USD 62.6 billion
Medical Device Market Size, Share, Growth Analysis, By Type, (In-house manufacturing, Contract Manufacturing), By Device Type (Orthopedic Devices, Cardiovascular Devices), By End-User (Hospitals & ASCs, Clinics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35J2050 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
59
|Figures:
75
Medical Devices Market Insights
Global Medical Device Market size was valued at USD 510 billion in 2022 and is poised to grow from USD 543.15 billion in 2023 to USD 898.91 billion by 2031, growing at a CAGR of 6.50% during the forecast period (2024-2031).
Medical instruments have an array of structures and intricacies. Everyday objects such as tongue blades and bed pans are as important as complicated programmable pacemakers and prosthetic limbs. Furthermore, medical devices comprise in vitro diagnostic (IVD) products like pregnancy tests and blood glucose meters. A medical device is any electronic device that has a medical function or makes any health-related claims. Illustrations of such gadgets comprise of medical lasers and X-ray equipment. Medications and medical instruments should be disjoined. One significant gap is that, unlike drugs which operate through biochemical pathways in the body, medical devices accomplish their goals through physical or mechanical methods.
For instance, there is the pacemaker which regulates one’s heart rate through electrical impulses, while there is also aspirin that reduces blood viscosity with an aim of preventing clotting. To be on the safe side therefore, medics should always regulate medical gadgets since they could possibly harm people’s health. Before being used on patients or being sold over the counter, there are agencies that governments initiated that check on their safety and efficiency; otherwise, if these machines fail or are not properly handled, it could be catastrophic. In addition, there is a growing need for innovative gadgets due to advancements in medical technology. There is a great demand for new and innovative equipment due to the advent of less invasive surgeries, telemedicine, and personalized treatment.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Therapeutic Devices
Fastest Growth
Therapeutic Devices
Growth Rate
11.35% CAGR
Medical Devices Market ($ Bn)
Country Share for North America Region (%)
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Medical Devices Market Segmental Analysis
Global Medical Device Market is segmented by Type, Device Type, End-User, and Region. Based on Type, the market is segmented into In-house manufacturing, and Contract Manufacturing. Based on Device Type, the market is segmented into Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, and Others. Based on End-User, the market is segmented into Hospitals & ASCs, Clinics, and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Device Type
As per categorization by device type, the market is classified as drug delivery system, diagnostic devices, invasive devices, respiratory devices, electronic medical devices and others. Among these, the drug delivery system earned the largest share and continues to dominate the market. The application of precise, controlled medication delivery systems has greatly propelled Drug Delivery Systems (DDS) into the world’s medical device industry with its proper and predicted medication. Drug Delivery Systems (DDS) are instrumental in motivating the global medical devices market since they can give accurate medication delivery and promote patient detection. The usage of the various doses not only enhances treatment effectiveness but also minimizes adverse effects; moreover, it individualizes treatment approaches.
The advancements in artificial intelligence (AI) and portable imaging systems have resulted in a remarkable growth trajectory for diagnostic devices category. This has led to increased demand for these devices, which has consequently led to a quick expansion of their market due to early detection, improved diagnoses, and better patient outcomes that are brought about by the developments made in this field.
Analysis by Application Outlook
These devices have become more accurate and can monitor patients in real time, examples of which include wearable monitors, pacemakers, and advanced stents. Due to their high rates of occurrence and need for prompt intervention, cardiovascular disorders are taking over this industry by making way for the development of sophisticated medical instrumentation that enhances management and cure.
The global medical devices market is likely to experience the highest growth rate in the diagnostic imaging segment due to technological breakthroughs such as artificial intelligence-assisted imaging and portable devices. Such advancements enhance diagnostic precision, hasten disease detection and facilitate personalized treatment leading to remarkable market growth and widespread use.
Medical Devices Market By Type
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Medical Devices Market Regional Insights
At present, North America controls the global medical devices market due to its developed health care provision, enormous investments in R&D and well-defined regulatory context stimulating innovative processes. Furthermore, this region benefits from increasing demand for advanced medical technologies, a vast network of research institutions, health practitioners and high prevalence of chronic illnesses. The eco-system of healthcare and healthy economy has prompted medical device innovation especially in North America. The North American region has continued to lead the world medical equipment markets due to presence of major industry companies and a sound market for therapeutic and diagnostic devices.
In Europe, the growth rate of the global medical device market is fastest due to a strong emphasis on innovating healthcare, supportive regulatory frameworks and increasing expenditure on health care. Given the region's significant investment in advanced medical research and new technologies alongside an ageing population, there is a high demand for sophisticated devices. In Europe, the market is growing much faster as these countries are embracing innovative personalized medicine techniques and digital health solutions. Furthermore, Europe’s commitment to raising healthcare standards and adopting new technologies has given rise to a booming medical devices industry that is becoming more vibrant and rapidly expanding at the same time.
Medical Devices Market By Region
- Largest
- Fastest
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Medical Devices Market Dynamics
Drivers
Cutting-Edge Technology Is Shaping Future of Medical Devices:
- The global medical devices market is being driven primarily by swift advancements in technology, for example, smart electronic devices, wearable health monitors and AI-based diagnosis systems. Other innovations such as 3D-printed implants, robotic-assisted surgery and advanced biosensors serve to enhance precision, minimize recovery periods and facilitate patient healing.
Aging Population Fuels Growth in Medical Devices Market:
- Many senior citizens can be found in the world today, driving the demand for medical devices that will solve old-age health problems such as diabetes, osteoarthritis and cardiovascular diseases. This demographic transition leads to a higher prevalence of chronic diseases requiring long-term management and sophisticated therapies. For the management of these disorders, medical gadgets including glucose monitors, pacemakers, and mobility aids become crucial.
Restraints
Supply Chain Disruptions:
- Supply chain disruptions pose challenges for the global medical device market, including raw material shortages, production delays, and logistical problems. By causing disturbances, the supply and availability of medical supplies can be influenced thereby increasing costs and postponing consumers’ needs which would hinder market growth.
Data Security and Privacy Concerns:
- Data security and patient privacy are growing problems for medical devices as they become more networked, and data driven. Despite the many advantages of utilizing linked medical devices, there are possible obstacles that may impede their deployment and extension. Such hindrances entail cases of data breaches as well as cyber-attacks likely to weaken peoples’ faith in digital health systems and further complicate issues surrounding regulatory conformity.
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Medical Devices Market Competitive Landscape
Sustained innovations, strategic mergers and acquisition activities along with R&D investments are the primary forces behind this market. In addition, leading global companies in the medical devices industry, such as Siemens Healthineers, Philips, Johnson & Johnson and Medtronic command the sector. By doing so, they try to maintain their market positions through leveraging on surgical inventions, diagnostics as well as digital health advancements. There is strong competition among major multinational firms that shape up the competitive environment of the global medical devices market.
Top Player’s Company Profiles
- Medtronic (Ireland)
- Johnson & Johnson Services Inc. (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- GE Healthcare (U.S.)
- Siemens Healthineers AG (Germany)
- Stryker (U.S.)
- BD (U.S.)
- Cardinal Health (U.S.)
- Abbott Laboratories (U.S.)
- Boston Scientific Corporation (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Baxter International Inc. (U.S.)
- Zimmer Biomet Holdings, Inc. (U.S.)
- Roche Diagnostics (Switzerland)
- Smith & Nephew plc (UK)
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Hologic, Inc. (U.S.)
- Edwards Lifesciences Corporation (U.S.)
- Coloplast A/S (Denmark)
- Terumo Corporation (Japan)
- Alcon Inc. (Switzerland)
Recent Developments
- In July 2024, Medtronic has just unveiled their latest implantable cardioverter-defibrillator (ICD) system aimed at improving data accuracy and patient monitoring. This innovative technology improves real-time data analytics and enhances remote connectivity for better management of heart conditions for improved outcome for patients in the long run.
- In June 2024, Johnson & Johnson unveiled the VELYS Robotic System, a state-of-the-art robotic-assisted surgical platform. With enhanced control and real-time imaging, technology seeks to enhance precision in minimally invasive surgeries, ultimately aiming at better surgical outcomes as well as reducing recovery times for patients who must undergo complex procedures.
- In August 2024, it was disclosed by the corporation called Philips, that a new type of mobile ultrasound devices is aimed at improving diagnostic abilities in neglected and distant areas. With these advanced imaging technology devices, it also plugs medical imaging access gaps and expands Philips’ market reach with quality diagnostics at the level of patient care.
Medical Devices Key Market Trends
- Rise of Wearable Health Technologies: Development of sensors and data analytics have led to a swift integration of wearable technology in the global medical devices market. For instance, smartwatches and fitness trackers are some of the examples of wearable health monitors which facilitate continuous monitoring of health, early detection of health problems, and real-time collection of patient data. All these aspects lead to better observation of distance and management of individual health.
- Expansion of Telemedicine Solutions: The development of telemedicine, fueled by improvements in digital communication and remote diagnostics, is changing the global market for medical products. By enabling remote patient monitoring, virtual consultations, and remote diagnostics, telemedicine platforms and linked devices improve access to healthcare services and increase the accessibility of medical products to underserved areas.
Medical Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the wide variety of products offered by the global medical devices market, ranging from sophisticated programmable devices like pacemakers to straightforward goods like bedpans, is what defines the market. The industry is growing quickly as developments such drug delivery systems and diagnostic imaging technologies are being driven by innovations.
Obstacles must be overcome such as expensive supply chain disruptions, regulatory constraints and difficulties. European rapid expansion and North American leadership in innovation are focused by regional dynamics. The emergence of wearable health technologies and expansion in telemedicine services will affect further innovations in medical devices and provide better access to health care around the globe.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 510 billion |
| Market size value in 2031 | USD 898.91 billion |
| Growth Rate | 6.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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