North America Medical Devices Market

Market Introduction

A medical device can be a machine, instrument, apparatus, an article that is used to diagnose, monitor, and therapeutic purposes. A medical device plays an essential role, such as detection, measurement, restoration, and modification of the structure or a function of the body due to health problems or chronic medical conditions. There are various types of medical devices, which include glasses, pacemakers, wheelchairs, X-ray machines, MRI, CT scans, and many more. These medical devices are categorized into four classes, such as I, IIa, IIb, and III. The categories of the medical devices are based on the Food and Drug Administration and CE marking. The organizations have categorized class I as low-risk medical devices and class III high-risk medical devices.

Market Overview and Dynamics

The North Americamedical devices market is expected to reach US$ 318,973.1 millionby 2027 from US$ 197,215.1 million in 2019. The market is anticipated to grow with a CAGR of 6.4% from 2020 to 2027. Factors driving the market growth include growing in medical device industry, and rising chronic disease prevalence.COVID19 has impacted the market heavily due to disruption in supply chain and lockdown conditions. However, the challenges in medical device industry like expensive product approvals restrains the growth of the market.

Key Market Segments

In terms of product type, the In-vitro diagnosticdevice segment held the largest share of the market in 2019; however, the neurologysegment is anticipated to register the highest CAGR in the market during the forecast period. In terms of function, the diagnostic and monitoring segment held a larger share of the market in 2019and the surgicalsegment is estimated to register a higher market sharein the market during the forecast period. Likewise, in terms of end user, the hospital segment held a larger share of the market in 2019 and is estimated to register a higher CAGR in the market during the forecast period.

Major Sources and Companies Listed

The World Health Organization (WHO), Food and Drug Administration (FDA), Centers for Disease Control and Prevention (CDC), and Canadian MedTech Manufacturers’ Alliance are some of the major primary and secondary sources for the North Americamedical devices market included in the report.

Reasons to buy the report

• To understand the North Americamedical devicesmarket landscape and identifymarket segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for the North Americamedical devices market
• Efficiently plan M&A and partnership dealsin the North Americamedical devicesmarket by identifying market segments with the most promising probable sales
• Helps to takeknowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form the North Americamedical devicesmarket
• Obtain market revenue forecast for market by various segments from 2019 to 2027 in the region

North AmericaMedical devices Market Segmentation

By Product Type

• Surgical Devices
  • Electrosurgical Generators
  • Ultrasonic Surgical Generators
  • Minimally Invasive Surgery Devices
  • Other Surgical Devices
• Infection Control Devices
• General Medical Devices
• Cardiovascular Devices
• Orthopaedic Devices
• In Vitro Diagnostics (IVD)
• Endoscopy
• Neurology
• Ophthalmology
• Others

By Function

·         Diagnostic and Monitoring

·         Therapeutics

·         Surgical

·         Others

By End User

·         Homecare Medical Devices

·         Hospital Medical Devices

·         Ambulatory Care Medical Devices

·         Others

Company Profiles

• Medtronic
• Abbott
• Boston Scientific Corporation
• Braun Melsungen AG
• 3M
• General Electric Company
• Stryker Corporation
• Koninklijke Philips N.V.
• Siemens AG;
• Johnson and Johnson Services, Inc.

North America Medical Devices Market Strategic Insights

North America Medical Devices Market Segmentation Analysis

North America Medical Devices Market Report Highlights

North America Medical Devices Report Scope

North America Medical Devices Market Country and Regional Insights