Medical Devices Market  2023 Analysis by Business Share, Industry Growth Statistics, Investment Opportunities, Revenue Expectation, Future Trends, and Forecast till 2033

Kenneth Research recently added a report on Medical Devices Market which provides a detailed insight into the market scenario on the basis of the market size, market volume and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031.

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The medical device market is a thriving segment of the healthcare industry in India. Rise in the number of hospitals and increasing requirement of healthcare facilities is creating a need for sophisticated devices and equipments which can provide accurate treatment to individuals. The global market is growing rapidly and India has also joined the bandwagon of being one of the fastest growing countries in this respect. The government is expected to develop a regulatory structure leading to quality products by manufacturers. However, the regulatory structure currently lacks active participation from the government but with the increase in competition in the sector, it is due to follow in a very short period of time. Currently, imports account for a large share of primarily the high-end medical device segment and players are gearing up establishing large manufacturing facilities in India to tap the opportunities.

The report begins with an introduction of medical devices in India and their classification based on relative parameters set by the Indian Government. The market overview section provides the market size and growth. It also provides an overview of the various segments that exist in the market along with their market share, size and growth. The import and the export structure of the medical devices are also given.

This is followed by an analysis of the drivers fueling growth in the market which includes improving health infrastructure, increasing healthcare spending, changing demographics and growing target consumer group, increasing lifestyle diseases and therapies, and increasing medical tourism in India. The key challenges identified include high dependency on exports and lack of standard regulatory structure. The key trends in the market have also been identified including outsourcing/relocating of manufacturing facilities, increasing joint ventures and tie-ups, various exhibitions and trade fairs, and increasing demand for refurbished devices.

The involvement of government in this industry is also included. It shows the role of various government bodies that are involved in regulating this sector and also involved in the promotion of this sector in India. It also highlights the regulations set in terms of assessment of a medical device manufacturing organization in India along with the procedure involved in registration of an organization and procurement of an import license. The initiatives taken by the government in order to promote the sector by providing tax reliefs and import duty relaxations have also been highlighted.

The competitive landscape provides a look into the nature of the market, and the active players in the market. Profiles of the major domestic and foreign players have been included.

A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential for improving market share and increasing profitability.

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The Market report answers the following questions:

What is the aim of the report?

• The market report presents the estimated market size of Medical Devices Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Playes
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter’s Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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