Medical Devices Market Size, Share, and Trends Report by 2031
The Medical Devices Market size is projected to reach US$ 983.53 billion by 2031 from US$ 561.42 billion in 2022. The market is expected to register a CAGR of 6.1% in 2023–2031.
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.
Medical Devices Market Analysis
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.
Medical Devices Market Overview
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.
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Medical Devices Market: Strategic Insights
Medical Devices Market
-
CAGR (2023 - 2031)
6.1%
-
Market Size 2022
US$ 561.42 billion
-
Market Size 2031
US$ 983.53 billion
Market Dynamics
GROWTH DRIVERS
- Increasing prevalence of chronic diseases
FUTURE TRENDS
- Rising number of surgical and diagnostic oroceures
OPPORTUNITIES
- Growing customer preference for wearable medical devices
Key Players
- Medtronic plc
- Abbott
- Boston Scientific and Corporation
- 3M
- Siemens AG
- Koninklijke Philips
- GE
- Johnson Johnson
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product Type
- Surgical devices
- Infection control devices
- General medicine devices
- Cardiovascular devices
- Orthopedic devices
- In-vitro diagnostic devices
- Endoscopy
- Neurology
- Opthalmology
Function
- Diagnostic and Monitoring
- Therapeutic
- Surgical
End User
- Hospital and Clinics
- Ambulatory Surgical Centers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Devices Market: Strategic Insights
-
CAGR (2023 - 2031)6.1% -
Market Size 2022
US$ 561.42 billion -
Market Size 2031
US$ 983.53 billion
Market Dynamics
- Increasing prevalence of chronic diseases
- Rising number of surgical and diagnostic oroceures
- Growing customer preference for wearable medical devices
Key Players
- Medtronic plc
- Abbott
- Boston Scientific and Corporation
- 3M
- Siemens AG
- Koninklijke Philips
- GE
- Johnson Johnson
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Surgical devices
- Infection control devices
- General medicine devices
- Cardiovascular devices
- Orthopedic devices
- In-vitro diagnostic devices
- Endoscopy
- Neurology
- Opthalmology
- Diagnostic and Monitoring
- Therapeutic
- Surgical
- Hospital and Clinics
- Ambulatory Surgical Centers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Medical Devices Market Drivers and Opportunities
Rising Prevalence of Chronic Diseases Demanding for Medical Device Favors the 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.
Technological Advancements in Medical Devices – An Opportunity in Medical Devices Market
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.
Medical Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Medical Devices Market analysis are services, service providers, and end users.
- Based on product, the medical Devices market is segmented into Surgical Devices, In-Vitro Diagnostic Devices, General Medicine Devices, Endoscopy Devices, Infection Control Devices, Ophthalmology, Endoscopy, Neurology, and Others. The IVD segment held a larger market share in 2023.
- By function, the market is segmented into Diagnostic and Monitoring, Therapeutics, Surgical, and Others. The diagnostic and monitoring segment held the largest share of the market in 2023. However, the surgical segment mode is expected to register the highest CAGR over the forecast period.
- By end user, the market is segmented into hospitals and clinics, ambulatory surgical centers, and others. The hospitals segment held the major market share in the year 2023 and the highest CAGR during the forecast period.
Medical Devices Market Share Analysis by Geography
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.
Medical Devices Market News and Recent Developments
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:
- Max Ventilator expanded its niche by rolling out intelligent devices including pulse oximeter, ECG, and monitors. The medical device come up with solutions that offer world-class quality at an affordable cost. (Source: Max Ventilator, Press Release/Company Website/Newsletter, April 2023)
- Stryker launched its EasyFuse Dynamic Compression System. Created using nitinol, a nickel titanium alloy metal well known for its strength and shape recovery, Stryker’s new foot and ankle staple system is designed to decrease surgical complexity, provide strong dynamic-compression implants and reduce waste in the operating room. (Source: Stryker, Press Release/Company Website/Newsletter, May 2022)
Medical Devices Market Report Scope
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 - Surgical devices
- Infection control devices
- General medicine devices
- Cardiovascular devices
- Orthopedic devices
- In-vitro diagnostic devices
- Endoscopy
- Neurology
- Opthalmology
By Function - Diagnostic and Monitoring
- Therapeutic
- Surgical
By End User - Hospital and Clinics
- Ambulatory Surgical Centers
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- Medtronic plc
- Abbott
- Boston Scientific and Corporation
- 3M
- Siemens AG
- Koninklijke Philips
- GE
- Johnson Johnson
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Medical Devices Market Report Coverage and Deliverables
The “Medical Devices Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type , Function , End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
- Abbott Laboratories Inc
- Boston Scientific Corporation
- F. Hoffmann-La Roche Ltd.
- GE Healthcare (General Electric Company)
- Johnson and Johnson
- Medtronic PLC
- Koninklinje Philips NV
- Siemens Healthineers (Siemens AG)
- Smith and Nephew PLC
- Stryker Corporation