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

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

Global Medical Devices Market News

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.

Global Medical Devices Market Report Snapshots

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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 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. '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 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.

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 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.

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

Global Medical Devices Market News

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