Global Medical Device Market Research Report Segmentation by Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology, General Surgery, Others) by End User (Hospitals & ASCs, Clinics, Others) and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Market Size and Overview:

In 2023, the Global Medical Device Market was valued at USD 481.67 Billion and is projected to reach a market size of USD 710.03 Billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 5.7%.

Industry Overview:

Medical devices, which transmit signals corresponding to physical, chemical, or biological impulses from a patient's body, play a crucial role in diagnosis, monitoring, and therapy. Technological advancements in the medical field enhance the accurate detection of various medical conditions, addressing the growing prevalence of chronic ailments such as arthritis, liver inflammation, cancer, renal diseases, diabetes, chronic pain, sciatica, and nerve disorders. Alarming statistics, like the projection that Type-2 diabetes in India may nearly double from 72 million in 2019 to 134 million by 2025, underscore the escalating demand for medical devices. However, the high costs and challenges related to reimbursement and regulatory constraints may hinder the industry's growth.

Covid-19 Impact on the Industry:

The COVID-19 pandemic has had both positive and negative impacts on the medical device market. The disruption in the supply chain led to global shortages of essential medical devices, prompting countries to take measures such as importing or domestically producing these items. While the pandemic increased demand for certain medical devices, it also exposed challenges like counterfeiting and overpricing of imported equipment. Ventilators, in particular, saw a surge in demand for treating severe COVID-19 cases. Efforts to address shortages and enhance domestic production aim to ensure market stability despite the challenges posed by the pandemic.

Market Drivers:

The market growth is fueled by the increasing trend of high healthcare spending and the dynamic healthcare landscape.

Elevated healthcare spending, linked to factors such as an aging population, higher per capita income, and improved quality of life, contributes to rising medical costs. To address accessibility and affordability issues, expanding healthcare spending is crucial. The growing elderly population worldwide, despite improvements in healthcare infrastructure, necessitates increased healthcare expenditures. This is anticipated to enhance access to medical devices, encouraging investment in research and development, and fostering market growth.

The demand for portable devices is on the rise, driven by a shift toward homecare settings. The prevalence of chronic diseases and efforts by healthcare authorities to promote home care have led to innovations in portable and wearable medical technologies. These devices cater to the needs of individuals managing chronic conditions at home, reducing the financial burden associated with prolonged hospital stays.

Market Restraints:

The high cost of medical devices remains a significant impediment to the growth of the medical device market.

Despite technological advancements and design updates, the overall cost of devices, including purchase and maintenance expenses, has risen. Complex devices with multiple components, requiring regular replacements, contribute to the financial burden on patients. Limited reimbursement policies in developing nations further restrict the adoption of these devices.

Creating a networked ecosystem and designing suitable medical gadgets is a complex undertaking in the modern medical landscape.

The demand for compact, lightweight, and cost-effective medical equipment poses challenges, particularly in ensuring electromagnetic compatibility. The emergence of the Internet of Medical Things (IoMT) introduces the need for collaboration among various stakeholders in the IoMT ecosystem. Achieving seamless integration and cooperation among service providers becomes imperative, as challenges in catering to end-users may disrupt the system's overall operation.

Global Medical Device Market Segmentation:

Global Medical Device Market Segmentation: By Type:

• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• IVD
• MIS
• Wound Management
• Diabetes Care
• Ophthalmic
• Dental
• Nephrology
• General Surgery
• Others

The medical device market categorizes its offerings into various types, including Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology, General Surgery, and others. Among these, the In-Vitro Diagnostics (IVD) segment is expected to exhibit a higher Compound Annual Growth Rate (CAGR) over the forecast period. This is attributed to the increasing utilization of real-time diagnostic testing for the accurate detection of chronic and infectious diseases like diabetes, cancer, HIV/AIDS, and more. Cardiology devices are poised to capture a substantial market share, driven by the escalating incidence of heart disorders globally. The cardiology devices segment encompasses various tools such as Electrocardiograms (ECGs), defibrillators, pacemakers, cardiac rhythm management devices, catheters, grafts, heart valves, and stents. Technical advancements in surgical robots are anticipated to propel the Minimally Invasive Surgery (MIS) market. Additionally, the prevalence of diabetes and retinal illnesses is expected to drive the adoption of diabetes care and ophthalmic equipment.

Global Medical Device Market Segmentation: By End-user:

• Hospitals & ASCs
• Clinics
• Others

The end-user segmentation includes Hospitals & ASCs, Clinics, and others. The Hospitals & ASCs category held a dominant position in 2021, attributed to the increasing number of multispecialty and community hospitals, particularly in emerging nations. The growing emphasis of healthcare organizations and governments on regular patient diagnosis and early treatment has raised public awareness, contributing to market expansion. The Clinics and other categories are expected to experience substantial growth, driven by increased financing in small and medium-sized clinics and long-term care centers globally, aimed at strengthening healthcare infrastructure.

Global Medical Device Market Segmentation: By Region:

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

The regional classification comprises North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. North America led the medical device market, with a valuation of USD 168.76 billion in 2021. This dominance is attributed to favorable reimbursement regulations, a well-developed healthcare infrastructure, rapid adoption of modern medical technology, and the presence of significant companies. The European market is anticipated to grow at a high rate due to increased healthcare spending, well-established infrastructure, and the use of innovative diagnostic and treatment equipment. Asia Pacific is expected to experience faster growth, driven by rising disease incidences and market players' focus on expanding their presence in developing markets such as China and India to meet growing patient demand.

Key Players:

• DePuy Synthes
• Medtronics Plc
• Fesenius Medical Care
• GE Healthcare
• Philips Healthcare
• Ethicon LLC
• Siemens Healthineers
• Stryker
• Cardinal Health
• Baxter International Inc.
• BD

Notable Happening in the Medical Device Market

Product Launch- Hugo System, a robotic-assisted surgical system that assists in the detection or treatment of illness or ailment, was introduced by Medtronic in December 2021.

Product Launch - VELYS Digital Surgery was released by Johnson & Johnson in August 2021. In the United States, a robotic-assisted total knee arthroplasty procedure is commercially accessible.

Product Launch- The abdominal aortic aneurysm (AAA) model was introduced by Koninklijke Philips N.V. in January 2021, offering doctors a more patient-friendly option than the existing standard of treatment for AAA patients.

Partnership- Smith & Nephew teamed with Movemedical, a firm located in the United States, in January 2021 to extend its inventory automation solutions and enhance customer experience.

Partnership- Medtronic PLC and The Foundry, a medical device firm, established a collaboration in October 2020.