Military Wearable Medical Device Market Forecast To Grow USD 46.7 Billion By 2028Posted by rahul nikade on November 10th, 2022 Medical Component Manufacturing Industry Overview The global medical component manufacturing market size was valued at USD 10.36 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2030. Rising demand for medical devices owing to the prevalence of lifestyle-related diseases and increasing demand for healthcare services and smart devices, such as wearables, are projected to fuel the market growth over the forecast period. There has been a transformation in the methods of treatment and diagnosis with the rising use of wearables and other healthcare equipment at home. Clinicians and doctors receive intelligence from wearables and devices to prevent and monitor diseases and patients avoid unnecessary trips to hospitals. Gather more insights about the market drivers, restrains and growth of the Global Medical Component Manufacturing Market The U.S. is one of the leading markets for medical devices around the world. It is known for the latest technology and innovative products around the world. Investments in the R&D of such devices have more than doubled in recent decades. This is projected to push the market growth for medical component manufacturing over the coming years. The presence of a large number of medical device companies drives the demand for components used in medical devices. Some of the states with a large number of medical device companies are New York, Florida, California, Illinois, Michigan, Pennsylvania, and Georgia. The U.S. also holds a competitive edge in several sectors, including biotechnology, instrumentation, telecommunications, microelectronics, and software development, on which the market for medical component manufacturing relies. Government policies and trade agreements such as NAFTA and TPP, rising healthcare expenditure, and increasing penetration of smart healthcare devices are projected to further push the market demand. As per the Centers for Medicare & Medicaid Services, the national healthcare expenditure in the country increased to USD 3.8 trillion in 2019-4.6% more than in 2018. As per the same resource, the national healthcare expenditure is expected to reach USD 6.2 trillion by 2028. The COVID-19 pandemic negatively impacted the demand for medical devices, thereby affecting the market growth. The healthcare industry witnessed a fall in elective healthcare procedures, many of which were postponed or canceled so that hospitals could focus on the treatment of COVID-19 patients. However, the demand for products such as personal protective equipment (PPE), ventilators, and diagnostic kits increased rapidly during the COVID-19 outbreak. Browse through Grand View Research's Advanced Interior Materials Industry Research Reports
Medical Component Manufacturing Market Segmentation Grand View Research has segmented the global medical component manufacturing market on the basis of process and region: Medical Component Manufacturing Process Outlook (Revenue, USD Billion, 2017 - 2030)
Medical Component Manufacturing Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Key Companies profiled: Some prominent players in the global medical component manufacturing market include:
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