USD 508.20 billion
Medical Products Market Size, Share, Growth Analysis, By Product Type(Wheelchairs {Manual Wheelchair [Folding Frame Manual Wheelchairs, Rigid Frame Manual Wheelchairs], Powered Wheelchair}, Medical Beds {Patient Beds), By Device Type(In-Vitro Diagnostics, Dental Equipment, Ophthalmic Devices, Diagnostic Equipment), By End-Use(Hospitals, Ambulatory Surgical Centers, Home Healthcare), By Application(Urology, Cardiology, Radiology, IVD), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2143 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
176
|Figures:
68
Medical Products Market Insights
Global Medical Products Market size was valued at USD 508.20 billion in 2019 and is poised to grow from USD 542.55 billion in 2023 to USD 915.61 billion by 2031, at a CAGR of 6.76% during the forecast period (2024-2031).
The medical products market consists of companies that produce the medical products or medical devices used to diagnose, treat, and supervise medical conditions selling medical devices or devices and related services. The Medical products industry includes in vitro diagnostic equipment, diagnostic imaging equipment, dental equipment and consumables, ophthalmic equipment, cardiovascular equipment, hospital supplies, and other medical equipment. The rising prevalence of chronic and infectious diseases, as well as the high volume of injuries, creates a high demand for medical supplies. Globally, the older population is also growing. The large geriatric population base, as well as the higher incidence and incidence of related illnesses among them, drives the market growth. Market participants and researchers are increasingly focused on trying to advance medical supplies products. Collaborative efforts among companies to launch advanced products, as well as the introduction of new technologies, are driving the market growth. Government investments in disease research and studies drive the market's growth rate even higher.
The market is being accelerated by factors such as an expansion in the number of healthcare facilities, a sudden increase in the older population, financial expansion in emerging markets, rapid technological change, and an increase in medical costs. Manufacturers in the medical device market are focusing on improving their production lines to produce high-demand medical products such as antibacterial soaps, face masks, personal protective equipment (PPE), and ventilators to combat the coronavirus. The rapid onset of serious infections is propelling the medical device market forward.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
6.76% CAGR
Global Medical Products Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Medical Products Market Segmental Analysis
The Global Medical Products market is segmented based on Device type, Product Type, End-Use, Application, Distribution Channel, and Region. Based on Device type, the market is segmented into In-Vitro Diagnostics, Dental Equipment, Ophthalmic Devices, Diagnostic Equipment, Hospital Supplies, Cardiovascular Devices, Surgical Equipment, Patient Monitoring Devices, Orthopedic Devices, Diabetes Care Devices, Nephrology and Urology Devices, ENT Devices, Anesthesia and Respiratory Devices, Neurology Devices, Wound Care Devices. Based on Product Type, the market is segmented into Wheelchairs {Manual Wheelchair [Folding Frame Manual Wheelchairs, Rigid Frame Manual Wheelchairs], Powered Wheelchair}, Medical Beds {Patient Beds, Examination Beds, Massage Beds, Gurneys Beds}, Walkers {Double Handed Walkers, Single Handed Walkers}, Bathroom Assistive Products {Commodes, Bathtub Seats, Shower Seats}, Orthopedics {Cervical Collar Support, Shoulder Support, Arm Sling, Wrist Splint, Abdominal Binder, Maternity Belt, Elastic Bandage, Air Shield Walker, Knee Support. Based on End-Use, the market is segmented into Hospitals, Ambulatory Surgical Centres, and Home Healthcare. Based on Application, the market is segmented into Urology, Cardiology, Radiology, and IVD. Based on Distribution Channel, the Medical Products Market is segmented into Online, Offline Based on region the global Medical Products market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Medical Products Market Analysis by End-Use
Due to the growing number of multispecialty and community hospitals, particularly in emerging markets, hospitals and ASCs held the largest market share in 2021. Thus, the aforementioned factors, as well as the growing emphasis of healthcare agencies and governments on primary screening and quick and efficient treatment of patients, have resulted in greater awareness in the general population, thereby factor driving the market growth over the forecast period. Clinics and other segments are expected to expand at a significant CAGR over the forecast period due to increased funding for small- and medium-sized clinics as well as long-term care centres globally by public and private players to improve health systems.
During the forecast period, progressive lenses are anticipated to grow at the fastest rate. Because there is no visible bifocal line, progressive lenses are also known as no-line bifocal lenses. It is one of the most popular Medical Products due to its natural appearance and effective functionality. Progressive lenses are also used by people who have myopia, hyperopia, astigmatism, and/or presbyopia. Furthermore, progressive lenses improve image quality by eliminating the image jump seen with bifocal and trifocal lenses.
Global Medical Products Market By End-Use, 2021 (%)
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Medical Products Market Regional Insights
In 2021, the North American market was worth USD 198.84 billion. The presence of adequate and advantageous favorable reimbursement, well-developed health-care facilities, rapid adoption of cutting-edge medical technologies, and key players in the geographical area are major factors driving its dominance. This is exacerbated by the growing number of patients having undergone treatment and diagnosis in the region as the incidence and prevalence of chronic conditions rises. The European market is expected to grow at a rapid pace, owing to rising healthcare expenditures, well-established infrastructure, and increased adoption of sophisticated diagnostic and treatment devices.
The introduction of portable medical equipment and a strong focus on shifting medical care to home care settings by leading domestic and international players in the region are expected to drive market growth during the forecast period. Asia Pacific is expected to grow at a higher CAGR due to the increasing prevalence of diseases such as cardiac diseases, contagious diseases, orthodontic disorders, and diabetes, as well as market players' increased focus on expanding their direct presence in emerging economies such as China and India and meeting patient needs in this region.
Global Medical Products Market By Geography, 2022-2028
- Largest
- Fastest
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Medical Products Market Dynamics
Medical Products Market Driver
The increasing prevalence of chronic diseases will drive up demand for medical devices.
- Chronic diseases, such as diabetes, cancer, and other infectious diseases, are becoming more common as a result of sedentary lifestyles and other factors. Furthermore, various countries' healthcare agencies are concentrating on raising treatment and diagnosis rates through an increasing number of awareness programmes. The affected person requiring diagnostic procedures and tests is growing in tandem with the growing incidence and consciousness of such conditions among the general population. According to the International Diabetes Federation (IDF), an estimated 537 million people had diabetes in 2021, with that number expected to rise to 643 million by 2030 and 783 million by 2045. Similarly, the American Cancer Society estimates that 1.9 million new cancer cases will be diagnosed in 2021.
- In addition, due to the rising occurrence of vision problems and joint fractures in the elderly population, the demand for ophthalmic and orthopedic procedures is increasing. According to Osteoarthritis Action Alliance data from 2021, the prevalence rate of osteoarthritis of the knee is highest between the ages of 45 and 65, and 45% of patients with knee osteoarthritis are 65 or older. When the aforementioned factors are combined with rising per capita healthcare expenditure in developed and emerging countries, as well as improved reimbursement policies, the number of people undergoing diagnosis and treatment is on the rise. This is driving up the demand for medical devices in these countries.
The shift to homecare settings is increasing the demand for portable devices.
- The rise in the prevalence of chronic medical conditions, as well as the treatment of individuals suffering from these diseases, is putting enormous strain on various countries' healthcare systems. This has resulted in a significant increase in the world economic burden of going to treat these diseases. The overall costs of treating a person in a hospital inpatient set-up are considerably higher, and longer hospital stays have a higher economic burden. According to a 2021 article published by the American Journal of Managed Care (AJMC), there was a 19% cost reduction in home care management in a recent randomized trial comparing treated patients in a healthcare setting and treated patients in a hospital-at-home setting.
- Due to rising economic burdens and an aging population, there is a paradigm change in population preference for home healthcare services. Moreover, as key players and healthcare agencies increase their efforts to develop and launch new and easy-to-use medical devices, such as wearable and portable devices for chronic disease treatment the implementation of home healthcare services is increasing rapidly in developed countries. For instance, Shimmer Research, a global leader in wearable technology applications, will launch Verisense Pulse+, a new sensor for the Verisense platform that includes a photoplethysmogram, galvanic skin response, and an inertial measurement unit. In addition to activity and sleep levels, the device can measure clinical trial patients' heart rates, oxygen saturation, and emotional responses.
Medical Products Market Restraint
High device costs and insufficient reimbursement policies in emerging countries are limiting market growth
- Over the past decade, the sector has seen notable developments in terms of innovations being applied and the latest design improvements, among other things. Such devices, however, are costly, with a significantly greater acquisition cost and resulting maintenance expenses, resulting in overall features step cost and ownership. A few advanced devices are connected to various other components, including such chips, battery packs, sensors, and other accessories, which must be replaced regularly. According to an article published by the Academy of Managed Care Pharmacy, the average price of an insulin pen in the United States is between USD 4,800 and USD 6,800 per device. In addition, the total annual cost of this device's accessories, which also include batteries and syringes, is around USD 1550. This results in a higher ownership cost for the patient. Moreover, reimbursement for medical devices has been a barrier to the adoption of these devices in developing countries. Thus, the aforementioned factors, together with insufficient reimbursement policies, have been responsible for the relatively low adoption of medical devices in developing countries.
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Medical Products Market Competitive Landscape
The global market is highly fragmented, with the availability of significant market players such as Medtronic, Johnson & Johnson Services, Inc., Abbott, and Stryker accounting for a significant share in 2021. To strengthen their global market position, the top market participants focus on tactics such as acquisitions, collaborations, new product development, and launches. For instance, In March 2022, Accelerate Diagnostics, Inc, launched the Arc Module and BC Kit for automated rapid and accurate identification of bacteria for positive blood cultures.
Medical Products Market Top Player's Company Profiles
- Medtronic (Ireland)
- Stryker (US)
- Johnson & Johnson Services, Inc. (US)
- Fresenius SE & Co. KGaA (Germany)
- Koninklijke Philips N.V. (Netherlands)
- F. Hoffmann-La Roche Ltd (Switzerland)
- General Electric Company (US)
- Siemens Healthineers AG (Germany)
- BD (US)
- Boston Scientific Corporation (US)
Medical Products Market Recent Development
- In August 2022, Cooper Vision launched Beyond the Limbus Master training for scleral lens fitters. The series provides advanced training for intermediate and advanced scleral lens fitters, as well as basic training for support staff and ECPs.
- In January 2022, Medtronic's Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator have been approved by the US Food and Drug Administration for the treatment of chronic pain associated with diabetic peripheral neuropathy.
- In August 2022, Alcon announced the acquisition of Aerie Pharmaceuticals, expanding its ophthalmic pharmaceutical portfolio.
- In May 2022, Rodenstock acquired Indo Optical, a leading Spanish lens manufacturer, accelerating its growth in key markets.
Medical Products Key Market Trends
- Following the coronavirus pandemic, medical technologies such as wearables are becoming more common. To contain the spread of COVID-19, the need to diagnose, treat, and monitor patients without human contact has increased, resulting in more implementations of medical technologies that will allow healthcare professionals to remotely treat their patients. Artificial intelligence (AI) applications in human care, wearable medical equipment, remote monitoring of patients’ devices, electronic health information (Electronic healthcare), and other such technologies are few a instances. These medical-technical solutions enable contactless monitoring of patients, either at home or in hospitals, which is critical for COVID-19 containment. For example, by maintaining a patient's Electronic Health Records (EHRs), doctors and patients alike can avoid handling traditional paperwork that is passed through several individuals involved in the care and can easily access the information on their own devices.
Medical Products Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that companies who are involved in medical products are focusing to manufacture contactless medical devices, wearable technology, and portable medical devices, making the devices secure, reliable, and robust, concentrating on expanding product portfolios through collaborations, concentrating on self-diagnosis products, virtual reality-based medical devices, blockchain for medical devices, expanding in emerging markets, leveraging e-commerce to maximize reach and revenues, increasing domestic production, and providing competitively priced products.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 508.20 billion |
| Market size value in 2031 | USD 915.61 billion |
| Growth Rate | 6.76% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 Products 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 Products 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 Products 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 Products 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 Products Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Products 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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