December 17, 2020
According to the research report titled ‘Global Electromedical Devices Market Size study, by Device Type (Diagnostic Imaging Devices, Surgical Devices, Patient Assistive Devices, Others), by Application (Cardiovascular, Dental, Ophthalmology, Orthopedic, Others), by End-User (Hospitals, Clinics, Home Care Settings, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global electromedical devices market was valued at USD 44.3 billion in 2019 and is projected to grow with a CAGR of 7.2% during 2020-2027.
Technological advancements, rising research & development activities, and increasing product approvals are the major factors propelling the global electromedical devices market growth. Additionally, increasing prevalence of cardiovascular and dental illnesses, and rising geriatric population worldwide are contributing to the industry growth globally. As per the Food and Drug Administration (FDA), around 106 electromechanical devices were approved in 2018, which is an increase from 99 devices approval in 2017.
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Also, rising incidences of COVID-19 infection is fueling the adoption of electromedical devices, as they help in screening and monitoring patients with viral infections. However, high cost of these devices and advanced technical configuration are the major factors expected to restrain the global electromedical devices industry outlook over the forecast period.
Based on end-user spectrum, global electromedical devices market is segmented into home care settings, hospitals, clinics, and others. With regards to application scope, the industry is bifurcated into orthopedic, cardiovascular, ophthalmology, dental, and others. Speaking of device type, the industry is divided into diagnostic imaging devices, patient assistive devices, surgical devices, and others.
From a regional frame of reference, worldwide electromedical devices market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to the existence of several medical device manufacturing companies in the region as well as early adoption of technologically advanced devices.
Meanwhile, Asia Pacific market is anticipated to experience substantial growth over 2020-2027, owing to increasing incidences of dental and cardiovascular diseases, and enhancements in healthcare infrastructure in the region.
Major players operating in global electromedical devices market sphere include B. Braun Melsungen AG, Cardinal Health, Inc., 3M Company, Stryker Corporation, Koninklijke Philips N.V., GE Healthcare, Abbott Laboratories, Siemens AG, Zimmer Biomet, and Medtronic plc.