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

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.