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
Market Size Value in US$ 483,285.8 Million in 2019 Market Size Value by US$ 767,684.9 Million by 2027 Growth rate CAGR of 6.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Medical Devices Market: Strategic Insights
| Market Size Value in | US$ 483,285.8 Million in 2019 |
| Market Size Value by | US$ 767,684.9 Million by 2027 |
| Growth rate | CAGR of 6.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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