The global medical device market size was US$ 451.2 billion in 2021. The global medical device market is forecast to grow to US$ 730.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The medical industry is forecast to witness significant evolution due to the growing adoption of technologically advanced products. In addition, the growing number of launches in medical devices industry will contribute to the growth of the market.
The rising prevalence of chronic diseases will also contribute to the growth of the global medical device market. According to the report by American Heart Association, around 17.6 million deaths were reported due to cardiovascular diseases in 2016. This data is forecast to reach 23.6 million by 2030. Thus, it will surge the demand for healthcare and efficient medical devices.
Medical devices are highly used by healthcare professionals to gather data and then analyze it for recommending solutions. Thus, it benefits both patients and doctors. In addition, growing penetration of 3D printing in the healthcare industry will offer lucrative growth opportunities for the market.
Growing healthcare expenditure and increasing number of R&D activities will significantly surge the growth of the medical devices market. In addition, trending home healthcare will contribute to the growth of the global medical devices market.
COVID-19 Impact Analysis
Due to the emergence of the COVID-19 pandemic, the healthcare segment witnessed a sudden upsurge in the demand for efficient services. Thus, it soared the demand for medical devices in order to offer advanced services to the patients without wasting a second. Furthermore, the demand for high-tech products, such as respiratory ventilators and related equipment, took a pace. Various companies introduced smart ventilators to cater to the demand of the consumers and help the doctors. Due to this global health emergency, many jurisdictions declared to curb the spread of the virus and save the population. It hampered the manufacturing activities for a short time. Thus, it restricted the growth of the industry for a short time.
Regional Analysis
Asia-Pacific is forecast to hold the highest market share in the global medical devices market. The growth of the region is attributed to the rising prevalence of diseases and high healthcare expenditure. The growing deployment of advanced technology in the healthcare segment will also contribute to the growth of the industry during the study period.
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Competitors in the Market
- Abbott Laboratories Inc
- F. Hoffmann-La Roche Ltd
- Philips Healthcare
- Siemens Healthineers(Siemens AG)
- Stryker Corporation
- Boston Scientific Corporation
- Johnson & Johnson
- Medtronic PLC
- Smith & Nephew PLC
- GE Healthcare
- Other Prominent Players
Market Segmentation
The global medical devices market segmentation focuses on Category, Application, Sector, End-User, and Region.
By Category Outlook
- Diagnostic Devices
- Electrodiagnostic Devices
- Radiation Devices
- Imaging Parts & Accessories
- Consumables
- Syringes, Needles & Catheters
- Bandages & Dressings
- Suturing Materials
- Other Consumables
- Patient Aids
- Portable Aids
- Therapeutic Applications
- Orthopedics and Prosthetics
- Fixation Devices
- Artificial Joints
- Other Artificial Body Parts
- Dental Products
- Dental Instrument & Supplies
- Dental Capital Equipment
- Patient Monitoring Devices
- MIS
- IVD
- Other Medical Device Categories
By Application Outlook
- Diagnostic Imaging Devices
- In Vitro Diagnostics (IVDs)
- Cardiology
- Orthopedics
- Ophthalmics
- Respiratory
- Urology & Gynecology
- General and Plastic Surgery
- Endoscopy
- Dental
- Diabetic Care
- Wound Management
- Nephrology
- General Hospital and Healthcare
- Ear, Nose, and Throat
- Neurology
- Robotics Navigation
- Other Applications
By Sector
- Public
- Private
By End-Users
- Hospitals & Surgical Centers
- Clinics
- Household
- Other End-Users
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
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- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Client Focus Area in this Report :
Is the influence of COVID-19 and the Russia-Ukraine conflict on the global Medical Device market taken into account in this report?
Yes. We have definitely taken COVID-19 and the Russia-Ukraine war into account throughout the research because of their significant effects on the global supply chain relationships and raw material price system. We also go into great detail about the effects of the pandemic and the war on the Industry.
Can I change the report’s scope and make it my own to meet my needs?
Yes. Multidimensional, deep-level, and high-quality requirements that are specifically tailored to our customers can help them accurately grasp market opportunities, easily confront market challenges, properly formulate market strategies, and act quickly, giving them enough time and space for market competition.
How did the list of important players for the report come about?
We specifically study both the top businesses that are influential on a worldwide scale as well as the regional small and medium-sized businesses that play vital roles and have significant growth potential in order to clearly reflect the competitive condition of the industry.
What are the key sources of your data?
In putting together the report, both primary and secondary data sources were consulted. Comprehensive interviews with important thought leaders, subject-matter specialists (such as directors, CEOs, and marketing executives), downstream distributors, and end-users are examples of primary sources. Research of major firms’ annual and financial reports, public records, fresh journals, etc., are examples of secondary sources. We also collaborate with a few outside datasets.
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.
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