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Medical Devices Market

Global Medical Devices Market Share, Size, Analysis: By Type of Devices: Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices, Endoscopy Devices, Ophthalmology Devices, Others; By Applications: Cardiology, Oncology, Neurology, Others; By End User; Regional Analysis; Supplier Landscape; 2024-2032

Global Medical Devices Market Outlook

The global medical devices market attained a value of about USD 562.6 billion in 2023. The market is further expected to grow at a CAGR of 6.2% during the forecast period of 2024-2032 to reach a value of about USD 965.2 billion by 2032.

 

Medical Devices Market

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Medical Devices Market Overview

Medical devices are devices such as apparatus, instruments, machines, and implants, among others that are designed for specific medical purposes to allow patients to diagnose and treat their health-related complications. They do not use chemical or metabolic actions for the treatment and diagnosis but rely on structural, physical, and mechanical actions.

 

The surge in various health-related issues due to the prevalence of unhealthy lifestyles is boosting the market growth of medical devices. The rising focus on digital devices owing to their ease of convenience is augmenting the industry growth. The adoption of digital advancements owing to the prevalence of remote monitoring is leading to the adoption of virtual and innovative medical devices, therefore propelling the market growth. The cost-effectiveness and easy accessibility of digital medical devices are leading to their adoption by various companies, consequently bolstering the industry growth.

 

North America holds a significant share of the overall medical devices market owing to the rising prevalence of various chronic illnesses in the region. Moreover, the robust growth of the healthcare and medical technology industries in the region is also augmenting the market growth of medical devices. The presence of the major companies of the market in the United States is significantly contributing to the market growth. The rising availability of skilled professionals as well as rapid technological advancements in the region is leading to the development of advanced medical devices. In addition, the rising approval of medical devices and medical technology by authorities such as the Food and Drug Administration (FDA) of the United States is fuelling the market growth, therefore contributing significantly to the overall medical devices market.

 

Medical Devices Market Segmentations

 

Medical Devices Market by Segments

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Market Breakup by Type of Devices

  • Respiratory Devices
  • Cardiology Devices
  • Orthopaedic Devices
  • Diagnostic Imaging Devices
  • Endoscopy Devices
  • Ophthalmology Devices
  • Others

 

Market Breakup by End User

  • Hospitals and Clinics
  • Ambulatory Surgical Centres
  • Home Healthcare
  • Others

 

Market Breakup by Region

  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others

 

Medical Devices Market by Region

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Medical Devices Market Scenario

The advent of 3D printing in the healthcare industry has significantly revolutionised the medical devices market. As it offers easy changes in design without additional tools, it enables the creation of personalised devices for patients, which is expected to augment the market growth. Moreover, it deploys various technologies to create complex structures easily, which is increasing the manufacturing of advanced medical devices. This makes them crucial for applications in orthopaedics implants as it enables the development of durable, high quality, and optimal fit implants with enhanced performance and flexible design. In addition, the use of 3D printing in manufacturing can aid in the creation of enhanced and high-performance surgical tools such as haemostats and forceps, which is expected to fuel the market growth.

 

The robust growth of the medical technology industry is bolstering the market growth of medical devices. The integration of the latest technologies, such as artificial intelligence (AI), to aid in better diagnosis is expected to propel the market growth. Moreover, artificial intelligence (AI) aids healthcare professionals in monitoring patients remotely by using sensors as well as automating treatment delivery using mobile applications. In addition, the deployment of Big Data analytics to manage, access, analyse, and process new medical data for the development of more effective medical devices is anticipated to augment the industry growth. Increasing research and development (R&D) activities by the leading companies to develop more advanced devices by utilising technologies such as artificial intelligence (AI), big data, and machine learning are projected to fuel the growth of the medical devices market.

 

Key Players in the Global Medical Devices Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

 

  • Medtronics
  • Johnson & Johnson Services, Inc.
  • Fresenius Medical Care AG & Co.
  • Abbott
  • GE HealthCare
  • Koninklijke Philips N.V.
  • Medical Device Business Services, Inc.
  • Siemens Healthcare GmbH
  • Stryker
  • Cardinal Health
  • MCKESSON CORPORATION
  • Baxter International, Inc.

 

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

Key Highlights of the Report

Report Features Details
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type of Devices
  • Applications
  • End User
  • Region
Breakup by Type of Devices
  • Respiratory Devices
  • Cardiology Devices
  • Orthopedic Devices
  • Diagnostic Imaging Devices
  • Endoscopy Devices
  • Ophthalmology Devices
  • Others
Breakup by Applications
  • Cardiology
  • Oncology
  • Neurology
  • Orthopedics
  • Respiratory
  • Diabetes Care
  • Opthalmology
  • Others
Breakup by End User
  • Hospitals and Clinics
  • Ambulatory Surgical Centres
  • Home Healthcare
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • Medtronics
  • Johnson & Johnson Services, Inc.
  • Fresenius Medical Care AG & Co.
  • Abbott
  • GE HealthCare
  • Koninklijke Philips N.V.
  • Medical Device Business Services, Inc.
  • Siemens Healthcare GmbH
  • Stryker
  • Cardinal Health
  • MCKESSON CORPORATION
  • Baxter International, Inc.

 

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Medical Devices Market Report Snapshots

Medical Devices Market Size

Medical Devices Companies

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
    1.1    Objectives of the Study
    1.2    Key Assumptions 
    1.3    Report Coverage – Key Segmentation and Scope  
    1.4    Research Methodology
2    Executive Summary
3    Global Medical Devices Market Overview 

    3.1    Global Medical Devices Market Historical Value (2017-2023) 
    3.2    Global Medical Devices Market Forecast Value (2024-2032)
4    Global Medical Devices Market Landscape
    4.1    Global Medical Devices Developers Landscape
        4.1.1    Analysis by Year of Establishment
        4.1.2    Analysis by Company Size
        4.1.3    Analysis by Region
    4.2    Global Medical Devices Product Landscape
        4.2.1    Analysis by Type
        4.2.2    Analysis by Applications
        4.2.3    Analysis by End User
5    Global Medical Devices Market Dynamics
    5.1    Market Drivers and Constraints
    5.2    SWOT Analysis
    5.3    Porter’s Five Forces Model 
    5.4    Key Demand Indicators
    5.5    Key Price Indicators
    5.6    Industry Events, Initiatives, and Trends 
    5.7    Value Chain Analysis
6    Global Medical Devices Market Segmentation 
    6.1    Global Medical Devices Market by Type of Devices
        6.1.1    Market Overview
        6.1.2    Respiratory Devices
            6.1.2.1    Nebulizers
            6.1.2.2    Humidifiers
            6.1.2.3    Oxygen Concentrators
            6.1.2.4    Positive Airway Pressure Devices
            6.1.2.5    Ventilators
            6.1.2.6    Gas Analyzers
            6.1.2.7    Capnographs
            6.1.2.8    Others
        6.1.3    Cardiology Devices
            6.1.3.1    Diagnostic & Monitoring Devices
                6.1.3.1.1    Electrocardiogram (ECG)
                6.1.3.1.2    Remote Cardiac Monitoring Devices
                6.1.3.1.3    Others
            6.1.3.2    Therapeutic & Surgical Devices
                6.1.3.2.1    Stents
                6.1.3.2.2    Catheters
                6.1.3.2.3    Grafts
                6.1.3.2.4    Heart Valves
                6.1.3.2.5    Others
        6.1.4    Orthopedic Devices
            6.1.4.1    Joint Replacement Devices
            6.1.4.2    Bone Fixation Devices
            6.1.4.3    Orthobiologics
            6.1.4.4    Braces
            6.1.4.5    Others
        6.1.5    Diagnostic Imaging Devices
            6.1.5.1    X-Ray Machines
            6.1.5.2    MRI Scanners
            6.1.5.3    CT Scanners
            6.1.5.4    Ultrasound Systems
            6.1.5.5    Nuclear Imaging Devices
            6.1.5.6    Others
        6.1.6    Endoscopy Devices
            6.1.6.1    Rigid Endoscopy Devices
            6.1.6.2    Flexible Endoscopy Devices
            6.1.6.3    Capsule Endoscopy Devices
            6.1.6.4    Disposable Endoscopy Devices
            6.1.6.5    Robot Assisted Endoscopy Devices
            6.1.6.6    Endoscopy Visualization Component
            6.1.6.7    Operative Devices
            6.1.6.8    Others
        6.1.7    Ophthalmology Devices
            6.1.7.1    Optical Coherence Tomography Scanners
            6.1.7.2    Fundus Cameras
            6.1.7.3    Perimeters/Visual Field Analysers
            6.1.7.4    Autorefractors and Keratometers  
            6.1.7.5    Slit Lamps
            6.1.7.6    Wavefront Aberrometers
            6.1.7.7    Optical Biometry Systems
            6.1.7.8    Corneal Topography Systems
            6.1.7.9    Specular Microscopes
            6.1.7.10    Retinoscopes
            6.1.7.11    Others
        6.1.8    Others
    6.2    Global Medical Devices Market by Applications
        6.2.1    Market Overview
        6.2.2    Cardiology
        6.2.3    Oncology
        6.2.4    Neurology
        6.2.5    Orthopedics
        6.2.6    Respiratory
        6.2.7    Diabetes Care
        6.2.8    Opthalmology
        6.2.9    Others
    6.3    Global Medical Devices Market by End User
        6.3.1    Market Overview
        6.3.2    Hospitals and Clinics
        6.3.3    Ambulatory Surgical Centres
        6.3.4    Home Healthcare
        6.3.5    Others
    6.4    Global Medical Devices Market by Region
        6.4.1    Market Overview
        6.4.2    North America 
        6.4.3    Europe
        6.4.4    Asia Pacific
        6.4.5    Latin America
        6.4.6    Middle East and Africa
7    North America Medical Devices Market
    7.1    Market Share by Country
    7.2    United States of America
    7.3    Canada
8    Europe Medical Devices Market
    8.1    Market Share by Country
    8.2    United Kingdom
    8.3    Germany
    8.4    France
    8.5    Italy
    8.6    Others
9    Asia Pacific Medical Devices Market
    9.1    Market Share by Country
    9.2    China
    9.3    Japan
    9.4    India
    9.5    ASEAN
    9.6    Australia
    9.7    Others
10    Latin America Medical Devices Market
    10.1    Market Share by Country
    10.2    Brazil
    10.3    Argentina
    10.4    Mexico
    10.5    Others
11    Middle East and Africa Medical Devices Market
    11.1    Market Share by Country
    11.2    Saudi Arabia
    11.3    United Arab Emirates
    11.4    Nigeria
    11.5    South Africa
    11.6    Others
12    Patent Analysis
    12.1    Analysis by Type of Patent
    12.2    Analysis by Publication year
    12.3    Analysis by Issuing Authority
    12.4    Analysis by Patent Age
    12.5    Analysis by CPC Analysis
    12.6    Analysis by Patent Valuation 
    12.7    Analysis by Key Players
13    Grants Analysis
    13.1    Analysis by year
    13.2    Analysis by Amount Awarded
    13.3    Analysis by Issuing Authority
    13.4    Analysis by Grant Application
    13.5    Analysis by Funding Institute
    13.6    Analysis by NIH Departments
    13.7    Analysis by Recipient Organization
14    Funding Analysis
    14.1    Analysis by Funding Instances
    14.2    Analysis by Type of Funding
    14.3    Analysis by Funding Amount
    14.4    Analysis by Leading Players
    14.5    Analysis by Leading Investors
    14.6    Analysis by Geography
15    Partnership and Collaborations Analysis
    15.1    Analysis by Partnership Instances
    15.2    Analysis by Type of Partnership
    15.3    Analysis by Leading Players
    15.4    Analysis by Geography
16    Regulatory Framework
    16.1    Regulatory Overview
        16.1.1    US FDA
        16.1.2    EU EMA
        16.1.3    INDIA CDSCO
        16.1.4    JAPAN PMDA
        16.1.5    Others
17    Supplier Landscape
    17.1    Medtronics
        17.1.1    Financial Analysis
        17.1.2    Product Portfolio
        17.1.3    Demographic Reach and Achievements
        17.1.4    Mergers and Acquisitions
        17.1.5    Certifications
    17.2    Johnson & Johnson Services, Inc.
        17.2.1    Financial Analysis
        17.2.2    Product Portfolio
        17.2.3    Demographic Reach and Achievements
        17.2.4    Mergers and Acquisitions
        17.2.5    Certifications
    17.3    Fresenius Medical Care AG & Co.
        17.3.1    Financial Analysis
        17.3.2    Product Portfolio
        17.3.3    Demographic Reach and Achievements
        17.3.4    Mergers and Acquisitions
        17.3.5    Certifications
    17.4    Abbott
        17.4.1    Financial Analysis
        17.4.2    Financial Portfolio
        17.4.3    Demographic Reach and Achievements
        17.4.4    Mergers and Acquisitions
        17.4.5    Certifications
    17.5    GE HealthCare
        17.5.1    Financial Analysis
        17.5.2    Product Portfolio
        17.5.3    Demographic Reach and Achievements
        17.5.4    Mergers and Acquisitions
        17.5.5    Certifications
    17.6    Koninklijke Philips N.V.
        17.6.1    Financial Analysis
        17.6.2    Product Portfolio
        17.6.3    Demographic Reach and Achievements
        17.6.4    Mergers and Acquisitions
        17.6.5    Certifications
    17.7    Medical Device Business Services, Inc.
        17.7.1    Financial Analysis
        17.7.2    Product Portfolio
        17.7.3    Demographic Reach and Achievements
        17.7.4    Mergers and Acquisitions
        17.7.5    Certifications
    17.8    Siemens Healthcare GmbH
        17.8.1    Financial Analysis
        17.8.2    Product Portfolio
        17.8.3    Demographic Reach and Achievements
        17.8.4    Mergers and Acquisitions
        17.8.5    Certifications
    17.9    Stryker
        17.9.1    Financial Analysis
        17.9.2    Product Portfolio
        17.9.3    Demographic Reach and Achievements
        17.9.4    Mergers and Acquisitions
        17.9.5    Certifications
    17.10    Cardinal Health
        17.10.1    Financial Analysis
        17.10.2    Product Portfolio
        17.10.3    Demographic Reach and Achievements
        17.10.4    Mergers and Acquisitions
        17.10.5    Certifications
    17.11    MCKESSON CORPORATION
        17.11.1    Financial Analysis
        17.11.2    Product Portfolio
        17.11.3    Demographic Reach and Achievements
        17.11.4    Mergers and Acquisitions
        17.11.5    Certifications
    17.12    Baxter International, Inc.
        17.12.1    Financial Analysis
        17.12.2    Product Portfolio
        17.12.3    Demographic Reach and Achievements
        17.12.4    Mergers and Acquisitions
        17.12.5    Certifications
18    Global Medical Devices Market - Distribution Model (Additional Insight)
    18.1    Overview 
    18.2    Potential Distributors 
    18.3    Key Parameters for Distribution Partner Assessment 
19    Key Opinion Leaders (KOL) Insights (Additional Insight)
20    Company Competitiveness Analysis (Additional Insight)

    20.1    Very Small Companies
    20.2    Small Companies
    20.3    Mid-Sized Companies
    20.4    Large Companies
    20.5    Very Large Companies
21    Payment Methods (Additional Insight)
    21.1    Government Funded
    21.2    Private Insurance
    21.3    Out-of-Pocket

 

*Additional insights provided are customisable as per client requirements.

Key Questions Answered in the Report

The global medical devices market size attained a value of about USD 562.6 billion in 2023.

The market is further expected to grow at a CAGR of 6.2% during the forecast period of 2024-2032 to reach nearly USD 965.2 billion by 2032.

The market is being aided by the rising prevalence of health-related issues, rapid digitisation of medical devices, and the robust growth of the healthcare sector.

The industry is expected to be driven by technological advancements, the advent of 3D printing, and increasing research and development (R&D) activities.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major medical machines in the industry are diagnostic imaging devices and patient monitoring devices, among others.

The significant medical instruments in the market are catheter, scalpels, scissors and shears, surgical steel knife, cutters, and extractors, among others.

The various applications of medical devices are orthopaedic, cardiovascular, ophthalmic, dental, and wound care, among others.

The different functions of medical devices are diagnostic and monitoring, therapeutic, and surgical, among others.

The major end uses of medical devices are hospitals and ambulatory centres and homecare device, among others.

The major players in the industry are Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, and Boston Scientific Corporation, among others.

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