USD 62.6 billion
Report ID: SQMIG35J2046 | Region: Global | Published Date: May, 2023 | Pages: 157
Global Medical Devices Market size was valued at USD 62.6 billion in 2021 and is poised to grow from USD 63.4 billion in 2022 to USD 134.56 billion by 2030, growing at a CAGR of 11.35% in the forecast period (2023-2030).
The medical device market is set to witness growth in the coming years due to several factors, including an increase in chronic diseases caused by changing lifestyles, a preference for home healthcare, and a rise in the geriatric population. Additionally, the market growth is driven by the growing demand for wearable electronics and wireless medical devices, rising awareness of the benefits of portable devices, and the proliferation of smart technologies. The increasing aging population and prevalence of chronic diseases globally, coupled with the demand for home-based monitoring equipment, are driving market expansion. For example, the American Cancer Society's 2022 annual report projected over 1.9 million new cancer cases and more than 500,000 cancer-related deaths in the United States alone. Consequently, the use of health monitoring equipment is expected to increase among the affected population. Moreover, the rising emphasis on health and fitness among adults globally, coupled with the focus of national and regional healthcare agencies on diagnosis and monitoring, has contributed significantly to the increase in demand for fitness trackers. Wearables aid in the evaluation of athletes' performances, physiological parameters, and body kinetics. Therefore, their adoption among professional athletes is expected to positively impact the market expansion. U.S. Food and Drug Administration granted permission for the deployment of continuous glucose monitoring devices in hospitals to manage patients' health remotely.
Global Market Size
USD 62.6 billion
USD 62.6 billion CAGR
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Global Medical Devices market is segmented by type, end-user, and region. Based on type, the market can be segmented into therapeutic devices, and diagnostic devices. Based on end-user, the market is segmented into hospitals, and clinics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
By type, the market can be segmented into therapeutic devices and diagnostic devices. The therapeutic devices segment dominated the medical device market. This is due to the increasing prevalence of chronic diseases and the aging population, which has resulted in a higher demand for medical devices such as pacemakers, insulin pumps, and implantable defibrillators. In addition, advancements in technology have led to the development of more sophisticated therapeutic devices, which are expected to further drive the growth of this segment.
The diagnostic devices segment is expected to be the fastest-growing segment in the medical device market. This growth is driven by factors such as increasing awareness and early diagnosis of diseases, a rising demand for non-invasive diagnostic procedures, and the availability of advanced diagnostic technologies. In addition, the increasing use of point-of-care testing devices and the development of portable and handheld diagnostic devices are expected to further boost the growth of this segment.
Analysis by End-User
By end-user, the market can be segmented into hospitals and clinics. Hospitals dominated the medical device market due to their high patient volume and requirement for a broad range of medical devices. The increasing number of surgical procedures, the growing burden of chronic diseases, and the demand for technologically advanced devices are some of the key factors driving the growth of the hospital segment.
The clinic segment is expected to grow at a faster rate than hospitals. This is due to the increasing adoption of point-of-care testing devices, which enable clinics to provide faster diagnosis and treatment options. In addition, the increasing trend towards home healthcare services and outpatient care is expected to further drive the growth of the clinic segment.
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North America dominated the global medical devices market, owing to the presence of a large number of leading medical device manufacturers, increasing aging population, and growing demand for healthcare services. The United States is the largest market in North America, with a high adoption rate of advanced medical devices, including wearable technology, patient monitoring devices, and imaging systems. Additionally, favorable reimbursement policies and the presence of a well-established healthcare infrastructure have contributed to the growth of the medical device market in the region.
Asia Pacific is expected to witness the fastest growth rate in the global medical device market, owing to the increasing demand for medical devices due to the growing prevalence of chronic diseases, improving healthcare infrastructure, and rising healthcare expenditure. Moreover, the APAC region has a large population base, which offers a vast market for medical device manufacturers. China and India are the largest markets in the APAC region, with a high adoption rate of advanced medical devices.
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Increasing prevalence of chronic diseases
Stringent regulations and standards set by regulatory authorities
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The global medical device market is highly fragmented, with the presence of several small and large players. The market is characterized by intense competition among the players, with companies focusing on product innovation, research and development, and strategic partnerships to expand their market presence. Additionally, companies are investing in mergers and acquisitions to strengthen their market position and improve their product offerings. The market is also witnessing increased collaboration among players, with the aim of developing cost-effective and efficient medical devices to cater to the rising demand.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global medical devices market analysis, the market growth is driven by technological advancements and increasing demand for healthcare services. The market faces challenges such as regulatory requirements, pricing pressures, and high costs of research and development. Despite this, the market is expected to continue growing due to an aging population, rising prevalence of chronic diseases, and the need for advanced medical technologies. Key trends include the shift towards personalized medicine, digital and connected medical devices, sustainability, and collaboration and partnerships. The market is expected to remain dynamic and continue to innovate to meet the evolving needs of patients and healthcare providers.
|Market size value in 2021||USD 62.6 billion|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Medical Devices Market , our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Devices Market .
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Devices Market :
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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