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North America Medical Devices Market Research Report – Segmented By Type, End-User & Country (United States, Canada and Rest of North America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast | 2022 to 2027

Published: January, 2022
ID: 12152
Pages: 100

North America Medical Devices Market Size (2022 to 2027)

The North America Medical Devices Market was worth USD 158.47 Billion in 2022 and is estimated to be growing at a CAGR of 4.33%, to reach USD 195.85 Billion by 2027. The North American medical devices market has grown due to an increase in healthcare institutions, rapid expansion in the older population, economic growth in this region, rapid technological developments, and rising healthcare costs. In addition, the demand for medical devices is expected to be pushed by the emergence of severe illnesses on their own, such as the current Coronavirus epidemic. As a result, the need for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has risen considerably in the United States since COVID-19.

The primary driving forces behind the medical device market are the expanding absorption of investment in the industry and favorable and loosening medical legislation on the approval and testing of these products. Growth in regional support for the installation and demand of these devices and the economy steadily inching towards post-pandemic hard times are all contributing factors. Because of the recent trend of wearable medical devices gaining 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 aging population complements the growth of ophthalmic and orthopedic equipment due to the increasing incidence of poor vision and hip fractures in the elderly population. Healthcare authorities from numerous countries focus on increasing diagnostic and treatment rates through a growing 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 American medical devices market has been segmented and sub-segmented into the following categories:

By Type:

  • Orthopedic Devices
  • Cardiovascular Devices
  • Diagnostic Imaging
  • IVD
  • MIS
  • Wound Management
  • Diabetes Care
  • Ophthalmic
  • Dental
  • Nephrology
  • General Surgery
  • Others

By End-User:

  • Hospitals & ASCs
  • Clinics
  • Others

By Countries:

  • United States
  • Canada
  • Rest of North America

The North American medical devices market is predicted to have the most significant share in the global medical devices market during the forecast period. In 2020, North America was the most significant global medical device industry region, accounting for the largest share of all sales. The presence of essential players in the region, robust healthcare infrastructure, quick acceptance of advanced medical technologies, and favorable regulation surrounding the approval of these devices will all contribute to the market's dominating position over the forecast period. In addition, its dominance is partly due to favorable 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 because of the rising incidence and prevalence of chronic diseases exacerbates the problem. For example, 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). As a result, market participants are aggressively investing in the R&D of innovative and easy-to-use medical equipment to treat 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. Introduction                                                 

            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                                          

                        4.1.1 Drivers                            

                        4.1.2 Restraints                        

                        4.1.3 Opportunities                              

            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                  

                        5.1.2 Products/Service             

                        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                         

            6.5 IVD                                                

            6.6 MIS                                                

            6.7    Wound Management                               

            6.8   Diabetes Care                                           

            6.9 Ophthalmic                                    

            6.10 Dental                                          

            6.11   Nephrology                                            

            6.12 General Surgery                                        

            6.13 Others                                         

                        6.13.1 Market Size Estimations & Forecasts (2022 - 2027)

                        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 Clinics                                          

                        6.16.1 Market Size Estimations & Forecasts (2022 - 2027)

                        6.16.2 Y-o-Y Growth Rate Analysis                    

                        6.16.3 Market Attractiveness Index       

7. Geographical Landscape                                           

            7.2 North America - Market Analysis (2022 - 2027)        

                        7.2.1 By Country                                  

                                    7.2.1.1 USA                  

                                    7.2.1.2 Canada             

                        7.2.2 By Type                           

                        7.2.3 By Application                                       

8. Key Player Analysis                                                                                    

              8.1 Medtronic

   8.1.1 Business Description                    

                             8.1.2 Products/Service             

                             8.1.3 Financials                        

                             8.1.4 SWOT Analysis                             

                             8.1.5 Recent Developments

                             8.1.6 Analyst Overview 

              8.2 Stryker

              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

              8.8 BD

              8.9 Boston Scientific Corporation

              8.10 Johnson & Johnson Services, Inc.

9. Market Outlook & Investment Opportunities             

10. Appendix                                                                     

            List of Tables                                        

            List of Figures 

  1. North America medical devices Market, By Type, From 2022 - 2027 (USD Billion)
  2. North America Orthopedic Devices Market, By Region, From 2022 - 2027 (USD Billion)
  3. North America Cardiovascular Devices Market, By Region, From 2022 - 2027 (USD Billion)
  4. North America Diagnostic Imaging Market, By Region, From 2022 - 2027 (USD Billion)
  5. North America IVD Market, By Region, From 2022 - 2027 (USD Billion)
  6. North America MIS Market, By Region, From 2022 - 2027 (USD Billion)
  7. North America Wound Management Market, By Region, From 2022 - 2027 (USD Billion)
  8. North America Diabetes Care Market, By Region, From 2022 - 2027 (USD Billion)
  9. North America Ophthalmic Market, By Region, From 2022 - 2027 (USD Billion)
  10. North America Dental Market, By Region, From 2022 - 2027 (USD Billion)
  11. North America Nephrology Market, By Region, From 2022 - 2027 (USD Billion)
  12. North America medical devices Market, By End-user, From 2022 - 2027 (USD Billion)
  13. North America Hospital & ASC’s Market, By Region, From 2022 - 2027 (USD Billion)
  14. North America Clinics Market, By Region, From 2022 - 2027 (USD Billion)
  15. North America Others Market, By Region, From 2022 - 2027 (USD Billion)
  16. United States medical devices Market, By Type, From 2022 - 2027 (USD Billion)
  17. United States medical devices Market, By End-user, From 2022 - 2027 (USD Billion)
  18. Canada medical devices Market, By Type, From 2022 - 2027 (USD Billion)
  19. Canada medical devices Market, By End-user, From 2022 - 2027 (USD Billion)

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FAQ's

What is the projected market value of North American medical devices market by 2027?

As per our research report, the North American medical devices market size is estimated to be worth USD 195.85 billion by 2027.

Which country in this region is predicted to dominate the market in the coming future?

From 2022 to 2027, the U.S. medical devices market is expected to dominate the North American market.

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