June 08, 2020
According to the research 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 expected to register significant growth during 2020-2026.
Technological advancements in medical products coupled with growing demand from healthcare sector are major factors driving the market growth. Medical products include reagents for software, machines, apparatus, appliances, instruments or other related devices which can either be used individually or in combination for various medical purposes. These products play a significant role in patient care and in the field of medicine.
Rising dependency of healthcare professionals on medical products and increasing awareness are further aiding the market expansion. Medical products are widely adopted in hospital settings in order to offer advanced treatment to patients. For instance, hospital beds play a pivotal role in daily operations since they are designed to provide mobility, safety and comfort to patients undergoing medical treatment for various conditions.
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Based on product landscape, walkers segment was worth USD 2.4 billion in 2019 and is predicted to expand significantly during the forecast period. Four legged walkers help disabled and elderly patients in stable walking. Medical professionals recommend the product for individuals who have low strength or have a compromised sense of balance.
Citing the end-use spectrum, medical products market size from ambulatory surgical centers was worth USD 4.5 billion in 2019 and is anticipated to witness robust growth in the forthcoming years.
Regionally, Latin America medical products industry generated revenues worth USD 1.6 billion in 2019 and is reckoned to witness a y-o-y growth rate of 7% through 2026. Meanwhile, medical products market in Middle East & Africa accumulated USD 1.5 billion in 2019 and is expected to grow with a CAGR of 6% between 2020 and 2026.
The prominent companies operating in global medical products market are Medline Industries Inc., Sunrise Medical, Stryker Corp., Invacare Corp., INTCO Medical Technology Co. Ltd., Hill-Rom Services Inc., GF Health Products Inc., Getinge AB, Compass Health Brands and Cardinal Health among others.