New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027756/?utm_source=GNW
76 billion in 2020 to $510.7 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $662.28 billion in 2025 at a CAGR of 7%.

The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical equipment or devices used in the diagnosis, treatment and monitoring of medical conditions. The medical equipment market is segmented 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.

North America was the largest region in the global medical equipment market, accounting for 40% of the market in 2020.Asia Pacific was the second largest region accounting for 26% of the global medical equipment market.

Africa was the smallest region in the global medical equipment market.

Device performance and patient data is available to healthcare service providers and is 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. For example, Medtronic launched a tool to augment their cardiac devices to securely transfer device data to doctors and allow them to monitor the critical health indicators of their patients.

Regulatory changes are likely to lead to increased costs relating to new product development and service offerings to clients.These changes are related to customer data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to equipment approval procedures and other regulatory changes.

For instance, according to a report by Ernst and Young in 2018, Fortune 500 companies are spending $7.8 billion to comply with GDPR regulations. The GDPR regulation is an EU law on data protection and privacy of individuals residing the European Union and the European Economic Area (EEA). It also regulates the export of personal data outside the EU and EEA areas. Additionally, the FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade. The potential loss of revenue due to delays in product release and additional costs incurred due to stringent approval processes puts strain to investments relating to new product development, thereby affecting the growth of the medical equipment market.

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.

According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally, by the year 2020.This is increasing the demand for medical devices used in diagnosis, prognosis and treatment of a number of 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.
Read the full report: https://www.reportlinker.com/p06027756/?utm_source=GNW

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