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Global Medical Devices Market Size, Share, Trends, COVID-19 impact & Growth Analysis Report – Segmented By Type, End-User & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)
As per the research report published by Market Data Forecast, the size of the global medical devices market is predicted to be growing at a CAGR of 4.9% from 2021 to 2026 and worth USD 591.34 billion by 2026.
COVID-19 impact on the global medical devices market:
The impact of the COVID-19 epidemic on the global medical devices market is predicted to be mixed. The COVID-19 pandemic is currently posing a threat to countries. There is a lack of therapy options for this disease; thus, most pharmaceutical and biotech companies focus their research and development efforts on finding new compounds or treating them. Covid-19 has disrupted the supply chain, resulting in crucial medical device shortages all across the world. As a result, many countries have taken concrete steps to alleviate shortages by importing domestic medical device manufacture equipment. Ventilators are in great demand for COVID–19 patients since they are a key tool in hospitals that can keep patients alive in life-threatening situations.
Since the advent of COVID-19 in many nations, demand for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has surged dramatically. This need is predicted to remain to combat the pandemic and reduce the danger of infection emergence and spread. To restrict the spread of COVID-19, the necessity to diagnose, treat and monitor patients without human interaction has intensified, leading to more uses of medical technology that will allow medical practitioners to treat their patients remotely. These medical technological solutions enable patients to be monitored in real-time, whether at home or in hospitals, which is critical in combat against COVID-19.
KEY DRIVING FACTORS:
Chronic diseases are becoming more widespread and are predicted to accelerate the need for medical devices.
The rising prevalence of chronic diseases such as cancer and diabetes is predicted to contribute significantly to the growth of the global medical device industry. According to the United Nations, the ratio of total fatalities due to chronic diseases is predicted to climb to over 70% by the end of 2030, with the global burden of chronic diseases expected to reach around 60%. Chronic diseases such as cancer and diabetes are on the rise due to a lack of physical activity, long working hours, and unhealthy eating habits. In addition, poor lifestyles and eating habits attract various sorts of severe ailments, which is projected to drive up demand even further.
Wearable Devices are becoming increasingly popular among customers, which favors the global medical devices market.
The rise in demand for fitness trackers can be attributed to a growing emphasis on fitness among people around the world and a shift in regional and national healthcare authorities' focus on monitoring and diagnosis. In addition, artificial intelligence (AI) in humane conditions, wearable medical devices are becoming popular nowadays.
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Challenges posed by legislative changes, data security difficulties, and the covid-19 pandemic are all factors that could slow the market's growth in the future. In addition, the potential loss of revenue due to delays in product launches and the additional costs paid due to demanding approval processes places a strain on new product development investments, limiting the market's growth.
KEY MARKET INSIGHTS:
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KEY MARKET DEVELOPMENTS:
BROWSE REGIONAL REPORTS: