How fast is the medical device industry growing?
The global medical devices market in 2020 was valued at $456.9 billion, which is an increase at a compounded annual growth rate (CAGR) of 4.4% since 2015. Despite an expected decline of -3.2% in 2020, it is expected to rebound in 2021 with a 6.1% CAGR and reach $603.5 billion in 2023.
Why is the medical device industry growing?
Increased use of innovative medical device technologies, growing digitalization of medical devices and increased emphasis on improving treatment results, are all driving market expansion in the area.
What is the future of medical device industry?
The medical device industry is poised for steady growth, with global annual sales forecast to rise by over 5 percent a year and reach nearly US$800 billion by 2030 .
How many medical devices are produced each year?
In 2018, medical device production worldwide is expected to reach a value of approximately 786 billion U.S. dollars….Global medical device production forecast from 2015 to 2020 (in billion U.S. dollars)
| Characteristic | Production value in billion U.S. dollars |
|---|---|
| – | – |
What is the growth rate of medical devices year on year?
5.3%
The global market for medical devices technologies reached nearly $521.2 billion in 2017 and should reach $674.5 billion by 2022, at a compound annual growth rate (CAGR) of 5.3% for the period of 2017-2022.
How large is the medical device industry?
The US medical device industry was valued at US$147.7 billion in 2016 and is projected to grow significantly through 2019, when it should increase to US$173 billion.
How much is the medical device industry worth 2021?
USD 186.5 billion
The U.S. medical device manufacturers market is estimated at USD 176.7 billion in 2020 and is expected to reach USD 186.5 billion in 2021.
Why do medical devices fail?
Medical device failures are typically the result of deficiencies in safety check procedures or a lack of attention to potential risks in the design process.
What are some current challenges facing the medical device industry?
Medical Device Industry Challenges and Marketing Opportunities in…
- Cyber Security Concerns.
- COVID-19 Pandemic.
- Intricate Regulatory Requirements.
- High Cost of Production.
- Counterfeit Products in the Market.
What are the key growth drivers of the medical devices market?
The primary growth driver of the medical devices market in the North American market is the higher investment of yearly revenues into product innovation and constant improvement of existing technologies. Mobile health and telemedicine have been growing in the United States, with an increasing rate of adoption.
How big is the medical device industry in the US?
As the medical device industry enters 2015, the United States remains the world leader by market size, with total revenue of around $110 billion—around one-third of the $350 billion global pie. But the U.S. medical device industry also faces multifaceted challenges that are hampering growth.
Which region is expected to dominate the global medical device market?
North America was valued at USD 169.3 Bn in 2018 and is anticipated to hold a significant share in the global medical devices market during the forecast period. Medical device market growth witnessed in the region is likely to be driven by the well-developed healthcare infrastructure and faster adoption of new medical technologies.
What is the forecast period of the medical devices market research report?
The medical devices market was estimated to be USD 504.85 billion in 2020 and is expected to witness a CAGR of around 5.71% over the forecast period to reach USD 629.40 billion in the year 2026. The COVID-19 pandemic is expected to have a mixed impact on the market. Currently, countries are facing the huge threat of the COVID-19 pandemic.