Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The size of the global medical devices market is expected to grow at a compound annual growth rate (CAGR) of 5.9%, from USD 536.12 billion in 2023 to USD 799.67 billion. The surge is driven by the escalating emphasis of healthcare agencies toward early treatment and diagnosis and an increasing number of patients undergoing surgical and diagnostic procedures. The market growth is further propelled by the escalating investments in R&D by key industry players for the development of technologically advanced equipment.
Fortune Business Insights™ provide this information in its research report, titled “Medical Devices Market, 2023-2030”.
Key Industry Development:
February 2023 – Siemens Healthineers AG inked an agreement with Unilabs. Unilabs invested in Siemens's top-notch technology, acquiring over 400 laboratory analyzers for the improvement of laboratory infrastructure to provide unparalleled service to customers.
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Key Takeaways:
- According to the American Hospital Association (AHA), the number of inpatient admissions in the U.S. in 2021 was predicted to be 33.4 million.
- In 2022, 164 devices received breakthrough designations from the U.S. FDA's Centre for Devices and Radiological Health (CDRH), up from roughly 151 in 2020.
- During the pandemic, sales of wearable fitness equipment increased by more than 31%, reaching over 445 million units in 2020, by Run Repeat.
- According to the CDC, 78 million Americans will have arthritis by 2040, accounting for 1 in 4 of all adult Americans.
Discover the Leading Players Featured in the Report:
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.), Cardinal Health (U.S.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.9% |
| 2030 Value Projection | USD 799.67 Billion |
| Base Year | 2022 |
| Medical Devices Market Size in 2023 | USD 536.12 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 282 |
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Drivers and Restraints:
Market Share to Rise Driven by Surging Prevalence of Chronic Diseases
One of the leading factors impelling the medical devices market growth comprise the escalating prevalence of chronic disorders, including cancer, diabetes, and other infectious diseases. Furthermore, various healthcare agencies are centered on enhancing the treatment and diagnosis rates through a soaring number of awareness programs.
However, rising technological advancements and the high cost associated with these devices are expected to hinder market expansion to some extent.
Segments:
In-vitro Diagnostics (IVD) Segment to Emerge Prominent Driven by Growing Prevalence of Infectious Diseases
Based on type, the market is subdivided into orthopaedic devices, diagnostic imaging, cardiovascular imaging, MIS, IVD, wound management, ophthalmic, diabetes care, nephrology, general surgery, dental, others. The in-vitro diagnostics (IVD) segment is anticipated to record a considerable CAGR over the forecast period. The surge is due to the increasing uptake of real-time diagnostic tests for the precise diagnosis of infectious diseases.
Hospitals & ASCs to Gain Traction Driven by Increase in the Number of These Settings
Based on end-users, the market for medical devices is fragmented into clinics, hospitals & ASCs, and others. The hospitals & ASCs segment is anticipated to gain notable traction throughout the analysis period. The rise is due to the surging government emphasis toward the development of healthcare infrastructure.
Based on geography, the market can be subdivided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Type
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Dental
- Nephrology
- General Surgery
- Others
By End User
- Hospitals & ASCs
- Clinics
- Others
By Region
- North America
- U.K.
- Asia Pacific
- Middle East & Africa
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Report Coverage:
The report provides a comprehensive coverage of the vital trends propelling the global industry landscape throughout the forecast period. It further delves into the significant factors impelling market expansion over the projected period. Additional aspects include the key initiatives undertaken by major market participants for strengthening the positions of their businesses.
Regional Insights:
North America to Emerge as a Leading Region Impelled by the Presence of Favorable Policies
The North America medical devices market share is expected to register substantial expansion throughout the forecast period. The rise is due to the escalating adoption of advanced technologies and the presence of favorable and adequate reimbursement policies.
The Europe market is anticipated to record considerable growth over the study period. The surge is propelled by the growing adoption of advanced treatment and diagnostic devices.
Asia Pacific is estimated to expand at a lucrative CAGR over the projected period. The escalation is impelled by the rising prevalence of diseases such as infectious diseases, cardiovascular disorders, and others.
Competitive Landscape:
Key Players Focus on Acquisitions and Merger Agreements to Strengthen Market Foothold
Major industry participants are centered on the adoption of a series of strategic initiatives for strengthening the positions of their businesses. These comprise acquisitions, partnership agreements, mergers, and the launch of new products. For instance, in December 2022, Johnson & Johnson Services Inc. announced its acquisition of Abiomed, Inc. The deal was aimed at delivering advanced medical technologies to more people across the globe.
FAQ’s
How big is the Medical Devices Market?
The Medical Devices Market size was USD 536.12 Billion in 2023.
How fast is the Medical Devices Market growing?
The Medical Devices Market will exhibit a CAGR of 5.9% during the forecast period, 2023-2030
Related Reports:
Wound Care Devices Market Share, Size, Trends and Forecast 2020-2027
In-vitro Diagnostics Market Size, Share, Trends, Growth | Global Forecast Report 2030
Ophthalmic Devices Market Size, Share, Trends, Growth 2023-2026
Cardiovascular Devices Market Trends, Growth 2021-2028
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