Global Medical Devices Market

Medical Devices Market Size, Share, Growth Analysis, By Type(Therapeutic Devices and Diagnostic Devices), By End-User(Hospitals and Clinics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35J2050 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 59 |Figures: 75

Medical Devices Market Insights

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.

Market snapshot - 2023-2030

Global Market Size

USD 62.6 billion

Largest Segment

Therapeutic Devices

Fastest Growth

Therapeutic Devices

Growth Rate

11.35% CAGR

Global Medical Devices Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Medical Devices Market Size By Type 2022-2030 ($ Bn)
Global Medical Devices Market Size By Type 2022-2030 (%)

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Medical Devices Market Segmental Analysis

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.

Medical Devices Market 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.

Medical Devices Market 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.

Global Medical Devices Market Size By Type, 2022 (%), 2021 (%)

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Medical Devices Market Regional Insights

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.

Global Medical Devices Market By Geography, 2022-2030, 2023-2030
  • Largest
  • Fastest

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Medical Devices Market Dynamics

Medical Devices Market Drivers

Increasing prevalence of chronic diseases

  • One of the key drivers of the global medical device market is the increasing prevalence of chronic diseases worldwide. Chronic diseases, such as cardiovascular diseases, cancer, and diabetes, are on the rise, leading to a growing demand for medical devices that can diagnose and manage these conditions. Additionally, the rising aging population and the need for home-based monitoring equipment are driving the demand for medical devices. The growing adoption of wearable electronics and wireless medical devices is also contributing to the market growth, as is the increasing focus of national and regional healthcare agencies on diagnosis and monitoring.

Medical Devices Market Restraints

Stringent regulations and standards set by regulatory authorities

  • One of the significant restraints affecting the global medical devices market is the stringent regulations and standards set by regulatory authorities, such as the US FDA and the European Medicines Agency (EMA). These regulatory bodies require medical devices to undergo a lengthy and expensive approval process, which can delay the launch of new devices and increase costs for manufacturers. Moreover, the regulatory landscape is constantly evolving, with increasing scrutiny on the safety and efficacy of medical devices, which can further impact the market's growth.

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Medical Devices Market Competitive Landscape

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.

Medical Devices Market Top Player’s Company Profiles

  • Medtronic (Ireland)
  • General Electric (US)
  • Philips Healthcare (Netherlands)
  • Baxter International (US)
  • Becton, Dickinson and Company (US)
  • Abbott Laboratories (US)
  • Stryker Corporation (US)
  • Roche Diagnostics (Switzerland)
  • Danaher Corporation (US)
  • Zimmer Biomet Holdings (US)
  • Thermo Fisher Scientific (US)
  • Smith & Nephew (United Kingdom)
  • Fresenius Medical Care (Germany)
  • Terumo Corporation (Japan)
  • Cardinal Health (US)
  • EssilorLuxottica (France)
  • Dentsply Sirona (US)

Medical Devices Market Recent Developments

  • In March 2023, Align Technology announced a partnership with 3M, to collaborate on the development of clear aligner materials.
  • In February 2023, Smith & Nephew announced the acquisition of Osiris Therapeutics, a company that specializes in regenerative medicine and wound care products.
  • In January 2023, Bioventus announced the acquisition of Catalyst OrthoScience, a company that specializes in shoulder replacement surgery.
  • In September 2022, Intuitive Surgical announced a partnership with NephroSant, a company that specializes in the development of surgical technologies for kidney-related procedures.
  • In August 2022, Hillrom Holdings announced the acquisition of Breathe Technologies, a company that develops wearable respiratory therapy devices.

Medical Devices Key Market Trends

  • One of the key market trends in the medical devices industry is the shift towards personalized medicine and patient-centric care. This involves the development of customized medical devices and technologies that are tailored to individual patient needs and preferences. Another trend is the increasing use of digital and connected medical devices, which enable healthcare professionals to remotely monitor patients and improve treatment outcomes. The industry is also seeing a growing emphasis on sustainability, with companies focusing on reducing their environmental impact and developing more eco-friendly products. Lastly, there is a trend towards collaboration and partnerships, as companies seek to leverage each other's strengths and resources to drive innovation and growth.

Medical Devices Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 62.6 billion
Market size value in 2030 USD 134.56 billion
Growth Rate 11.35%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Therapeutic Devices and Diagnostic Devices
  • End-User
    • Hospitals and Clinics
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Medtronic (Ireland)
  • General Electric (US)
  • Philips Healthcare (Netherlands)
  • Baxter International (US)
  • Becton, Dickinson and Company (US)
  • Abbott Laboratories (US)
  • Stryker Corporation (US)
  • Roche Diagnostics (Switzerland)
  • Danaher Corporation (US)
  • Zimmer Biomet Holdings (US)
  • Thermo Fisher Scientific (US)
  • Smith & Nephew (United Kingdom)
  • Fresenius Medical Care (Germany)
  • Terumo Corporation (Japan)
  • Cardinal Health (US)
  • EssilorLuxottica (France)
  • Dentsply Sirona (US)
Customization scope

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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Medical Devices Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Medical Devices Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Devices Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Medical Devices Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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 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. 'Medtronic (Ireland)', 'Johnson & Johnson (US)', 'General Electric (US)', 'Siemens Healthineers (Germany)', 'Philips Healthcare (Netherlands)', 'Baxter International (US)', 'Boston Scientific Corporation (US)', 'Becton, Dickinson and Company (US)', 'Abbott Laboratories (US)', 'Stryker Corporation (US)', 'Roche Diagnostics (Switzerland)', 'Danaher Corporation (US)', 'Zimmer Biomet Holdings (US)', 'Thermo Fisher Scientific (US)', 'Smith & Nephew (United Kingdom)', 'Fresenius Medical Care (Germany)', 'Terumo Corporation (Japan)', 'Cardinal Health (US)', 'EssilorLuxottica (France)', 'Dentsply Sirona (US)'

One of the key drivers of the medical device market is the increasing prevalence of chronic diseases worldwide. Chronic diseases, such as cardiovascular diseases, cancer, and diabetes, are on the rise, leading to a growing demand for medical devices that can diagnose and manage these conditions. Additionally, the rising aging population and the need for home-based monitoring equipment are driving the demand for medical devices. The growing adoption of wearable electronics and wireless medical devices is also contributing to the market growth, as is the increasing focus of national and regional healthcare agencies on diagnosis and monitoring.

One of the key market trends in the medical devices industry is the shift towards personalized medicine and patient-centric care. This involves the development of customized medical devices and technologies that are tailored to individual patient needs and preferences. Another trend is the increasing use of digital and connected medical devices, which enable healthcare professionals to remotely monitor patients and improve treatment outcomes. The industry is also seeing a growing emphasis on sustainability, with companies focusing on reducing their environmental impact and developing more eco-friendly products. Lastly, there is a trend towards collaboration and partnerships, as companies seek to leverage each other's strengths and resources to drive innovation and growth.

North America dominated the 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.

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Global Medical Devices Market

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