Global Medical Products Market

Global Medical Products Market Size, Share, Growth Analysis, By Product Type(Wheelchairs {Manual Wheelchair [Folding Frame Manual Wheelchairs, Rigid Frame Manual Wheelchairs]), By Device Type(In-Vitro Diagnostics, Dental Equipment), By End-Use(Hospitals, Ambulatory Surgical Centers), By Application(Urology, Cardiology), By Distribution Channel(Online, Offline) - Industry Forecast 2024-2031

Report ID: SQMIG35B2143 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 176 | Figures: 68

Global Medical Products Market Regional Insights

In 2021, the North American market was worth USD 198.84 billion. The presence of adequate and advantageous favorable reimbursement, well-developed health-care facilities, rapid adoption of cutting-edge medical technologies, and key players in the geographical area are major factors driving its dominance. This is exacerbated by the growing number of patients having undergone treatment and diagnosis in the region as the incidence and prevalence of chronic conditions rises. The European market is expected to grow at a rapid pace, owing to rising healthcare expenditures, well-established infrastructure, and increased adoption of sophisticated diagnostic and treatment devices.

The introduction of portable medical equipment and a strong focus on shifting medical care to home care settings by leading domestic and international players in the region are expected to drive market growth during the forecast period. Asia Pacific is expected to grow at a higher CAGR due to the increasing prevalence of diseases such as cardiac diseases, contagious diseases, orthodontic disorders, and diabetes, as well as market players' increased focus on expanding their direct presence in emerging economies such as China and India and meeting patient needs in this region.

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Global Medical Products Market size was valued at USD 508.20 billion in 2019 and is poised to grow from USD 542.55 billion in 2023 to USD 915.61 billion by 2031, at a CAGR of 6.76% during the forecast period (2024-2031).

The global market is highly fragmented, with the availability of significant market players such as Medtronic, Johnson & Johnson Services, Inc., Abbott, and Stryker accounting for a significant share in 2021. To strengthen their global market position, the top market participants focus on tactics such as acquisitions, collaborations, new product development, and launches. For instance, In March 2022, Accelerate Diagnostics, Inc, launched the Arc Module and BC Kit for automated rapid and accurate identification of bacteria for positive blood cultures. 'Medtronic (Ireland)', 'Stryker (US)', 'Johnson & Johnson Services, Inc. (US)', 'Fresenius SE & Co. KGaA (Germany)', 'Koninklijke Philips N.V. (Netherlands)', 'F. Hoffmann-La Roche Ltd (Switzerland)', 'General Electric Company (US)', 'Siemens Healthineers AG (Germany)', 'BD (US)', 'Boston Scientific Corporation (US)'

Chronic diseases, such as diabetes, cancer, and other infectious diseases, are becoming more common as a result of sedentary lifestyles and other factors. Furthermore, various countries' healthcare agencies are concentrating on raising treatment and diagnosis rates through an increasing number of awareness programmes. The affected person requiring diagnostic procedures and tests is growing in tandem with the growing incidence and consciousness of such conditions among the general population. According to the International Diabetes Federation (IDF), an estimated 537 million people had diabetes in 2021, with that number expected to rise to 643 million by 2030 and 783 million by 2045. Similarly, the American Cancer Society estimates that 1.9 million new cancer cases will be diagnosed in 2021.

Following the coronavirus pandemic, medical technologies such as wearables are becoming more common. To contain the spread of COVID-19, the need to diagnose, treat, and monitor patients without human contact has increased, resulting in more implementations of medical technologies that will allow healthcare professionals to remotely treat their patients. Artificial intelligence (AI) applications in human care, wearable medical equipment, remote monitoring of patients’ devices, electronic health information (Electronic healthcare), and other such technologies are few a instances. These medical-technical solutions enable contactless monitoring of patients, either at home or in hospitals, which is critical for COVID-19 containment. For example, by maintaining a patient's Electronic Health Records (EHRs), doctors and patients alike can avoid handling traditional paperwork that is passed through several individuals involved in the care and can easily access the information on their own devices.

In 2021, the North American market was worth USD 198.84 billion. The presence of adequate and advantageous favorable reimbursement, well-developed health-care facilities, rapid adoption of cutting-edge medical technologies, and key players in the geographical area are major factors driving its dominance. This is exacerbated by the growing number of patients having undergone treatment and diagnosis in the region as the incidence and prevalence of chronic conditions rises. The European market is expected to grow at a rapid pace, owing to rising healthcare expenditures, well-established infrastructure, and increased adoption of sophisticated diagnostic and treatment devices.

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