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 of use is majorly accelerating the global medical devices market growth.
Due to the ubiquity of remote monitoring, digital improvements 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 the establishment and demand for these devices, as well as 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, the usage of 3D printing in manufacturing can aid in the development of upgraded and high-performance surgical equipment such as hemostats and forceps, which is projected to drive the market expansion further. The global medical device market has also been significantly transformed by 3D printing in the healthcare industry. It facilitates the production of customized devices for patients because it allows for easy design adjustments without additional tools, 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:
The increased frequency of chronic diseases such as cancer and diabetes is expected to significantly boost the global medical devices market and create numerous growth possibilities for the companies operating in this space. 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, which is projected to boost the demand for medical devices in the near future. 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, the use of Big Data analytics to manage, access, analyze, and process new medical data to produce more effective medical devices is expected to boost industry growth. The global medical devices market is further 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:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Type, End-User, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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:
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:
Based on the end-user, due to the growing number of multispecialty and community hospitals, particularly in emerging nations, the hospitals & ASC’s segment was dominant in 2020. In addition, growing emphasis on routine diagnosis of patients and promoting awareness among the general population by healthcare organizations and the government is fuelling the market's growth over the forecast period.
Global Medical Devices Market – By Region:
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 companies in the region. 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 expansion in the healthcare and medical technology industries boosts medical device market growth. The industry's key firms in the United States have a considerable impact on 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 are 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 a transition of medical treatment to home care settings and the launch of 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.
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:
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferences
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Global medical devices market, By Type
6.2 Orthopedic Devices
6.3 Cardiovascular Devices
6.4 Diagnostic Imaging
6.5 IVD
6.6 MIS
6.7 Wound Management
6.8 Diabetes Care
6.9 Ophthalmic
6.10 Dental
6.11 Nephrology
6.12 General Surgery
6.13 Others
6.13.1 Market Size Estimations & Forecasts (2022 - 2027)
6.13.2 Y-o-Y Growth Rate Analysis
6.13.3 Market Attractiveness Index
6.14 Global medical devices market, By Application
6.15 Hospital & ASC’s
6.16 Clinics
6.16.1 Market Size Estimations & Forecasts (2022 - 2027)
6.16.2 Y-o-Y Growth Rate Analysis
6.16.3 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Medical Devices Market, by Region
7.2 North America - Market Analysis (2022 - 2027)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Application
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Application
8. Key Player Analysis
8.1 Medtronic
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Stryker
8.3 Fresenius SE & Co. KGaA
8.4 Koninklijke Philips N.V.
8.5 F. Hoffmann-La Roche Ltd
8.6 General Electric Company
8.7 Siemens Healthineers AG
8.8 BD
8.9 Boston Scientific Corporation
8.10 Johnson & Johnson Services, Inc.
9. Market Outlook & Investment Opportunities
10. Appendix
List of Tables
List of Figures
FAQ's
In 2021, the global medical devices market was worth USD 443.8 billion in 2021.
As per our research report, the North American region is expected to dominate the medical devices market during the forecast period.
Between 2022 and 2027, Analysts at Market Data Forecast predicted that the IVD segment is expected to occupy the majority of the share in the global medical devices market.
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