Specialty Devices Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Specialty devices refers to the equipment installed by the tenant that processes certain distinctive or specialized performance qualities that enable it to carry out specified tasks.

Sizing and Forecast
The specialty devices market size has grown rapidly in recent years. It will grow from $40.71 billion in 2023 to $46.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to healthcare industry growth, aging population, increased chronic diseases, regulatory support, patient preference for home healthcare, diagnostic advancements..

The specialty devices market size is expected to see rapid growth in the next few years. It will grow to $79.94 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to minimally invasive procedures, home-based testing kits, biocompatible materials, point-of-care testing, global health crises response, focus on cybersecurity and data privacy.. Major trends in the forecast period include advancements in wearable technology, telehealth and remote patient monitoring, integration of artificial intelligence (ai), smart home healthcare devices, telemedicine platforms and apps..

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Segmentation & Regional Insights
The specialty devices market covered in this report is segmented –

1) By Equipment: Construction Equipment, Machinery Manufacturing Equipment, Medical Equipment, Office Equipment, Outdoor Equipment, Technology-Communications Equipment, Transportation Equipment
2) By Supply Chain: Manufacturer, Distributor, Retailer

Asia-Pacific was the largest region in the specialty devices market in 2023. The regions covered in the specialty devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
An increase in vehicle safety and autonomous driving is expected to propel the growth of the specialty devices market going forward. Autonomous driving refers to self-driving with enhanced and smart connected vehicles. Customers prefer vehicles that offer enjoyable, comfortable, and productive experiences, and specialty devices of a vehicle with a general-purpose chassis and a body or mounted equipment that is tailored to serve a specific purpose, when used in production and manufacturing procedures as well as inside automobiles provide in-car functions, offer immense promise, leading to increased vehicle safety and autonomous driving. For instance, in January 2023, according to a survey conducted by the American Automobile Association, a North American federation of motor clubs, 72% of American adults said they would feel safer riding in a self-driving automobile. Further, 51% of US citizens are interested in laws to guarantee the safety of autonomous vehicles. Therefore, increasing vehicle safety and autonomous driving drives the specialty devices market.

Key Industry Players
Major companies operating in the specialty devices market are increasing their focus on introducing innovative devices to gain a competitive edge in the market. Innovative advancements in specialty devices involve the integration of cutting-edge technologies to enhance performance, efficiency, and functionality for specialized applications. For instance, in July 2022, Volvo Construction Equipment, a Swedish-based manufacturing company, launched the EC550E, a 50-ton crawler excavator that provides outstanding levels of durability and performance, typically expected from a 60-ton machine. The EC550E is a heavy-duty excavator known for its robust design, advanced technology features, and high-performance capabilities in demanding construction and excavation applications. The EC550E is designed for heavy-duty digging, mass excavation, and large site preparation, offering exceptional operator comfort, increased productivity, and improved fuel efficiency.

The specialty devices market report table of contents includes:

1. Executive Summary

2. Specialty Devices Market Characteristics

3. Specialty Devices Market Trends And Strategies

4. Specialty Devices Market – Macro Economic Scenario

5. Global Specialty Devices Market Size and Growth
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31. Global Specialty Devices Market Competitive Benchmarking

32. Global Specialty Devices Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Specialty Devices Market

34. Specialty Devices Market Future Outlook and Potential Analysis

35. Appendix

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