Medical Device Market Forecasts to 2030 - Global Analysis By Product Type, Application, End User and By Geography

According to Stratistics MRC, the Global Medical Device Market is accounted for $552.6 billion in 2023 and is expected to reach $941.0 billion by 2030 growing at a CAGR of 7.9% during the forecast period. An equipment, machine, implant, or in vitro reagent designed to be used in the identification, mitigation, monitoring, treatment, or prevention of illness or damage is referred to as a medical device. Medical devices come in a wide range of applications and levels of sophistication, but they are all vital to healthcare since they help with diagnosis and treatment of medical disorders. Manufacturers, retailers, and regulatory agencies all operate internationally in the medical device sector, which is a worldwide business.

According to 2022 statistics published by IDF, about 2.9 million people were living with diabetes in Canada in 2021. In addition, as per the same source, this number is projected to reach 3.2 million and 3.4 million by 2030 and 2045, respectively.

Market Dynamics:

Driver:

Rising prevalence of chronic diseases

The market for medical devices is significantly impacted by the growing incidence of chronic illnesses. Chronic illnesses frequently call for ongoing care and observation, including diabetes, respiratory conditions, cardiovascular diseases, and some forms of cancer. Additionally, remote patient monitoring technologies have advanced technologically due to the requirement for constant monitoring. Thus, healthcare providers can remotely monitor patients to medical gadgets that include connection characteristics like Bluetooth and internet access.

Restraint:

High cost

Expensive medical equipment may put a strain on healthcare finances, especially in systems that receive public funding. Moreover, the cost of purchasing and maintaining sophisticated technology can be prohibitive for hospitals and other healthcare institutions, which has an impact on their entire operating budget. Thus expensive medical equipment may be difficult for smaller healthcare institutions, such outpatient clinics or rural clinics, to afford and this makes it more difficult for them to offer a wide range of services, which might result in gaps in the delivery of healthcare thereby hampering the market growth

Opportunity:

Growing importance of home healthcare devices

There has been a surge in demand for home monitoring equipment, including glucometers, wearable fitness trackers, and blood pressure monitors and with the use of these gadgets, people may keep tabs on and take control of their health issues without constantly visiting medical institutions. Thus technology is always evolving due to the need for at-home medical equipment. To improve the entire patient experience, manufacturers are creating devices with intuitive user interfaces, connection features, and remote monitoring capabilities. Digital thermometers for use at home and telehealth platforms have become popular examples of devices that make remote consultations possible thereby propelling the growth of the market.

Threat:

Complex regulation requirements

Regulatory adjustments are expected to lead to higher costs for patient service offerings and the creation of new products. Among these advances related to secrecy of consumption are the General Data Protection Regulation (GDPR), which was put into effect by the European Union, and modifications to device approvals. The US FDA has asked for more clinical evidence to support the security and efficacy claims of medical equipment, such as endoscopic tools, which has resulted in a decreased extension of the time required to complete the marketing authorization process during the last ten years. The potential for missed revenues due to device release delays and higher costs as a result of onerous regulatory processes put pressure on investments in innovative devices, which affect the growth of the market for medical devices.

COVID-19 Impact

The COVID-19 pandemic affected the world market for medical equipment in a variety of ways. The unexpected increase in corona virus diagnoses around the globe has increased demand for medical equipment including respiration devices, ventilators, masks, personal protective equipment kits, and other items. Additionally, the use of digital health technologies like telemedicine and remote patient monitoring has increased dramatically during the COVID-19 epidemic. The market for medical equipment is expanding at a faster rate now. However, all non-essential surgical operations were put on hold during the peak days of COVID-19, giving preference to elective surgical treatments. This had a detrimental impact on the firms who make medical devices for necessary surgical procedures.

The cardiology devices segment is expected to be the largest during the forecast period

The cardiology devices segment is estimated to have a lucrative growth, due to many reasons, including the increasing incidence of cardiovascular illnesses, tactical moves by prominent industry players, and advancements in technology in cardiology devices. Furthermore, since more people with obesity, diabetes, hypertension, and high cholesterol live longer lives and are more prone to experience cardiac issues, these conditions are also driving up demand for cardiological medical equipment. Furthermore, an increasing number of patients are being managed with cardiology devices as a result of expanding business operations and technological advancements (such as the use of artificial intelligence in cardiac wearable devices), which has led to exponential therapeutical and monitoring outcomes are driving the growth of the market.

The diagnostic centers segment is expected to have the highest CAGR during the forecast period

The diagnostic centers segment is anticipated to witness the highest CAGR growth during the forecast period, as healthcare experts conduct tests and treatments in diagnostic centers in order to diagnose, track, and treat illnesses. Diagnostic facilities employ medical equipment for a variety of purposes. Diagnostic accuracy, speed, and efficiency are all improved in diagnostic centers by the incorporation of cutting-edge medical equipment. Additionally, it supports the early diagnosis, tracking, and customized treatment planning of diseases. Diagnostic centers' capacity to deliver high-quality healthcare services is continually shaped by the rapidly changing field of diagnostic technologies.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the Over the course of the forecast period, North America is anticipated to lead the medical devices market due to factors including the rising prevalence of chronic illnesses, high healthcare costs, and the presence of major companies. Furthermore, the medical device demand rises as a result of an increase in cardiopulmonary bypass procedures brought on by the rising prevalence of respiratory diseases like acute respiratory syndrome and chronic diseases like cardiovascular disease, coronary heart disease, and stroke in the general population. Thus the market is expanding as a result of businesses' increasing emphasis on creating cutting-edge goods and their adoption of diverse business tactics, such partnerships and acquisitions, to maintain their market positions.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to factors such as an aging population, rising per capita income, and increased health consciousness among the populace, the Asia Pacific area grew at the quickest rate throughout the projected period. Moreover, the rising investments in the region's healthcare infrastructure are expected to support the growth of the medical device market. China and India are two of the major nations in the Asia Pacific area, ranking second and fifth respectively in the world market for revenue. In these nations, healthcare reforms and incentives provided by local governments mostly control the medical device industry.

Key players in the market

Some of the key players profiled in the Medical Device Market include: Stryker, Medtronic, Fresenius SE & Co. KGaA, Abbott, Cardinal Health, BD, Koninklijke Philips N.V., General Electric Company, Siemens Healthineers AG, 3M Company, Boston Scientific Corporation, F. Hoffmann-La Roche Ltd, Smith & Nephew PLC, Braun Melsungen AG, Intuitive Surgical, Fujifilm, Canon Medical Systems, Alcon Laboratories, Edwards Lifesciences and Thermo Fisher

Key Developments:

In November 2023, Fresenius Kabi announced the launch of its tocilizumab biosimilar Tyenne® referencing RoActemra®** (tocilizumab) in the European Union. Tyenne® becomes the first tocilizumab biosimilar available in Europe for the treatment of several inflammatory and immune diseases.

In October 2023, Stryker one of the world's leading medical technology companies, introduced Prime Connect the first smart, connected hospital stretcher designed to support fall prevention protocols from anywhere in a facility at the Emergency Nursing 2023 event in San Diego

In September 2023, Medtronic plc in healthcare technology, announced CE (Conformite Europeenne) Mark approval for its new all-in-one, disposable Simplera™ continuous glucose monitor (CGM) featuring a simple, two-step insertion process.

Product Types Covered:

• Respiratory Devices
• Cardiology Devices
• Orthopedic Devices
• Diagnostic Imaging Devices
• Endoscopy Devices
• Ophthalmology Devices
• Wound Management Devices
• Nephrology
• Other Product Types

Applications Covered:

• Gastrointestinal Diseases
• Respiratory Disorders
• Cardiovascular Diseases
• Oral Health Conditions
• Neurological Disorders
• Common Orthopedic Disorders
• Other Applications

End Users Covered:

• Diagnostic Centers
• Research Laboratory
• Hospitals & Clinics
• Pharmaceutical Companies
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances