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Global Healthcare Oem Market-global Industry Analysis And Forecast
Global Healthcare OEM Market was valued at around US$ XXX Bn in 2019 and is estimated to reach US$ XXX Bn by 2027, growing at a CAGR of 16.2% during the forecast 2020 and 2027.
An original equipment manufacturer (OEM) emphasis on business-to-business sales. OEMs, is defined as product manufacture by one company used as a component for another company, in the production of final products which resells and rebrand the product under their own name.
The report comprises of worldwide Healthcare OEM Market presentation in terms of revenue from various segments and detailed evaluation of the trends and factors that are playing a substantial role in the market.
These factors involve the drivers, restraints, opportunities and challenges for the key companies and stakeholders in the industry.
Growing incidence of diseases anticipates to increasing Demand for diagnostic and surgical medical devices as per early diagnoses requirement for patient health and safety. Also, demand for improved and innovative technology in the healthcare sector and growing emphasis on healthcare quality, healthcare products and Advancements and developments in medical devices for more effective care for patients drive this market. Also increasing acceptance of IT for maintaining administrative data, and utilization of available resources and cost reduction element feature to the growth of this market.
However, stringent regulations, high initial installation costs and cost related to Extra support or product improvements as lack of understanding of market requirement likewise, in medical equipment installation acquires a service contract cost ~12% of the cost of medical equipment to be paid per year. These factors detain the users in adopting the facilities and affect the market growth hence, restrain the market growth.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Healthcare OEM Market: Market Segmentation
The report covers competitive analysis of the Healthcare OEM Market in each of the geographical segments thereby providing insight into a market share at the macro as well as micro levels.
On the basis of type, the surging medical devices segment was leading the Healthcare OEM Market with revenue of US$ XX Mn in 2019, expected to grow at CAGR of XX% during forecast period 2020-2027. The WHO estimations that around 95% of medical devices in rural countries like, Africa imports and almost, 80% is funded by international governments or is donated. The market is driving prominently because of increase chronic diseases, increasing number of surgery and demand for medical devices, For example, dressing forceps, dissecting scissors, surgical scalpels, and other devices can be used in multiple surgeries. Diagnostic instruments such as ultrasound, MRI, X-ray, PET scan used to diagnose the disorder.
In terms of End- User, Hospital is one of the major consumers and users of medical devices. Providing specialized medical treatment with medical equipment and nursing staff to patients and a biomedical equipment technician (BMET) is a main component of the healthcare delivery and used primarily by hospitals.
Global Healthcare OEM Market: Geographical Analysis
North America’s Healthcare OEM Market was valued at US$ XX Mn in 2019 and is expected to reach a value of US$ XX Mn by 2027, with a CAGR of XX%. The US contributes the major share primary thanks to the rise in ageing population, According to United Nations estimation, the global geriatric population will grow from about XX Mn in 2019 to 1.8 Bn (17.8% of world population) in 2060, also, presence of a booming medical device industry accounts for the largest market in the region. Moreover, the existence of well-known major instrument and medical device manufactures as well as software companies in the region are accounted for growth in the market. Rapid digitalization in the healthcare system, demand for innovative healthcare IT solution, adoption of advanced technology, the prevalence of lifestyle-related diseases and emphasis on cost reduction are propelling the market growth. On medical devices U.S. is spending almost US$119 Bn to $125 Bn annually. Europe shares the second-largest market due to the cost various reasons, which are mentioned in final report.
The Asia Pacific is an emerging market and is expected to growth to compete the leading markets by 2024. For example, Taiwan emerged to be the leading and profitable market for Healthcare OEM manufacturing in the region. Taiwan is one of the most prominent health sectors and has been regarded to highly contribute in the health insurance program. The government is spending nearly 6-7% of its GDP on healthcare. Also, the medical device market in Taiwan has flourished substantially. Middle East and Africa has seen steady growth in recent years and is anticipated to add its value to emerging market.
Competitive Analysis: Global Healthcare OEM Market:
These market players in the Global Healthcare OEM Market appears to be uneven because of several large and small players. Large players implemented various strategies such as acquisition, partnership, collaborations, expansions Product launches and other crucial aspects to lessen the competition in the competitive landscape
Some of the Key Developments in the Market: Mergers & Acquisition -
• Medtronic announced merger agreement with Mazor Robotics, Abbott Laboratories acquisition of diagnostic firm Alere, Boston Announces.The acquisition of BTG, Johnson & Johnson Sells Subsidiary LifeScan to Platinum Equity.
• In March, Becton, Dickinson and Co. forming a joint venture to fund private equity firm Apax Partners announced to sell 50.1% of its Respiratory Solutions, which will operate a new independent company.
Trends and Development:
• January 31, 2019 – A private equity firm, Vance Street Capital LLC (the US), proclaimed the acquisition of Applied Plastics Co. (the US), a prominent advanced coatings provider to the end medical markets together with OEMs medical device and manufacturers.
• September 18, 2018 – a leading global post-sales service partner for OEMs Quest International, Inc. (the US), proclaimed the supplementary proficiencies of Dental and Ophthalmic technologies. Currently, Quest has become a professional in various Class I, II and III medical devices.
• Distribution Rationalization, Pricing Regulations by Government and its implication on Distribution Reducing Quality Differentiation, Improved supply chain management using Artificial Intelligence & Machine learning, Greater consolidation of businesses and the growing role of private equity players
The objective of the report is to present a comprehensive analysis of the Global Healthcare OEM Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Healthcare OEM Market dynamics, structure by analyzing the market segments and projects the Global Healthcare OEM Market size.
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