north america medical devices Market

The North America medical devices market was valued at US$ 197,215.1million in 2019 and is projected to reach US$ 318,973.1million by 2027; it is expected to grow at a CAGR of 6.4% during 2020–2027.

The growth of the medical device market is mainly attributed to the growing medical device industry, and rising chronic disease prevalence. However, the challenges in medical device industry like expensive product approvals restrains the growth of the market.

Medical devices are essential for disease prevention and medical diagnosis, as well as for treatment and rehabilitation of a medical condition. The global medical device industry witnesses continuous innovations and technological advancements, in turn, driving the healthcare sector worldwide.

In North America, the US holds the significant share of the medical devices market. The growth of the market in the country is primarily driven by increasing adoption of advanced medical device technologies, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes and increasing prevalence of chronic diseases.

Growth in In-vitro diagnostic is also contributing in the growth of market. Key players such as Abbott, Roche are launching new test kits for testing of COVID19 patient. Also, favorable government regulations and allowing kits under emergency authorization is driving the growth of medical device industry.

Based on product type, the medical devices market is segmented into in vitro diagnostics (IVD), surgical device, general medical devices, cardiovascular devices, orthopedic, infection control devices, ophthalmology, endoscopy, neurology, others. The in vitro diagnostics segment held the largest share of the market in 2019. However, the market for neurology is estimated grow at the highest CAGR in the market during the forecast period.

Based on function, the market is segmented into diagnostic and monitoring, therapeutics, surgical, and others. On the basis of end user the market is segmented into homecare medical devices, hospital medical devices, ambulatory care medical devices, others.

The World Health Organization (WHO), Food and Drug Administration (FDA),  Centers for Disease Control and Prevention (CDC), and Canadian MedTech Manufacturers’ Alliance along with company websites, are a few of the major primary and secondary sources referred for preparing this report.