Our comprehensive research on the Global Medical Device Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
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
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Medical Device industry experienced notable growth in its workforce. Starting in January, employment within the Medical Device sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Medical Device output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Medical Device output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Medical Device market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Medical Device market.
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
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- 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
- 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
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Table of Contents:
Chapter 1: Introduction to the Global Medical Device Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Medical Device Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Medical Device Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Medical Device Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Medical Device market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Medical Device market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Medical Device business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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