Medical Devices Market Overview
The medical devices market size and is expected to grow at a CAGR of 23.20% to reach USD 63.42 billion by 2027. The global medical devices market is increasing in value because of factors such as the expanding medical device sector and the rising prevalence of chronic diseases. Cardiovascular disease (CVD), cancer, diabetes, stroke, and kidney illness all have an increased need for medical technology to identify and treat them. The ageing population and rising life expectancy are some of the major factors driving the medical devices market, as is the growing adoption of IoT-based smart medical devices, the growing demand for portable medical devices and wearable medical devices, the increasing use of radiation therapy in disease diagnosis and treatment, and favorable healthcare reforms and government financial assistance for senior citizens.
The medical devices market is being driven by an increase in the number of individuals suffering from various ailments, an increase in the number of accidents, and an increase in healthcare sector R&D to create technologically complicated medical equipment. The medical equipment sector is bolstered further by the rising frequency of heart disorders and an ageing population dealing with a variety of health issues. Market expansion, on the other hand, is projected to be constrained by factors such as the high cost of medical equipment and the additional costs associated with professional maintenance training.
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Medical Devices Market Segmentation
The global market for medical devices has been fragmented into various segments based on product type, end-user, therapeutic applications, and region.
Based on product type, the global market for medical devices is divided into imaging devices, surgical ENT devices, weight monitoring devices, fetal and neonatal monitoring devices, multi-parameter monitoring devices, neuromonitoring devices, monitoring devices, molecular diagnostic devices, endoscopes, diagnostic devices, temperature monitoring devices, hemodynamic monitoring devices, respiratory monitoring device, cardiac monitoring devices, medical lasers and LASIK surgical machines, treatment equipment, surgical devices, infusion pumps, drug delivery devices, bio-implants and stimulation devices, and others.
Based on therapeutic application, the medical devices market is divided into nephrology & urology, ophthalmology, dental, orthopedics, diagnostic imaging, gastrointestinal surgery, ear-nose-throat (ENT), neurology, cardiovascular, respiratory, general surgery, and others.
The medical devices market is split into pharmaceutical companies, hospitals & clinics, research laboratory, and diagnostic centers based on end-user.
Medical Devices Market Region Overview
According to the research, the global medical device market is segmented into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas are expected to dominate the worldwide medical device market in the next years, owing to the growing prevalence of chronic illnesses like as cancer, diabetes, and neurological disorders, which enhances the demand for diagnostic and treatment equipment. The spectroscope, microscope, and chromatograph are the three most often used diagnostic medical instruments.
Europe is forecast to be the second largest market for medical equipment in the globe. The existence of a significant number of medical device manufacturing units, a growing economy, and greater government financing for medical device development all contribute to the region’s market expansion. Additionally, as pharmaceutical companies innovate to develop new therapies, the demand for medical equipment used to test the quality of products grows.
Asia-Pacific is predicted to be the fastest-growing regional medical device market in the next years, owing to rising demand for healthcare products and a growing older population with health problems. During the forecast period, the Middle East and Africa are predicted to have the smallest market share. The Middle East is predicted to account for the lion’s share of the market, owing to increased government involvement in the healthcare sector in this region.
Medical Devices Market Competitive Analysis
The global medical devices market has prominent players such as Angiodynamics Inc. (US), Baxter International Inc. (US), Becton Dickinson (US), Accuray Inc. (US), Abbott Laboratories (US), Siemens (Germany), Johnson & Johnson (US), Fresenius (Germany), Bio Rad Laboratories Inc. (US), Boston Scientific Corp. (US), Abiomed Inc. (US), Stryker (US), GE Healthcare (US), Medtronic (Ireland), Biotelemetry Inc. (US), and several others.
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Medical Devices Market Recent Developments
- March 2022- a medical device company that produces the PainShield® and UroShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, NanoVibronix, Inc., has announced that its UroGuard and PainGuard, offered as private label products via Ideal Medical International Limited has got approval by Health Canada / Santé Canada as licensed medical devices.
- March 29, 2022 – STEMart, a prominent supplier of integrated medical device CRO services devoted to medical device and diagnostic clinical development, has announced the launch of the Pyrogenicity Testing service for the medical device industry.
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