The Medical Industry Market Size was valued at USD 63.2 Billion in 2022. The medical industry market industry is projected to grow from USD 70.65 Billion in 2023 to USD 172.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.80% during the forecast period (2024 - 2032). Over the projection period, the availability of next-generation stents, rising cancer incidence worldwide, and an increase in knee replacement surgeries are expected to be the main market drivers of the medical industry market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market CAGR is driven by the increased adoption of sedentary lifestyles, which is contributing to the rising prevalence of chronic ailments, such as diabetes, cancer, and other infectious diseases. Increasing the rates of diagnosis and treatment through awareness campaigns is the main goal of healthcare organizations from different nations. The number of patients in need of diagnostic tests and procedures is growing along with the increases in the population's knowledge and prevalence of these disorders. As per the International Diabetes Federation (IDF), the number of individuals with diabetes worldwide was forecast to be 537 million in 2021. It is anticipated that this number will increase to 643 million by 2030 and up to 783 million by 2045. Annually, almost 1.4 million Americans receive a diabetes diagnosis. Additionally, since the population ages quickly, there is a growing need for orthopedic and ophthalmic surgeries because older adults are more likely to experience joint fractures and vision impairments. For instance, the Osteoarthritis Action Alliance 2021 data shows that the age range of 45–65 years old has the largest annual incidence of knee osteoarthritis and that the age group accounts for 45% of all cases of osteoarthritis. A growing number of patients are receiving diagnosis and treatment as a result of the previously listed variables, rising per capita healthcare spending in developed and developing nations and bettering reimbursement policies. This is contributing to these nations' rising medical industry demand.
The treatment of people with chronic illnesses and the increasing incidence of these problems are placing a great deal of strain on the healthcare systems of many different nations. The worldwide financial burden of treating these illnesses increased significantly as a result. Extended hospital stays come with a greater financial burden, and the overall expenditures of treating a patient in an inpatient hospital setting are much higher. For instance, providing care in a hospital-at-home setting is around 30% less expensive than providing care in a hospital setting, according to data released by Johns Hopkins University in 2022. There has been a paradigm shift in people's preferences toward home healthcare services as a result of the mounting financial strain and the growth of the over-60 population. Additionally, the usage of home healthcare services is expanding quickly in industrialized nations due to the increased efforts of major companies and healthcare organizations to create and introduce novel, user-friendly medical equipment, such as wearable and portable devices, for the treatment of chronic diseases. Thus, driving the medical industry market revenue.
Medical Industry Type Insights
The medical industry market segmentation, based on type, includes Therapeutic and Diagnostic. The therapeutic segment dominated the market due to advancements in medical science, technology, and the demand for additional treatments for a greater variety of diseases. Aging populations, a rise in the prevalence of chronic illnesses, and the development of cutting-edge therapies like gene editing and immunotherapy have all contributed to the growth of this market segment.
Medical Industry End User Insights
The medical industry market segmentation, based on end user, includes Hospitals and Clinics. The hospitals category generated the most income. Hospitals are a vital component of the healthcare sector, a significant source of revenue for the whole business, and a hub for innovation, technology, and research. To promote their products in hospitals, several makers of health devices devote a significant amount of money to marketing and finance. Consequently, other healthcare businesses are greatly impacted by the strategic decisions taken in the medical industry.
Figure 1: Medical Industry Market, by End-User, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Medical Industry Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American medical industry market area will dominate this market. Growing rates of cancer in the area combined with rising healthcare costs are predicted to fuel the region's medical industry market expansion. Furthermore, the region's sophisticated medical centers and healthcare facilities are expected to contribute to its continued supremacy during the forecast period.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MEDICAL INDUSTRY MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe medical industry market accounts for the second-largest market share because of rising healthcare costs, a solid infrastructure, and a rise in the use of cutting-edge diagnosis and treatment. The introduction of portable medical equipment by major domestic and international players in the region, along with a strong focus on a shift in medical treatment to home care settings, is expected to propel the medical industry market expansion over the forecast period. Further, the German medical industry market held the largest market share, and the UK medical industry market was the fastest growing market in the European region.
The Asia-Pacific Medical Industry Market is expected to grow at the fastest CAGR from 2024 to 2032. The medical industry is becoming more and more necessary due to the rise in chronic sickness rates, the expansion of the healthcare system, and the rising expense of healthcare. Moreover, a substantial market exists for manufacturers of medical products in this region due to the large population. Moreover, China's medical industry market held the largest market share, and the Indian medical industry market was the fastest growing market in the Asia-Pacific region.
Medical Industry Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the medical industry market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the medical industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the medical industry industry to benefit clients and increase the market sector. In recent years, the medical industry industry has offered some of the most significant advantages to medicine. Major players in the medical industry market are attempting to increase market demand by investing in research and development operations includes Medtronic (Ireland), General Electric (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Becton, Dickinson and Company (US), Baxter International (US), Roche Diagnostics (Switzerland), Abbott Laboratories (US), Zimmer Biomet Holdings (US), Thermo Fisher Scientific (US), Stryker Corporation (US), Danaher Corporation (US), and Cardinal Health (US).
The company Baxter International Inc. (Baxter) offers a variety of medical supplies. Parenteral nutrition therapy, sterile intravenous solutions, generic injectable medications, dialysis for acute and chronic illnesses, infusion systems and devices, inhaled anesthetics, surgical hemostats, and sealing products are among its offerings. The company's goods are used by patients at home, nursing homes, dialysis centers, rehabilitation centers, and hospitals. Baxter uses a network of independent distributors, drug wholesalers, specialty pharmacies, and other alternate site providers in addition to its direct sales team to distribute its goods.
Diagnostic system solutions are supplied to clinics, labs, and physician offices by Roche Diagnostics International Ltd. (Roche Diagnostics), a division of F. Hoffmann-La Roche Ltd. The business creates, manufactures, and maintains hardware and software for use in bioanalytical research and in-vitro diagnostics. Molecular diagnostic reagents and test systems, as well as workflow solutions and diagnostic analysis systems, are also provided. Blood glucose meters and point-of-care testing equipment are among its main offerings. Hospitals, private diagnostic labs, medical experts, researchers, and pharmacists are among the clients that the company serves with its goods and services.
Key companies in the medical industry market include
Medical Industry Industry Developments
May 2022: Treatment for mental health issues using Continuous Engagement between Community and Clinic Treatment, or CONNECT, is a novel approach. New York City Health Department and the Mayor's Office of Community Mental Health made the announcement. With community engagement at its core, this innovative model seeks to close gaps in the current mental health treatment system, overcome the limitations of traditional clinics, and address the root causes of mental health issues.
Medical Industry Type Outlook
Medical Industry End-User Outlook
Medical Industry Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 63.2 Billion |
| Market Size 2023 | USD 70.65 Billion |
| Market Size 2032 | USD 172.46 Billion |
| Compound Annual Growth Rate (CAGR) | 11.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Medtronic (Ireland), General Electric (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Becton, Dickinson and Company (US), Baxter International (US), Roche Diagnostics (Switzerland), Abbott Laboratories (US), Zimmer Biomet Holdings (US), Thermo Fisher Scientific (US), Stryker Corporation (US), Danaher Corporation (US), and Cardinal Health (US) |
| Key Market Opportunities | Healthcare delivery has undergone a transformation because to innovations like telemedicine, wearable health monitoring devices, robotic surgery, and tailored treatment |
| Key Market Dynamics | ly, the prevalence of chronic conditions like diabetes, heart disease, and cancer is increasing. Infrastructure for healthcare is being heavily invested in by both the public and private sectors |
Frequently Asked Questions (FAQ) :
The medical industry market size was valued at USD 70.65 Billion in 2023.
The market is projected to grow at a CAGR of 11.80% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Medtronic (Ireland), General Electric (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Becton, Dickinson and Company (US), Baxter International (US), Roche Diagnostics (Switzerland), Abbott Laboratories (US), Zimmer Biomet Holdings (US), Thermo Fisher Scientific (US), Stryker Corporation (US), Danaher Corporation (US), and Cardinal Health (US).
The therapeutic category dominated the market in 2023.
The hospitals category had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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