Pune, March 01, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global medical devices market accounted for USD 492 billion in 2022 and is projected to reach USD 656 billion by 2032, exhibiting a CAGR of 3.0% in the forecast period (2023-2032).
Medical devices are used to diagnose and treat diseases or injuries. These devices can be used to treat illnesses or improve patients' quality of life. FDA (Food and Drug Administration) classifies medical devices into three classes: Class I, Class II, and Class III. Because they have the most regulatory controls, Class I and II require special labeling. These are the ones that sustain or support human life. These include an implant endosseous and an external defibrillator. Medical device establishments are those that manufacture medical devices. These devices include in-vitro diagnosis and diagnostic imaging devices.
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Medical Devices Market Key Takeaway:
- By product, the In-Vitro Diagnostics segment (IVD) is expected to have the highest CAGR during the forecast period due to the increasing use of real-time diagnostic testing for diagnosing infectious and chronic diseases.
- By end-user, the hospitals & clinics segment dominated the market in 2022 because of the rising healthcare spending, better healthcare infrastructure, and an attractive reimbursement policy.
- In 2022, North America dominated the market with the highest revenue share of 43% due to the high treatment rates, supportive government initiatives for early diagnosis of diseases, and the increasing adoption of technologically advanced devices.
- Asia-Pacific is expected to grow at the highest CAGR between 2023-2032 due to the increasing patient population suffering from chronic diseases and improving healthcare infrastructure.
Complex surgeries and growing numbers are driving this market. In addition, the market for medical devices is expected to grow due to technological advancements in medical technology, brain monitoring devices, and government initiatives.
Factors affecting the growth of the medical devices industry?
Several factors can affect the growth of the medical devices industry. Some of these factors include:
- Technological Advancements: Advanced technologies like artificial intelligence (AI) and wearable medical equipment are becoming increasingly prevalent in the medical devices market nowadays. This is propelling the market growth positively.
- Rising chronic diseases: The increasing cases of chronic diseases like cancer, diabetes, etc., will raise the patient population. A sedentary lifestyle is a major reason behind this. This is boosting the market's expansion.
- Increasing healthcare expenditure: The increasing per capita healthcare expenditure in developing and developed countries means more opportunities for medical devices, which is positively affecting market growth.
- Growing awareness about diseases: The growing awareness about infectious diseases and chronic conditions means that individuals are taking necessary treatments readily. This is abetting the market growth positively.
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Top Trends in the Global Medical Devices Market
Remote diagnosis, treatment, and monitoring of patients are possible now because of technologies like remote patient monitoring devices, artificial Intelligence (AI), wearable devices, and electronic health records. Patients can be monitored at their homes and hospitals via contactless technology. This is crucial in controlling COVID-19. Both patients and doctors can have an EHR for their patients. This means they don't need to deal with traditional paperwork that must be sent through multiple people involved in the treatment. Patients and doctors can view the data on their own devices as well as those of other doctors.
Medical device manufacturers are seeking ways to reuse production lines to produce high-demand supplies to fight against the coronavirus. These products include hand soaps, ventilators, personal protective equipment (PPE), face masks, and other medical supplies. AirCo, a liquor producer, has shifted its focus to hand sanitizers. INKSmith Canada also produces face shields. It was a startup that made technology tools and designs more accessible for children.
Due to rising rates of chronic medical conditions and the treatment of those suffering from them, the healthcare system across different countries is facing immense pressure. This has led to a significant rise in the cost of treating these conditions. Hospital inpatient costs are significantly higher than the hospital charges for those treated at home. Additionally, longer hospital stays can result in a higher economic burden. A recent randomized study comparing hospital patients with those in home care showed that home care management costs decreased by 19%. There has been an increase in the preference for home healthcare services due to increasing economic burdens and a growing elderly population. Home healthcare services are becoming more popular in developed countries due to the increasing efforts of key players and healthcare agencies to develop and launch simple-to-use medical devices, such as portable and wearable devices for chronic illnesses. Shimmer Research, a world leader in wearable technology applications, introduced Verisense Pulse+ in March 2021. This sensor is designed for Verisense platforms and provides photoplethysmographs and galvanic skin reactions. This device measures the heart rate and oxygen saturation of clinical trial patients and their activity levels and sleep levels.
Market Growth
Living a lifestyle that leads to physical inactivity can increase the risk of developing heart disease. This will likely increase the demand for medical devices as more heart surgeries are performed to clear blocked arteries. This will help to boost the market growth. This market is expanding because companies focus on creating advanced products and using different business strategies, such as acquisitions or partnerships, to maintain their market position.
Regional Analysis
Regional analysis shows that North America is expected to continue to be the largest market in medical devices. This market dominance is due to the rising prevalence of chronic disease, high healthcare spending, and key players' presence. Canada's growing elderly population will likely boost market growth during the forecast period. According to United Nations Population Fund statistics for 2022, Canada has a large population aged between 15 and 64. This group makes up approximately 65% of Canada's total population. According to the same source, 19% of Canadians are expected to reach 65 by 2022. Geriatrics are more susceptible to developing chronic conditions such as respiratory disease, cardiopulmonary disease, and orthopedic disorders. This trend over the forecast period is anticipated drive market growth. A rising number of chronic conditions such as stroke, heart disease, and cardiovascular disease has increased cardiopulmonary bypass procedures; therefore, medical devices have seen a significant increase in demand. According to American Heart Association, the United States is predicted to have a 6.8% heart disease prevalence by 2021, 1.8% higher than the overall population. This will help to increase demand for medical devices that improves diagnosis and treatment. This will likely boost the market's growth over the forecast period.
Competitive Landscape
The global medical devices market is fragmented because of the presence of many market players on both a regional and global level. With its extensive product range and international reputation, Medtronic holds the largest market share. Most industry players invest heavily in Research and Development (R&D), which is used to develop new products and improve existing product lines. They also invest a lot in growing their global distributor networks, allowing businesses to diversify product offerings.
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Medical Devices Market: Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 492 Billion |
| Market Size (2032) | USD 656 Billion |
| CAGR (from 2023 to 2032) | 3.0% |
| North America Revenue Share | 43% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Sedentary lifestyles and other factors increase chronic diseases like diabetes, cancer, and other infections. Through various awareness programs, healthcare agencies worldwide are trying to improve the speed of diagnosis and treatment. Due to the increasing prevalence of these conditions, the number of people who need diagnostic tests and procedures is on the rise. For example, the International Diabetes Federation stated that 537 million people were diagnosed with diabetes in 2021. IDF states this number will rise to 643 million in 2030 and 783 million by 2045.
According to the American Cancer Society, the number of new cancer cases in 2021 was 1.9 million. In addition, there is a rising demand for orthotic or ophthalmic procedures due to increasing numbers of joint fractures and poor vision in the elderly. Osteoarthritis Alliance 2021 data shows that the incidence of knee osteoarthritis is highest in those between 45 and 65 years old. About 45% of osteoarthritis patients are 65 years old or older. Along with these factors, higher per capita healthcare spending in developing and emerging countries and better reimbursement policies drive an increasing number of patients seeking treatment and diagnosis. This is driving demand for medical devices.
Due to rising rates of chronic medical conditions and the treatment of those suffering from them, the healthcare system across different countries is facing immense pressure. This has led to a significant rise in the cost of treating these conditions. Hospital inpatient costs are significantly higher than the hospital charges for those treated at home. Additionally, longer hospital stays can result in a higher economic burden Shimmer Research, a world leader in wearable technology applications, introduced Verisense Pulse+ in March 2021. This sensor is designed for Verisense platforms and provides photoplethysmographs and galvanic skin reactions. It also has an inertial measurement unit. This device measures the heart rate and oxygen saturation of clinical trial patients. It can also measure their activity levels and sleep levels.
Market Restraints
Most likely, new products and services will be more expensive due to regulatory changes. Data protection is affected by these regulatory changes. These regulatory changes can also affect equipment approval procedures. The US Food and Drug Administration (FDA) has requested additional clinical information. This information is needed to support safety claims and efficacy claims regarding medical devices such as endoscopies. Due to the potential loss of revenue due to delayed product releases and the higher costs associated with the stringent approval process, investments in product development have been under pressure. This can have a negative effect on the growth of medical device and equipment markets.
Market Opportunities
The largest medical device market segmented by type is In-vitro Diagnostics. Hospitals and clinics will benefit the most from the segmented market for medical devices by the end user. With US$ 55,700 million, the USA is anticipated to be the world's largest medical device market. According to the Business Research Company, medical device companies should concentrate on disposable medical products, contactless medical devices, portable medical devices, and wearable medical gadgets.
A recent randomized study comparing hospital patients with those in home care showed that home care management costs decreased by 19%. There has been an increase in the preference for home healthcare services due to increasing economic burdens and a growing elderly population. In addition, home healthcare services are becoming more popular in developed countries due to the increasing efforts of key players and healthcare agencies to develop and launch simple-to-use medical devices, such as portable and wearable devices for chronic illnesses. These factors are creating ample amount of opportunities for the market.
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Report Segmentation of the Medical Devices Market
Product Insight
In-Vitro Diagnostics (IVD) is expected to experience a higher CAGR. This is due to the increasing usage of real-time diagnostic tests to accurately diagnose chronic or infectious diseases such as diabetes, cancer, HIV/AIDS, etc. In addition, the increased demand for medical devices, such as gloves and masks, surgical lights, and fetal monitors, led to the other segments holding a dominant position in 2022. The wound management segment is expected to grow significantly due to the increased investment made by medical device companies into new wound devices and bioactive therapies. Minimally Invasive Surgery is predicted to grow because of technological advancements in surgical robots and increased use by healthcare providers. Due to the increasing number of patients suffering from different cardiac and orthopedic conditions, orthopedic and cardiovascular devices will likely continue growing rapidly. Market growth for medical devices is anticipated to be driven by the increasing incidence of diabetes and retinal disorders in the population.
End-User Insight
This segment's notable growth can be attributed primarily to rising healthcare spending, improved healthcare infrastructure, and a favorable reimbursement policy. According to the WHO report on healthcare infrastructure, most developing countries have less than 1 million hospital beds. These countries invest heavily in healthcare infrastructure development. As a result, healthcare infrastructure spending is expected to increase over the forecast period.
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Market Segmentation
By Product Type
- Monitoring Devices
- Cardiac Monitoring Devices
- Neuromonitoring Devices
- Respiratory Monitoring Device
- Multi-Parameter Monitoring Devices
- Hemodynamic Monitoring Devices
- Fetal and Neonatal Monitoring Devices
- Temperature Monitoring Devices
- Weight Monitoring Devices
- In-Vitro Diagnostic Devices
- Surgical ENT Devices.
- Endoscopes
- Imaging Devices
- Diagnostic Molecular Devices
- Drug Delivery Devices
- Surgical Devices
- Bio Implants and Stimulation Devices
- Treatment Equipment
- Infusion Pumps
- Medical lasers and LASIK surgical machines
- Other Product Types
By End-User
- Hospitals & Clinics
- Diagnostic Centers
- Research laboratory
- Pharmaceutical companies (Shopping Plazas, Military, Corporate Sectors, Hostels)
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Medtronic Plc
- Abbott Laboratories Inc
- Johnson & Johnson
- Siemens Healthineers AG
- Becton, Dickinson, and Company
- Abbott Corporation
- Fresenius SE & Co. KGaA
- GE Healthcare Technologies Inc.
- Stryker Corporation
- Baxter International Inc.
- Other Key players
Recent Development of the Medical Devices Market
- FDA granted Abbott's recall of its imaging catheter a Class 1 label in May 2022 because of vascular injury risks.
- In January 2022, The US gave FDA approval to Mediatric's Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator used for treating chronic pain caused by diabetic peripheral neuropathy.
- Siemens Healthineers AG launched NAEOTOM Alpha in November 2021, which is the world's first CT scanner that uses photon-counting technology cleared for clinical use in Europe and the US.
- In August 2021, Johnson & Johnson introduced VELYS digital surgery. The robot-assisted option for total knee arthroplasty in the United States is now available.
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