[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 be $432.8 billion in 2019, growing at a CAGR of 5.7% during the forecast period 2020-2025. Medical Devices include all the technology-based instruments, implants, software and many other equipment’s and devices are used to treat the patients. Medical devices are used for different applications including therapeutics, diagnosis and treatment and monitoring. The needs for medical devices have increased with the increasing geriatric population and unhealthy lifestyles of people. The increasing chronic illness cases has resulted in the upsurge in demand for complex surgeries which is boosting the market growth for medical devices. Also, technological advancement including 3D printing, medical scanners and laser has also increased the demand by multispecialty hospitals and medical labs. Outbreak of pandemic situation has disturbed the supply chain and manufacturing of medical devices which has resulted into a slowdown in the market for the period 2020-2025. However, the demand for ventilators and in vitro diagnosis testing kits has increased during this outbreak of covid-19 which requires medical device manufacturers to fulfill the growing demand.Key Takeaways
Cardiovascular Devices accounts for the largest market share owing to rising heart-related problem, growing aging population and increased application in surgery.
Surgical dominates the function segment owing to the increasing geriatric population and rising chronic illness cases which requires complex surgeries.
Medical Imaging accounts for largest market share owing to increasing demand for diagnosis by patient pool and new technology adoption which makes diagnosis fast.
Hospitals are expected to grow with fastest CAGR during the forecast period 2020-2025 owing to increasing number of patients requires devices for diagnosis, monitoring and life support equipment’s.
North America dominated the Medical Device Market owing to the rising geriatric population with chronic illness and faster adoption of new medical technologies for the forecast period 2020-2025.
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Medical Device Market Drivers
Large pool of People Suffering From Chronic Illness
Technological Advancement in Medical Devices
Technological Advancements is another major factor driving Medical Device Market during the forecast period 2020-2025. Owing to the corona virus outbreak the need for wearable medical devices have increased along with it, in vitro diagnostic kits have also gained importance as the need is shifting towards no human contact treatments.
Medical Device Market top 10 companies are Medtronic, GE Healthcare, Ethicon LLC, Siemens Healthineers, Cardinal Health, Stryker, Baxter International Inc, Philips Healthcare, DePuy Synthesan and Fresenius Medical Care
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