Medical Devices Market

Global Medical Devices Market Size (2022 to 2027)

The size of the global medical devices market was valued at USD 443.8 billion in 2021. This value is further estimated to be growing at a CAGR of 4.9% from 2022 to 2027 and worth USD 591.34 billion by 2027 from USD 465.55 billion in 2022.

MARKET DRIVERS:

The rise in numerous health-related difficulties due to the prevalence of unhealthy lifestyles and a growing focus on digital gadgets due to their simplicity is majorly accelerating the global medical devices market growth.

Due to the ubiquity of remote monitoring, digital improvements, and increased investment rounds by the public and government agencies worldwide, the global medical devices market is expected to see significant growth during the forecast period. Fewer regulations on these technologies lead to virtual and novel medical equipment, boosting the global medical devices market. The rise in regional support for establishing and demand these devices and the world economy's slowing return to pre-pandemic levels.

In addition, with the recent trend of wearable medical devices gaining traction among a broader consumer base, the market is likely to fuel during the forecast period. Over the forecast period, leading market players' advanced models, the latest features, ideal prices, and rising marketing efforts moves the global medical devices market forward. Furthermore, 3D printing in manufacturing can aid in developing upgraded and high-performance surgical equipment such as hemostats and forceps, which is projected to drive further market expansion. Furthermore, 3D printing in the healthcare industry has significantly transformed the global medical device market. It facilitates the production of customized devices for patients because it allows for easy design adjustments without additional tools, which is projected to boost the market growth.

Furthermore, domestic manufacturing of critical medical devices is projected to reduce trade barriers while ensuring product quality and market stability. In addition, the increased frequency of chronic diseases, corresponding increases in disability-adjusted life years, technological developments in medical equipment, and a steady increase in the aging population are expected to expand the global medical devices market.

MARKET RESTRAINTS:

The potential of data breaches and crucial information hacking via these devices is predicted to hinder the global medical devices market expansion.

MARKET OPPORTUNITIES:

Y-O-Y rise in the incidence of chronic diseases such as cancer and diabetes is expected to significantly offer lucrative growth opportunities to the global medical devices market. Around 10 million people died due to cancer in 2020, as per the statistics published by the WHO. In addition, according to International Diabetes Federation, an estimated 537 million people aged between 20 to 79 now have diabetes. Chronic diseases such as cancer and diabetes are rising due to a lack of physical activity, long working hours, and unhealthy eating habits. Furthermore, bad lifestyles and eating habits attract severe diseases, soon boosting the demand for medical devices. Moreover, the use of AI in medical devices such as remote patient monitoring devices, wearable medical devices, Electronic Health Records (EHR), and other similar examples is expected to accelerate the penetration of medical devices into consumers' daily lives.

In addition, using Big Data analytics to manage, access, analyze, and process new medical data to produce more effective medical devices is further anticipated to offer new growth possibilities to the market participants. The global medical devices market is expected to rise due to increased research and development (R&D) operations by leading companies to produce more advanced devices using artificial intelligence (AI), big data, and machine learning.

MARKET CHALLENGES:

The potential loss of revenue due to delays in product launches and the additional costs paid due to demanding approval processes places pressure on new product development investments that are predicted to challenge the growth rate of the global medical devices market.

COVID-19 Impact on the global medical devices market:

COVID-19's global impact has been unprecedented and devastating, with medical device adoption levels falling across all areas due to the pandemic. Since the advent of COVID-19 in many nations, demand for medical supplies, in-vitro diagnostic instruments, and respiratory care devices has surged significantly. This need is predicted to remain to combat the pandemic and reduce the danger of infection emergence and transmission. To restrict the spread of COVID-19, the necessity to diagnose, treat and monitor patients without human interaction has increased, leading to more uses of medical technology that allows medical practitioners to treat their patients remotely. Artificial intelligence (AI) applications in human care, wearable medical equipment, and remote patient monitoring are instances of such technology. In addition, personal protective equipment (PPE) such as face shields and nasal swabs for COVID-19 testing are being produced by 3D printing companies such as Massachusetts-based Markforged and Formlabs.

REPORT COVERAGE:

This research report on the global medical devices market has been segmented and sub-segmented based on type, end-user, and region.

Global Medical Devices Market – By Type:

• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• IVD
• MIS
• Wound Management
• Diabetes Care
• Ophthalmic
• Dental
• Nephrology
• General Surgery
• Others

Based on the type, the increasing use of real-time diagnostic tests for precise detection of chronic and infectious diseases such as diabetes, cancer, HIV/AIDS, and others, the in-vitro diagnostics (IVD) market is predicted to grow at a faster rate.

The growth of the minimally invasive surgery (MIS) segment is predicted to be driven by technical improvements in surgical robots and their increasing use by healthcare professionals during the forecast period.

However, due to an ever-increasing patient pool suffering from various cardiac and orthopedic illnesses, the orthopedic and cardiovascular device segments are expected to accelerate rapidly. Furthermore, the rising prevalence of diabetes and retinal disorders in the general population is expected to propel the global medical devices market forward throughout the forecast period.

Global Medical Devices Market – By End-User:

• Hospitals & ASCs
• Clinics
• Others

Based on the end-user, due to the growing number of multispecialty and community hospitals, particularly in emerging nations, the hospitals & ASC segment was dominant in 2020. In addition, healthcare organizations and the government are fuelling the market's growth over the forecast period, emphasizing routine diagnosis of patients and promoting awareness among the general population.

Global Medical Devices Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Based on the region, the North American medical devices market is forecasted to account for the most significant portion of the global medical devices market during the forecast period due to the increased frequency of numerous chronic conditions in the region. Its dominance is mainly due to adequate and attractive reimbursement regulations, a well-developed healthcare infrastructure, rapid adoption of advanced medical technologies, and significant regional companies. This is exacerbated by the expanding number of patients in the region receiving diagnosis and treatment due to rising incidence and prevalence. Furthermore, the region's substantial healthcare and medical technology expansion boost medical device market growth. The industry's key firms in the United States considerably impact market growth. In addition, advanced medical devices are being developed due to the increasing availability of skilled individuals and quick technical advancements in the region. The regional administration also encourages and facilitates the approval of innovative and advanced medical equipment to facilitate commercialization and accessibility to the general population. All of the factors are expected to fuel overall medical device market growth in North America. The United States, followed by Canada, is expected to dominate the North American market during the forecast period.

Due to rising healthcare spending, well-established infrastructure, and increased adoption of innovative diagnostic and treatment technology, the European medical devices market is expected to have the second-largest share in the market. During the forecast period, the market is expected to increase due to a significant focus on transitioning medical treatment to home care settings and launching portable medical equipment by prominent global and domestic players in the region.

Due to the rising prevalence of diseases such as cardiovascular disorders, infectious diseases, dental disorders, diabetes, and others, the Asia Pacific medical devices market is expected to grow at a faster rate than the rest of the world, as well as market players' increased focus on expanding their direct presence in emerging countries such as China and India to meet patient demand.

The Latin American medical devices market is expected to grow at a CAGR of 5.97% from 2022 to 2027.

The medical devices market in MEA is estimated to value USD 4.9% from 2022 to 2027.

KEY MARKET PARTICIPANTS:

Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation, and Johnson & Johnson Services, Inc. are a few of the leading companies operating in the global medical devices market.

RECENT MARKET DEVELOPMENTS:

• Abbott announced the launch of a pea-sized, life-saving device for babies with hole-in-the-heart defects in July 2021. The device was first introduced in India, focusing on hospitals with a functioning neonatal critical care unit (NICU).
• Smith & Nephew teamed with Movemedical, a firm based in the United States, in January 2021 to expand its inventory automation solutions and improve customer experience.
• In April 2021, the Indian government made it simpler to import important medical devices like nebulizers, oxygen concentrators, and oxygen canisters by lowering the procedures for clearance under the Legal Metrology Act (Packaging Rules 2011).
• The abdominal aortic aneurysm (AAA) model was developed by Koninklijke Philips N.V. in January 2021, offering clinicians a more patient-friendly option than the existing standard of care for managing AAA patients.