USD 62.6 billion
Medical Devices Market Size, Share, Growth Analysis, By Device Type(Cardiology, Dental, Diabetic Care, Diagnostics imaging, Endoscopic, Ophthalmic, Orthopedic, Other Devices), End-User(Hospitals & Clinics, Ambulatory Surgical Centers, Homecare, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35J2050 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
59
|Figures:
75
Medical Devices Market Insights
Global Medical Devices Market size was valued at USD 455.50 Billion in 2022 and is poised to grow from USD 481.92 Billion in 2023 to USD 756.59 Billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
A boost in the market for various medical devices during the next few years will be driven by several factors, including an increase in chronic diseases caused by changing lifestyles, a preference towards home healthcare, and a rise in the geriatric population. Additionally, the growth of the market is stimulated by the rising demand for wearable electronics and wireless medical devices, better awareness for the advantages of portable devices, and proliferation of smart technologies. The increasing aging population and prevalence of chronic diseases across the globe with a rise in demand for home-based monitoring equipment further act as stimuli for the growth of this market. For example, the American Cancer Society estimated that there were approximate 1.9 million new cases and more than 500,000 cancer deaths in the United States alone in 2023. In line with this, the devices for health monitoring were increased in the population that was affected as well. Moreover, the rising health and fitness awareness among adults across the globe and the focus of national and regional healthcare agencies on diagnosis and monitoring have substantially raised the demand for the product. Wearables help athletes in assessing performance, physiological parameters and body kinetics. The growing adoption from professional athletes, therefore is likely to boost the growth of the market. The Food and Drug Administration granted a green light to the use of continuous glucose monitors in hospitals for remote monitoring of patient health.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Therapeutic Devices
Fastest Growth
Therapeutic Devices
Growth Rate
11.35% CAGR
Global Medical Devices Market ($ Bn)
Country Share for North America Region (%)
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Medical Devices Market Segmental Analysis
The medical devices market is segmented into Type, End-user, and Region. Based on Type, the market is segmented into Cardiology Devices, Dental Devices, Diabetic Care Devices, Diagnostics imaging devices, Endoscopic Devices, General & Plastic Surgery Devices, Ophthalmic Devices, Orthopedic Devices, and Others. Based on End-user, the market is grouped into Hospitls & Clinics, Ambulatory Surgical Centre, Homecare Settings, and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The diagnostic imaging devices segment has dominated the market, driven primarily by increasing demand for diagnosis of diseases at an early stage and with accuracy. This segment covers MRI machines, CT scanners, X-ray systems, and ultrasound devices. It is because of the advancement in the imaging technologies, coupled with the growing elderly population of the world, that the rise in incidences of chronic diseases has boosted its growth. t took up a substantial share of the market in 2023, which underscores its relevance in the context of contemporary healthcare and medicine’s diagnostic aids.
In the Medical Devices industry, diabetic care tools will be the most profitable segment in the future because worldwide diabetes cases rise every year. The main growth factors are the continuing advancements in manufacturing technological aspects of minimally invasive and noninvasive monitors and the growing recognition of the management of diabetes. The latter segment is anticipated to boost growth further with rising use of digital health and wearables solutions in the future. Faster growing still is the fast-adopting digital health solution and wearable devices category.
Analysis by End-User
The hospitals & clinics segment is the dominant sector in medical devices, as this is where most procedures and treatments are performed, with many medical devices required for the same. This is because hospitals and clinics present a high scale of health service delivery, with correspondently large budgets and infrastructural set-ups to host very expensive and advanced medical technologies. In accordance with the latest data, this segment will contribute more than 40% in the year 2023, which corroborates the delivery of care and new medical technologies with continuous demand drivers.
The homecare settings segment is expected to grow at the fastest rate in the medical devices market. This growth has been attributed to the rising need for home healthcare given the aging population, increase in disease prevalence and mounting pressure towards affordable and convenient care. This trend is being further supported by advances in technology that make them portable, easy to use medical devices. Current data shows 8-10% CAGR for the segment, which is much higher than the other segments, exemplifying its growing importance in healthcare system.
Global Medical Devices Market Size By End user (%)
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Medical Devices Market Regional Insights
North America accounted for the largest share in the global medical devices market due to well-established medical device industry, the elderly population and the rising demand for healthcare facilities. The largest market in North America is the United States of America with a high acceptance of new generation medical devices such as wearable technology, patient monitoring devices, and imaging systems among others. Moreover, policies such as favorable reimbursement policies and developed healthcare infrastructure have also supported the demand for medical devices in the region.
Among the regions, Asia-Pacific is likely to showcase the highest growth rate in the medical device market because of the increasing demand for medical devices due to the rising incidences of chronic diseases, improvement in the healthcare facilities, and increase in healthcare spending. Furthermore, Asia-Pacific region has a larger population base which provides a huge market for the medical devices. China and India are the largest economies in the Asia-Pacific region, and have a high usage of advanced medical devices. Currently, the estimated market size of the medical devices industry in India is $10. 80 Bn. India has emerged as the largest and the fastest growing medical devices market amongst the emerging economies.
Global Medical Devices Market By Geography
- Largest
- Fastest
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Medical Devices Market Dynamics
Medical Devices Market Drivers
Increasing Prevalence of Chronic Diseases
- Several factors are fueling the growth of the medical device market, including a rising incidence of chronic diseases across the globe. Modern diseases, including cardiovascular diseases, cancer, and diabetes, have become more common, and people require devices to diagnose and treat them. Also, factors such as an increased aging population and the requirement of home monitoring equipment contribute to the need for medical devices. Wearable electronics and wireless medical devices are also expected to drive the market further, along with the concerned national and regional healthcare agencies concentrating on diagnoses and monitoring.
Technological Advancements in Diagnostic Devices
- Technology has been known to be the main influential factor in the medical devices market. Technologically improved surgical equipment, imaging equipment and even wearable devices improve diagnostics and treatment of diseases. Due to their effectiveness in enhancing patient status, decreasing hospital length of stay, and giving overall cost savings of health care, these technologies are valued. Ongoing research and innovation for medical devices with new technologies are possible due to which more new applications are being found and the market is growing.
Restraints
Stringent Regulations and Standards Set by Regulatory Authorities
- Perhaps one of the major constrictors arise from the strict legislation that has been put in place by regulatory bodies, like the US FDA, and the European Medicines Agency. Medical devices need to prove compliance with strict regulatory standards set by these bodies, and this process takes a long time and is costly, thus extending the time it takes to bring new devices to the market and increasing costs of making them for device makers. However, one of the significant limitations emerging from the current and updated legislation is the growing concern for the safety and effectiveness of medical devices, which can affect the market.
High Costs and Financial Barriers
- Prohibitive prices and regulated funding systems greatly limit the medical devices market. Substantial funding is often needed for research, development, and trials, while costly regulatory approval can be a major barrier. Due to its nature small companies experience problems in obtaining the necessary funding, preventing innovations and market entry. Furthermore, these high costs mean that users end up paying more for devices that have more features which are sometimes unnecessary and this limits growth of the market for advanced medical devices.
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Medical Devices Market Competitive Landscape
The medical device market can be described as a more or less saturated one that comprises numerous small and large firms. The market players face considerable competition and the companies orient towards product differentiation, investment into research and development and other partnerships to gain a greater market share. Furthermore, mergers and acquisitions remain a popular trend among companies that seek to become more consolidated in the market and enhance their product portfolios. There is also increased mergers and acquisitions in the market and product and technology partnership with the objective of improving on efficient and economical medical devices.
Medical Devices Market Top Player’s Company Profiles
- 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)
Medical Devices Market Recent Developments
- In April 2024, medical device giant Johnson & Johnson (J&J) launched two new products in Europe, the Middle East, and Africa: The Ethizia haemostatic sealing patch, and the Cereglide aspiration catheter.
- In February 2023, a global medical technology company called Smith & Nephew completed a critical acquisition by purchasing Osiris Therapeutics. Osiris Therapeutics manufactures regenerative therapy tools alongside other products intended to treat wounds; this resonates well with the images projected by Smith & Nephew concerning the improvement of such medical solutions.
- In January 2023, Bioventus, another key player in healthcare, finalized its acquisition of Florida-based Catalyst OrthoScience. Catalyst OrthoScience is known for its ingenious solutions to be used in shoulder replacement surgery and will thus improve Bioventus' broad portfolio of orthopedic and musculoskeletal treatments.
Medical Devices Key Market Trends
- Another significant market factor that has been witnessed in the medical devices industry is the changing customer needs that can be captured by the idea of Precision Medicine. This includes the generation of new medical products that suit specific needs of the patient so as to meet his or her expectations. Another trend that is worth discussing is the growth of digital and connected medical devices that assist healthcare professionals in enhancing patients’ outcomes through the monitoring of their conditions. There is also a trend towards sustainability, where companies are more concerned about the environmental footprint and have started creating products that are less damaging to the environment. Lastly, there is the collaboration and partnership where companies form affiliations since it is effective for a company to utilize on the strength of another in order to benefit from the outcome.
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.
Our study of the medical devices market indicates that the market is highly influenced by technology as well as the growing importance of medical service delivery. The various threats affecting the market include; regulation factor, pressure on the prices of products, and high costs in the research and development. Nevertheless, it is believed that this market will keep on growing due to factors such as increase in population with a high age predisposing them to diseases, increase in incidence of chronic diseases, and advancement in medical technologies. These are Personalization, Digitization and connectivity, Sustainability and Partnerships and collaborations.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 455.50 Billion |
| Market size value in 2031 | USD 756.59 Billion |
| Growth Rate | 5.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Medical Devices Market Report Snapshots
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