What is device market?
Medical Devices Market Definition The medical device industry includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies and other medical devices.
What is medical device market research?
Medical devices are the devices, equipments, instruments used in medical industries by professional surgeons, medical assistants and doctors for healthcare of patients. Companies in this industry manufacture medical devices, surgical equipments and appliances.
What is the medical device market for us?
The medical devices market size in North America stood at USD 168.76 billion in 2020.
How much is the medical device market worth?
The global medical devices market in 2020 was valued at $456.9 billion, which is an increase at a compounded annual growth rate (CAGR) of 4.4% since 2015. Despite an expected decline of -3.2% in 2020, it is expected to rebound in 2021 with a 6.1% CAGR and reach $603.5 billion in 2023.
How competitive is the medical device industry?
The device manufacturing industry is highly competitive and produces nondiscretionary products at high margins. In 2018, an aging population and technological factors will stimulate a 2.7% growth to a $29.5 billion domestic market.
Is the medical device industry an oligopoly?
The industry is a natural oligopoly with 4 firms currently exhibiting over 73% market share. Only 866 firms in the United States currently operate in the medical device manufacturing sector.
What are in vitro diagnostic tests?
In vitro diagnostics are tests done on samples such as blood or tissue that have been taken from the human body. In vitro diagnostics can detect diseases or other conditions, and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases.
What constitutes a medical device?
A medical device is an instrument, apparatus, implant, machine, tool, in vitro reagent, or similar article that is to diagnose, prevent, mitigate, treat, or cure disease or other conditions, and, unlike a pharmaceutical or biologic, achieves its purpose by physical, structural, or mechanical action but not through …
Is medical device a good industry?
Medical technology saves lives, improves patient outcomes and helps lower the overall cost of health care. It is also one of America’s strongest and fastest-growing manufacturing sectors, creating and producing medical innovations for use around the world—and providing good-paying jobs across the country.
How many people work in the medical device industry?
There are 93,089 people employed in the Medical Device Manufacturing industry in the US as of 2021.
How big is the US medical device market?
The U.S. medical device manufacturers market is estimated at USD 176.7 billion in 2020 and is expected to reach USD 186.5 billion in 2021.