The global medical devices market size was estimated at USD 577.26 billion in 2022 and is projected to hit around USD 850 billion by 2030, growing at a CAGR of 5.5% from 2022 to 2030.
Smart medical gadgets are wireless electronic tools designed to collect and transmit real-time data in order to monitor patients’ health. Some of the frequently used smart medical equipment are insulin pumps, heart rate monitors, pulse oximeters, portable oxygen concentrators, and blood pressure monitors. These devices are frequently used to monitor, analyze, and communicate crucial patient data and are typically operated on a wireless network like Wi-Fi, Bluetooth, and other technologies. Smart medical equipment offers a high degree of mobility and the capacity to remotely monitor patient status.
Medical Devices Market Growth
The creation of new and advanced medical devices, together with easy regulatory approval of those items, is likely to drive market growth for medical devices in the following years. Medical technology businesses are investing more money in R&D activity. One of the main reasons contributing to the market’s optimistic outlook is the significant global growth of the healthcare sector. The use of these devices in various healthcare settings has been made easier by the rising frequency of chronic medical conditions such as asthma, diabetes, blood pressure, and chronic obstructive pulmonary disease (COPD). Additionally, the widespread use of smart wearable medical devices brought on by the general public’s growing health consciousness is promoting market expansion.
Report Scope Medical Devices Market
| Report Coverage | Details |
| Market Size In 2022 | USD 577.26 Billion |
| Market Size By 2030 | USD 850 Billion |
| Growth Rate From 2022 to 2030 | CAGR of 5.5% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | · By Product
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| Regions Covered |
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Medical Devices Market Report Highlight
- Type Insight: Devices known as in vitro diagnostics (IVD) are employed in the diagnosis of diseases or illnesses that involve a review of current health status with the aim of reducing, curing, treating, or preventing disease. These tools are mostly utilized for collecting, preparing, and inspecting the specimen sample taken from the patient’s body. Therefore, the need for accurate and effective testing kits for diseases including malaria, HIV/AIDS, diabetes, and cancer is growing, as is the prevalence of the chronic disease. For instance, the World Health Organization (WHO) reported that 47% of newly discovered HIV cases were found globally in 2017.
- End-user Insight: Hospitals and ambulatory surgical centers topped the global market for medical equipment in 2021, according to the end users. The significant expansion of the market is primarily driven by rising healthcare costs, expanding healthcare infrastructure, a strong focus on better patient outcomes, and alluring reimbursement schemes. The majority of developing nations worldwide do not have an average of one district hospital per one lakh population, according to a WHO assessment of healthcare infrastructure.
Regional Analysis
In 2021, North America accounted for the biggest revenue share, and it is expected that this supremacy will persist into the years after that. The region’s rapid growth is largely attributable to the region’s advanced healthcare system and growing interest in leading healthy lives.
Aside from that, the Asia Pacific region saw the fastest growth throughout the predicted period due to an aging population, increased per capita income, and an increase in public health awareness. The market for medical devices is expected to have considerable growth throughout the analysis period as a result of rising investments in the region’s healthcare infrastructure.
Also Read: Medical Billing Outsourcing Market Size USD 35.7 Bn By 2030
Medical Devices Market Dynamics
Drivers
The unexpected outbreak of coronavirus disease (COVID-19) has increased the demand for products in home care settings, which is helping the market expand. These products are used for disease management, monitoring, providing feedback, and proposing appropriate treatments. The market is expected to rise as a result of a number of additional factors, such as increased consumer spending power, an increase in the elderly population, and the implementation of numerous government initiatives aimed at raising knowledge of disease prevention.
Restraints
Since data transfer from distant devices to doctors requires an internet connection, data security risks could impede the market expansion for medical devices. Consequently, this raises the risk of data security. As linked devices become more popular, the likelihood of data breaches or hackers also rises.
Recent Development
- January 2022- For the treatment of chronic pain linked to diabetes, Medtronic’s Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator have been given U.S. FDA approval.
- November 2021- The NAEOTOM Alpha, the first CT scanner using photon counting technology and approved for clinical use in the United States and Europe, was introduced by Siemens Healthineers.
Medical Devices Market Key Players:
- DePuy Synthes
- Medtronics Plc
- Fesenius Medical Care
- GE Healthcare
- Philips Healthcare
- Ethicon LLC
- Siemens Healthineers
- Stryker
- Cardinal Health
- Baxter International Inc.
- BD
Market Segmentation
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
Regional Segmentation
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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