Medical Device Market Size
:
Medical Device Market size was USD 463.9 billion in 2021 and projected to grow from USD 512.5 billion in 2023 to USD 808.8 billion by 2032, exhibiting a CAGR of 5.2% during the forecast period.
Medical device is used for medical purposes like tracking, identification, prevention, and treatment of diseases. Medical devices provide many advantages by aiding patients to get over sickness by enhancing the quality of life. Medical devices are classified into class I, class II, and class III. Class I and II have least regulatory control, Class III aids in assisting human life. The medical device involves initiation that manufacture medical equipment or devices like diagnostic imaging equipment, ophthalmic devices, dental equipment, cardiovascular devices, etc.
Market Highlights
Medical Device Market is expected to project a CAGR of 5.2% during the forecast period, 2022-2032
Medical Device Market is expected to reach USD 808.8 billion, growing at a CAGR of 5.2% during forecast period owing to the growing acceptance of advancements in technologies like image-guided therapy systems, smart wearables along with the correct and real-time monitoring which is expected to boost the growth of the Medical Device market. The increasing awareness on benefits associated with modern medical devices may boost the increased adoption of medical devices. The increasing concerns related to health and prevalence of chronic diseases are driving the growth of Medical Devices Market.
Medical Device Segmentation:
Cardiac Monitoring segment is expected to grow with high CAGR during the forecast period
Medical Device Market is classified based on the Device Type into Diagnostic, Cardiac Monitoring, Drug Delivery. Cardiac Monitoring segment is expected to dominate the medical devices market in the forecast period owing to the advancements in the technical development, growing prevalence of cardiovascular diseases and increasing demand for minimally invasive procedures which are expected to boost the growth of the segment in the market. The number of cardiac diseases is increasing gradually which is resulting in the increased use of cardiovascular devices for proper identification and treatments.
Hospitals & Clinics segment is expected to grow with high CAGR during the forecast period
Medical Device Market is classified based on the End User into Hospitals & Clinics, Pharmaceutical companies, Diagnostic Centres, Research laboratory. Hospitals & Clinics segment is expected to dominate the medical devices market in the forecast period owing to the growing super-specialty hospitals. The increasing awareness regarding patient diagnosis and required treatment is expected to boost the segment growth in the market. Hospitals and clinics are investing in medical technology to improve and treat several disorders.
Market Dynamics:
Growth Drivers
Increasing Adoption of New Devices is Expected to Boost the Growth of the Market
The surgical equipment, orthopaedic and cranial implants, dental restorations are mostly used medical items which are designed through 3D printing which are successful as they are customized for the specific patient physiology. 3D-printed equipment and implants are being used b healthcare professionals for performing knee surgery. This technology is also having remarkable chances to boost the product quality in orthodontic and dental procedures which is anticipated to drive the demand for medical devices market.
Shift Towards Homecare is Expected to Boost the Growth of the Market
The increasing prevalence of diseases and subsequent treatment cost for patients suffering with diseases is creating pressure on the healthcare systems. The treatment costs in a hospital is high which creates economic burden and the attempts taken by healthcare facilities resulted in the shift of patients to home care settings which is expected to boost the market growth. The key market players are focusing on investing in research and development using modern and convenient medical equipment like person-lifting, specialized beds which aids in treatment of chronic diseases and is expected to boost the market.
Restraint
High Cost of Devices May Restrain the Growth of the Market
The high cost of medical devices may restrain the growth of the market. The cost of maintenance and repair associated with the medical devices is also high which may hamper the growth.
Recent Developments:
- In May 2022, Max ventilator introduced non-invasive ventilators with inbuilt humidifier and oxygen therapy.
- In May 2022, Stryker released EasyFuseDynamic Compression System which is a foot and ankle staple system designed to reduce surgical complexity, supply dynamic-compression implants and decrease waste in operating room.
Medical Device Market
Key Players Covered:
- Abbott
- GE Healthcare
- Fresenius SE & Co. KGaA
- Johnson & Johnson Services Inc
- Siemens AG
- Medtronic
- Stryker
- Becton, Dickinson, and Company
- Boston Scientific Corporation
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Medical Device Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the growing acceptance of high treatment rates, technologically advanced devices and favourable government policies which is expected to boost the growth of the Medical Device Market.
Impact of Covid-19 on Medical Device Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. The increase in number of Covid-19 infected patients has resulted in the increased need for medical devices like ventilators, PPE kits, respiratory devices, masks etc. The use of digital health technologies has resulted in the increased market growth. The increased surgical procedures had increased the demand for medical devices market.
Medical Device Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Medical Device Market Scope and Segments:
|
ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2021-2032 |
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Historical Period |
2019-2021 |
|
Growth Rate |
CAGR of 5.2% from 2022-2032 |
|
Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
Device Type |
|
|
Therapeutic Application |
|
|
End User |
|
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By Region |
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Frequently Asked Questions (FAQ):
Medical Device Market size was estimated at USD 463.9 billion in 2021 and is expected to reach USD 808.8 billion in 2032.
Medical device is used for medical purposes like tracking, identification, prevention, and treatment of diseases. Medical devices provide many advantages by aiding patients to get over sickness by enhancing the quality of life.
Cardiac Monitoring and Hospitals & Clinics segments accounted for the largest Medical Device market share.
Key players: Abbott, GE Healthcare, Fresenius SE & Co. KGaA, Johnson & Johnson Services Inc, Siemens AG, Medtronic, Stryker, Becton, Dickinson, and Company, Boston Scientific Corporation and Other Prominent Players are the key players in the Medical Device Market.
Increasing Adoption of New Devices and Shift Towards Homecare are the factors driving the Medical Device market
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