24/7 Customer Support
Global medical devices market was valued at USD 412.4 Billion in 2020 and is analyzed to see an opportunity addition of more than USD 210 Billion over the period 2021-2027, growing at a CAGR of 6.3%.
Due to 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 the increasing demand of medical devices. North America medical device market is dominating with market value of US$ 169.1 billion in 2020 and expected to reach at US$ 248.6 billion by 2027. Regional dominance is attributed to favorable reimbursement policies, a well-developed healthcare infrastructure, and rapid adoption of advanced medical technologies in the region.
This report examines the global market for medical devices from 2017 to 2027, with historic data from 2017 to 2019, a base year of 2020 and is on actuals, and forecast values from 2021 to 2027 representing the impact of various factors on the 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 includes – North America, Europe, Asia Pacific, Middle East and Africa, South America and Japan for growth opportunities in the medical device market. The Asia-Pacific has the highest CAGR of 7.1% throughout the forecast period, with China accounting for the largest share of the market in 2020, followed by Japan.
The report presents the analysis of the global medical devices industry on the basis of following segments – product, application and end user. Due to ease of use, the patient monitoring devices has the highest CAGR of 7.3% among all products in the global medical devices market. 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 variety including wireless patient monitoring, anesthetic systems, pulse oximeters, capnography monitors, and more.
Syringes, needles, and catheters will account for more than half of the market share in consumables market in 2020. Increasing availability of these items has boosted their popularity and are now the most often used equipment in healthcare facilities for administering medications, fluids, parenteral nourishment, and during phlebotomy.
Due to increasing chronic respiratory diseases, the respiratory category in medical device applications has the highest CAGR in the global medical devices market and increase in healthcare expenditure and development of the healthcare organization, hospitals and surgical centers in the end user sector is contributing around 51% of shareholding in 2020.
Obesity, neuro-based disorders, heart disease, diabetes, and other lifestyle-related chronic diseases have increased as a result of the adoption of sedentary lifestyles and irregularity in health checkups in developing and developed countries. According to the American Heart Association, the number of deaths caused by cardiovascular illnesses reached 17.6 million in 2016 and is expected to reach over 23.6 million by 2030. In the forecasting period, the rise in chronic disease around the world will drive demand for medical devices.
Furthermore, the rising prevalence of cancer around the world has a positive impact on the market's growth. 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 are growing in popularity around the world.
Glucometers are frequently used at home to check the blood sugar level, due to considerable increase in prevalence of diabetes. 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 example, Abbott Laboratories offers the 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 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 is 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 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 the 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 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 includes 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.
Segmentation Overview of the Global Medical Devices Market
By End User
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$ 412.35 Bn in 2020.
The market is growing at a CAGR of 6.3% during the forecast period 2021-2027.
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.