Medical Device & Accessories Market Size, Share, Development, Growth and Demand Forecast to 2023

Medical device & 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. In this regards, Koninklijke Philips N.V, in June 2017, acquired CardioProlific Inc. which is a U.S.-based, privately-held company that develops catheter-based thrombectomy approaches to treat peripheral vascular disease. Also in October 2015, Medtronic acquired the Coronary & Structural Heart division of Twelve, Inc. These mergers and acquisitions help them to develop pipeline and network of their product around the globe. Whereas few companies are continuously involved in research and development to introduce advanced products, such as in January 2017, Stryker Corporation launched Altrix, a next-generation precision temperature management system. Also in April 2016, Medtronic launched new endoscopic ablation catheter for Barrett’s Esophagus.

The global Medical Device & Accessories Market is expected to grow at a CAGR of 6.53% during the forecast period, 2017-2023.

Taste the market data and market information presented through more than 89 market data tables and figures spread over 87 pages of the project report. Avail the in-depth table of content TOC & market synopsis on “medical device & accessories market research report–Global forecast till 2023.”

Major Players in the Medical Devices and Accessories Market

Some of the key players in this market are Boston Scientific Corporation (U.S.), Medtronic (Ireland), Johnson & Johnson Services, Inc. (U.S.), Stryker Corporation (U.S.), Koninklijke philips n.v (the Netherlands), General Electric Company (U.S.), Siemens AG (U.S.), Danaher Corporation (U.S.).

The global medical devices and accessories market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.

The Americas account for the major share of this market owing to the presence of the leading market players, increasing awareness for healthcare and high healthcare expenditure. People in this region are more health conscious that leads to an increase in the healthcare spending.

Europe accounts for the second largest market, which is followed by Asia Pacific. Europe consists of two regions namely Western Europe and Eastern Europe. Western Europe holds the major share of the market which is majorly contributed by Germany, U.K., and France. Moreover, major driving factors for the market in this region are increasing the prevalence of chronic diseases, strong government support, and well-developed technology.

Asia Pacific is the fastest growing market. Increasing need for better treatment, rapidly improving technology in the healthcare industry, rising aging population and the presence of huge opportunity pool drives the growth of this market in Asia Pacific region. According to the ESCAP Statistical Database, in 2016, approximately 12.4% of the population in Asia Pacific region was over 60 years.

On the other hand, The Middle East & Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in the African region. The market is segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and Rest of the Middle East & Africa. In the Middle East & Africa, the healthcare spending has increased during last few years owing to increasing awareness about development in the healthcare sector.

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The global medical device & accessories market is segmented on the basis of the types of devices. On the basis the types of devices, it is segmented into cardiovascular application, coronary pressure monitors, catheters, therapeutic medical guide, dental implant, cochlear implant, global nerve stimulator market, global diabetes monitors market, and global suture needles market. Furthermore, the cardiovascular application segment is sub-segmented into cardiac monitors, cardiac pacemaker, cardiac defibrillators, and others. The coronary pressure monitor segment is sub-segmented into sphygmomanometer, automated blood pressure monitor, BP transducers, ambulatory blood pressure monitor, and instruments & accessories. The catheter segment is sub-segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters. The therapeutic medical guidewire segment is sub-segmented into solid guidewire and wrapped guidewire. The nerve stimulator is further sub-segmented into deep brain stimulator, vagus nerve stimulator, and spinal cord stimulator.

Regional Analysis

The Americas dominate the global medical device & accessories market owing to well-developed technology, high healthcare expenditure and the presence of the leading players, and focus of research institutions on updating technology for new and advanced medical device & accessories devices.

Europe holds the second position in the market owing to the increasing support from the government, increasing the prevalence of chronic diseases, and high healthcare spending. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion.

Asia Pacific is the fastest growing market owing to increasing need for better monitoring devices, rapidly improving technology, and presence of huge patient pool. Moreover, government bodies in this region are more focused to get a better treatment option to improve the lifestyle of their citizen.

The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and poor development in the healthcare domain.

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