Global Medical Devices Market 2024–2033

Reports Description

The Global Medical Devices Market was estimated at USD 550 billion in 2022 and is anticipated to reach around USD 850 billion by 2032, growing at a CAGR of roughly 5% between 2023 and 2032.

CMI research report offers a 360-degree view of the Medical Devices market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Medical Devices market.

• The medical devices market is the selling of medical equipment or devices and associated services by firms (organizations, sole proprietors, and partnerships) that produce medical equipment or devices used in diagnosing, treating, and monitoring medical problems.
• Businesses that produce in-vitro diagnostic tools, diagnostic imaging tools, dental tools and supplies, ophthalmology tools, cardiovascular tools, hospital supplies, and other medical devices are included in the medical device sector.
• Due to increased healthcare facilities, rapid aging of the population, rapid economic growth in emerging nations, rapid technology breakthroughs, and growing healthcare expenses, the market for medical devices has increased historically. The industry was restricted by poor healthcare awareness and low reimbursements.
• The market for medical equipment will expand due to the rising frequency of chronic diseases and the unexpected appearance of serious infections. Future obstacles to medical device industry expansion could come from the COVID-19 pandemic, data security problems, and governmental changes.
• The COVID-19 pandemic had a significant negative influence on the whole medical equipment business, having a wide range of repercussions on the various categories. Elective and non-essential procedures were delayed or canceled due to the pandemic. For instance, according to a 2023 article titled “COVID-19 impact on diagnostic imaging procedures in UAE,” almost 80% fewer radiological procedures were carried out during the pandemic than before COVID. The demand for medical devices also fell due to the decline in radiological operations, which impacted the market’s expansion during the COVID-19 pandemic.

Report Scope

The global Medical Devices market research report offers an in-depth analysis of the global market size, which is further segmented into regional and country-level market size, and segmentation market growth. Also, it provides the market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations. The scope of the study includes market sizing and forecast for segmentation by type, end-user, and geography.

Key Market Dynamics

• The value of the global market for medical devices is increasing due to a number of factors, including the expansion of the medical device sector and the prevalence of chronic diseases. Medical technology is becoming increasingly necessary to identify and treat illnesses like cardiovascular disease (CVD), cancer, diabetes, stroke, and kidney disease.
• A number of factors are driving the medical devices market forward, including the rising use of radiation therapy in disease diagnosis & treatment, the rising demand for wearable medical devices & portable medical devices, favorable healthcare reforms, and government financial assistance for senior citizens.
• The increase in technological advancements improving patient and general public quality of life is a direct cause of the worldwide market’s growth. The market will grow as a result of the increased popularity of mobile platforms, as well as the rising popularity of AI and 5G.
• The market is moving forward as more people get sick, more accidents happen, and more money is spent on research and development in the healthcare sector.
• Both the rising incidence of cardiac conditions and the aging population dealing with a wide range of health problems are positive signs for the medical equipment sector.

Cardiology Devices Dominated the Medical Devices Market in 2022

• Due to factors including the increased prevalence of cardiovascular illnesses, strategic moves made by major market competitors, and technical advancements in cardiology devices, the cardiology segment is anticipated to have considerable growth in the medical devices market throughout the forecast period.
• The need for cardiological medical devices is also fueled by the rising incidence and prevalence of disorders, including obesity, diabetes, hypertension, and high cholesterol, as people with these conditions are more prone to experience cardiac issues in their lifetime.
• Cardiovascular gadgets are used to identify heart conditions and treat associated health issues. Cardiology equipment is divided into surgical, therapeutic, and diagnostic. Electrocardiograms (ECG), pacemakers, defibrillators, cardiac rhythm management devices, grafts, catheters, heart valves, and stents are a few of the often utilized cardiovascular devices.
• The main reason fueling demand for medical equipment is the rising number of people suffering from cardiovascular disorders. For instance, it has been noted that every year, 805,000 people in the United States experience a heart attack; 605,000 result in a first-time heart attack, while 200,000 are brought on by prior heart attacks in 2020, according to CDC data published in 2022. Additionally, it was predicted that by the year 2035, more than 130 million persons in the United States would have some form of heart disease, per American Heart Association figures from 2022.
• Additionally, as business activity has increased and technology has advanced (e.g., the use of artificial intelligence in cardiac wearable devices), more and more patients are being managed with cardiology devices, which has had an exponentially positive impact on therapeutic and monitoring outcomes. Over the projection period, this is anticipated to boost the studied segment’s growth.

Competitive Landscape

Due to several market participants on a global and regional level, the global market for medical devices is extremely fragmented. Among these businesses, Medtronic has the biggest market share thanks to its wide range of products and well-known reputation on the international stage. In addition, most industry companies heavily invest in R&D to create new items and improve the current product line. These market giants also put a lot of effort into growing their global distributor networks, which enables businesses to diversify their product offerings.

The competitive landscape of the Medical Devices industry gives information about the competitors. The company’s financials, revenue generated, market potential, investment in R&D, global presence, new market initiatives, production capacities, production sites and facilities, company strengths and weaknesses, product release, product width and breadth, and application dominance are among the details that are included. The data points mentioned above only pertain to the companies’ market focus on Medical Devices.

• 2023: The wearable lung monitor Sylvee, driven by AI and developed by respiratory healthcare technology company Respira Labs, uses acoustic resonance to evaluate lung function and detect fluctuations in lung air volume.
• 2023: Stryker introduced EasyFuseDynamic Compression System. It is a foot and ankle staple system that simplifies surgery, offers robust dynamic-compression implants, and cuts down on operating room waste.

List of the prominent players in the global Medical Devices market:

• DePuy Synthes
• Fesenius Medical Care
• Medtronics Plc
• GE Healthcare
• Ethicon LLC
• Philips Healthcare
• Siemens Healthineers
• Stryker
• Baxter International Inc.
• Cardinal Health
• BD
• Others

The global Medical Devices market is segmented as follows:

By Type

• Cardiology Devices
• Respiratory Devices
• Orthopedic Devices
• Endoscopy Devices
• Diagnostic Imaging Devices (Radiology Devices)
• Ophthalmology Devices
• Other Devices

By End-user

• Hospitals & Clinics
• Research laboratory
• Pharmaceutical companies
• Diagnostic Centers

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America