Medical Equipment Global Market Report 2022
- May 2022 •
- 250 pages •
- Report ID: 3870290 •
- Format: PDF
Major companies in the medical equipment market include Medtronic Inc., Abbott Laboratories, Johnson & Johnson, Cardinal Health, Inc., Becton Dickinson, Siemens AG, STRYKER CORPORATION, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd., and Boston Scientific Corporation.
The global medical equipment market is expected to grow from $574.46 billion in 2021 to $640.25 billion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The market is expected to grow to $939.98 billion in 2026 at a compound annual growth rate (CAGR) of 10.1%.
The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders, and partnerships) that manufacture medical equipment or devices used in the diagnosis, treatment, and monitoring of medical conditions.
The main types of medical equipment are in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, and wound care devices.In-vitro diagnostics are tests done on samples like blood or tissue that is taken from the human body.
In-vitro diagnostics will detect diseases or other conditions and are used to monitor a person’s overall health to cure, treat, or prevent diseases.The type of expenditure involved is public and private.
The various product are instruments/equipment and disposables. The various end users involved are hospitals and clinics, homecare, diagnostics centers, and others.
North America was the largest region in the global medical equipment market in 2021.Asia Pacific was the second largest region in the global medical equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rise in sedentary jobs, busy lifestyles, and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes, and cardiovascular diseases.Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes.
According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally, by the year 2020.This is increasing the demand for medical devices used in the diagnosis, prognosis, and treatment of several diseases, thereby driving the demand for medical equipment.
These factors are expected to increase the patient pool globally, thereby driving the market during the forecast period.
Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to customer data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to equipment approval procedures, and other regulatory changes.
For instance, according to cookieyed data 2021, in the US, PwC reported that 68% of 200 businesses surveyed intended to spend between $1 million and $10 million to comply with GDPR regulations.The GDPR regulation is an EU law on data protection and privacy of individuals residing in the European Union and the European Economic Area (EEA).
It also regulates the export of personal data outside the EU and EEA areas.Additionally, the FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade.
The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts a strain on investments relating to new product development, thereby affecting the growth of the medical equipment market.
Device performance and patient data are available to healthcare service providers and are helping them to improve patient monitoring and overall care quality.Some companies are integrating medical device data with EMR (Electronic Medical Records) to improve transparency and collaboration.
As consumer wearables are becoming more common, patient data volumes are increasing and companies are investing in deploying data management, warehousing, and security technologies. For example, Medtronic launched a tool to augment their cardiac devices to securely transfer device data to doctors and allow them to monitor the critical health indicators of their patients.
The countries covered in the medical equipment market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.