Medical Equipment Market surpassing a valuation of US$ 587.7 billion by 2027

United States, New York, 2023-Feb-16 — /EPR Network/ —Global Medical Equipment Market: Segmented by Type (Ophthalmic Devices, Diagnostic Imaging, Wound Management, Dental & Nephrology, Orthopedic Devices, MIS, Diabetes Care, IVD, and Cardiovascular Devices), by End-User (Clinics, and Hospitals & Ambulatory Surgical Centers) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)

The medical equipment market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the medical equipment market.

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Medical Equipment Industry Outlook

The global medical equipment market size was valued at USD 461.3 billion in 2020 and grew at a CAGR of 4.12% during the forecast period, reaching USD 587.7 billion by 2027. Medical equipment refers to any instrument, machine, appliances, or other similar devices, intended by the manufacturer to be used, alone or in combination for medical purposes. The medical device benefits the patient by assisting healthcare providers in diagnosing and treating patients and overcoming illness, enhancing their quality of life.

Factors affecting the medical equipment market over the forecast period:

The increasing geriatric population and the rising prevalence of chronic diseases such as diabetes and cancer, along with growth in complex surgeries and surgical procedures, are anticipated to accelerate the medical equipment market growth

Growth in medical equipment for home-based diagnosis and treatment of medical conditions is increasing due to advancements in portable medical equipment such as insulin devices, glucose meters, and the nebulizer is expected to boost the medical equipment market over the forecast period

The need to diagnose, treat, and monitor the patients remotely or without any human interaction has increased in recent times, resulting in the increasing demand for AI-enabled medical equipment for proper contactless monitoring of patients. This factor is estimated to fuel the growth of the market.

Impact of COVID-19 on the Medical Equipment Market:

The outbreak of the COVID-19 pandemic has increased the demand for medical devices, including diagnostic kits, and ventilators coupled with the subsequent shortfall of this equipment due to the lockdown across the world and disturbing the supply chain of the medical equipment market. Moreover, this COVID-19 also positively affects the medical equipment market for the long term due to the rise in the need for advanced technological solutions that can allow for contactless monitoring of patients, either in their homes or in hospitals.

Scope of the Report

The report outlines the study of the global medical equipment market based on type and end-user.

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Based on the type, the medical equipment market has been segmented into –

• Ophthalmic Devices
• Diagnostic Imaging
• Wound Management
• Dental & Nephrology
• Orthopedic Devices
• MIS, Diabetes Care
• IVD
• Ventilators
• Cardiovascular Devices
• Others (Ent devices and neurology devices, etc.)

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Based on the end-user, the medical equipment market has been segmented into –

• Clinics & Homes
• Hospitals & Ambulatory Surgical Centers

Medical Equipment Market: Regional Outlook

The global medical equipment market is geographically segmented into North America, Asia Pacific, South America, Europe, the Middle East, and Africa. North America is expected to dominate the global medical equipment market over the forecast period. The well-developed healthcare infrastructure and faster adoption of the latest medical technologies are major factors driving the market growth in the region. Furthermore, Asia Pacific is expected to exhibit high CAGR growth in the global market during the forecast period.

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Key Global Medical Equipment Market Competitors Includes –

The global medical equipment market is highly fragmented, with a large number of small players across the globe. The key medical equipment players operating in the global market include–

• Stryker
• Ethicon LLC
• BD
• Cardinal Health
• Baxter International LLC
• Siemens Healthineers
• Abbott Laboratories
• Johnson & Johnson
• Becton, Dickinson, and Company
• 3M Company
• Danaher Corporation
• Agappe Diagnostics Ltd.
• Medtronic
• DePuy Synthes
• Fresenius Medical Care.

The medical equipment market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.