Report : Medical Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type (In Vitro Diagnostics (IVD), Surgical Device, General Medical Devices, Cardiovascular Devices, Orthopedic, Infection Control Devices, Ophthalmology, Endoscopy, Neurology, Others), Function (Diagnostic and Monitoring, Therapeutics, Surgical, Others), End User (Homecare Medical Devices, Hospital Medical Devices, Ambulatory Care Medical Devices, Others), and Geography
According to our new market research study on “Medical Devices Market to 2027 – Global Analysis and Forecast – by Product Type, Function, and End User,” the market is expected to reach US$ 767,684.9 million by 2027 from US$ 483,285.8 million in 2019; it is estimated to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights trends prevailing in the global medical devices Market and the drivers and restraints pertaining to the market growth.
Based on product type, the global medical devices market is segmented into in vitro diagnostics (IVD), surgical device, general medical devices, cardiovascular devices, orthopedic, infection control devices, ophthalmology, endoscopy, neurology, and others. The neurology segment is estimated to register the highest CAGR in the market during the forecast period. Increasing prevalence of neurological diseases, and rapid product approvals and launches are the factors boosting the market for the neurology segment.
The global medical devices market growth is mainly attributed to factors such as increasing number of medical device industry and rising prevalence of chronic diseases. However, challenges in medical device industry like expensive product approval process, low reimbursement limit and others hinder the growth of the market.
Medtronic; Abbott; Boston Scientific Corporation; Braun Melsungen AG; 3M; General Electric Company; Stryker Corporation; Koninklijke Philips N.V.; Siemens AG; and Johnson and Johnson Services, Inc are among the leading companies operating in the Medical Devices Market.
The Report Segments Global Medical Devices Market as Follows:
By End User