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 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.

Global Medical Devices Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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 Insights

Global Medical Devices Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Medical Devices Market?

Who are the key vendors in the Global Medical Devices Market?

What is the key driver of Global Medical Devices Market?

What is the key market trend for Global Medical Devices Market?

Which region accounted for the largest share in Global Medical Devices Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300