The global medical devices market attained a value of about USD 562.6 billion in 2022. The market is further expected to grow at a CAGR of 6.2% during the forecast period of 2023-2031 to reach a value of about USD 965.2 billion by 2031.
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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.
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Market Breakup by Type of Devices
Market Breakup by End User
Market Breakup by Region
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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.
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:
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.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Type of Devices||
|Breakup by End User||
|Breakup by Region||
*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.
1.1 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 (2016-2022)
3.2 Global Medical Devices Market Forecast Value (2023-2031)
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 of Devices
4.2.2 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
6.1.3 Cardiology Devices
6.1.4 Orthopedic Devices
6.1.5 Diagnostic Imaging Devices
6.1.6 Endoscopy Devices
6.1.7 Ophthalmology Devices
6.2 Global Medical Devices Market by End User
6.2.1 Market Overview
6.2.2 Hospitals and Clinics
6.2.3 Ambulatory Surgical Centres
6.2.4 Home Healthcare
6.3 Global Medical Devices Market by Region
6.3.1 Market Overview
6.3.2 North America
6.3.4 Asia Pacific
6.3.5 Latin America
6.3.6 Middle East and Africa
7 North America Medical Devices Market
7.1 Market Share by Country
7.2 United States of America
8 Europe Medical Devices Market
8.1 Market Share by Country
8.2 United Kingdom
9 Asia Pacific Medical Devices Market
9.1 Market Share by Country
10 Latin America Medical Devices Market
10.1 Market Share by Country
11 Middle East and Africa Medical Devices Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.5 South Africa
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
17 Supplier Landscape
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
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
17.3 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
17.4.1 Financial Analysis
17.4.2 Financial Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
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
17.6 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
17.7 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
17.8 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
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
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
17.11 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
17.12 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
18 Global Medical Devices Market - Distribution Model (Additional Insight)
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
*Additional insights provided are customisable as per client requirements.
The global medical devices market size attained a value of about USD 562.6 billion in 2022.
The market is further expected to grow at a CAGR of 6.2% during the forecast period of 2023-2031 to reach nearly USD 965.2 billion by 2031.
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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