LONDON, March 01, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the medical equipment market highlights that the rise in sedentary jobs, busy lifestyles, and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes, and cardiovascular diseases. Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes. The rise in chronic disease prevalence globally is increasing the demand for medical devices used in the diagnosis, prognosis, and treatment of several diseases, thereby driving the demand for medical equipment. These factors are expected to increase the patient pool globally, thereby driving the market during the forecast period.
The global medical equipment market grew from $639.75 billion in 2022 to $695.05 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical equipment market is expected to grow to $922.39 billion in 2027 at a CAGR of 7.3%.
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Device performance and patient data are available to healthcare service providers and are helping them to improve patient monitoring and overall care quality. Some companies are integrating medical device data with EMR (Electronic Medical Records) to improve transparency and collaboration. As consumer wearables are becoming more common, patient data volumes are increasing and companies are investing in deploying data management, warehousing, and security technologies.
Major companies in the medical equipment industry include Medtronic Inc., Abbott Laboratories, Johnson & Johnson, Cardinal Health, Inc., Becton Dickinson, Siemens AG, STRYKER CORPORATION, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd., and Boston Scientific Corporation.
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North America was the largest region in the global medical equipment market in 2022. Asia-Pacific was the second largest region in the global medical equipment market. The regions covered in the medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global medical equipment market is segmented by type into in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, wound care devices; by type of expenditure into public, private; by product into instruments/ equipment, disposables; by end user into hospitals and clinics, homecare, diagnostics centers, other end users.
Medical Equipment Global Market Report 2023 –Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides insights on the medical equipment market size, medical equipment market segments, medical equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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