Medical Devices Market Research Report - Forecast till 2027

Medical Devices Market Size, Trends and Growth Analysis By Product Type (Cardiac Monitoring, Diagnostic and Drug Delivery), Therapeutic Application (Gastrointestinal Surgery, General Surgery and Diagnostic Imaging), End User (Hospitals & Clinics, Diagnostic Centers and Research Laboratory) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2027

ID: MRFR/MED/2123-HCR | February 2021 | Region: Global | 90 pages         

Medical Devices Market

The Medical Devices Market is estimated to increase at a CAGR of 23.20 percent to USD 63423.6 million by 2027

Segmentation

By Product Type Cardiac Monitoring Diagnostic and Drug Delivery
By Therapeutic Application Gastrointestinal Surgery General Surgery and Diagnostic Imaging
By End User Hospitals & Clinics Diagnostic Centers and Research Laboratory

Key Players

  • 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)

Drivers

  • Increasing medical device industry
  • Increased frequency of chronic illnesses are driving
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Medical Devices Market Overview


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.


Medical Devices Market Dynamic


Drivers


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.


Opportunities


Rising government backing for medical technology is providing market participants with growth opportunities for the global medical devices market.


Restraints


High cost of medical equipment and the additional costs associated with professional maintenance training are likely to stifle market expansion.


Challenges


Low reimbursement limits and a costly product approval procedure may stifle market expansion in the medical device sector.


Regional Market Summary



Medical Devices Market Share (%), by Region, 2019

  Medical Devices Market


Source: Centers for Disease Control and Prevention (CDC), Eurostat, White Papers, Company Presentations, and Annual Reports


Cumulative Growth Analysis


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.


Value Chain Analysis


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.


Medical Devices Market Segmentation


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.


By Application


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.


By end-users


Based on the propulsion types, the market is segmented into hospitals and clinics, diagnostic centers, research laboratories, and pharmaceutical firms.


Regional Analysis


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.


Medical Devices Market Competitive landscape


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.


Major Key Players



  • 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)

  • Angiodynamics Inc. (US)


Report Overview


The following report comprises of –



  • Market overview

  • Covid 19 Analysis

  • Market Dynamic

  • Drivers

  • Opportunities

  • Restraints

  • Challenges

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segmentation Overview

  • By Application

  • By End-Users

  • Regional Analysis

  • Competitive landscape


Recent Developments



  • Mar 2022 Conformis, a medical technology company, has halted all distribution activities and business development for orthopedic medical equipment in Russia due to the Ukraine situation. Until further notice, the corporation stated that it would no longer seek further business prospects in the country. Conformis has inked a distribution agreement in Russia for its orthopedic products, which will help it expand into foreign markets. During the quarter, the business also completed commercial launch efforts for its new Image-to-Implant Platinum Services Program for the US market.

  • Mar 2022 Extol, a digital manufacturing startup, has received FDA approval for the contract manufacture of 3D printing medical items. At its Digital Development Center, the company manufactures plastic items and operates many HP Multi Jet Fusion 3D printing systems and a variety of post-processing equipment. Extol can supply prototypes, tools, and end-use parts in PA12, BASF Ultrasint TPU, and PP before finishing them with AMT's PostPro Vapour Smoothing technology, black dye, BASF Ultracur3D Coat F, or a lick of paint using this spectrum of technology.


Medical Devices Market Segmentation


Medical Devices Market, by Product Type



  • 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

  • Others


Medical Devices Market, by Therapeutic Application



  • Gastrointestinal surgery

  • General Surgery

  • Diagnostic Imaging

  • Respiratory

  • Orthopedics

  • Cardiovascular

  • Dental

  • Neurology

  • Ophthalmology

  • Ear-Nose-Throat (ENT)

  • Nephrology and Urology

  • Others


Medical Devices Market, by End User



  • Hospitals & Clinics

  • Diagnostic Centers

  • Research laboratory

  • Pharmaceutical companies


Medical Devices Market, by Region



  • Americas


    • North America


      • US

      • Canada


    • Latin America




  • Europe


    • Western Europe


      • Germany

      • France

      • Italy

      • Spain

      • UK

      • Rest of Western Europe


    • Eastern Europe




  • Asia-Pacific


    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific




  • Middle East & Africa


    • Middle East

    • Africa




Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 63423.6 Million
  CAGR   23.20% (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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

  • Rising prevalence of cardiac diseases
  • Increasing geriatric population with different health problems
  •   Key Market Drivers

  • Increasing patient population suffering from various diseases
  • Increasing incidences of accidents
  • Increasing research and development in the healthcare industry


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    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

    Medical Devices Market is projected to grow at a 22% CAGR between 2019-2025.