The medical device and accessories market is a powerhouse sector fueled by two distinct but interconnected segments. The first is the ever-evolving realm of medical products. These instruments, equipment, and implants play a central role in modern healthcare, facilitating diagnosis, treatment, and monitoring of a wide range of medical conditions. From the ubiquitous syringes and catheters to the marvels of modern medicine like MRI scanners and surgical robots, medical devices are constantly pushing the boundaries of what's possible.
Medical device and accessories market in the global market is expected to rise at a high CAGR of 5.90% and is expected to register the growth-share of the market to about USD 121410.36 Million by the end of the forecasted period from 2022 to 2030.
- Medical devices and accessories encompass tools used in diagnosing, monitoring, and treating disorders, adhering to specific guidelines set by regulatory bodies like the Food & Drug Administration (FDA).
- Market Dynamics:
- Factors such as rising prevalence of chronic diseases, increasing surgical cases, growing geriatric population, surge in healthcare expenditure, technological advancements, and increased investment in research and development activities by key players are expected to drive the growth of the global medical device and accessories market.
- Collaborations and mergers among market operators are also anticipated to contribute to market revenue generation.
- Segmental Analysis:
- The market has been segmented based on types of devices into:
- Therapeutic medical guide
- Dental implant
- Cochlear implant
- Global nerve stimulator market
- Global diabetes monitors market
- Cardiovascular application
- Coronary pressure
- Global suture needles and monitors
- Catheters
- Regional Insights:
- North America:
- Increasing health-consciousness and healthcare expenditure are likely to boost the medical devices and accessories market.
- Technological advancements supporting medical infrastructure are attracting investments from key players for research and development, fostering product innovation.
- North America is predicted to secure the leading position in the global market.
- Europe:
- Expected to hold the second position globally due to high medical expenditure, strong governmental support, and excellent medical infrastructure.
- Asia Pacific:
- Anticipated to experience the fastest market growth.
- Rise in geriatric population and technological advancements are driving innovation, fueling market growth in the region.
- Middle East & Africa:
- Estimated to have the least market size due to limited availability of medical facilities and socio-economic challenges.
The second driver of this market's growth is the often-overlooked world of medical device accessories. While not as technologically flashy as their device counterparts, these accessories are essential for ensuring the safe and effective functioning of medical devices. They encompass a vast array of seemingly simple items like syringes, needles, tubing, surgical drapes, and sterilization pouches. However, their importance cannot be understated. High-quality, compatible accessories directly impact the performance and safety of medical procedures. The growing complexity of medical devices further emphasizes the need for specialized accessories, creating a symbiotic relationship between the two segments within the medical device and accessories market.
Key Players
Siemens AG (U.S.), Johnson & Johnson Services, Inc. (U.S.), Medtronic (Ireland), Stryker Corporation (U.S.), Danaher Corporation (U.S.), koninklijke philips n.v (the Netherlands), General Electric Company (U.S.), and Boston Scientific Corporation (U.S.) are the Medical Device Accessories Companies which are enlisted in MRFR’s research report.
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