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The global medical device market is approximately US$528.76 billion in 2022 and is expected to reach US$981.43 billion by 2032, with a CAGR of 6.38% from 2023 to 2032. This is largely due to the increasing adoption of medical devices by healthcare professionals to treat patients, according to a report recently published by Extrapolate.
Every year, more and more healthcare providers use cutting-edge medical equipment to monitor vital patient metrics, run faster scans, and deliver results. For example, more than 31 percent of U.S. adults will use wearable technology by 2021, according to the National Library of Medicine.
The market is expected to be led by the in vitro diagnostics (IVD) segment in the coming years owing to higher user reliability and higher device accuracy. These devices are primarily used to collect, process and analyze specimen samples obtained from patients.
chronic disease
Hence, the demand for IVD devices is driven by rising prevalence of chronic diseases and demand for accurate and effective test kits for diseases such as malaria, HIV/AIDS, diabetes, and cancer.
The market in 2022 is dominated by hospitals and ambulatory surgery centers owing to the growth of community and multispecialty hospitals. Significant expansion of the market is primarily driven by rising healthcare costs, expanding healthcare infrastructure, strong focus on better patient outcomes, and attractive reimbursement policies.
The major reason driving the demand for medical devices is the rising number of people suffering from cardiovascular diseases. For example, according to 2021 figures from the Centers for Disease Control and Prevention, a reported 805,000 heart attacks occur in the United States each year. Additionally, the American Heart Association estimates that by 2035, more than 130 million people in the United States will suffer from some form of heart disease.
smart wear
Rising popularity of technologically advanced smart wearable devices, image-guided therapy systems, and ongoing trends in accurate and real-time monitoring are expected to drive market growth.
North America holds the largest revenue share in 2022 and is expected to maintain its dominance for the foreseeable future. The region’s rapid expansion is largely driven by its well-developed healthcare system and growing interest in healthy lifestyles. The largest and most prominent country in North America in terms of revenue is the United States. Rapid adoption of new and cutting-edge medical technologies to improve diagnosis and treatment of serious diseases is likely to drive market expansion here.
The Asia Pacific region is expected to experience the fastest growth during the forecast period due to demographic dynamics. The market in this region is primarily driven by the aging population in the region, rising per capita income, and rising personal health concerns. Rising investments in healthcare infrastructure in the region are expected to further expand the medical devices market during the forecast period.
The large number of market players operating at the global and regional levels has resulted in a high fragmentation of the global medical devices market. Furthermore, most companies in this market are investing heavily in research and development to develop new products and enhance their existing product lines. Moreover, these market players are placing great emphasis on growing their distributor networks on a global basis, enabling businesses to diversify their product lines. — trade arab news agency
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