Specialty Devices Global Market Report 2024

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 expansion observed in the historical period can be credited to various factors, including the growth of the healthcare industry, an aging population, rising prevalence of chronic diseases, supportive regulatory measures, a preference among patients for home healthcare, and advancements in diagnostics.

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 anticipated growth in the forecast period is anticipated to stem from several factors, notably the increasing prevalence of minimally invasive procedures, the rise in home-based testing kits, the utilization of biocompatible materials, the prominence of point-of-care testing, responses to global health crises, heightened emphasis on cybersecurity and data privacy. Key trends projected in the forecast period encompass advancements in wearable technology, the expansion of telehealth and remote patient monitoring capabilities, the integration of artificial intelligence (AI) into healthcare practices, the development of smart home healthcare devices, and the proliferation of telemedicine platforms and applications.

The specialty devices market is poised for growth, driven by an increasing focus on vehicle safety and autonomous driving. Autonomous driving, characterized by self-driving vehicles with enhanced connectivity, is becoming integral to customer preferences for enjoyable, comfortable, and productive driving experiences. Specialty devices within vehicles, featuring a general-purpose chassis and tailored equipment, play a crucial role in production, manufacturing, and in-car functions. In January 2023, a survey by the American Automobile Association revealed that 72% of American adults expressed a sense of safety in riding self-driving automobiles, with 51% advocating for laws to ensure the safety of autonomous vehicles. This growing emphasis on vehicle safety and autonomous driving is a significant driver for the specialty devices market.

The specialty devices market is set to benefit from the expanding Internet of Things (IoT) ecosystem. IoT, a networked system of interconnected computing devices, facilitates seamless connectivity, data exchange, and remote control. This enhances specialty devices by optimizing functionality, providing real-time insights, and improving user experiences across various applications. As of September 2022, global IoT connections reached 13.2 billion, with a projected increase of 18% to 34.7 billion connections by 2028, as reported by Ericsson. This expansion of the IoT ecosystem is a key driver fueling growth in the specialty devices market.

Technological advancement emerges as a prominent trend in the specialty devices market, with major companies focusing on developing innovative solutions for motion control and other specialized products to bolster their market positions. For instance, in November 2022, TEXSPIN Bearings Limited, an India-based automotive company, introduced technological breakthroughs in the automotive sector. Their 'green products,' designed to reduce pollution, vehicle friction, and fuel consumption, utilize advanced tribology in bearing development, along with precision machining and measurement. These innovations demonstrate a commitment to research-driven advancements, providing value-added solutions across various technology platforms within the specialty devices market.

Prominent players in the specialty devices market are intensifying their focus on introducing innovative devices as a strategic move to gain a competitive advantage. These innovations encompass the integration of cutting-edge technologies aimed at elevating performance, efficiency, and functionality in specialized applications. Notably, in July 2022, Volvo Construction Equipment, a Swedish manufacturing company, unveiled the EC550E - a 50-ton crawler excavator that delivers exceptional levels of durability and performance, surpassing expectations typically associated with a 60-ton machine. Renowned for its robust design, advanced technological features, and high-performance capabilities, the EC550E is tailored for demanding construction and excavation applications. It excels in heavy-duty digging, mass excavation, and large site preparation, offering operators outstanding comfort, increased productivity, and enhanced fuel efficiency.

In April 2022, AAMP Global, a US-based designer and manufacturer of vehicle solutions, completed the acquisition of AudioControl for an undisclosed amount. This strategic acquisition positions AAMP Global to integrate a vehicle integration platform with AudioControl's top-tier electronics, introducing a game-changing dynamic to the industry. AudioControl, the acquired US-based company, specializes in manufacturing various audio-related specialty devices across various industries, including the automotive sector.

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.

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. The countries covered in the specialty devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of specialty devices encompass construction equipment, machinery manufacturing tools, medical apparatus, office machinery, outdoor gear, technology and communication devices, and transportation tools. Construction equipment denotes specialized tools utilized in construction activities, commonly distributed through diverse supply chains involving manufacturers, distributors, and retailers.

The specialty devices market research report is one of a series of new reports that provides specialty devices market statistics, including specialty devices industry global market size, regional shares, competitors with a specialty devices market share, detailed specialty devices market segments, market trends, and opportunities, and any further data you may need to thrive in the specialty devices industry. This specialty devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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