Global Medical Products Market to Grow Substantially During 2020-2026

September 07, 2020

As per the report titled ‘Medical Products Market Size By Product, By End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global medical products market is anticipated to accrue notable returns during the analysis period.

Increasing elderly population base, rising cases of disabilities and road accidents, growing investments in healthcare, and technological advancements are stimulating the growth of global medical products market. However, stringent regulations and high costs of medical equipment may negatively impact the business outlook during the forecast timeframe, cites the study.

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For the uninitiated, medical products are instruments, devices, appliances, machines, apparatus, reagents for software, in vitro use, and such which are designed to be utilized either alone or in combination for a particular medical purpose.

Based on product landscape, global medical products market is categorized into walkers, orthopedics, medical beds, wheelchairs, bathroom assistive products, and others. As per records, walkers segment was worth USD 2.4 billion in 2019 and will continue to showcase strong growth in the upcoming years. A walker is recommended by healthcare professionals or doctors to individuals who have lost the strength to support themselves or when the patient is unable to comprehend the sense of balance.

Speaking of the end-use spectrum, global medical products market is segmented into home healthcare, ambulatory surgery centers, hospitals, and others. Of these, ambulatory surgical centers segment garnered a valuation of USD 4.3 billion in 2019 and is expected to witness significant growth in the upcoming years.

Considering the geographical landscape, Latin America medical products market was worth USD 1.6 billion in 2019 and is projected to expand with a CAGR of 7% throughout the forecast duration. Whereas, MEA medical products market held a value of USD 1.5 billion in 2019 and is projected to record a yearly growth rate of 6%.

Some of the renowned players in global medical products market are Medline Industries, Sunrise Medical, Medline Industries Inc., Stryker Corp., Invacare Corp., Hill-Rom Services, Inc., Intco Medical Technology Co., Ltd., GF Health Products Inc., Compass Health Brands, Getinge AB, and Cardinal Health.

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