Medical Devices Market Size Projected to Surpass USD 785.49 BN by 2030

According to Report, the global Medical Devices Market size was valued at USD 532.92 billion in 2021 and is projected to surpass USD 785.49 billion by 2030 with a CAGR of 6.7% from 2022 to 2030.

Increasing investment in Research & Development (R&D) activity by medical technology companies for the development of new and advanced medical devices and easy approval for those devices by the regulatory authorities expected to impel the market growth from medical devices over the upcoming years. For instance, according to the U.S. Food and Drug Administration (USFDA) database, there were nearly 54 and 27 new medical devices approved and cleared by the institute in the year 2021 and 2020 respectively. Increasing demand for innovative therapies along with the technological advancements in the medical devices to overcome the unmet requirements in the healthcare sector considered as the prime factor supporting the growth of medical devices during the forthcoming years.

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However, data security threat may hamper the market growth for medical devices as internet connection is required for transferring patient’s data from remote devices to the physician. Hence, this increases threat for data security. Rising trend for connected devices makes them attractive and thus increases the risk for data breaches or hacks. For instance, in March 2020, critical patient’s data including medical questionnaires, copies of driving license, passport, and national insurance number were leaked for over 2,300 patients of Hammersmith Medicines Research. The research firm was carrying out trials for COVID-19 vaccine on these patients.

Type Insights

In Vitro Diagnostics (IVD) devices are used for the diagnosis of disease or conditions that include an analysis over the state of health for the purpose to mitigate, cure, treat, or prevent disease. These devices are largely used to collect, prepare, and examine the specimen sample collected from the patient’s body. Hence, increasing prevalence of chronic disease and need for precise and efficient testing kit for diseases such as malaria, HIV/AIDS, diabetes, and cancer boosts the demand for IVD devices. For instance, in 2019, the World Health Organization (WHO) revealed that around 48% of new HIV cases were detected across the globe. In support of the above factors, the IVD segment accounted for a value share of nearly 16% in the year 2021.

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End User Insights

Based on end user, hospitals & ambulatory surgical centers led the global medical devices market in the year 2021. The prominent growth of the segment is mainly attributed to the increasing healthcare expenditure, rising development of the healthcare infrastructure, high emphasis on the better patient outcome, and attractive reimbursement policies.

As per the WHO report on healthcare infrastructure, most of the developing countries across the globe do not have an average of one district hospital per one lakh inhabitants. Hence, these countries are investing prominently on the development of healthcare infrastructure. For instance, total capital invested on healthcare infrastructure expected to increase from USD 290 Billion in 2020 to USD 480 Billion over the next five years.

Regional Insights

North America captured the largest revenue share in the year 2021 and anticipated to continue its dominance over the upcoming years. The significant growth of the region is majorly because of developed healthcare infrastructure and rising concern for healthy life. The United States is the major dominating country in the North America. Rapid adoption of new and advanced medical technologies for enhancing the diagnosis and treatment procedure of critical disease is likely to impel the market growth in the region.

Besides this, the Asia Pacific emerged as the fastest growing region during the forecast period owing to rising ageing population, increasing per capita income, and growing health concern among the people. Increasing investment on healthcare infrastructure in the region anticipated to further boost the market for medical devices in over the analysis period. China and India are the prominent countries in the Asia Pacific region that holds second and fifth position in terms of revenue in the global market. The market for medical devices in these countries is mainly governed by the incentives offered by the local governments along with healthcare reforms.

Some of the prominent players in the Medical Devices Market include:

• DePuy Synthes
• Medtronics Plc
• Fesenius Medical Care
• GE Healthcare
• Philips Healthcare
• Ethicon LLC
• Siemens Healthineers
• Stryker
• Cardinal Health
• Baxter International Inc.
• BD

Segments Covered in the Report

By Product

• Monitoring Devices
• Cardiac Monitoring Devices
• Neuromonitoring Devices
• Respiratory Monitoring Device
• Multi-Parameter Monitoring Devices
• Hemodynamic Monitoring Devices
• Fetal and Neonatal Monitoring Devices
• Temperature Monitoring Devices
• Weight Monitoring Devices
• Diagnostic Devices
• Surgical ENT Devices.
• Endoscopes
• Imaging Devices
• Diagnostic Molecular Devices
• Drug Delivery Devices
• Surgical Devices
• Bio Implants and Stimulation Devices
• Treatment Equipment
• Infusion Pumps
• Medical lasers and LASIK surgical machines
• Others

By Therapeutic Application

• Gastrointestinal surgery
• General Surgery
• Diagnostic Imaging
• Respiratory
• Orthopedics
• Cardiovascular
• Dental
• Neurology
• Ophthalmology
• Ear-Nose-Throat (ENT)
• Nephrology and Urology
• Others

By End User

• Hospitals & Clinics
• Diagnostic Centers
• Research laboratory
• Pharmaceutical companies

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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