Major companies in the medical equipment market include Medtronic Inc., Abbott Laboratories, Johnson & Johnson, Cardinal Health, Inc., Becton Dickinson, Siemens AG, STRYKER CORPORATION, Koninklijke Philips N.
New York, April 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Equipment Global Market Report 2023” – https://www.reportlinker.com/p03870290/?utm_source=GNW
V., F. Hoffmann-La Roche Ltd., and Boston Scientific Corporation.
The global medical equipment market grew from $639.75 billion in 2022 to $695.05 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical equipment market is expected to grow to $922.39 billion in 2027 at a CAGR of 7.3%.
The medical equipment market consists of sales of devices used in the diagnosis, treatment and monitoring of medical conditions.The market includes diagnostic devices, imaging devices, surgical devices and patient monitoring devices.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Medical equipment are devices that can be instrument, apparatus or machine that can be used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting or modifying the structure or function of the body for health purpose.
North America was the largest region in the global medical equipment market in 2022.Asia-Pacific was the second largest region in the global medical equipment market.
The regions covered in the medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of medical equipment are in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, and wound care devices.In-vitro diagnostics are tests done on samples like blood or tissue that is taken from the human body.
In-vitro diagnostics will detect diseases or other conditions and are used to monitor a person’s overall health to cure, treat, or prevent diseases.The type of expenditure involved is public and private.
The various product are instruments/equipment and disposables. The various end users involved are hospitals and clinics, homecare, diagnostics centres, and others.
The rise in sedentary jobs, busy lifestyles, and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes, and cardiovascular diseases.Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes.
According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally, by the year 2020.This is increasing the demand for medical devices used in the diagnosis, prognosis, and treatment of several diseases, thereby driving the demand for medical equipment.
These factors are expected to increase the patient pool globally, thereby driving the market during the forecast period.
Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to customer data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to equipment approval procedures, and other regulatory changes.
For instance, according to cookieyed data 2021, in the US, PwC reported that 68% of 200 businesses surveyed intended to spend between $1 million and $10 million to comply with GDPR regulations.The GDPR regulation is an EU law on data protection and privacy of individuals residing in the European Union and the European Economic Area (EEA).
It also regulates the export of personal data outside the EU and EEA areas.Additionally, the FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade.
The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts a strain on investments relating to new product development, thereby affecting the growth of the medical equipment market.
Device performance and patient data are available to healthcare service providers and are helping them to improve patient monitoring and overall care quality.Some companies are integrating medical device data with EMR (Electronic Medical Records) to improve transparency and collaboration.
As consumer wearables are becoming more common, patient data volumes are increasing and companies are investing in deploying data management, warehousing, and security technologies. For example, Medtronic launched a tool to augment their cardiac devices to securely transfer device data to doctors and allow them to monitor the critical health indicators of their patients.
The countries covered in the medical equipment market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical equipment market research report is one of a series of new reports that provides medical equipment market statistics, including medical equipment industry global market size, regional shares, competitors with a medical equipment market share, detailed medical equipment market segments, market trends and opportunities, and any further data you may need to thrive in the medical equipment industry. This medical equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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