Medical Devices Market Research Report Information by Device Type (Drug Delivery System, Diagnostic Devices, Invasive Devices, Respiratory Therapeutic Devices, Electronic Medical Device, Others), By Application (Cardiovascular Diseases, Diagnostic Imaging, Orthopedics, Oncology, Ophthalmology, General Surgery, Respiratory, Dental, Ear, Nose, and Throat (ENT), Neurology, Nephrology & Urology, Others), By End-User (Hospitals & Clinics, Ambulatory Surgical Centers, Homecare Settings, Others), and Region — Forecast till 2032

Global Medical Devices Market Overview

Medical Devices Market size was valued at USD 526.05 Billion in 2022 and is projected to grow from USD 534.45 Billion in 2023 to USD 984.56 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.99% during the forecast period (2024 - 2032). Shift towards Homecare Settings is Boosting the Demand for Portable Devices, Increasing Technological Advancement, and Rising prevalence of chronic diseases boosts the demand for medical devices are driving the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Medical Devices Market Trends

Shift towards Homecare Settings is Boosting the Demand for Portable Devices boosting the market growth.

The rising prevalence of chronic conditions and treatment of patients suffering from these diseases is exerting huge pressure on the healthcare systems of many countries. The overall costs of treating a patient in a hospital inpatient setting are significantly higher, and longer hospital stays are associated with a higher economic burden. For instance, according to the Centers for Disease Control and Prevention (CDC), the economic burden of treatment of diabetic foot ulcers in the U.S. was approximately USD 13 billion to USD 15 billion each year. Therefore, with the efforts taken by healthcare agencies to shift patients towards home care settings, also market players are actively investing in research and development of advanced and easy-to-use medical equipment such as specialized beds, person-lifting and transferring equipment, and toileting aids for the treatment of chronic disorders. Their efforts have resulted in the introduction of portable and wearable devices that can be easily used by patients at home without the need for professional assistance.

Medical Devices Market Segment Insights

Medical Devices Type Insights

• Drug Delivery Devices

Drug delivery devices, are pharmaceutical formulations or devices that help in achieving targeted delivery or Controlled Release (CR) of therapeutic agents in the body. The drug delivery systems are segmented into metered dose inhaler devices, infusion systems, and other Companies such as Bayer AG (Germany), Johnson & Johnson (US), and Baxter International, Inc. (US) among others are the key players offering drug delivery systems.

• Diagnostic Devices:

Diagnostic devices are tools used to identify the nature or cause of a certain phenomenon, usually related to a medical condition. The diagnostic devices are segmented into laboratory based diagnostic devices, wearable diagnostic devices, and others. Laboratory based diagnostic devices are further segmented into X-ray, Computed Tomography (CT), and Positron Emission Tomography (PET). Wearable diagnostic devices are segmented into vital signs monitors, fetal and obstetric monitoring devices, and others.

• Invasive Devices:

Any medical devices that are inserted into the body is considered an invasive device. The invasive devices are segmented into implants and stimulation devices, defibrillators, pacemakers, and others. In addition, a rise in the number of minimally invasive surgery devices due to its higher acceptance rate over traditional surgeries, increasing prevalence of chronic diseases such as cardiovascular diseases, and technological advancement in the invasive devices are anticipated to drive the growth of the invasive devices segment.

Respiratory Therapeutic Devices:

Respiratory therapeutic devices are mainly utilized to improve pulmonary functions by cleaning the airway, increasing lung oxygen intake capacity, and facilitating mucus evacuation from the bronchi. The respiratory therapeutic devices are segmented into ventilators, oxygen concentrators, resuscitators, and others. These respiratory therapeutic devices are also used to help in the treatment of a variety of chronic illnesses associated with respiratory problems such as Chronic Obstructive Pulmonary Disease (COPD), bronchitis, sleep disorders, asthma, and other chronic illnesses.

• Electronic Medical Device:

Electronic medical devices include pacemakers, defibrillators, drug-releasing pumps, hearing aids, and diagnostic equipment for measuring, monitoring, and recording body functions such as heartbeat and brain waves. The electronic medical devices are segmented into monitoring devices, massage chairs, heating blankets, electronical hospital beds, and others. Monitoring devices are further segmented into sphygmomanometer, pulse oximeter, digital thermometers, brain wave meter, electrocardiogram meter, body fat meter, bone density meter, physiological monitoring system, and others that include blood gas & electrolyte analyzers.

• Others:

Other medical devices include endoscopy devices, ophthalmology devices, and wound management medical devices among others. Endoscopy is a minimally invasive medical treatment that identifies, prevents, and treats visceral organ disorders such as Inflammatory Bowel Disease (IBD). These devices are implanted in the body either through natural cavities (such as the anus and mouth) or through incisions, particularly in arthroscopy.

Medical Devices Application Insights

• Cardiovascular Diseases:

Rising prevalence of cardiovascular diseases such as heart failure, stroke, cardiomyopathy, and others are expected to drive the medical devices market growth. According to the World Health Organization (WHO), large population people died suffering from cardiovascular diseases in 2019 globally

• Diagnostic Imaging:

The diagnostic imaging is the technique of creating visual illustrations of the inner body for clinical examination and medical interpolation, along with the visual representation of the function of certain organs or tissues. It includes ultrasound, X-Ray, Positron Emission Tomography (PET), Computed Tomography (CT), and Magnetic Resonance Imaging (MRI) scanners are used for spot diagnosis, monitoring disease progression, treatment planning, and evaluation of the efficacy of treatment for several chronic diseases such as cancer and others.

• Orthopedics:

The rising prevalence of orthopedics diseases such as osteoarthritis, rheumatoid arthritis, and degenerative disc disease among others, and the growing aging population across the globe are expected to drive the market growth. For instance, as per the National Institutes of Health (US), the prevalence of degenerative disc disease is typically proportional to age, with large number of old age people having degenerative disc disease, rising to 80% among those aged 80 years or over.

• Oncology:

Rising prevalence of cancer which is directly influence demand for medical devices such as Computed Tomography (CT), Positron Emission Tomography (PET), and Magnetic Resonance Imaging (MRI) among others are anticipated to drive the market growth. For instance, according to World Health Organization (WHO) figures, cancer is the primary or second leading cause of death as well as large number of populations suffering from cancer disease.

• Ophthalmic:

Ophthalmic diseases consist of illness related to the eyes that includes glaucoma, cataract, and other vision-related issues. In addition, the rising prevalence of ophthalmic disease also raises the demand for medical devices. For instance,, according to the American Academy of Ophthalmology (AAO), in the US alone, in the year 2019, a major population aging population and above suffer from vision impairment, with about a million suffering from blindness. 

• General Surgery:

Increasing cases of anal & distal rectal cancer, esophageal cancer, gall bladder disorders, hernia repair, and other chronic diseases all over the globe are some of the key contributing factors to the growth of the segment. The various medical devices such as electrical cautery, dermatome, laser scalpel, and other medical & surgical equipment are used to perform various general surgeries.

• Respiratory:

Medical devices related to respiratory system are used to mechanically support the impaired gas exchange function of the patients. A major share of the population is experiencing respiratory issues. As per the report presented by ResMed at the American Thoracic Society (ATS) 2018 International Conference, a large number of world population suffered from Obstructive Sleep Apnea (OSA) resulting in abnormal breathing patterns. Such illness requires respiratory support for normalizing breathing patterns

 Similarly, as per the European Respiratory Journal in 2018, the major population suffering from OSA.

• Dental:

Medical devices such as dental cone-beam computed tomography, dental lasers, dental implants, and others are used for diagnosis and treatment planning of dental problems and maintaining dental health. The rising prevalence of oral health disorders and growing demand for dental care facilities for efficient dental surgical procedures are the major factors propelling the growth of the market.

• ENT:

ENT devices such as endoscopes, hearing screening devices, and hearing implants among others are used to treat various ENT disorders such as cholesteatoma, sinusitis, and others. The rising geriatric population, increasing prevalence of ENT-related disorders, and increasing penetration of minimally invasive ENT procedures are among the key trends stimulating market growth.

• Neurology:

Neurological disorders include Alzheimer’s disease, vascular dementia, Parkinson’s disease, multiple sclerosis, neuropathies, epilepsy, and other disorders. The rising prevalence of these diseases is increasing the demand for neurodiagnostic, neuro-interventional, and neurostimulation devices among others for the diagnosis and treatment of neurological disorders. According to the Alzheimer's Association (US), Alzheimer’s dementia may affect 13.8 million Americans aged 65 and above.

• Nephrology & Urology:

The increasing patient population suffering from diabetes, blood pressure, chronic kidney disease, fluid & electrolyte disorders, prostate cancer, and other nephrology & urologic diseases drives the market growth. For instance, according to the U.S. Department of Health & Human Services, in 2021, a major population in the US suffered from chronic kidney disease. As there is a rising prevalence of diabetes and high blood pressure among adults, there is a high risk of developing Chronic Kidney Disease (CKD) and urological disorder.

• Others:

The other applications involve the use of medical devices for dermatology, gynecological diseases, and Infectious diseases among others. Dermatology diagnostic & treatment devices such as imaging devices, electrosurgery devices, and others help in diagnosing and treatment of skin disorders such as psoriasis, eczema, acne, rosacea, ichthyosis, vitiligo, etc.

Figure 2: MEDICAL DEVICES MARKET, BY APPLICATION, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Medical Devices End User Insights

• Hospitals & Clinics:

Rising prevalence of cardiovascular diseases such as heart failure, stroke, cardiomyopathy, have augmented the utilization of the medical devices in hospitals & clinics across diverse geographies. According to the World Health Organization (WHO), in 2019 a large population across the globe died suffering from cardiovascular diseases.

• Ambulatory Surgical Centers:

Ambulatory surgical centers are outpatient surgery centers that provide diagnostic and preventive services. The ambulatory surgical centers perform same-day surgeries such as cataract surgery, gall bladder removal, abdominal hernia repair, skin therapy, and others.

• Homecare Settings:

The homecare settings segment is growing tremendously due to the availability of better treatment for the patient and external factors such as the COVID-19 pandemic, making it difficult for patients to visit hospitals & clinics. Some electronic medical devices enable people to manage their own homecare settings more conveniently and independently such as pulse oximeters, digital thermometers, massage chairs, heating blankets, and others.

• Others:

The other segments include trauma centers, rehabilitation centers, and research centers among others where medical devices are used for diagnosis, treatment, monitoring, and management of diseases. Trauma centers provide care for patients suffering from major traumatic injuries.

Medical Devices Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Medical Devices market accounted for the largest market share in 2022 driven by technological advancements and a growing emphasis on healthcare innovation. The region is witnessing substantial growth in various segments of medical devices, including diagnostic equipment, surgical instruments, and therapeutic devices. Factors driving this expansion include a robust healthcare infrastructure, increasing healthcare expenditure, and a rising aging population. Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: MEDICAL DEVICES MARKET BY REGION 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Medical Devices market is expected to account for the second-largest market share due to the favorable health policies and trend towards integrating health services, including counseling. Further, the German Medical Devices market was attributed to holding the largest market share, and France Medical Devices market is expected to fastest-growing market in the European region.

The Asia-Pacific healthcare counseling market is expected to grow at the fastest rate from 2023 to 2030. This is due to the rising spending in healthcare, quickly evolving healthcare infrastructure, growing awareness regarding Medical Devices, and growing population in the region. Moreover, China’s Medical Devices market is expected to hold the largest market share, and India Medical Devices market is expected fastest-growing market in the Asia-Pacific region.

The Rest of the World includes the Middle East, Africa, and Latin America. The main factors influencing the growth of Medical Devices in the Middle East and Africa. MEA region has experienced significant growth propelled by increasing focus on healthcare infrastructure development, rising healthcare awareness, and a growing population, MEA countries are witnessing a surge in demand for medical devices.

Medical Devices Key Market Players & Competitive Insights

The Medical Devices Market is characterized by the presence of many global, regional, players. The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached across the globe with diverse Type portfolios. Companies such as Abbott (US), Fresenius SE & Co. KGaA (Germany), GE Healthcare (US), Johnson & Johnson Services Inc. (US), Medtronic (Ireland)) dominate the Medical Devices Market due to Type differentiation, financial stability, strategic services, and diversified regional presence. The players are focused on investing in extensive research and development as well. Furthermore, they adopt strategic growth initiatives, such as expansion, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.

One of the primary business strategies adopted by manufacturers in the global Medical Devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs.

Key Companies in the Medical Devices Market include

• 
  Abbott (US)


• Fresenius SE & Co. KGaA (Germany)


• 
  GE Healthcare (US)


• Johnson & Johnson Services Inc. (US)


• Medtronic (Ireland)


• Siemens (Ireland)


• Stryker (US)


• Boston Scientific Corporation (US)


• Becton, Dickinson and Company (US)


• Bio-Rad Laboratories, Inc (US)

Medical Devices Industry Developments

In May 2022, Becton, Dickinson and Company (US) launched fully automated, high-throughput infectious disease molecular diagnostic platform, BD COR SYSTEM in the US.

In June 2022, Siemens Healthineers introduced angiography system Artis icono ceiling for precise tumor embolization

In February 2022, Becton, Dickinson and Company (US), a leading global medical technology company, announced it has completed the acquisition of Cutugnos, a privately held company headquartered in Salamanca, Spain, advancing in flow cytometry solutions for blood cancer diagnosis, minimal residual disease (MRD) detection and immune monitoring research for blood diseases.

Medical Devices Market Segmentation

Medical Devices Device Type Outlook

• Drug Delivery System


• Diagnostic Devices


• Invasive Devices


• Respiratory Therapeutic Devices


• Electronic Medical Device


• Others

Medical Devices Application Outlook

• Cardiovascular Diseases


• Diagnostic Imaging


• Orthopedics


• Oncology


• Ophthalmology


• General Surgery


• Respiratory


• Dental


• Ear, Nose, and Throat (ENT)


• Neurology


• Nephrology & Urology


• Others

Medical Devices End User Outlook

• Hospitals & Clinics


• Ambulatory Surgical Centers


• Homecare Settings


• Others

Medical Devices Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Report Attribute/Metric	Details
Market Size 2022	USD 526.05 Billion
Market Size 2023	USD 534.45 Billion
Market Size 2032	USD 984.56 Billion
Compound Annual Growth Rate (CAGR)	6.99% (2023-2032)
Base Year	2023
Forecast Period	2024-2032
Historical Data	2019 to 2022
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Device Type, Application, End User, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Abbott (US), Fresenius SE & Co. KGaA (Germany)GE Healthcare (US), Johnson & Johnson Services Inc. (US), Medtronic (Ireland), Siemens (Ireland)Stryker (US), Boston Scientific Corporation (US)Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc (US)
Key Market Opportunities	·       Increasing research & development investment·       Advances in technology, such as artificial intelligence, Internet of Things (IoT), and robotics
Key Market Dynamics	·       Shift towards Homecare Settings is Boosting the Demand for Portable Devices·       Increasing Technological Advancement·       Rising prevalence of chronic diseases boosts the demand for medical devices