Global Medical Devices Market Size Study, by Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, Others), by End-User (Hospitals

Global Medical Devices Market Size Study, by Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, Others), by End-User (Hospitals & ASCs, Clinics, Others), and Regional Forecasts 2022-2032

Global Medical Devices Market is valued at approximately USD 518.46 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2024-2032. Medical devices are essential tools in healthcare that range from simple instruments like thermometers and syringes to complex machinery like MRI machines and robotic surgical systems. The burgeoning patient population afflicted with chronic diseases, such as cancer and diabetes, coupled with heightened awareness of available treatment options, is catalyzing a surge in diagnostic and surgical procedures. This uptrend is propelling the Global Medical Devices Market, particularly as surgical interventions, including orthopedic, cardiac, neurological, and others, continue to rise. Additionally, the proliferation of inpatient admissions and an uptick in surgical and diagnostic procedures are stimulating demand for both capital equipment and consumables across developed and emerging markets.

Furthermore, escalating R&D investments by key market players are paving the way for technologically advanced equipment, designed to meet the growing demand for innovative medical devices, thereby enhancing market share. For instance, the U.S. FDA’s Center for Devices and Radiological Health (CDRH) granted breakthrough designations to 166 devices in 2022, an increase from 151 in 2020. As of June 2023, 109 devices had already been granted breakthrough designations by CDRH and the Center for Biologics Evaluation and Research (CBER). However, the COVID-19 pandemic adversely impacted the market, resulting in a significant decline in elective surgical procedures and emergency room visits, subsequently reducing the demand for medical devices and affecting the revenue streams of these companies.

The medical devices market is also witnessing a significant shift towards wearable devices, driven by a global emphasis on fitness among adults and increased focus by healthcare agencies on monitoring and diagnosis. The rise in popularity of fitness trackers and activity monitors, despite concerns over security and data privacy, underscores their usability and advantages. However, the high costs associated with these devices, including acquisition and maintenance, and the limited reimbursement policies in emerging countries pose significant challenges.

The key regions considered for the Global Medical Devices Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Global Medical Devices Market in terms of revenue. The market growth in the region is being attributed to factors including favorable reimbursement policies, a well-developed healthcare infrastructure, rapid adoption of advanced medical technologies, and the presence of major industry players. Additionally, the increasing number of patients undergoing diagnosis and treatment, driven by the rising incidence and prevalence of chronic conditions, further strengthens the region's market position. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by the increasing prevalence of diseases such as cardiovascular disorders, infectious diseases, dental disorders, and diabetes.

Major market players included in this report are:

Medtronic (Ireland)

Johnson & Johnson Services, Inc. (U.S.)

Koninklijke Philips N.V. (Netherlands)

GE Healthcare (U.S.)

Siemens Healthineers AG (Germany)

Stryker (U.S.)

Abbott (U.S.)

BD (U.S.)

Cardinal Health (U.S.)

BioIntelliSense, Inc. (U.S.)

Boston Scientific Corporation (U.S.)

Thermo Fisher Scientific Inc. (U.S.)

3M (U.S.)

Baxter International Inc. (U.S.)

Zimmer Biomet Holdings, Inc. (U.S.)


The detailed segments and sub-segment of the market are explained below:

By Type:

Orthopedic Devices

Cardiovascular Devices

Diagnostic Imaging

IVD

MIS

Wound Management

Diabetes Care

Ophthalmic Devices

Dental Devices

Nephrology

General Surgery

Others

By End-User:

Hospitals & ASCs

Clinics

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of Latin America

Middle East & Africa

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the

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