INDUSTRY REPORT
“ The global medical devices market was valued at US $ 550 billion in 2021 and is expected to reach US $ 850 billion by 2030 .”
INDUSTRY REPORT
A DEVICE FOR LIFE
We spotlight growth patterns , trends and material moves in global medical device markets for sheet-metal manufacturers .
Image : Shutterstock . com .
Image : Shutterstock . com .
The global medical devices market is poised to grow by $ 155.43- billion during 2022-2026 , accelerating at a CAGR of 5.5 % during the forecast period . The medical device sector produces a wide variety of instruments used in healthcare , including those used for invitro diagnostics ; diagnostic imaging ; dentistry ; optometry ; cardiology and hospital supply .
The global medical devices market is highly fragmented owing to the presence of large numbers of market players on a global , as well as regional , level . Most of the industry players invest prominently in Research & Development ( R & D ) activity to develop new products and upgrade their existing product list . These market players largely focus on expanding their distributors across the globe , allowing companies to expand their product offerings .
The medical device manufacturing industry is changing considerably , embracing smarter , more connected technologies . It is under constant pressure to control costs without sacrificing research development , timelines or safety . In recent years , emerging technology , process innovations and an ageing population have contributed to explosive growth in the demand for medical devices .
“ Expanding a company ' s global reach and product range through new releases and approvals is a common practice that helps businesses keep up with expanding client demand . One of the most popular strategies utilised by manufacturers of medical devices to increase their international clientele , while preserving their established identities , is collaboration ,” explained market analyst , Market Research Future .
Global medical device market
According to market analyst , Precedence Research , the global medical devices market was valued at US $ 550 billion in 2021 and is expected to reach US $ 850 billion by 2030 ,