Medical Device and Accessories Market Overview
Medical devices and accessories refer to any apparatus, machine, instrument used for the treatment of disease and illness through monitoring, diagnosis, and treatment. Growing occurrences of chronic diseases and diabetes, geriatric population, rising cases of surgical cases, healthcare expenditure, and technological advancements for superior medical infrastructures, and constant investments by industry giants are some of the pointers that might help the global Medical Device and Accessories Market to flourish during the forecast period. Medical device and accessories are products, intended to support, supplement or augment the performance of one or more parent devices. These devices are used for diagnosis, monitoring, and treatment of different diseases. Now a day, most of the companies are involved in mergers, acquisitions, and collateral activities to introduce better and effective treatment procedures.
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Medical device and accessories collectively refer to every entity used in the prognosis of a disorder, inclusive of diagnosis, monitoring and treatment. According to the Food & Drug Administration (FDA), there are certain guidelines followed by manufacturers and FDA staffs during testing for any object to qualify as medical device and accessories. MRFR predicts numerous market dynamics anticipated to escalate the medical device and accessories market growth. Rising prevalence of chronic diseases like cardiac disorders and diabetes, increase in number of surgical cases, rise in geriatric population, surge in healthcare expenditure, technological advancements leading to better medical infrastructure, and more investment by market key players in research and developmental activities urging new product launches are some significant market drivers expected to shoot up the growth curve of the global medical device & accessories market. Additionally, other important factors envisaged to gain traction for generating market revenue are collaborations and mergers between market operators.
Segments
- The cardiovascular segments has been narrowed down to cardiac defibrillators, cardiac monitors, cardiac pacemaker, and others. The coronary pressure monitor segment has been sub-segmented into pressure monitor, BP transducers, instruments and accessories, sphygmomanometer, and automated blood ambulatory blood pressure monitor. The catheter segment has been further classified into cardiovascular catheters, specialty catheters, , neurological catheters, intravenous catheters, and urinary catheters. The therapeutic medical guidewire segment has been divided into wrapped guidewire and solid guidewire. The nerve stimulator segment has been further segmented into vagus nerve stimulator, spinal cord stimulator, and deep brain stimulat
- An exhaustive segmental study of the medical device and accessories market provides a detailed insight into the market. The medical device and accessories market has been segmented by types of devices.
- Based on the types of devices, the market study has been segmented 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 Analysis
The Americas held the largest share of more than 36% in the global medical device and accessories market in 2016 and is expected to dominate the global market over the forecast period, leading to a 2023 valuation of USD 47,887 million. The growing prevalence of chronic cardiovascular diseases in the U.S. is likely to be a major driver for the medical device and accessories market in North America, driving the market in the Americas over the forecast period. The high disposable income of consumers in the U.S. and Canada has also led to a growing demand for advanced medical treatments, leading to a growing demand from the global medical device and accessories market.
Europe also holds a key share in the global medical device and accessories market due to the growing prevalence of lifestyle diseases in the region and the growing geriatric population, which has further driven the spread of chronic lifestyle diseases.
However, Asia Pacific is likely to exhibit growth at the fastest growth rate over the forecast period due to the rapid growth in the disposable income of consumers in the region and the growing healthcare sector in the region. The Asia Pacific market is expected to exhibit a robust 7.12% CAGR over the forecast period.
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Market HighlightsMedical device & accessories are products, intended to support, supplement, or augment the performance of one or more parent devices.
In this regards, Koninklijke Philips N.V, in June 2017, acquired Cardio Prolific Inc. which is a U.S.-based, privately held company that develops catheter-based thrombectomy approaches to treat peripheral vascular disease.
These mergers and acquisitions help them to develop pipeline and network of their product around the globe.
People in this region are more health conscious that leads to an increase in the healthcare spending.Europe accounts for the second largest market, which is followed by Asia Pacific.
Western Europe holds the major share of the market which is majorly contributed by Germany, U.K., and France.
Moreover, major driving factors for the market in this region are increasing the prevalence of chronic diseases, strong government support, and well-developed technology.On the other hand, The Middle East & Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in the African region.
Global Medical Device & Accessories Market: Information by Type of Device (Cardiovascular Application, Coronary Pressure Monitors, Catheters, Therapeutic Medical Guide, Dental Implant, Cochlear Implant, Nerve Stimulator, Diabetes Monitors and Suture Needles) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2027Market HighlightsMedical device & accessories are products, intended to support, supplement or augment the performance of one or more parent devices.
These mergers and acquisitions help them to develop pipeline and network of their product around the globe.
Also in April 2016, Medtronic launched new endoscopic ablation catheter for Barrett's Esophagus.The global medical device & accessories market is expected to grow at a CAGR of 6.53% during the forecast period, 2017-2023.Taste the market data and market information presented through more than 89 market data tables and figures spread over 87 pages of the project report.
Avail the in-depth table of content TOC & market synopsis on “medical device & accessories market research report–Global forecast till 2023.”Request Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/5466Major Players in the Medical Devices and Accessories MarketSome of the key players in this market are Boston Scientific Corporation (U.S.), Medtronic (Ireland), Johnson & Johnson Services, Inc. (U.S.), Stryker Corporation (U.S.), Koninklijke philips n.v (the Netherlands), General Electric Company (U.S.), Siemens AG (U.S.), Danaher Corporation (U.S.).The global medical devices and accessories market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.The Americas account for the major share of this market owing to the presence of the leading market players, increasing awareness for healthcare and high healthcare expenditure.
Moreover, major driving factors for the market in this region are increasing the prevalence of chronic diseases, strong government support, and well-developed technology.Asia Pacific is the fastest growing market.
According to the ESCAP Statistical Database, in 2016, approximately 12.4% of the population in Asia Pacific region was over 60 years.On the other hand, The Middle East & Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in the African region.
