Market Prospective

Global Medical Devices Market was valued at USD 458.3 billion in 2022 and is projected to reach USD 801.4 billion by 2031, growing at a CAGR of 6.3% during the Forecast Period 2023 to 2023.

Rapidly Growing sedentary lifestyles and irregularity in health checkups in both developing and developed countries has led to a significant increase in the prevalence of obesity, neuro-based disorders, heart disease, diabetes, and other lifestyle-related chronic diseases. According to the American Heart Association, cardiovascular illnesses caused 17.6 million deaths in 2016 and are expected to reach over 23.6 million by 2030, highlighting the urgent need for medical intervention. As a result, the demand for medical devices is at a significant rate, and the growing prevalence of cancer is having a positive impact on the market's growth. Early detection of cancer is crucial for better treatment outcomes and longer life expectancy, leading to the increased popularity of medical imaging tests, screening mammography, and other cancer prevention screening tests.

With the significant increase in diabetes prevalence worldwide, glucometers are frequently used at home to check blood sugar levels in the global medical devices market. According to the World Health Organization, diabetes affected 8.5% of persons aged 18 and above globally, causing around 1.5 million direct deaths in the recent year. In line with this, several medical device manufacturers are focusing on developing simple and hassle-free medical devices for home usage, such as Abbott Laboratories' Freestyle Libre System, which eliminates the need for routine glucose finger-prick testing.

Advancements in medical device technology including enhanced connectivity and real-time accessibility are boosting overall market growth. The emergence of 3D printing in the healthcare industry has had a tremendous impact on the medical device industry, allowing for design modifications without the use of additional equipment and the production of tailored devices for patients.

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Market Dynamics 

Drivers

Rapid Technological Advancements to Spur Market Growth  

With the rapid advancements in technology, medical devices have become more sophisticated and effective. The development of innovative and advanced medical devices such as minimally invasive surgical instruments, wearable medical devices, and robotic surgical systems have contributed to the growth of the medical devices market. These technologies have enabled healthcare providers to offer improved diagnosis, treatment, and patient care, which has resulted in increased demand for medical devices.

Aging Population and Increasing Prevalence of Chronic Diseases

The aging population is a significant driver of the medical devices market. The aging population requires more medical attention and care, leading to an increased demand for medical devices. In addition, the rise in chronic diseases such as diabetes, cancer, and cardiovascular diseases has increased the demand for medical devices such as insulin pumps, chemotherapy devices, and implantable devices such as pacemakers and defibrillators. Aging population and increasing chronic diseases: The World Health Organization estimates that the global population aged 60 years and older will nearly double from 900 million in 2015 to about 2 billion in 2050. The rise in chronic diseases such as diabetes, cancer, and cardiovascular diseases has also contributed to the growth of the medical devices market. For example, according to the American Diabetes Association, in 2020, 34.2 million Americans had diabetes, and this number is projected to rise to 54.9 million by 2030.

Restraint:

Stringent Government Regulation in Place and Delayed Approval Process 

The medical devices market is highly regulated, and the regulations can vary significantly across different countries. The approval process for medical devices can be lengthy and costly, which can hinder the growth of the market. Stringent regulations can also increase the cost of manufacturing medical devices, making them more expensive for consumers. In addition, the regulations can limit innovation and the development of new medical devices. Companies must ensure that their products comply with regulations, which can limit their ability to introduce new and innovative medical devices to the market.

Segmental Analysis 

Product Segments:

Patient monitoring devices have the highest CAGR of 7.3% among all products in the global medical devices market. Due to their ease of use and real-time monitoring capabilities, patient monitoring devices are increasingly used in hospitals and at home, particularly during the COVID-19 pandemic. Wireless patient monitoring, anesthetic systems, pulse oximeters, capnography monitors, and other devices are examples of patient monitoring devices available in the market. They help in monitoring vital signs such as heart rate, blood pressure, oxygen saturation, and respiratory rate, among others, and can also be used to monitor patients with chronic conditions, such as diabetes and hypertension.

In addition, a survey by Emergo by UL found that 49% of medical device companies listed regulatory compliance as one of their top challenges in 2022.

Application Segments:

The respiratory category has the highest CAGR in the global medical devices market due to the increasing prevalence of chronic respiratory diseases. Medical devices in this category include nebulizers, ventilators, CPAP machines, and other devices that help patients with respiratory issues breathe easier. The cardiovascular category also holds a significant share in the medical devices market and includes devices such as pacemakers, stents, and defibrillators, among others.

End User Segments:

Hospitals and surgical centers are the largest end users of medical devices, accounting for around 51% of shareholding in 2022. The increasing healthcare expenditure and the development of healthcare organizations have led to the growth of hospitals and surgical centers, making them key end users of medical devices. Other end users in the medical devices market include diagnostic centers, home healthcare settings, and ambulatory surgical centers.

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Regional Analysis 

The Asia-Pacific medical devices market to grow at the highest CAGR of 7.1% throughout the forecast period. Wherein, China is the largest contributor to the regional market, indicating that the demand for the product or service is significantly high in this country. This can be attributed to the large population in China and the growing middle class, which is becoming increasingly affluent and able to afford higher-quality products and services. Additionally, China has been investing heavily in infrastructure development, which has created opportunities for the growth of the market.

Japan follows China in terms of market share, indicating that there is also significant demand for the product or service in this country. Japan is known for its highly developed economy and technological advancements, which have created opportunities for the growth of the market. 

The Asia-Pacific market is also being driven by government policies aimed at promoting economic growth. China, for example, has launched a series of initiatives aimed at boosting innovation and entrepreneurship, including the "Made in China 2025" plan and the "Internet Plus" policy. Japan, meanwhile, has implemented a range of policies aimed at revitalizing its economy, including efforts to promote innovation and support small and medium-sized enterprises.

List of Key Companies Profiled:

• 3M Co.
• Abbott Laboratories
• Allergan Inc.
• Baxter International Inc.
• Bayer
• Becton, Dickinson and Co.
• Boston Scientific Corp.
• Cardinal Health Inc.
• Covidien plc
• Cryolife Inc.
• Danaher
• Depuy Synthes
• Endologix, Inc.
• Essilor International SA
• Fresenius Medical Care AG & Co. KGAA
• GE Healthcare
• Getinge Ab
• Johnson & Johnson
• Koninklijke Philips NV
• Medtronic Inc.
• Novartis AG
• Olympus Corp.
• Roche Diagnostics
• Siemens Healthcare
• Smith & Nephew PLC
• Smiths Medical
• St. Jude Medical Inc.
• Stryker Corp.
• Terumo Corp.
• Thermo Fisher Scientific
• Zimmer Holdings Inc.
• Other Prominent Players

Segmentation Overview of the Global Medical Devices Market

By Product

• Diagnostic Devices
  • Electrodiagnostic Devices
    • Ultrasound Systems
    • Magnetic Resonance Imaging (MRI)
    • Electrocardiographs
    • Scintigraphy Apparatus
    • Other Electrodiagnostic Devices
  • Radiation Devices
    • CT Scanners
    • Other Medical X-ray Apparatus
  • Imaging Parts & Accessories
    • Contrast Media
    • X-ray Tubes
    • Medical X-ray Film
    • Other Imaging Parts & Accessories
• Consumables
  • Syringes, Needles & Catheters
    • Syringes (with/without needles)
    • Tubular Metal Needles/Needles for Sutures
    • Others
  • Bandages & Dressings
    • Adhesive Medical Dressings
    • Non-adhesive Medical Dressing
  • Suturing Materials
  • Other Consumables
    • Surgical Gloves
    • Ostomy Products
    • Blood-Grouping Reagents
    • First-aid Boxes & Kits
• Patient Aids
  • Portable Aids
    • Hearing Aids
    • Pacemakers
  • Therapeutic Applications
    • Therapeutic Respiration Devices
    • Mechano-Therapy Devices
  • Others (Endoscope, Defibrillators, CRT Devices, etc.)
  • Orthopedics and Prosthetics
    • Fixation Devices
    • Artificial Joints
    • Other Artificial Body Parts
      • Dental Products
        • Dental Instruments and Supplies
          • Dental Instruments
          • Dental Cement
          • Teeth and Other Fittings
        • Dental Care Equipment
          • Dental Drills
          • Dental Chairs
          • Dental X-Rays
      • Patient Monitoring Devices
• Other Medical Device Categories
  • Ophthalmic Instruments
  • Hospital Furniture
  • Wheelchairs
  • Medical & Surgical Sterilizers
  • Ultra-violet or Infra-Red Ray Apparatus
  • Other Instruments & Appliances

By Application

• Oncology
• Cardiology
• Orthopedics
• Ophthalmic
• Respiratory
• Urology & Gynecology
• General &  Plastic Surgery
• Dental
• Diabetic Care
• Wound Management
• Nephrology
• General Hospital and Healthcare
• Ear, Nose, and Throat
• Others

By End-User

• Hospitals & Surgical Centers
• Clinics
• Household
• Other End Users

By Geography

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America