Dallas, TX / CRWE PRESS RELEASE / April 11, 2022 - According to the recent study the medical device market is projected to reach an estimated $445.1 billion by 2026 from $132.1 billion in 2020, at a CAGR of 12.5% from 2020 to 2026. Growth in this market is primarily driven by increasing healthcare expenditure, growing aging population, and chronic diseases.

Browse 80 figures / charts and 53 tables in this 177-page report to understand trends, opportunities and forecast in medical device market by application (surgical and infection control devices, general medical devices, cardiovascular devices, orthopedic devices, home healthcare devices, and other devices), function (diagnostic and monitoring, therapeutic, surgical and other devices), end use (homecare medical devices and hospitals and ambulatory care medical devices), and region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Cardiovascular devices market is expected to remain the largest segment during the forecast period.”

Based on application, the medical device market is segmented into surgical and infection control devices, general medical devices, cardiovascular devices, orthopedic devices, home healthcare devices, and other devices. Lucintel forecasts that the cardiovascular devices market is expected to remain the largest application segment over the forecast period due to increasing global geriatric population, inactive lifestyle, and poor eating habits. 

“Within the medical device market, the surgical segment is expected to remain the largest function”

Based on function, the surgical is expected to witness the largest segment due to increasing number of surgical procedures, growing aging population, and an increase in incidences of several chronic diseases.

“North America will dominate the medical device market in near future”

North America is expected to be the largest region over the forecast period due to a large target patient pool coupled with a high adoption rates for advanced treatments in this region whereas Asia Pacific is expected to witness the highest growth over the forecast period due to growing health awareness, increasing per capita income, and improving healthcare infrastructure.

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Major players of medical device market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Medtronic, Johnson & Johnson, GE Healthcare, Siemens, and Cardinal Health are among the major medical device providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/medical-device-market.aspx or helpdesk@lucintel.com