The global medical devices market was valued at US$ 434.2 Billion in 2021 and is and is estimated to reach USD 625.3 Billion by 2027, growing at a CAGR of 6.3% during the forecast period.
Due to the increasing prevalence of diseases like cardiovascular disease, infectious illness, dental illness, and diabetes, market players are increasingly focusing on expanding their direct presence in emerging countries such as China and India in order to cater to the increasing demand for medical devices. North America medical device market is dominating with a market value of US$ 169.1 billion in 2020 and is expected to reach US$ 248.6 billion by 2027. Regional dominance is attributed to favorable reimbursement policies, a well-developed healthcare infrastructure, and the rapid adoption of advanced medical technologies in the region. For instance, technological advancements in ophthalmic device manufacturing with artificial intelligence (AI) and machine learning (ML) are also gaining significant incorporation in ophthalmic devices to quickly diagnose with better accuracy.
This report examines the global medical devices market from 2017 to 2027, with historic data from 2017 to 2020, the base year of 2021 and is on actuals, and forecast values as 2022 to 2027; representing the impact of various factors on the market growth trend. The report presents analysis detailed across 15 chapters totaling 309 pages, with 74 extensive tables and 117 figures. The study of the global medical devices market includes a complete analysis of market opportunities by region, market dynamics, industry value chain, and competitive landscape for the major players of the market. The forecasted growth reflects the industry's recovery from the impact of COVID-19, as well as a shift in the growth trajectory.
The report provides an in-depth analysis of the medical device market around the globe. The regions that have been broadly analyzed in this report include – North America, Europe, Asia Pacific, Middle East, and Africa, South America, and Japan for growth opportunities in the medical device industry. The Asia-Pacific medical device market has the highest CAGR of 7.1% throughout the forecast period, with China accounting for the largest market share in 2020, followed by Japan.
The research report on the medical device industry presents the analysis on the basis of the following segments – product, application, and end-user. Due to ease of use, the patient monitoring devices have the highest CAGR of 7.3% among all products in the global medical devices industry. These medical technological solutions enable real-time monitoring, both at home and in hospitals during COVID-19. Patient monitoring devices are easy to use and are available in a variety including wireless patient monitoring, anesthetic systems, pulse oximeters, capnography monitors, and more.
Syringes, needles, and catheters account for more than half of the market share in the consumables market in the year 2020. Easy availability of these items has boosted their popularity and is now the most often used equipment in healthcare facilities for administering medications, fluids, parenteral nourishment, and phlebotomy.
Due to increasing chronic respiratory diseases, the respiratory category in medical device applications has the highest CAGR in the global marketplace, and an increase in healthcare expenditure and development of the healthcare organization, hospitals, and surgical centers in the end-user sector is contributing around 51% of the shareholding in 2020.
Due to sedentary lifestyles and irregularity in health checkups, developing and developed countries are witnessing an increase in cases of obesity, neuro-based disorders, heart disease, diabetes, and other lifestyle-related chronic diseases. According to the American Heart Association, the number of deaths caused by cardiovascular illnesses recorded around 17.6 million in 2016 and is expected to reach over 23.6 million by 2030. In the forecasted period, the rise in chronic disease around the world will drive the demand for medical devices.
Furthermore, the rising prevalence of cancer around the world has a positive impact on market growth. For instance, according to the Global Health Data Exchange, the total number of leukemia cases worldwide was 323,913.03 in 2017 and 334,592.26 in 2019. Early cancer detection can lead to better treatment and a longer life expectancy. Different medical imaging tests, screening mammography, and other cancer prevention screening tests are among the medical equipment that is growing in popularity around the world.
Glucometers are frequently used at home to check the blood sugar level, due to a considerable increase in the prevalence of diabetes, especially during COVID-19. According to the World Health Organization, diabetes affected 8.5% of persons aged 18 and above in 2014, globally, and caused around 1.5 million direct deaths in 2019.
Companies are focusing more on simple and hassle-free medical devices for usage at home, which is propelling the market forward over the forecast period. For instance, Abbott Laboratories offers Freestyle Libre System, which eliminates the need for routine glucose finger-prick testing. The glucose monitoring system sensor continually measures and records glucose readings. It is a waterproof device that provides glucose levels via consumers' clothing. In February 2021, Sunrise Medical launched the Quickie Q300 M Mini wheelchair that can fit through a tight doorway, navigate difficult living spaces, and navigate crowded restaurants.
Advancements and integration of medical devices with enhanced connectivity are further boosting the overall market growth with increased real-time accessibility to the device. Owing to several factors, the average Y-o-Y growth of the medical device market accounted for around 5%-7%.
The emergence of 3D printing in the healthcare business has had a tremendous impact on the medical device industry. As it allows design modifications without the use of additional equipment and enables the production of tailored devices for patients. Integration of 3D printing in the healthcare industry serves lucrative opportunities in the global marketplace for the study period.
The competition landscape section of the report covers descriptive profiles of 32 prominent players at the global level. The list can be customized as per the reader’s research requirements. Details covered for these players include – Business description, company financials, key details, strategy outlook, list of products, and recent developments.
The players profiled in the report include the following - 3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc., Danaher, Depuy Synthes, Endologix, Inc., Essilor International SA, Fresenius Medical Care AG & Co. KGAA, GE Healthcare, Getinge Ab, Johnson and Johnson, Koninklijke Philips NV, Medtronic Inc., Novartis AG, Olympus Corp., Roche Diagnostics, Siemens Healthcare, Smith & Nephew PLC, Smiths Medical, St. Jude Medical Inc., Stryker Corp. Terumo Corp., Thermo Fisher Scientific, and Zimmer Holdings Inc.
By Product
By Application
By End-User
By Geography
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | US$ 434.2 Bn |
| Expected Revenue in 2027 | US$ 625.3 Bn |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Unit | Value (USD Bn) |
| CAGR | 6.3% |
| Segments covered | By Product, Application, End-User, and Region |
| Key Companies | 3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton Dickinson and Co., and other prominent players |
| Customization Scope | Get your customized report as per your preference. Ask for customization |
The medical device industry is majorly dominated by small-scale companies and consist of very few big players. Although, industry is facing an increasing competition from unrelated industries with technological innovation that will outpace clinical innovation in the long-term.
Global medical device market generated a revenue of US$ 434.2 Bn in 2021.
The market is growing at a CAGR of 6.3% during the forecast period 2022-2027.
North America is dominating the global medical device industry followed by Asia-Pacific.
The report gives a comprehensive market analysis and forecast on the basis of various factors at different segment level. Some of the key segments are product, application, end user and region. These segments are further categorized into sub-segments to study the market extensively.
The report includes detailed profiles of 31 companies, under various heads such as Business description, strategic outlook, product portfolio, financial details, recent developments, business segmentations and regional segmentations.
Yes, the report offers a detailed study of COVID-19 impact on the industry that include analysis on different levels- Optimistic Outlook, Pessimistic Outlook, Astute Analysis and Pre-COVID Outlook.
Yes, there is a dedicated chapter that explains about regulatory landscape of the industry.
Medtronics, Johnson and Johnson, Abbott and GE Healthcare are the major shareholders in the global medical devices market and study shows that cumulative market share of the 15 major players is close to 45%, hence the market is fragmented in nature.
Threat of new entrants is moderate in the medical device market, due to high capital investment in terms of medical devices development cost, R&D setup cost, legal cost, marketing expense, distribution cost, and other cost. Medical device industry requires huge distribution networks and supply chain management to run the operations, thus new entrants in the market face tough competition from the existing competitors in the industry.
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| Report ID: AA1021097 
