Medical Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Medical Devices Market
The medical devices market size was valued at USD 518.46 billion in 2023, and the market is now projected to grow from to USD 542.21 billion in 2024 to USD 886.80 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period of 2024-2032.
The COVID-19 widespread disturbed the worldwide medical devices market, driving a sharp decay in elective surgeries and crisis room visits. Subsequently, incomes for medical device companies dwindled as requests diminished. In any case, in the midst of the widespread, there was a surge in requests for health-tracking gadgets, fueled by increased well-being awareness and motivating forces like rebates on health protection premiums to the medical devices market growth.
The dominance of healing centers & ASCs within the medical devices market share is impelled by the heightening number of quiet visits for surgeries and medicines, especially in rising economies where healthcare use is rising. This slant underscores the essential part played by these offices in driving advertise development, as they persistently grow to meet the expanding request for healthcare administrations and frameworks.
The rising trend towards wearable gadgets within the medical gadgets market is fueled by increased wellness mindfulness all-inclusive and the accentuation on wellbeing checking. Despite concerns like information security, the request for wellness trackers and movement screens remains tall, driven by their ease of utilization and benefits. This drift has been assist quickened by the COVID-19 widespread, driving expanded selection rates, especially in reaction to motivating forces like wellbeing protection rebates.
Comprehensive Analysis of Medical Devices Market
The medical devices market flourishes on key divisions, empowering nuanced territorial evaluations and catering to different supply and request elements inside the healthcare industry. This division includes different gadget sorts including orthopedic, cardiovascular, symptomatic imaging, in-vitro diagnostics, negligibly obtrusive surgery, wound administration, diabetes care, ophthalmic, dental, nephrology, common surgery, and others. Complementing this, end-user categorizations span healing centers & ASCs, clinics, and other healthcare offices, encouraging focus on market procedures and growth openings over the segment.
The North America as a frontrunner within the medical devices market size of USD 197.83 billion in 2023 due to dominance is driven by variables such as vigorous repayment arrangements, progressed healthcare foundations, and a surge in patients looking for conclusions and treatment for constant ailments.
The medical devices market is tied down by industry stalwarts such as Medtronic (Ireland), Stryker (U.S.), Johnson & Johnson Services, Inc. (U.S.), Fresenius SE & Co. KGaA (Germany), Koninklijke Philips N.V. (Netherlands), Abbott (U.S.), General Electric Company (U.S.), Siemens Healthineers AG (Germany), BD (U.S.), and Cardinal Wellbeing (U.S.). These key players drive development and market growth through their broad R&D endeavors and worldwide dispersion systems, setting tall benchmarks and cultivating a competitive scene inside the industry.
In January 2024, BD collaborated with Techcyte to present an AI-based digital cervical cytology framework for PAP testing, upgrading symptomatic precision and productivity in healthcare settings.
Segmentation Table
Global Medical Devices Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Growth Rate CAGR of 6.3% from 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Type, By End-User, and Region
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 (By Type, End-User, and Country)
- U.S. (By Type and End-User)
- Canada (By Type and End-User)
Europe (By Type, End-User, and Country/Sub-region)
- U.K. (By Type and End-User)
- Germany (By Type and End-User)
- France (By Type and End-User)
- Italy (By Type and End-User)
- Spain (By Type and End-User)
- Rest of Europe (By Type and End-User)
Asia Pacific (By Type, End-User, and Country/Sub-region)
- China (By Type and End-User)
- Japan (By Type and End-User)
- India (By Type and End-User)
- Australia (By Type and End-User)
- Rest of Asia Pacific (By Type and End-User)
Latin America (By Type, End-User, and Country/Sub-region)
- Brazil (By Type and End-User)
- Mexico (By Type and End-User)
- Rest of Latin America (By Type and End-User)
Middle East & Africa (By Type, End-User, and Country/ Sub-region)
- GCC (By Type and End-User)
- South Africa (By Type and End-User)
- Rest of Middle East & Africa (By Type and End-User)