Medical Device & Accessories Market Overview:
The global report containing details of the medical device & accessories market reveals a possibility of surpassing USD 133,835.9 million by 2023, with a CAGR of 6.53% during the forecast period of 2018 to 2023. Market Research Future (MRFR) reveals several factors like the growing cases of cardiac diseases, integration of top-end devices, better investment in the research sector, hike in funding to improve healthcare infrastructure, government support, and others as major driving forces for the market. In recent times, COVID-19 is impacting the global market in significant ways. The market would also benefit from the growing inclusion of contributions made by various research organizations. This will help the market in registering better growth in the coming years.
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Medical Device & Accessories Market Segmentation:
The global medical device & accessories market, as studied by MRFR specialists, has been segmented into type of device. This is to understand the details of the market from a closer point of view. This will produce more details about the market using which involved companies can develop strategies and increase their profit margin. Inputs and insights gleaned from the report have a proper backup in the form of charts and figures. This makes the report reliable.
By type of device, the study on the medical device & accessories market includes coronary pressure monitors, catheters, cardiovascular application, dental implant, cochlear implant, therapeutic medical guide, diabetes monitors, a nerve stimulator, and suture needles. The cardiovascular application segment had a market valuation of USD 20,750.0 million in 2016. This is primarily due to the increasing number of cases related to cardiac diseases.
Medical Device & Accessories Market Regional Analysis:
The Americas are expected to gain substantially from the contributions made by regional research institutes and increasing funding for the inclusion of the latest device and accessories. Europe will find similar tailwinds pushing the market forward. In Asia Pacific, companies would find substantial scope to explore possibilities by tapping the demand created by the huge population.
Medical Device & Accessories Market Competitive Landscape:
The global market for medical devices & accessories is expected to benefit from tactical moves of companies like Stryker (US) (SYK), Johnson & Johnson Services (JNJ), Inc. (US), GENERAL ELECTRIC (US) (GE), Siemens (US) (SMAWF), KONINKLIJKE PHILIPS NV (Netherlands), Danaher (US) (DHR), Medtronic (Ireland) (MDT), and Boston Scientific Corporation (US). The market is getting impacted by the attempts to increase portfolio and lure in consumers through moves like mergers, acquisitions, and joint ventures. Other methods like branding, innovations to edge out others, and launching strategies can help companies in reaching out to more clients, owing to which the market would surely rise. MRFR’s latest attempt to record the proceedings in the report is expected to facilitate the strategy-devising process and ensure better utilization of growth pockets.
COVID-19 Impact Analysis:
The impact of COVID-19 on the medical device and accessories market is immense as it is covering several grounds from ventilators to facilities in Intensive Care Units to personal protective equipment (PPE) or kits to detect the disease. The global demand for such devices and accessories have risen multifold as the outbreak has revealed the lacks in the healthcare industries. Countries are spending much to get back on their feet, and in record time, they are producing tools. In fact, in some cases, they are innovating to launch efficient and cost-effective measures. For example, in India, scientists have launched ventilators that would help patients at a nominal cost. In the US, universities have developed accessories that will help health officials in safely diagnosing COVID-19 patients. Such measures are opening up scopes for the market to register better growth.
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