The increasing prevalence of chronic diseases, rising population of elderly population prone to several chronic conditions, and technological advancements related to medical devices is likely to remain key Medical Devices market trends.
Early detection of chronic as well as acute diseases and medical conditions, rising geriatric population, and rapid development in advanced medical devices are growing significantly globally, resulting in increased demand for patients requiring medical intervention and treatment. This factor has further resulted in demand for medical devices that support the management, diagnosis, and treatment of diseases. Chronic diseases such as cancer, cardiovascular diseases, diabetes, and respiratory disorders have been increasing globally. For instance, according to the article published in A Cancer Journal for Clinicians in 2023, In 2023, approximately, 1,958,310 new cancer cases and 609,820 cancer deaths were projected to occur in the United States. For the treatment of chronic diseases, continuous monitoring, and management with medical devices like glucose monitors, blood pressure monitors, and respiratory therapy equipment is required, which in turn is driving the overall market.
North America is the largest market for medical Devices market growth with the US holding the largest market share followed by Canada. The rising aging population has resulted in age-related diseases and conditions, which require medical devices such as hearing aids, joint replacements, and assistive devices, which is anticipated to further propel the overall North American medical devices market. This increasing prevalence of diseases is expected to drive the growth of the medical devices market during the forecast period. The geriatric population is more prone to acquiring age-related diseases that are observed less prevalent among younger people. For instance, according to the data published in NCBI in 2022, the overall self-reported prevalence of cardiovascular diseases (CVDs) in the population above 45 years and above was 29.4%. Similarly, the prevalence rate increased with age, from 22% in the 45-54 age group to 38% in the 70+ age group, indicating that the geriatric population is at high risk of developing CVDs. Thus, the rising geriatric population in North America population is fueling the overall market.
The increasing burden of chronic diseases globally is driving the demand for medical devices and treatment services that involve surgical and diagnostic procedures. For instance, according to 2022 statistics published by IDF, approximately, 2.9 million people were surviving with diabetes in Canada in 2021. This number is projected to reach 3.2 million and 3.4 million by 2030 and 2045, respectively. Thus, the increase in the number of people who have diabetes expected to increase the demand for various wearable and portable medical devices.
The rising focus on manufacturing technologically advanced medical devices and increasing product launches related to medical devices are contributing to the market growth. For instance, in April 2022, Medline UNITE launched the Calcaneal Fracture Plating System and IM Fibula Implant. The system provides a titanium foot and ankle trauma system to address nearly all fractures requiring Open Reduction and Internal Fixation (ORIF) with plate and screw fixation.
Key segments that contributed to the derivation of the Medical Devices Market analysis are services, service providers, and end users.
The geographic scope of the Medical Devices Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Medical Devices Market. The market growth can be attributed to the rising adoption of medical devices by healthcare facilities, the growing burden of chronic diseases, high healthcare expenditures, and the presence of major manufacturers of medical devices in North American countries.
The Medical Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The regional trends and factors influencing the Medical Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 561.42 billion |
| Market Size by 2031 | US$ 983.53 billion |
| Global CAGR (2023 - 2031) | 6.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medical Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medical Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The “Medical Devices Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas: