The specialty devices global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Specialty Devices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Specialty Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Specialty Devices Market Overview
Market Drivers –
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.
Market Trends –
Technological advancement is a key trend gaining popularity in the specialty devices market. Major companies operating in the specialty devices market are focused on developing new technological solutions for motion control and other specialized products to strengthen their position in the market. For instance, in November 2022, TEXSPIN® Bearings Limited, an India-based company operating in the automotive industry introduced its technological breakthroughs in the automotive sector through its technology-driven platforms. The platform involves bearings that are ‘green products’ that help to reduce pollution, vehicle friction, and fuel consumption. These are tribology cultivated through bearing development, and the heat treatment, precision machining, and precision measurement required for bearing manufacturing. These offer value-added innovative solutions across all its technology platforms, with a strong commitment to research-driven innovation.
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
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Regional Insights –
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
Key Companies –
Major companies operating in the specialty devices market report are American Autowire, AAMP Global, A&A International Co. Ltd., AE Tools & Computers, GForce Engineering LLC, Ginetta Cars Limited, Ablaze Grilles Inc., ProSpeed Autosports, Accelerated Racing Products LLC, ACCEL Technology Corp., Acme Manufacturing Co., Qingdao Aonuo Tyre Co. Ltd., Gorilla Automotive Products, Great Plains Industries Inc., Abbott Laboratories, Medtronic PLC, Johnson & Johnson, Becton Dickinson & Company, Cardinal Health, Philips N.V., Stryker Corporation, GE Healthcare, Boston Scientific Corporation, Siemens Healthineers AG, Zimmer Biomet Holdings Inc., Baxter International Inc., Danaher Corporation, Terumo Corporation, Olympus Corporation, Smith & Nephew plc, Intuitive Surgical Inc., Hologic Inc., ResMed Inc.
Table of Contents
1. Executive Summary
2. Specialty Devices Market Report Structure
3. Specialty Devices Market Trends And Strategies
4. Specialty Devices Market – Macro Economic Scenario
5. Specialty Devices Market Size And Growth
…..
27. Specialty Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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