Global Electromedical Devices Market Size study by Device Type, Application and Forecast to 2027
Global Electromedical Devices Market is valued at approximately USD 44.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.2% over the forecast period 2020-2027. Electromedical devices are a type of medical device that can be used in healthcare practices, including therapeutic use (such as laser, surgical instruments, and other associated devices) and diagnostic use (such as monitoring devices, imaging equipment, and others). These devices typically used in the diagnosis and surgical procedures associated with dental, cardiovascular diseases, ophthalmology, and several associated disease indications.
Therefore, a rise in the prevalence of diseases such as cardiovascular and dental, followed by the growing geriatric population worldwide are expected to drive the utility for electromedical devices around the world. According to the American Heart Association (AHA), in 2016, the number of deaths caused by cardiovascular diseases was estimated at around 17.6 million, and these deaths are expected to grow to almost 23.6 million by the year 2030. Also, as per the Center for Disease Control and Prevention (CDC), roughly 610,000 people died due to heart diseases, such as heart stroke, in the United States each year. Furthermore, the rise in research and development activities, technological development in the electromechanical device, and growing product approvals are the few factors responsible for the CAGR of the market during the forecast period.
According to the Food and Drug Administration, in 2018, almost 106 electromechanical devices were approved that indicate an increase from 2017, which includes nearly 99 electromechanical devices approval. This, in turn, is expected to strengthen the market growth all over the world. Although, the recent outbreak of the COVID-19 crisis has led to rise in utility & adoption for electromedical devices, as these devices help in screening and monitoring of patients with novel coronavirus infections. Therefore, this factor can create lucrative opportunities for the electromedical device market in the forthcoming years. However, the high cost of the advanced electromechanical devices and high technical configuration are the major factors restraining the market growth over the forecast period of 2020-2027.
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The regional analysis of the global Electromedical Devices market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early adoption of technological electromechanical device, and the presence of a significant number of medical device manufacturers in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising prevalence of dental and cardiovascular diseases and improving healthcare infrastructure would create lucrative growth prospects for the Electromedical Devices market across the Asia-Pacific region.
Major market player included in this report are:
B. Braun Melsungen AG
Koninklijke Philips N.V.
Cardinal Health, Inc.
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Last Update : Sep 22, 2020
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