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

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.