The medical devices market is estimated to increase at a CAGR of 23.20 percent to USD 63423.6 million by 2027. The elderly population and rising life expectancy, rising acceptance of IoT-based smart medical devices, expanding demand for portable medical devices, and the wearable medical device industry are primary factors driving the medical devices market. The amplified prevalence of inpatient admissions and the growing number of surgical and diagnostic operations is driving up demand for medical devices, including capital equipment and consumables, in both developed and developing countries.
Substantial investment in research and development by medical technology businesses, as well as favorable situations offered by regulatory bodies for their approval, are likely to drive this industry during the forecast period. Furthermore, chronic diseases are the most common health condition resulting in large worldwide costs. In recent years, companies focusing on market categories such as in-vitro diagnostic devices, nephrology, and diabetes have seen substantially stronger demand for their products and devices.
Covid 19 Analysis
The epidemic wreaked havoc on the medical device industry since supply was significantly disrupted owing to the lockdown. Companies, on the other hand, adapted effectively to these restrictions, developing a more robust supply chain in a matter of weeks to fulfill orders for a variety of medical products. For a few weeks, the impact of COVID-19 on the Americas was difficult for the medical device industry, but it began to show signs of recovery in the third quarter of 2020. The strong demand for ventilators, breathing systems, patient monitoring systems, and imaging systems was the primary cause of the medical equipment market's recovery.
Factors such as the increasing medical device industry and the increased frequency of chronic illnesses are driving the global medical devices market growth. Increased demand for medical equipment for detection and treatment of chronic diseases such as cardiovascular diseases (CVDs), cancer, diabetes, stroke, and renal disorders. Rising adoption of IoT-based smart medical devices and increasing use of radiation therapy in disease diagnosis and treatment driving the market growth.
Rising government backing for medical technology is providing market participants with growth opportunities for the global medical devices market.
High cost of medical equipment and the additional costs associated with professional maintenance training are likely to stifle market expansion.
Low reimbursement limits and a costly product approval procedure may stifle market expansion in the medical device sector.
Medical Devices Market Share (%), by Region, 2019
Source: Centers for Disease Control and Prevention (CDC), Eurostat, White Papers, Company Presentations, and Annual Reports
According to the WHO, CVDs are the main cause of death, killing 17.9 million people worldwide each year. Furthermore, the rising prevalence of diabetes increases the demands of medical equipment such as insulin pumps, glucose monitoring devices, insulin pens, and wearable injectors. According to the International Diabetes Federation's Diabetes Atlas Ninth Edition 2019, about 463 million individuals (aged 20–79 years) have diabetes in 2019, with the figure predicted to rise to 700 million by 2045.
The American Cancer Society is a non-profit organization. In the United States, 1,762,450 new cancer cases will be diagnosed in 2019. Furthermore, the Centers for Disease Control and Prevention estimated that 30.8 million people in the United States suffered from digestive issues in 2017. The rising incidence of various health issues drives the demand for implantable medical devices market, in this region.
According to the reports, the medical devices market is segmented on the basis of product type, therapeutic application, end-users, and region. The worldwide market has been divided into product types such as monitoring devices, diagnostic devices, medication delivery devices, surgical devices, bioimplants and stimulation devices, therapeutic equipment, and others. Cardiovascular monitoring devices, neuromonitoring devices, respiratory monitoring devices, multi-parameter monitoring devices, hemodynamic monitoring devices, fetal and neonatal monitoring devices, temperature monitoring devices, and weight monitoring devices are among the monitoring devices that have been classified. Diagnostic devices are further classified as surgical ENT devices, endoscopes, imaging equipment, and so on.
The worldwide market has been split into therapeutic applications such as gastrointestinal surgery, general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dentistry, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others. The worldwide medical devices market has been divided into hospitals and clinics, diagnostic centers, research laboratories, and pharmaceutical firms based on end-user. The global market has been divided into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas medical devices market has been further subdivided into North America and Latin America, with the North American market split into the United States and Canada.
The market is segmented on the basis of the product type, therapeutic application, end-users, and region. The medical devices market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into surgery, general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dentistry, neurology, ophthalmology, ear-nose-throat (ENT), nephrology, and urology, and others.
Based on the propulsion types, the market is segmented into hospitals and clinics, diagnostic centers, research laboratories, and pharmaceutical firms.
According to the reports, on the basis of region, the medical devices market is segmented into the Americas, Europe, Asia-pacific, and the middle east & Africa. Because of the rising incidence of chronic illnesses, cancer, diabetes, and neurological disorders, which raises the need for medical equipment for diagnosis and treatment, the Americas are expected to dominate the worldwide medical devices market share. The most often used medical instruments for illness diagnostics are the spectroscope, microscope, and chromatograph. Europe is anticipated to be the second-largest market for medical equipment in the world. The existence of a significant number of medical device manufacturing units, a growing economy, and increased government spending on medical device development all contribute to the region's market growth. Furthermore, the need for medical equipment to verify the quality of products is rising as pharmaceutical firms innovate to produce new medications.
Due to the rising demand for healthcare goods, Asia-Pacific is anticipated to be the fastest-growing regional market; moreover, the growing elderly population with health issues is driving market expansion. During the projection period, the Middle East and Africa are anticipated to have the smallest market share. Because of the rising number of government efforts in the healthcare sector in this area, the Middle East is projected to hold the bulk of the market share.
Companies often use new launches and approvals to extend their worldwide footprints and product ranges, and these methods help them satisfy rising customer demand. Collaboration is one of the most common tactics used by medical device companies to expand their client base abroad while still maintaining their brand identity.
The following report comprises of –
|Market Size||2027: USD 63423.6 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Therapeutic Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fresenius (Germany), GE Healthcare (US), Johnson & Johnson (US), Medtronic (Ireland), Siemens (Germany), Stryker (US), Abbott Laboratories (US), Abiomed Inc. (US), Accuray Inc. (US), Boston Scientific Corp. (US), Becton Dickinson (US), Bio Rad Laboratories Inc. (US), Baxter International Inc. (US), Biotelemetry Inc. (US), and Angiodynamics Inc. (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
By product the medical devices industry includes Monitoring Devices, Cardiac Monitoring Devices, Neuromonitoring Devices, Respiratory Monitoring Device Multi-Parameter Monitoring Devices, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitoring Devices, Temperature Monitoring Devices, Weight Monitoring Devices, Diagnostic, Devices, Surgical ENT Devices, Endoscopes, Imaging Devices, Diagnostic Molecular Devices, Drug Delivery Devices, Surgical Devices, Bio Implants and, Stimulation Devices Treatment Equipment, Infusion Pumps, Medical lasers and LASIK surgical machines
Medical Devices Market is predicted to touch USD 6170.72 billion by 2025.
The Americas is predicted to dominate the Market of Medical Devices.
Increasing prevalence of cardiac diseases and rising incidence of accident are boosting market growth
High cost may limit market growth
Medical Devices Market is projected to grow at a 22% CAGR between 2019-2025.