The North America Medical Devices Market was worth USD 158.47 Billion in 2021 and is estimated to be growing at a CAGR of 4.33%, to reach USD 195.85 Billion by 2026.
A medical device is an apparatus, instrument, appliance, or machine that is used to prevent, diagnose, treat, monitor, or relieve disease
The North America medical devices market has grown in recent years due to an increase in the number of healthcare institutions, rapid expansion in the older population, economic growth in this region, rapid technological developments and rising healthcare costs. The demand for medical devices is expected to be pushed by the emergence of serious illnesses on their own, such as the current Coronavirus epidemic. The demand for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has risen considerably in the United States since the introduction of COVID-19.
The primary driving forces behind the medical device market are the expanding absorption of investment in the industry, as well as favourable and loosening medical legislation on the approval and testing of these products. Growth in regional support for the installation and demand of these devices, as well as the economy steadily inching towards post-pandemic hard times, are all contributing factors. Because of the recent trend of wearable medical devices gaining on with a broader consumer base, the market is expected to expand during the forecast.
Factors such as upgraded models given by major market players, the latest features, ideal costs, and increased marketing efforts will propel the medical device market forward over the forecast period. A rapid expansion in the ageing population is complementing the growth of ophthalmic and orthopaedic equipment due to the increasing incidence of poor vision and hip fractures in the elderly population. Healthcare authorities from numerous countries are focusing on increasing diagnostic and treatment rates through an increasing number of awareness initiatives. This is causing a surge in medical device demand in this country.
In the last decade, the medical device industry has seen significant changes in terms of new technology and design revisions, among other things. However, the high cost of these devices, which includes both the initial purchase price and continuing maintenance costs, results in a higher overall device cost and ownership.
This research report on the North America medical devices market has been segmented and sub-segmented into the following categories:
The North America medical devices market is predicted to have the greatest market share at the start of the forecast period due to revenue collection. In 2020, North America was the largest region in the global medical device industry, accounting for the largest share of all sales. The presence of important players in the region, strong healthcare infrastructure, quick acceptance of advanced medical technologies, and favourable regulation surrounding the approval of these devices will all contribute to the market's dominating position over the forecast period. Its dominance is due in part to favourable reimbursement regulations, a well-developed healthcare infrastructure, and quick adoption of new medical technologies.
The growing number of patients in the region receiving diagnosis and treatment as a result of the rising incidence and prevalence of chronic diseases exacerbates the problem. The cost of treating diabetic foot ulcers in the United States was estimated to be around USD 16 billion, according to the Centres for Disease Control and Prevention (CDC). Market participants are aggressively investing in R&D of innovative and easy-to-use medical equipment for the treatment of chronic disorders, citing attempts by healthcare agencies to shift patients to home care settings.
KEY MARKET PARTICIPANTS:
Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation, and Johnson & Johnson Services, Inc. are a few of the leading companies operating in the North America medical devices market.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferences
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 North America medical devices market, By Type
6.2 Orthopedic Devices
6.3 Cardiovascular Devices
6.4 Diagnostic Imaging
6.7 Wound Management
6.8 Diabetes Care
6.12 General Surgery
6.13.1 Market Size Estimations & Forecasts (2021-2026)
6.13.2 Y-o-Y Growth Rate Analysis
6.13.3 Market Attractiveness Index
6.14 North America medical devices market, By Application
6.15 Hospital & ASC’s
6.16.1 Market Size Estimations & Forecasts (2021-2026)
6.16.2 Y-o-Y Growth Rate Analysis
6.16.3 Market Attractiveness Index
7. Geographical Landscape
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Application
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Fresenius SE & Co. KGaA
8.4 Koninklijke Philips N.V.
8.5 F. Hoffmann-La Roche Ltd
8.6 General Electric Company
8.7 Siemens Healthineers AG
8.9 Boston Scientific Corporation
8.10 Johnson & Johnson Services, Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Regional, and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and also identify the areas that are still untapped.
The segment-level analysis in terms of type, end-user, and region along with market size forecasts and estimations to detect key areas of industry growth in detail.
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development.
A comprehensive list of key market players along with their product portfolio, current strategic interests, essential financial information, legal issues, SWOT analysis, and analyst overview to study and sustain the market environment.
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies, and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions.
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations with a strong financial foothold in the market.
North America Global medical devices Market, By Type, From 2021 to 2026 (USD Billion)
North America Orthopedic Devices Market, By Region, From 2021 to 2026 (USD Billion)
North America Cardiovascular Devices Market, By Region, From 2021 to 2026 (USD Billion)
North America Diagnostic Imaging Market, By Region, From 2021 to 2026 (USD Billion)
North America IVD Market, By Region, From 2021 to 2026 (USD Billion)
North America MIS Market, By Region, From 2021 to 2026 (USD Billion)
North America Wound Management Market, By Region, From 2021 to 2026 (USD Billion)
North America Diabetes Care Market, By Region, From 2021 to 2026 (USD Billion)
North America Ophthalmic Market, By Region, From 2021 to 2026 (USD Billion)
North America Dental Market, By Region, From 2021 to 2026 (USD Billion)
North America Nephrology Market, By Region, From 2021 to 2026 (USD Billion)
North America Global medical devices Market, By End-user, From 2021 to 2026 (USD Billion)
North America Hospital & ASC’s Market, By Region, From 2021 to 2026 (USD Billion)
North America Clinics Market, By Region, From 2021 to 2026 (USD Billion)
North America Others Market, By Region, From 2021 to 2026 (USD Billion)
United States Global medical devices Market, By Type, From 2021 to 2026 (USD Billion)
United States Global medical devices Market, By End-user, From 2021 to 2026 (USD Billion)
Canada Global medical devices Market, By Type, From 2021 to 2026 (USD Billion)
Canada Global medical devices Market, By End-user, From 2021 to 2026 (USD Billion)