Medical devices and accessories refer to any apparatus, machine, instrument used for the treatment of disease and illness through monitoring, diagnosis, and treatment. Growing occurrences of chronic diseases and diabetes, geriatric population, rising cases of surgical cases, healthcare expenditure, and technological advancements for superior medical infrastructures, and constant investments by industry giants are some of the pointers that might help the global medical device and accessories market to flourish during the forecast period.
Market Research Future stated that the global Medical Devices and Accessories Market is estimated to register a CAGR of 6.53%, reaching the valuation of USD 133,835.9, during the forecast period, 2014-2023.
Other additional factors influencing the growth of the global market include mergers and collaboration led by the market players.
· Koninklijke Philips n.v
· General Electric Company
· Johnson & johnson Services
· Siemens AG
· Danaher Corporation
· Stryker Corporation
· Boston Scientific Corporation
The medical devices and accessories market is diversified by various types of devices.
On the basis of devices, the market study is divided into the therapeutic medical guide, dental implant, coronary pressure, monitors, cochlear implant, nerve stimulator, diabetes monitors market, global suture needles, cardiovascular application, and catheters.
The cardiovascular segment is further sub-segmented to cardiac pacemakers, cardiac defibrillators, cardiac monitors, and others. The coronary pressure monitor is sub-segmented into instruments, pressure monitor, BP transducers, and automated blood ambulatory blood pressure monitor, sphygmomanometer. The catheter segment is classified into neurological catheters, cardiovascular catheters, specialty catheters, urinary catheters, and intravenous catheters. The therapeutic medical guidewire segment bifurcated into solid guidewire and wrapped guidewire. The nerve stimulator segment is divided into deep brain stimulators, vagus nerve stimulators, and spinal cord stimulators.
The strong health trend associated with rising health care spending in North America should strengthen the regional medical device and accessory market. Technological progress in supporting medical infrastructure is increasingly attracting investment from influential market players in research and development, paving the way for new and innovative products. These factors have a powerful positive effect on the US market. North America is set to lead the global medical devices and accessories market.
The European region is expected to be second in the world market due to high medical costs, government support, and exceptional medical infrastructure.
The Asia Pacific region is likely to see the fastest-growing market. The growing geriatric population and the technological progress that creates opportunities for innovation are key factors in the regional market that may stimulate the Asia Pacific medical device market in the near future.
The growth of the medical device and equipment market in the Middle East and the African region, due to the lower availability of medical facilities and socioeconomic decline, is considered the smallest in the market in the coming years.
The Indian government is emphasizing to place a proposal for American companies to manufacture medical devices in India to mitigate the issue of high cost. The medical device imports jumped in India to Rs 38,837 crore, rising to 24% in FY 2019. The US is the largest medical device exporter to India, acquiring a one-fifth share of the market in India, followed by other exporters such as Germany, China, Singapore, and the Netherlands.