate in the medical device market, due to high capital investment in terms of medical devices development cost, R&D setup cost, legal cost, marketing expense, distribution cost, and other cost. Medical device industry requires huge distribution networks and supply chain management to run the operations, thus new entrants in the market face tough competition from the existing competitors in the industry.