The size of the North American Medical Devices Market is forecasted to be worth USD 158.47 billion in 2021 and USD 195.85 billion by 2026, growing at a CAGR of 4.33% during the forecast period.
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 aging population, economic growth in this region, quick technical advancements, and rising healthcare spending. The demand for medical devices in the North American region is expected to be driven by the emergence of serious illnesses on their own, such as the current Coronavirus epidemic. Since the advent of COVID-19 in this nation, demand for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has surged dramatically. The growing absorption of investment in the industry, together with favourable and loosened medical laws on the approval and testing of these devices, are the key driving forces behind the medical device market.
A 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 further expected to continue to the growth rate of the market. The market is also predicted to be swollen during the forecast because of the recent trend of wearable medical devices catching on with a broader consumer base. Over the forecast period, factors such as advanced models being offered by leading market players, the latest features, optimal prices, and rising marketing efforts will move the medical device market forward. Due to the increasing incidence of poor vision and hip fractures in the elderly population, a rapid increase in the geriatric population is complementing the growth of ophthalmic and orthopaedic devices. Through an expanding number of awareness campaigns, healthcare authorities from various countries are concentrating on raising diagnostic and treatment rates. This is causing a surge in medical device demand in this region.
In the last decade, the medical devices market 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, resulting in a higher overall device cost and ownership, is expected to restrain the growth rate of the North American medical devices market during the forecast period.
This research report on the North American medical devices market has been segmented and sub-segmented based on the following categories.
Geographically, North American region is predicted to have the greatest market share in the global market during the forecast period. In 2020, North America was the largest region in the global medical devices market, accounting for the largest share. The presence of key market participants in this 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 partly due to the presence of adequate and advantageous reimbursement regulations, a well-developed healthcare infrastructure, and rapid adoption of innovative medical technologies. This is exacerbated by the expanding number of patients in the region receiving diagnosis and treatment as a result of the rising incidence and prevalence of chronic diseases. 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:
A few of the promising companies dominating the North American medical devices market profiled in this report are 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.
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
7.1 North America Medical Devices Market, by Region
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