Global Medical Device Industry Statistics Show Production Of Non-COVID Equipment Is Severely Impacted – GlobeNewswire

September 16, 2020 06:00 ET | Source: The Business Research Company

LONDON, Sept. 16, 2020 (GLOBE NEWSWIRE) -- (Medical Devices Companies Included: Medtronic Plc, Johnson & Johnson, Abbott Laboratories, Becton, Dickinson and Company, Siemens Healthineers AG)

The evident shortage of required raw materials/components for the production of medical equipment has resulted in decreased or no production of medical equipment in various countries. There are many parts and components involved in the manufacturing of medical devices, and the production process is very complicated. Currently, the upstream enterprises of the supply chain have not fully resumed their work, and some spare parts are needed to be purchased overseas. Globally, buyers are scrambling for alternative manufacturers and locations.

While the supply has been affected as such, the demand for medical devices used in minimally invasive and elective procedures will be affected negatively during the lockdown period due to the coronavirus pandemic as well. The level of impact due to the outbreak will vary across different medical equipment markets. For instance, the demand for orthopedic and ophthalmic equipment is significantly dependent on non-essential elective procedures and hence these segments are severely affected. On the contrary, the demand for respiratory care equipment and clinical diagnostics has grown positively in the pandemic. Therefore, the demand for COVID-19 medical equipment has grown tremendously due to their heavy usage and conversion of many hospitals for COVID treatment. Some other positively impacted medical equipment segments are in-vitro diagnostics, diagnostic imaging, and respiratory care equipment.

The Business Research Companys report titled Medical Devices Market - Opportunities And Strategies Global Forecast To 2030 covers major medical devices companies, medical devices market share by company, medical devices manufacturers, medical devices infrastructure market size, and medical devices market forecasts. The report also covers the global medical devices market and medical devices market segments. The medical devices market is segmented by type of device into in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, and wound care devices.

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The medical devices market 2020 size reached nearly $456.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015. The market is expected to decline from $456.9 billion in 2019 to $442.5 billion in 2020 at a rate of -3.2%. The decline is mainly due to lockdowns imposed by the governments across the world that hindered the supply chain in the medical devices manufacturing industry. However, there is an unprecedented increase in the manufacturing of the ventilators that are used to treat COVID-19 patients.

The medical devices market is then expected to recover and grow at a CAGR of 6.1% from 2021 and reach $603.5 billion in 2023. Going forward beyond 2020, a rapid increase in the prevalence of infectious diseases, and increasing prevalence of chronic diseases will support the market growth. Analysis of the medical device market by country shows that North America accounts for about 39%, the largest share in the global medical devices market.

In the wake of the coronavirus pandemic, global medical device industry trends include medical technologies such as wearables, which are becoming commonplace. The need to diagnose, treat and monitor patients without human contact has risen to contain the spread of COVID-19, resulting in increased applications of medical technologies which will enable medical professionals to remotely treat their patients. Use of medical devices for the home-based diagnosis and treatment of medical conditions is increasing as well.

Technological developments in devices such as glucose monitors, insulin delivery devices, nebulizers and oxygen concentrators have enabled diagnosis and monitoring of many diseases at home. Remote control technology is also allowing healthcare professionals to support home-based treatments which is leading to increased preference for home and self-care treatment. Such medical technologies help people remain quarantined and thus not expose themselves to the virus.

Medical Devices Market - Opportunities And Strategies Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors approaches.

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Global Medical Device Industry Statistics Show Production Of Non-COVID Equipment Is Severely Impacted - GlobeNewswire