Medical Devices Market

Medical Devices Market

New York, January 2024: According to a new research study by Global Insight Services (GIS), the Medical Devices market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 1024.1 billion by 2033.

Medical Devices is produced through a process called steam methane reforming, where natural gas is converted into hydrogen and carbon dioxide (CO2) with carbon capture and storage (CCS) to mitigate environmental impact. Unlike grey hydrogen, which emits CO2 directly, Medical Devices captures and stores its carbon emissions underground. While considered a transitional solution, critics argue that it still relies on fossil fuels and may pose environmental risks. Proponents see it as a pragmatic step towards decarbonizing the hydrogen sector, providing a cleaner alternative to conventional methods while infrastructure for green hydrogen production is being developed.

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Medical Devices Market: Key Drivers

Medical Devices is produced through a process called steam methane reforming, where natural gas is converted into hydrogen and carbon dioxide (CO2) with carbon capture and storage (CCS) to mitigate environmental impact. Unlike grey hydrogen, which emits CO2 directly, Medical Devices captures and stores its carbon emissions underground. While considered a transitional solution, critics argue that it still relies on fossil fuels and may pose environmental risks. Proponents see it as a pragmatic step towards decarbonizing the hydrogen sector, providing a cleaner alternative to conventional methods while infrastructure for green hydrogen production is being developed.

Medical Devices Market: Market Restraints and Challenges

The soaring costs associated with medical devices act as a significant impediment to the growth of the medical devices market. The development and manufacturing of advanced medical technologies often involve substantial research, stringent regulatory compliance, and intricate engineering processes, contributing to elevated production expenses. Additionally, the need for high-quality materials and stringent quality control further amplifies costs. These financial burdens can strain healthcare budgets, limiting accessibility to cutting-edge medical devices for both healthcare providers and patients. Affordability concerns may hinder widespread adoption, particularly in regions with resource constraints. The intricate reimbursement landscape and insurance complexities also contribute to the economic challenges associated with procuring medical devices. Addressing these cost-related barriers requires a delicate balance between innovation, regulatory frameworks, and economic considerations to ensure equitable access to essential medical technologies for diverse populations.

Medical Devices Market Report Findings

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The respiratory therapeutic devices segment is likely to hold the major share of the market in 2022

On the basis of device type, the medical devices market is segmented into prosthetic devices, orthotic devices, drug delivery systems, diagnostic devices, respiratory therapeutic devices, electronic medical devices, and others. The respiratory therapeutic devices segment is expected to have the largest Medical Devices market share in 2023. With an escalating prevalence of respiratory conditions such as COPD and asthma, there is an augmented demand for advanced therapeutic devices that facilitate effective management and treatment. Innovations in inhalation therapies, nebulizers, and ventilators contribute significantly to this segment’s expansion. Moreover, the ongoing global focus on respiratory health, especially in the context of respiratory infections and pandemics, further accentuates the importance of these devices. As respiratory health gains prominence, the respiratory therapeutic devices segment plays a crucial role in driving overall market growth.

The hospitals and clinics segment is likely to hold the major share of the market in 2022

Based on end user, the medical devices market is classified into hospitals and clinics, diagnostic centers, research laboratory, and others. The hospitals and clinics segment is expected to have the largest Medical Devices market share in 2023. As key healthcare providers, hospitals and clinics drive substantial demand for a diverse array of medical devices, ranging from diagnostic equipment to surgical instruments. The increasing patient influx, coupled with the constant need for advanced medical technologies, fuels sustained growth in this segment. Technological advancements, such as robotic-assisted surgeries and sophisticated imaging devices, further enhance the demand. With healthcare facilities continually investing in cutting-edge devices to enhance patient care and outcomes, the Hospitals and Clinics segment remains a vital force propelling the overall expansion of the medical devices market.

The North America region is likely to hold the major share of the market in 2022

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to have the largest Medical Devices market share in 2023. The region’s robust growth is propelled by factors such as extensive research and development activities, a sophisticated healthcare infrastructure, and a high adoption rate of advanced medical technologies. Additionally, the presence of major industry players and a proactive regulatory environment contribute to the region’s dominance. The increasing prevalence of chronic diseases and the continuous quest for innovative healthcare solutions further elevate the demand for medical devices in North America, solidifying its position as a key driver in the global medical devices market.

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Competitive Landscape

The key players studied in the Medical Devices market are PROTEOR (France), Abbott (US), Baxter International, Inc. (US), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), Cardinal Health (US), Danaher Corporation (US), Essilor (France), F. Hoffmann-La Roche Ltd (Switzerland), Fresenius Medical Care AG (Germany), General Electric Company (US), Johnson & Johnson (US), Koninklijke Philips N.V. (Netherlands), Medtronic (US), Siemens (Germany), Smith & Nephew plc (UK), Stryker Corporation (US), Terumo Medical Corporation (US), Thermo Fisher Scientific Inc. (US), and Zimmer Biomet (US).

Medical Devices Market: Recent Developments

  • October 2023, Today, leading global medical technology company BD (Becton, Dickinson and Company) and solid waste, recycling, and resource management services provider Casella Waste Systems, Inc. revealed the latest outcomes of a recycling pilot program to handle discarded syringes and needles. The program resulted in the recycling and diversion of 40,000 pounds of medical waste from disposal.
  • July 2023, Baxter International’s second-quarter sales exceeded Wall Street projections partly due to increased demand for its medical products. The demand for medical equipment has increased due to a rise in hospital admissions driven by a continuing recovery in the demand for non-urgent surgical operations and relieving staffing constraints.
  • February 2023, Cardiovascular Systems, Inc. (CSI) and Abbott announced a final agreement for Abbott to purchase CSI. CSI manufactures medical devices that treat peripheral and coronary artery disease with a revolutionary atherectomy system. The deal states that CSI owners would get $20 for each common share, for an estimated total equity value of $890 million.

Medical Devices Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current Medical Devices Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
  • The report also covers qualitative as well as quantitative analysis of Medical Devices Market in terms of revenue ($Million).
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Medical Devices industry.
  • A thorough analysis of market trends and restraints is provided.
  • By region as well as country market analysis is also presented in this report.
  • Analytical depiction of the Medical Devices Market along with the current trends and future estimations to depict imminent investment pockets. The overall Medical Devices industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
  • Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Medical Devices Market are also analyzed.

Medical Devices Market Segmentation

By Device Type

  • Prosthetic Devices
    • Upper Limb
    • Lower Limb
  • Orthotic Devices
    • Helmet
    • Cervical Collar
    • Spinal Brace
    • Hip Brace
    • Foot Brace
    • Others
  • Drug Delivery Systems
    • Metered Dose Inhaler Devices
    • Infusion Systems
    • Others
  • Diagnostic Devices
    • X-Ray
    • CT (Computed Tomography)
    • PET (Positron Emission Tomography)
    • Others
  • Respiratory Therapeutic Devices
    • Ventilators
    • Oxygen Concentrators
    • Resuscitators
    • Others
  • Electronic Medical Devices
    • Sphygmomanometer
    • Pulse Oximeter
    • Digital Thermometers
    • Monitoring Devices
    • Others
  • Others

By End User

  • Hospitals and Clinics
  • Diagnostic Centers
  • Research Laboratory
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players