USD 155.43 Bn Growth in Medical Devices Market Size, Majority of Market Growth to Originate from North America - Technavio
NEW YORK, Oct. 3, 2022 /PRNewswire/ -- The medical devices market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. The market is highly competitive due to the presence of many regional and global vendors. These vendors offer a wide range of products. They have substantial manufacturing, financial, marketing, sales, and distribution resources. The vendors are making significant investments in R&D and have a wide geographical reach. Small and medium-sized vendors are focusing on expanding their businesses globally. Hence, the key vendors are facing intense competition from global and regional vendors that offer similar products at competitive prices. The competitive environment in the market is expected to intensify during the forecast period due to factors such as technological advances, the growing number of approvals of new products, and the increasing number of M&A and strategic collaborations.
The medical devices market size is expected to grow by USD 155.43 billion from 2021 to 2026. Technavio's latest report estimates that the growth momentum of the market will accelerate at a CAGR of 5.5% during the forecast period.
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Medical Devices Market 2022-2026: Vendor Analysis and Scope
To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 vendors operating in the market. Some of the major vendors of the medical devices market include Abbott Laboratories, B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cardinal Health Inc, Danaher Corp., F. Hoffmann La Roche Ltd., Fresenius Medical Care AG and Co. KGaA, General Electric Co, Johnson and Johnson, Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp, Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc.
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Medical Devices Market 2022-2026: Regional Analysis
North America will account for 42% of the market's growth during the forecast period. The growth of this region is attributed to factors such as favorable reimbursement policies. However, market growth in this region will be slower than the growth of the market in other regions. The US and Canada are the key countries for the medical devices market in North America.
Medical Devices Market 2022-2026: Key Highlights
CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will assist medical devices market growth during the next five years
Estimation of the medical devices market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the medical devices market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of medical devices market vendors
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Medical Devices Market Scope
Report Coverage
Details
Page number
120
Base year
2021
Forecast period
2022-2026
Growth momentum & CAGR
Accelerate at a CAGR of 5.5%
Market growth 2022-2026
USD 155.43 billion
Market structure
Fragmented
YoY growth (%)
4.9
Regional analysis
North America, Asia, Europe, and Rest of World (ROW)
Performing market contribution
North America at 42%
Key consumer countries
US, Canada, Germany, China, and Japan
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled
Abbott Laboratories, B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cardinal Health Inc, Danaher Corp., F. Hoffmann La Roche Ltd., Fresenius Medical Care AG and Co. KGaA, General Electric Co, Johnson and Johnson, Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp, Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc.
Market Dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 134: Zimmer Biomet Holdings Inc. - Overview
Exhibit 135: Zimmer Biomet Holdings Inc. - Business segments
Exhibit 136: Zimmer Biomet Holdings Inc. - Key news
Exhibit 137: Zimmer Biomet Holdings Inc. - Key offerings
Exhibit 138: Zimmer Biomet Holdings Inc. - Segment focus
11 Appendix
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
Exhibit 139: Inclusions checklist
Exhibit 140: Exclusions checklist
11.3 Currency conversion rates for US$
Exhibit 141: Currency conversion rates for US$
11.4 Research methodology
Exhibit 142: Research methodology
Exhibit 143: Validation techniques employed for market sizing
Exhibit 144: Information sources
11.5 List of abbreviations
Exhibit 145: List of abbreviations
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