According to Nova one advisor, the global Medical Devices market was valued at USD 532.92 billion in 2021 and it is expected to hit around USD 785.49 billion by 2030 with a CAGR of 6.7% during the forecast period 2022 to 2030.
According to Nova one advisor, the global Medical Devices market was valued at USD 532.92 billion in 2021 and it is expected to hit around USD 785.49 billion by 2030 with a CAGR of 6.7% during the forecast period 2022 to 2030.
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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 fro 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.
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..
Report Scope of the Medical Devices Market
|
Report Highlights |
Details |
|
Market Size |
USD 785.49 Billion by 2030 |
|
Growth Rate |
CAGR of 6.7% From 2022 to 2030 |
|
Largest Market |
North America |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2030 |
|
Segments Covered |
Product, Therapeutic Application, End User, Region |
|
Regional Scope |
Asia Pacific, North America, Europe, Latin America, Middle East and Africa |
|
Companies Mentioned |
DePuy Synthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD |
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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
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
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 Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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