[FURL=https://www.industryarc.com/Research/Medical-Device-Market-Research-514107?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Medical Device Market[/FURL] size is estimated to reach $516.7 billion by 2026, growing at a CAGR of 5.81% over 2021-2026. Medical devices are crucial in the delivery of a variety of health-care services. Medical devices, broadly defined, are objects that are neither absorbed or metabolized by the body and are used for diagnosis, cure, mitigation, therapy, or prevention of disease. Medical gadgets include items like prostheses, biomedical engineering, disposable gloves, medical thermometers, in vitro diagnostics, and X-ray equipment, among others. They are distinct from medications in that they have a physical or mechanical impact on the body, or they are used to assess (or monitor) the body and its processes. As a result, the medical device sector is an integral part of the broader health-care system, and it plays a vital role in creating new medical technology that may help doctors diagnose and treat illnesses better, which is also boosting industry growth.Key Takeaways
In 2020, North America dominated the Medical Device Market.
Increase in the number of chronic illness treatments followed by the rise in the number of geriatric population are enhancing the growth of the Medical Device Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Medical Device Market report.
Stringent laws regarding the manufacturing and its compliance to the various regions is set to create hurdles for the Medical Device Market.
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Medical Device Segment Analysis – By Geography
North America dominated the Medical Device Market with major share of 45.2% in 2020. North America is the world's top producer of medical devices followed by the presence of well-developed medical infrastructure. Furthermore, with the adoption of various novel technologies and its continuous developments also pose an active reason to its growth. Apart from these, the region has also seen a surge up in the cases for multiple chronic illness especially amongst the geriatric population which has also in a way enhance the market share and hence its growth.
Medical Device Market Drivers
Increasing Technological Advancement in Medical Devices
Medical Device Market Landscape
The Medical Device market top 10 companies are Medtronic, GE Healthcare, Ethicon LLC, Siemens Healthineers, Cardinal Health, Stryker, Baxter International Inc, Philips Healthcare, DePuy Synthesan, Fresenius Medical Care and others.
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