Global Medical Devices
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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"Global Medical Devices market size 2030 will $856.78 Billion. Medical Devices market will be growing at a CAGR of 6.2% during 2024 to 2030."
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Medical Devices Market Sales Revenue 2022 | $ 529.51 Billion |
Global Medical Devices Market Sales Revenue 2030 | $ 856.78 Billion |
Global Medical Devices Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.2% |
Market Split by Type |
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Market Split by Application |
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Market Split by End-Users |
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Market Split by Distribution Channel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Medical Devices industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Medical Devices Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Medical devices are the Products, instruments; apparatus, implements, and machines used alone or in combination to diagnose, prevent, relieve, or treat a disease, disability, accident, etc.
Medical gadgets are utilized in a wide variety of situations, such as at home by laypeople, in distant clinics by paramedical workers and clinicians, in advanced medical facilities by optometrists and dentists, and palliative care by health care professionals.
Medical device manufacture, regulation, planning, assessment, acquisition, and management are complicated processes, but they are necessary to ensure the product’s high quality, safety, and suitability for the environments in which they are used. Because a sizable risk is associated with utilizing a device for medical reasons, regulatory authorities must first have reasonable assurance that the gadget is safe and effective before allowing its sale.
Based on the degree of control required to ensure safety and efficacy, there are three kinds of medical devices.
Class I: Usual, non-intrusive tools or apparatus. In general, Class I gadgets pose little risk. For these devices, the manufacturer must complete a Technical File.
Class II Similar non-invasive devices and intermediate-risk devices. However, this subgroup also includes sterile devices. These devices further call for an application in addition to a technical file.
Devices classified as Class III typically provide high danger. Typically, premarket approval is required for devices that either support or sustain human life, play a significant role in preventing human health damage, or pose a prospective, unreasonable risk of disease or harm.
Market dynamics of the medical devices market:
One of the key market drivers is the development of medical device technologies. The market is seeing an increase in connected, patient-centric medical devices, which is transforming the medical device industry and enhancing its role in healthcare. The field of device connectivity is changing because of advancements in wireless technologies, smaller devices, and computing power. Healthcare organizations have already benefited from the data collected, analyzed, and shared via medical devices in terms of improved patient outcomes, cost savings, and a new source of income.
Some new trends provide exciting new prospects, and they are all driven by technical advancements that are changing the medical device market. They are Artificial intelligence and machine learning, Wearable medical technology, Virtual and augmented reality, 5G connectivity, and Cybersecurity safeguards.
The launch of new products and the increasing interest of competitors in this industry is expected to boost the growth of the medical device market. For instance, in January 2023 FUJIFILM the Sonosite PX ultrasound system has been introduced, according to Sonosite, Inc., experts in creating state-of-the-art point-of-care ultrasound (POCUS) solutions and a component of the wider Fujifilm Healthcare portfolio. The newest version of Sonosite POCUS, called Sonosite PX, offers the highest level of visual quality ever seen in a Sonosite system, as well as several features that help with workflow efficiency and a flexible form factor.
According to WHO 1 in 6 individuals on the globe will be 60 or older by 2030. By this point, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double (to 2.1 billion) by 2050. Between 2020 and 2050, the number of people 80 or older is projected to treble, reaching 426 million.
At the biological level, aging is caused by the buildup of numerous types of cellular and molecular damage over time. As a result, physical and mental abilities gradually deteriorate, disease risk increases, and eventually, death occurs. These changes are neither linear nor constant, and they are only tangentially related to an individual's years of age. Hearing difficulty, cataracts and refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia are common ailments among elderly people. People are more prone to have multiple ailments at once, as they get older.
The rise of various complex health conditions known as geriatric syndromes is another feature of older age. They include weakness, urine incontinence, stumbles, delirium, and pressure ulcers, and they are frequently the result of other underlying problems.
Additionally, age-related disorders that younger people normally do not develop are more likely to affect older persons. Although conditions including cardiovascular disease, ischemic heart disease, urine incontinence, vascular dementia, multiple sclerosis, and other illnesses are far more prevalent in older persons, high blood pressure may be a problem that crosses generations.
To diagnose, prevent, relieve, or treat a disease and disability in a growing geriatric population medical devices are highly demanded which fuels the market growth.
Significant challenges facing medical device manufacturers can hamper the growth of the market:
The current excessive price of healthcare is still on the rise. There is the worry that medical devices may become pricey and out of budget for individuals who need them to treat or manage a chronic ailment. Patients must struggle for even specific coverage of cutting-edge gadgets.
Except for the areas where it is strongly regulated, the market for medical devices is only somewhat regulated. In the end, this inconsistency is challenging for both patients and device manufacturers. Due to cost considerations, unregulated devices are not covered by insurance, which makes it challenging to get them into patients' hands. Additionally, the lengthy, expensive, and often onerous FDA examination procedure for new devices discourages many startup device firms from applying for clearance.
Cybersecurity worries increase as more and more devices go digital. Data theft can occur even from something as basic as a Bluetooth-enabled device. Making smart gadgets is becoming more difficult and expensive because manufacturers were concerned about patient privacy and protection.
Impact of COVID- 19 pandemic on the medical devices market:
COVID-19 has substantially affected the supply chain of every manufacturing industry. The abrupt COVID-19 attack and its effect on trade and commodities movement restrictions have shut down numerous countries worldwide, disrupting supply chains due to a shortage of resources and labor, and slowing down or stopping industry. The Covid-19 problem has caused delays in several medical procedures, the vast majority of which are cosmetic surgery including liposuction, breast implantation, and non-essential dentistry procedures. Hospitals have postponed or canceled many elective procedures, especially those thought unnecessary or not urgent, to make room for patients receiving treatment for the virus.
On the other hand, with unprecedented demand for particular products including diagnostic tests, ventilators, and personal protective equipment (PPE), COVID-19 has brought the medical device industry to attention. However, not every medical equipment is necessary for the pandemic's patient management. In the US, the FDA has granted Emergency Use Authorizations (EUA) for medical devices such as IVD test kits to identify COVID-19 and PPE (such as preservation of gloves, gowns, and masks) required to safeguard healthcare professionals engaging with patients. During public health emergencies like the COVID-19 pandemic, the FDA has the authority to quickly approve the emergency use of particular products through expedited premarket review.
As healthcare authorities tried to gauge and monitor the real virus spread, there was a rising demand for diagnostic testing kits on a global scale. Many businesses in the biotech, pharmaceutical, and medical device sectors started scrambling to create coronavirus tests to fill gaps in the supply of these essential pieces of apparatus. Therefore, the demand for on-demand testing for the virus caused a change in the in vitro diagnostic (IVD) product pipeline, with more quick, point-of-care devices going into development.
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Competitive analysis of the medical devices market:
Due to the presence of leaders, the market for medical devices is quite competitive. The following are a few of the well-known companies active in the global market for medical devices:
Medtronic, Johnson & Johnson, Abbott Laboratories, Philips Healthcare, Siemens Healthineer, Becton Dickinson, GE Healthcare, Cardinal Health, Roche Diagnostics, Stryker, Boston, B Braun, Baxter International, Danaher, 3M, Zimmer Biomet, Grifols, Olympus, Terumo, Thermo Fisher, Specialty diagnostics, Fujifilm, Smith & Nephew, Edwards Lifesciences, Intuitive Surgical, Fresenius Medical Care, Healthcare products (excludes services), Canon Medical Systems, Zoll Medical, AK healthcare division, Alcon Laboratories, DENTSPLY Sirona, BioMerieux, Sysmex
The market players keep their dominance by spending on research and development, incorporating cutting-edge technology into their products, and releasing advanced products for customers. Market key players use various tactics, including strategic alliances, agreements, mergers, and partnerships.
Recent developments:
May 2023
The debut of Robocath's most current robotic platform, R-One, has been announced. Robocath specializes in robotic treatments for cardiovascular disorders. An interventional cardiologist can conduct coronary angioplasties utilizing the robotic solution by operating equipment with an integrated control command unit.
March 2023
For their patients, doctors in the US have access to cutting-edge NAD+ blood diagnosis. This has been made possible by beginning a new collaboration between the Finnish NAD diagnostic firm NADMED and the epigenetic testing facility TruDiagnostic. Being the only NAD+ testing kit with EU approval, NADMED's accuracy and technique have helped it gain international NAD+ diagnostic market share.
January 2023
To treat painful diabetic peripheral neuropathy (DPN), a crippling consequence of diabetes, Abbott announced that the U.S. Food and Drug Administration (FDA) had approved its Proclaim XR spinal cord stimulation (SCS) device. For DPN sufferers who require an alternative to conventional treatment modalities including oral medication, the Proclaim XR SCS system can be a comfort. People who receive treatment from the Proclaim XR SCS system will also be able to use Abbott's NeuroSphere Virtual Clinic, a linked care software that enables people to speak with a doctor and obtain treatment changes remotely.
December 2022
The acquisition of Abiomed, Inc. has been finalized, according to Johnson & Johnson, the biggest and most varied manufacturer of healthcare products in the world. Abiomed will now function as a stand-alone company under Johnson & Johnson's Medtech division.
August 2022
Boston Scientific, a leading global maker of medical devices, and GE Healthcare, a leading innovator in medical technology, diagnostics, and digital solutions, have teamed together to offer India end-to-end cutting-edge interventional cardiac care solutions. The partnership aims to improve heart care for individuals and make treatment more accessible, reducing the burden of disease now plaguing the nation.
May2022
A renowned provider of medical technology, BD (Becton, Dickinson, and Company), has announced the debut of their brand-new, completely automated, high-throughput infectious disease molecular diagnostics platform in the United States. The new BD COR MX instrument is a new analytical instrument option for the BD COR System and has received 510(k) clearance from the American Food and Drug Administration (FDA). The BD COR MX/PX System unifies and automates the complete molecular laboratory workflow for large, high-throughput labs, from sample processing to diagnostic test results.
May 2022
Stryker announced the introduction of the Easy Fuse Dynamic Compression System. Stryker's new foot and ankle staple system was developed utilizing nitinol, a nickel-titanium alloy metal renowned for its strength and form recovery. It is intended to lessen surgical complexity, deliver robust dynamic-compression implants, and decrease waste in the operating room.
November 2021
Siemens Healthineers introduced a new MRI with the cost-effective whole-body scanner
Siemens Healthineers introduced a cost-effective whole-body MRI scanner called Magnetom Free Star1. It is intended to improve accessibility to magnetic resonance imaging globally. Magnetom Free Star, along with Magnetom Free Max, is a new series of scanners that use digital technologies to produce high image quality. The two MRIs are the smallest, lightest, whole-body scanners that Siemens Healthineers has ever produced. They are based on the "High-V MRI" technology.
Top Companies Market Share in Medical Devices Industry: (In no particular order of Rank)
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North America held the largest revenue market share over the other regions in the global medical devices market:
The majority of global sales of global medical devices are concentrated in North America. The increased prevalence of cardiovascular heart diseases, respiratory diseases, orthopedic disorders, and other diseases, the rise in awareness about the prompt use of the devices, technological developments in the field of medical devices, and favorable reimbursement policies are the main factors driving the growth of the North American medical devices market. The market's growth in North America is accelerating due to the rising demand for monitoring devices and manufacturers' increased efforts to produce effective health monitoring equipment. In addition, a growing elderly population that is susceptible to CVDs, as well as more product launches and approvals, will drive the market for medical devices in the United States. The presence of cutting-edge medical facilities and well-developed healthcare infrastructure, as well as the rising demand for minimally invasive surgeries among patients, rising government approvals for novel and innovative medical devices, and are just a few of the additional factors anticipated to support market growth in the North American medical devices market.
The current report Scope analyzes Medical Devices Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Medical Devices Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Medical Devices Industry growth. Medical Devices market has been segmented with the help of its Type, Application End-Users, and others. Medical Devices market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By product type, diagnostic medical devices accounted largest revenue share in the global medical device market.
Based on product type medical device market is segmented into drug delivery systems, diagnostic medical devices, invasive medical devices, respiratory therapeutic medical devices, electronic medical devices, and, others.
Diagnostic medical devices are used to determine the nature or reason behind a specific phenomenon, usually one that is connected to a health issue. To diagnose a patient, professionals use diagnostic medical devices to measure and examine numerous elements of the patient's health. The clinician can then recommend a suitable treatment strategy once a diagnosis has been made. Emergency rooms, pediatric and adult outpatient care facilities, inpatient hospital rooms, and intensive care units all have diagnostic medical equipment. Machines for medical imaging are included in the diagnostic equipment used to support the diagnosis. Examples include X-ray equipment, MRI and PET scanners, and ultrasound and CT scanners. Certain home uses of diagnostic medical devices, such as the management of diabetes, are permitted.
With the development of new smart diagnostic medical devices and developing technologies, it is now easier to identify medical conditions and achieve better clinical results. The new technologies enable pathologists and doctors to quantify the burden of diagnosis with new speed, precision, sensitivity, and ease. Due to increasing opportunities, diagnostic medical devices can conduct more complex tests to meet the demands of monitoring and recognizing developing diseases as well as investigating undiscovered disorders.
For instance, in January 2023 the pharmaceutical giant Cipla introduced a diagnostic medical device for disorders like diabetes, viral infections, and thyroid function. The Mumbai-based drug producer said in a statement that the Cippoint point-of-care testing equipment delivers a wide range of testing parameters, including heart markers, diabetes, infectious illnesses, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. The European In-Vitro Diagnostic Device Directive has approved the gadget.
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Cardiovascular devices dominated the worldwide medical devices market revenue share.
Based on applications medical device market is segmented into cardiovascular devices, respiratory devices, orthopedic devices, ophthalmic devices, gastrointestinal surgery devices, diagnostic imaging, nephrology and urology devices, neurological devices, dental devices, ear nose throat (ENT) devices, oncology devices, and others.
Globally, cardiovascular disease is the main factor in both mortality and morbidity. Numerous cardiovascular disease subtypes necessitate cutting-edge surgical and interventional diagnostic and treatment methods and devices made of very sophisticated biomaterials. Ischemic heart disease (IHD) and stroke are two conditions that cause a lot of fatalities and aftereffects globally. Consequently, there is growing interest in cardiovascular medical devices and their function in heart-related therapies. Numerous Cardiovascular medical devices such as artificial cardiac pacemakers, endovascular grafts, and Catheter and Implantable loop recorders save numerous lives every year technologies also have the potential to raise the quality of life for millions of individuals significantly.
More and more doctors and patients choose minimally invasive surgery due to the ongoing development and improvement of cardiovascular medical devices. Because minimally invasive procedures heavily rely, on catheters and other specialized medical equipment, that enters the body through small incisions for medical intervention, diagnosis, and testing, these advanced medical devices are the foundation for them to become the preferred surgical option. Smartwatches, fitness trackers, and other types of wearable technology are getting more and more adept at monitoring cardiovascular health. Future developments could bring forth more precise and thorough monitoring capabilities, such as continuous electrocardiogram (ECG) monitoring, blood pressure monitoring, and arrhythmia or ischemia event identification. These gadgets can help people take charge of their cardiovascular health and give healthcare professionals useful information.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Medical Devices market report 2024 Edition by contacting our team.
Research Associate at Cognitive Market Research
Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.
Anushka is a highly motivated and detail-oriented research analyst with a passion for uncovering valuable insights from data. Her expertise in Market Research and business intelligence has equipped her with the skills necessary to analyze complex information and provide strategic recommendations. She thrives in dynamic environments where her analytical abilities and research expertise can contribute to informed decision-making for businesses
I played a pivotal role in conducting market research and competitive analysis. I have a demonstrated ability to synthesize diverse data sources, identify trends, and translate findings into actionable recommendations. My collaborative approach facilitated effective communication of insights, fostering a data-driven culture within the organization. I am committed to maintaining excellence through continuous learning and staying ahead of industry trends. Regular participation in conferences and professional development opportunities keeps my skills sharp and relevant.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Medical Devices Market is witnessing significant growth in the near future.
In 2023, the Electronic Medical Devices segment accounted for noticeable share of global Medical Devices Market and is projected to experience significant growth in the near future.
The Cardiovascular Devices segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Medtronic, Abbott and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | Electronic Medical Devices, Respiratory Therapeutic Medical Devices, Drug Delivery systems, Invasive Medical Devices, Other Medical Devices |
Application | Cardiovascular Devices, Respiratory Devices, Orthopedic Devices, Ophthalmic Devices, Gastrointestinal Surgery Devices, Diagnostic Imaging, Nephrology and Urology Devices, Neurological Devices, Dental Devices, Ear Nose Throat (ENT) devices, Oncology devices, Other |
End-Users | Hospitals, Clinics, Homecare settings, Ambulatory Surgical Centers, Diagnostic center, Pharmaceutical Companies, Research Laboratories, Other |
Distribution Channel | Pharmacies, online distributors |
List of Competitors | Medtronic, Becton Dickinson, Abbott, Johnson & Johnson, Stryker, GE Healthcare, Danaher, Philips Health, Siemens Healthineers, Boston Scientific, B. Braun, Baxter, Zimmer Biomet, Dentsply Sirona, Olympus, 3M Health Care, Essilor, Smith & Nephew, Terumo, Novartis, Varian Medical Systems, Getinge, Edwards Lifesciences |
This chapter will help you gain GLOBAL Market Analysis of Medical Devices. Further deep in this chapter, you will be able to review Global Medical Devices Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Medical Devices Market Trends North America Medical Devices Technological Road Map North America Medical Devices Market Drivers North America Medical Devices Market Restraints North America Medical Devices Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by End-Users Analysis 2019 -2031
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Chapter 13 Market Split by Distribution Channel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Medical Devices market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Electronic Medical Devices have a significant impact on Medical Devices market? |
What are the key factors affecting the Electronic Medical Devices and Respiratory Therapeutic Medical Devices of Medical Devices Market? |
What is the CAGR/Growth Rate of Cardiovascular Devices during the forecast period? |
By type, which segment accounted for largest share of the global Medical Devices Market? |
Which region is expected to dominate the global Medical Devices Market within the forecast period? |
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