According to Precedence Research, the global medical devices market is predicted to hit US$ 671.49 billion by 2027 and growing at a CAGR of 5.2% over the forecast period 2022 to 2027.
According to Precedence Research, the global medical devices market is predicted to hit US$ 671.49 billion by 2027 and growing at a CAGR of 5.2% over the forecast period 2022 to 2027.
Growth Factors
A rising number of patients and undergoing diagnostic and surgical treatments as the frequency of chronic disorders rises and healthcare organizations place a greater emphasis on early identification and treatment. The demand for medical devices including capital equipment and consumables is expanding in established and developing nations due to an increase in inpatient admissions and an increase in surgical and diagnostic procedures. This is supported by leading market companies’ increased investments in research and development for the creation of technologically improved equipment, in order to meet the growing demand for novel products.
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Increased investment in research and development by medical technology businesses as well as favorable situations presented by regulatory agencies for clearance are likely to increase this industry in the projection period. Despite the drawbacks of wearable medical devices such as security concerns and data privacy concerns, activity monitors, and fitness trackersnevertheless have a substantial preference. The rise in demand for fitness trackers can be attributed to a growing emphasis on fitness among people around the world as well as a shift in regional and national healthcare authorities’ focus on diagnosis.
Combined with rising per capita healthcare spending in both developed and developing countries is contributing to an increase in the number of people seeking diagnosis and treatment. This is causing a surge in medical gadgets demand in these countries.
The medical devices market is expected to increase due to a significant focus on a transition of medical treatment to home care settings and the launch of portable medical equipment by prominent global and domestic players around the globe.
Report Highlights:
- Based on the type, the in vitro diagnostics segment dominated the global medical devices market in 2020 with highest market share. This is due to the increasing use of real time diagnostic tests for precise detection of chronic and infectious disorders such as cancer, diabetes, and HIV.
- Based on the end user, the hospitals and ambulatory surgical centers segment dominated the global medical devices market in 2020 with highest market share. Growing emphasis on routine diagnosis of patients and timely treatment by healthcare organizations and the government has led in increased awareness among the general population, which is fueling the medical devices market’s growth over the forecast period.
- North America is the largest segment for medical devices market in terms of region. Major elements primarily responsible for its predominance include the presence of adequate and attractive reimbursement regulations, quick adoption of sophisticated medical technologies, a well-developed healthcare infrastructure, and significant market players in the region.
- Asia-Pacific region is the fastest growing region in the medical devices market. This is due to the rising prevalence of disorders such as infectious diseases, dental disorders, cardiovascular disorders and diabetes. The market players are increasingly focusing on expanding their direct presence in emerging nations to meet patient demand.
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Future of Medical Devices Market
The increased frequency of chronic disorders as well as the treatment of individuals suffering from these diseases is putting enormous strain on healthcare systems around the world. The total cost of treating a patient in a hospital inpatient setting is much higher and longer hospital stays are linked to a higher financial burden. The major market players are actively investing in research and development of innovative and easy to use medical equipment for the treatment of chronic illnesses, highlighting initiatives by healthcare authorities to shift patients to home care settings. Their efforts have resulted in the development of portable and wearable technologies that patients can use at home without requiring expert support.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had unexpected and overwhelming worldwide impact, with medical device adoption rates falling across all areas as a result of the pandemic.
- Leading competitors in the global medical devices market have seen a substantial impact on demand for various medical devices, with some segments seeing a significant increase in demand and others seeing a significant decrease.
Key Developments in the Marketplace:
- Koninklijke Philips N.V. acquired BioTelemetry, a U.S. based cardiac diagnostics and monitoring company, in December 2020 to expand its remote care product offerings.
- The abdominal aortic aneurysm model was introduced by Koninklijke Philips N.V. in January 2021, providing physicians with a more patient friendly solution than the current standard of care for managing abdominal aortic aneurysm patients.
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 Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
- Rest of the World
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