Latest News- Medical Devices Market: Hospitals and ASCs is expected to lead the End-user segment during 2024-2028

The Medical Devices Market is being driven by Increasing prevalence of diseases

The Medical Devices Market is expected to grow at a CAGR of 6.07% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 194.3 billion. In the dynamic medical devices market, innovative technologies and devices are revolutionizing disease diagnosis and treatment. Regenerative medicine, a burgeoning sector, is gaining significant attention due to its potential for repairing or replacing damaged human cells, tissues, and organs using therapeutic stem cells, tissue engineering, and artificial organ production. Harvard Apparatus Regenerative Technology (HART) is at the forefront, introducing the regenerated airway transplant using a synthetic scaffold. HART's trachea technology paved the way for similar organ transplants like lungs and hearts. Advanced manufacturing techniques, such as 3D bioprinting or additive manufacturing, are being adopted for producing regenerative medicines due to their precise control over product size, shape, pore size, geometry, and mechanical properties. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Hospitals and ASCs
  • Clinics
  • Others
• Product
  • Therapeutic and surgical
  • PMDMID
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of diseases
• Increasing initiatives and awareness by public and private organizations
• Technological advances and new product launches

However, the market also witnesses some limitations, which are as follows:

• Declining reimbursement and cost containment measures
• Limitations of devices and product recalls
• Stringent regulations for manufacturing medical devices

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Market Scope in Medical Devices Market Research Report

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Research Analysis Overview

The Medical Devices Market is experiencing significant growth due to the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and chronic disorders. Changing lifestyles, an aging population, and sedentary lifestyles are also contributing factors. Wearable electronics like fitness trackers and wireless medical devices, including smart technologies, are increasingly popular for health monitoring. Therapeutic devices like pacemakers, insulin pumps, and implantable defibrillators, as well as diagnostic devices, are in high demand in hospitals and for home healthcare. The economic burden of healthcare, hospital inpatient stays, and surgical procedures for infectious diseases and ophthalmic and orthopedic procedures is driving market expansion. Medical clothing, masks, and gloves are essential personal protective equipment in this sector.

Market Research Overview

The Medical Devices Market, a significant segment of the global healthcare equipment industry, is experiencing significant growth due to the rising prevalence of chronic diseases and changing lifestyles. Technavio, a leading technology research firm, categorizes this market as part of the larger healthcare equipment market, which encompasses manufacturers of capital equipment, instruments, implants, accessories, and consumables used for disease diagnosis, monitoring, and treatment. The global healthcare equipment market size is determined by the combined revenue generated by these manufacturers. Key areas of focus within the medical devices market include wearable electronics, wireless medical technologies, and smart health monitoring devices, such as fitness trackers and cancer-related technologies. The increasing number of cancer cases and deaths further underscores the importance of advanced medical devices in improving patient outcomes and enhancing overall healthcare efficiency.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/