Our comprehensive research on the Global Medical Equipment 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 equipment market size was US$ 470.1 billion in 2021. The global medical equipment market is forecast to grow to US$ 712.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2022 to 2030.
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Medical equipment encompasses a wide range of instruments, machines, appliances, or other similar devices, aiming to assist healthcare providers in diagnosing and treating patients.
Factors Influencing the Market
The global medical equipment market is forecast to gain traction, owing to the increasing geriatric population and growing cases of chronic diseases like cancer, diabetes, etc. In addition, the growing cases demanding for complex surgeries and surgical procedures are forecast to surge the growth of the global medical equipment market.
The rising awareness related to home-based diagnosis and treatment is forecast to benefit the global medical equipment market in the coming years. In addition, the increasing number of advancements in the field of portable medical equipment, like insulin devices, glucose meters, and nebulizers, is forecast to boost the medical equipment market over the forecast period.
The growing demand for the efficient diagnosis, treatment, remote monitoring is forecast to offer ample growth opportunities. Further, favorable initiatives from authorities to enhance healthcare infrastructure will significantly contribute to the growth of the global medical equipment market.
Regional Analysis
North America is forecast to hold the largest share in the global medical equipment market, owing to the well-developed healthcare infrastructure and favorable government initiatives. In addition, the rising adoption of the latest medical technologies is forecast to surge the market growth. The growth of the market is also attributed to the increasing demand for technology in the healthcare segment and the growing geriatric population.
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Competitors in the Market
- Stryker
- Ethicon LLC
- BD
- Cardinal Health
- Baxter International LLC
- Siemens Healthineers
- Abbott Laboratories
- Johnson & Johnson
- Becton, Dickinson, and Company
- 3M Company
- Danaher Corporation
- Agappe Diagnostics Ltd.
- Medtronic
- DePuy Synthes
- Fresenius Medical Care
- 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 Equipment industry experienced notable growth in its workforce. Starting in January, employment within the Medical Equipment 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 Equipment 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 Equipment 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 Equipment 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 Equipment market.
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Market Segmentation
The global medical equipment market segmentation focuses on Type, End-User, and Region.
Based on the type, the medical equipment market has been segmented into –
- Ophthalmic Devices
- Diagnostic Imaging
- Wound Management
- Dental & Nephrology
- Orthopedic Devices
- MIS, Diabetes Care
- IVD
- Ventilators
- Cardiovascular Devices
- Others (Ent devices and neurology devices, etc.)
Based on the end-user, the medical equipment market has been segmented into –
- Clinics & Homes
- Hospitals & Ambulatory Surgical Centers
Based on region, the medical equipment market has been segmented into –
- 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 Equipment Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Medical Equipment 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 Equipment 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 Equipment 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 Equipment 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 Equipment 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 Equipment 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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