The global medical device market held a market value of USD 434.2 billion in 2021 and is estimated to reach USD 625.3 billion by the year 2030. The market is anticipated to register a CAGR of 6.3% during the forecast period of 2022 to 2030. The market volume for medical devices in 2021 is subjected to be 66,499,150.5 thousand units.
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The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while otherI private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
The increase in chronic diseases, such as, arthritis, liver inflammation, cancer, renal diseases, diabetes chronic pain, sciatica, and other nervous disorders boost the demand for medical devices. For instance, according to Indian Council of Medical Research (ICMR), the Institute for Health Metrics and Evaluation, and the Public Health Foundation of India in 2019, 72 million Indians suffer from Type-2 diabetes, and this statistic is projected to nearly double to 134 million by 2025, provided the current unhealthy dietary trends continue. In addition to that, the International Diabetes Federation states that the number of diabetic populations worldwide was 463 million in 2019. Thus, such high statistics aid in the market growth of the medical devices.
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On the other hand, the high cost of medical devices is estimated to restrict the market growth to a certain extent. Moreover, the reimbursement concerns associated with medical device industry and stringent regulations curb the market growth of the medical devices.
Growth Influencers:
Surging Incidence of Chronic DiseasesThe increasing incidence and prevalence rates of chronic diseases such as, diabetes, chronic liver diseases, kidney failure, and other lifestyle illnesses such as, obesity, fuel the preference for diagnostic and other clinical tests. According to the statistics published by the Centres for Disease Control and Prevention (CDC), the number of adults with diagnosed liver disease was 4.5 million in the US in 2018. The increase in diagnostic examinations fuel the growth rate of the medical devices market.
Emergence of New and Hassle-Free Home Monitoring Medical DevicesThe advent of innovative home monitoring medical devices, such as, oximeter, heart rate monitor, blood pressure monitor, among others, is letting patients, as well as healthcare providers, remotely monitor vital signs. For instance, in March 2021, Dozee, launched Dozee Pro, a contactless vitals monitor. This device features an AI powered triaging system that converts any bed into a step-down ICU in less than two minutes. The rising product launches of such medical devices aid in the increased growth of the medical devices market.
Increasing Geriatric Population
The rising elderly population across different countries indirectly rises the usage of medical devices for different vital functions. For instance, in India, geriatric population is predicted to be 193.8 million in 2031 including 92.9 million elderly males and 100.9 million elderly females. Such high statistics point towards the high usage of medical devices in high population countries, such as, India, China among others.
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Segments Overview:The global medical device market is segmented into product, application, and end user.
By Product,o Diagnostic Devices? Electrodiagnostic Devices? Ultrasound Systems? Magnetic Resonance Imaging (MRI)? Electrocardiographs? Scintigraphy Apparatus? Other Electrodiagnostic Devices? Radiation Devices? CT Scanners? Other Medical X-ray Apparatus? Imaging Parts & Accessories? Contrast Media? X-ray Tubes? Medical X-ray Film? Other Imaging Parts & Accessorieso Consumables? Syringes, Needles & Catheters? Syringes (with/without needles)? Tubular Metal Needles/Needles for Sutures? Others? Bandages & Dressings? Adhesive Medical Dressings? Non-adhesive Medical Dressing? Suturing Materials? Other Consumables? Surgical Gloves? Ostomy Products? Blood-Grouping Reagents? First-aid Boxes & Kits? Patient Aids Portable Aids? Hearing Aids? Pacemakers? Therapeutic Applications? Therapeutic Respiration Devices? Mechano-Therapy Devices? Others (Endoscope, Defibrillators, CRT Devices, etc.)o Orthopedics and Prosthetics? Fixation Devices? Artificial Joints? Other Artificial Body Partso Dental Products? Dental Instrument and Supplies? Dental Instruments? Dental Cements? Teeth and Other Fittings? Dental Capital Equipment? Dental Drills? Dental Chairs? Dental X-Rayso Patient Monitoring Deviceso Other Medical Device Categories? Ophthalmic Instruments? Hospital Furniture? Wheelchairs? Medical & Surgical Sterilizers? Ultra-violet or Infra-Red Ray Apparatus? Other Instruments & Appliances
The diagnostic devices segment value is estimated to cross USD 120 billion in 2027. Based on electrodiagnostic devices, the scintigraphy apparatus segment is projected to grow at the rate of 7.6%. The radiation devices segment volume is anticipated to cross 2600 thousand units in 2026. The consumables segment value is predicted to hit 82,193,104.2 units in 2027. The patient aids segment is expected to grow at a steady rate of 5.7%. moreover, the orthopedics and prosthetics segment value is likely to cross USD 60 billion in 2025 owing to the increasing number of orthopedic surgeries all around the world.
By Application,OncologyCardiologyOrthopedicsOphthalmicRespiratoryUrology & GynecologyGeneral and Plastic SurgeryDentalDiabetic CareWound ManagementNephrologyGeneral Hospital and HealthcareEar, Nose and ThroatNeurologyOther applicationsThe cardiology segment held the largest share of nearly 19% owing to increasing incidence rates of heart diseases. Moreover, the respiratory segment is estimated to grow at the fastest rate of 7.3%. The neurology segment volume is anticipated to cross 4000 units by 2027.
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By End UserHospitals & Surgical CentersClinicsHouseholdOther End Users
The hospitals and surgical centers segment held the largest share during the base year owing to the rise in use of medical devices in surgeries in these settings. In addition to that, the household segment is estimated to grow at a rate of 7.7% due to the increased adoption of remote monitoring devices.Regional Overview
By region, the global medical device market is divided into Europe, North America, Asia Pacific, Middle East & Africa, and South America.
The North America region is expected to hold the largest market share owing to the increasing medical device innovations in the US and Canada. Furthermore, Asia Pacific region is estimated to be the fastest growing in the overall medical device industry.The European region is predicted to grow at a steady rate owing to the rising product launches. The Middle East and Africa region is growing due to the increasing demand for cutting-edge advancements in medical devices.
Competitive Landscape
The key players operating in the global medical device market include 3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton, Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc., Danaher, Depuy Synthes, Endologix, Inc., Essilor International SA, Fresenius Medical Care AG & Co. KGAA, GE Healthcare, Getinge Ab, Johnson & Johnson, Koninklijke Philips NV, Medtronic Inc., Novartis AG, Olympus Corp., Roche Diagnostics, Siemens Healthcare, Smith & Nephew PLC, Smiths Medical, St. Jude Medical Inc., Stryker Corp., Terumo Corp., Thermo Fisher Scientific, and Zimmer Holdings Inc., among others.
Table Of Content:
Chapter 1. Research Framework1.1 Research Objective1.2 Product Overview1.3 Market SegmentationChapter 2. Research Methodology2.1 Qualitative Research2.1.1 Primary & Secondary Sources2.2 Quantitative Research2.2.1 Primary & Secondary Sources2.3 Breakdown of Primary Research Respondents, By Region2.4 Assumption for the Study2.5 Market Size Estimation2.6. Data TriangulationChapter 3. Executive Summary: Global Medical Device MarketChapter 4. Global Medical Device Market Overview4.1. Industry Value Chain Analysis4.1.1. Material Provider4.1.2. Designing and Manufacturer4.1.3. Distributor4.1.4. End Users4.2. Industry Outlook
……..and view more in complete table of Contents
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The prominent fifteen players in the market hold approximately 43.60% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in September 2021, Stryker, one of the leading Medical technology company, completed the acquisition of US-based medical device company Gauss Surgical.
The global medical device market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent playersMarket Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the marketsMarket Diversification: Provides in-depth information about untapped geographies, recent developments, and investmentsCompetitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global medical device market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developmentsPricing Analysis: Pricing analysis of various metals and other components used in the manufacturing of medical devicesManufacturing Cost Analysis: Cost-share of various components of medical devices, cost analysis of medical devices, unit cost analysis of medical devices,
The global medical device market report answers questions such as:
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What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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What factors are taken into consideration when assessing the key market players?
The report analyzes companies across the globe in detail.
The report provides an overview of major vendors in the market, including key players.
Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.
It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.
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