DALLAS, Dec. 22, 2021 /PRNewswire/ — According to a new market report published by Lucintel, the future of the global medical device market looks promising with opportunities in the hospital and homecare sectors. The global medical device market is expected to reach an estimated $445.1 billion by 2026 with a CAGR of 5% from 2021 to 2026. The major drivers for this market are increasing healthcare expenditure, growing aging population, and chronic diseases.
In this market, surgical and infection control, general medical, cardiovascular, and orthopedics are the major application segments. On the basis of comprehensive research, Lucintel forecasts that cardiovascular devices are expected to remain the largest application segment over the forecast period due to increasing global geriatric population, inactive lifestyle, and poor eating habits.
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Within the global medical device market, diagnostic and monitoring, therapeutic, and surgical are the major functions. Surgical devices are expected to remain the largest segment over the forecast period due to increasing number of surgical procedures, growing aging population, and an increase incidences of several chronic diseases.
North America will remain the largest region over the forecast period mainly due to a large target patient pool coupled with a high adoption rate for advanced treatments in this region. Asia Pacific is expected to witness the highest growth over the forecast period due to growing health awareness, increasing per capita income, and improving healthcare infrastructure.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of AI-optimized medical devices, increasing acceptance of wearable medical devices, growing use of miniaturized medical devices, and growing adoption of 3D-printing in medical devices. Medtronic, Johnson & Johnson, GE Healthcare, Siemens, and Cardinal Health are among the major suppliers of medical devices.
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Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global medical device market by application, function, end use, and region, and has compiled a comprehensive research report titled “Growth Opportunities in the Global Medical Device Market 2021-2026: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at firstname.lastname@example.org.
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