Medical Devices are any instrument, apparatus, machine or article that can be used for effective diagnosis, screening, prevention and treatment of any type of disorder or diseases. They can also be used for measuring, detection, correcting, restoring, or to modify the function or structure of human body for improving the health of an individual. Medical devices retail market is concerned with the sales of good directly to the consumers in smaller quantities and not for resale. The medical devices which are sold on the retail stores include kits for monitoring or diagnosing, Thermometers, Stethoscopes, Weighing Scales and other wearable devices, which can be used for the monitoring of various parameters.
COVID-19 scenario analysis:
The Covid-19 outbreak has directly affected the market of the medical devices retail industry in a positive pace in the current scenario. The demand of the medical devices which are available in the retail store has increased exponentially. The medical devices such as stethoscopes, digital thermometers, non-contact thermometers, diagnostic kits and other instruments are vital in the present scenario and thus, the use of these devices has increased. Therefore, the medical device retail market is expected to witness a boost in the near future. Furthermore, the symptom of the Covid-19 has posed the use of Non-contact thermometers and various other monitoring devices which are crucial for the individuals having primary diseases. The rising concern toward better quality of life has attributed toward growth of the use of the medical devices among common individuals, which would help the market flourish in the coming years.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rise in the inclination of the individuals toward the advanced technologies offered by the industry is anticipated to propel the market growth. Furthermore, the steep increase in the geriatric population who are susceptible to experience chronic diseases and hike in accessibility toward healthcare facilities offered by government, private, semi-government and research institutes by majority of the population are expected to boost the industry at a higher pace in the near future. The growth in the investments for R&D of the medical devices and increase in the incidence and prevalence of chronic diseases are expected to flourish the industry in the coming years. However, the lack of awareness among the population regarding the diseases and its prevention may hinder the growth of the industry in the commenced period.
The global medical devices retail market trends are as follows:
New product launches to boost the market
The surge in investment in R&D of medical devices according to demand is expected to help the market growth in the coming years. The key market leaders are focusing over the technological advancements to gain maximum market shares and gain attention globally in the near future. For instance, in April 2020, CDN had launched a temperature monitoring device which is NON-Contact type thermometer and can be used over forehead, which would help the market to boost in the coming years. The advancement in the product include improvement in the response time and accuracy of the products.
Furthermore, the hike in the improvement of the technologies according to the need of the hour is focused by majority of the key players and hence help the medical devices retail market increase in the coming years. For instance, in January 2019, Omron Healthcare introduced a wearable Blood Pressure monitoring device HeartGuide, which has the advantage of oscillometric measurement, which would boost the industrial growth in the near future.
Rise in incidences of diseases would flourish the market
The hike in the number of incidences and prevalence of the diseases which needs assistance of medical devices for screening, diagnosis, and monitoring to allow precautions to be taken for fluctuation from the normal range being observed, would flourish the industry in the retail segment during the forecast period. According to the Centers for Disease Control and Prevention, Healthcare-associated infections are estimated to be 1 in every 31 hospital patients, which is an alarming number which is anticipated to propel the growth of the industry in the commenced period.
Additionally, the population experiencing infectious disease is increasing due to the lack of awareness which is expected to propel the market in the coming years. According to the estimates given by UNAIDS, about 24.5 million people are estimated to access the antiretroviral therapy. The rise in the population who are stated to experience HIV infection would boost the industry in the forecast period. The medical devices retail industry is anticipated to witness growth due to increase in the concern for having better quality of life, hence increasing the use of medical devices for monitoring the progression of the diseases would help the market flourish during the analysis period.
Key benefits of the report:
- This study presents the analytical depiction of the global medical devices retail industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medical devices retail market share.
- The current market is quantitatively analyzed to highlight the global Medical Devices Retail market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the Medical Devices Retail market.
- The report provides a detailed global medical devices retail market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the medical devices retail market research report:
- Which are the leading market players active in the Medical Devices Retail market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the Medical Devices Retail market?
- What are the projections for the future that would help in taking further strategic steps?
Medical Devices Retail Market Report Highlights
By Device Type
By End User
Key Market Players
Siemens Healthineers, Baxter International Inc., Cardinal Health, Fresenius Medical Care, DePuy Synthes, GE Healthcare, Philips Healthcare, Medtronic, Stryker, Ethicon LLC