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

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.