Medical Device and Accessories Market Overview

The global medical device and accessories market is expected to rise at a CAGR of 6.53% over the forecast period, according to the latest research report from Market Research Future (MRFR). The global medical device and accessories market was valued at USD 79,879 million in 2016 and is expected to exhibit steady growth over the forecast period due to the growing government support to growth of the healthcare sector. The growing demand for advanced medical devices and accessories is expected to remain the major driver for the global medical device and accessories market over the forecast period.

Medical devices and accessories refer to any apparatus, machine, instrument used for the treatment of disease and illness through monitoring, diagnosis, and treatment. Growing occurrences of chronic diseases and diabetes, geriatric population, rising cases of surgical cases, healthcare expenditure, and technological advancements for superior medical infrastructures, and constant investments by industry giants are some of the pointers that might help the global Medical Device and Accessories Market to flourish during the forecast period. Medical device and accessories are products, intended to support, supplement or augment the performance of one or more parent devices. These devices are used for diagnosis, monitoring, and treatment of different diseases. Now a day, most of the companies are involved in mergers, acquisitions, and collateral activities to introduce better and effective treatment procedures. 

Medical device and accessories collectively refer to every entity used in the prognosis of a disorder, inclusive of diagnosis, monitoring and treatment. According to the Food Drug Administration (FDA), there are certain guidelines followed by manufacturers and FDA staffs during testing for any object to qualify as medical device and accessories. MRFR predicts numerous market dynamics anticipated to escalate the medical device and accessories market growth. Rising prevalence of chronic diseases like cardiac disorders and diabetes, increase in number of surgical cases, rise in geriatric population, surge in healthcare expenditure, technological advancements leading to better medical infrastructure, and more investment by market key players in research and developmental activities urging new product launches are some significant market drivers expected to shoot up the growth curve of the global medical device accessories market. Additionally, other important factors envisaged to gain traction for generating market revenue are collaborations and mergers between market operators.

Medical Device and Accessories Market Segmentation

• An exhaustive segmental study of the medical device and accessories market provides a detailed insight into the market. The medical device and accessories market has been segmented by types of devices.
• Based on the types of devices, the market study has been segmented into therapeutic medical guide, dental implant, cochlear implant, global nerve stimulator market, global diabetes monitors market, cardiovascular application, coronary pressure, global suture needles, and monitors, catheters.

• The cardiovascular segments has been narrowed down to cardiac defibrillators, cardiac monitors, cardiac pacemaker, and others. The coronary pressure monitor segment has been sub-segmented into pressure monitor, BP transducers, instruments and accessories, sphygmomanometer, and automated blood ambulatory blood pressure monitor. The catheter segment has been further classified into cardiovascular catheters, specialty catheters, , neurological catheters, intravenous catheters, and urinary catheters. The therapeutic medical guidewire segment has been divided into wrapped guidewire and solid guidewire. The nerve stimulator segment has been further segmented into vagus nerve stimulator,  spinal cord stimulator, and deep brain stimulator.

Medical Device and Accessories Market Regional Analysis

Regionally, the global medical device and accessories market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

Europe also holds a key share in the global medical device and accessories market due to the growing prevalence of lifestyle diseases in the region and the growing geriatric population, which has further driven the spread of chronic lifestyle diseases.

The Americas held the largest share of more than 36% in the global medical device and accessories market in 2016 and is expected to dominate the global market over the forecast period, leading to a 2023 valuation of USD 47,887 million. The growing prevalence of chronic cardiovascular diseases in the U.S. is likely to be a major driver for the medical device and accessories market in North America, driving the market in the Americas over the forecast period. The high disposable income of consumers in the U.S. and Canada has also led to a growing demand for advanced medical treatments, leading to a growing demand from the global medical device and accessories market.

However, Asia Pacific is likely to exhibit growth at the fastest growth rate over the forecast period due to the rapid growth in the disposable income of consumers in the region and the growing healthcare sector in the region. The Asia Pacific market is expected to exhibit a robust 7.12% CAGR over the forecast period.

Medical Device and Accessories Market Players

• Koninklijke Philips n.v
• General Electric Company
• Medtronic
• Johnson johnson Services
• Siemens AG, Inc.
• Siemens AG
• Danaher Corporation
• Stryker Corporation
• Boston Scientific Corporation
• Others

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