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Global Medical Devices Market: By Medical Machine: Diagnostic Imaging Devices, Patient Monitoring Devices, Others; By Medical Instruments; By Application; By Function; By End Use; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Medical Devices Market Outlook
The global medical devices market attained a value of about USD 462 billion in 2020. The market is further expected to grow in the forecast period of 2021-2026 at a CAGR of 6.1% to reach nearly USD 661 billion by 2026.
Rapid Digitisation of Medical Devices Boosting the Market Growth of Medical Devices
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. This trend was accelerated during the COVID-19 pandemic, which boosted the digitisation of medical devices owing to stay-at-home orders and lockdowns. The cost-effectiveness and easy accessibility of digital medical devices are leading to their adoption by various companies, consequently bolstering the industry growth.
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North America to Hold a Significant Share of the Medical Devices Industry
North America holds a significant share of the overall medical devices industry 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 industry.
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Medical Devices: Industry Definition and Segmentation
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 major medical machines of medical devices are:
- Diagnostic Imaging Devices
- MRI Scanner
- CT Scanner
- Ultrasound Scanners
- X-RAY Scanners
- Endoscopy
- Others
- Patient Monitoring Devices
- Electrocardiogram
- Cardiac Monitors
- Respiratory Monitors
- Multipara Monitors
- Others
- Others
The market can be broadly categorised on the basis of its medical instruments into:
- Catheter
- Scalpels
- Scissors and Shears
- Surgical Steel Knife
- Cutters
- Extractors
- Others
Based on applications, the market is divided into:
- Orthopaedic
- Cardiovascular
- Ophthalmic
- Dental
- Wound Care
- Others
By function, the market is segmented into:
- Diagnostic and Monitoring
- Therapeutic
- Surgical
- Others
On the basis of end uses, the market is categorised into:
- Hospitals and Ambulatory Centres
- Homecare Device
- Others
The EMR report looks into the regional markets of medical devices like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Technological Advancements to Bolster the Medical Devices Industry
The advent of 3D printing in the healthcare industry has significantly revolutionised the medical devices industry. 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 industry.
Key Industry Players in the Global Medical Devices Market
The report presents a detailed analysis of the following key players in the global medical devices market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Medtronic Plc
- Johnson & Johnson Services, Inc.
- Siemens Healthineers AG
- GE Healthcare
- Philips Healthcare
- F. Hoffmann-La Roche Ltd
- Boston Scientific Corporation
- Others
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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2016-2020 |
| Forecast Period | 2021-2026 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Medical Machine, Medical Instruments, Application, Function, End Use, Region |
| Breakup by Medical Machine | Diagnostic Imaging Devices, Patient Monitoring Devices, Others |
| Breakup by Medical Instruments | Catheter, Scalpels, Scissors and Shears, Surgical Steel Knife, Cutters, Extractors, Others |
| Breakup by Application | Orthopaedic, Cardiovascular, Ophthalmic, Dental, Wound Care, Others |
| Breakup by Function | Diagnostic and Monitoring, Therapeutic, Surgical, Others |
| Breakup by End Use | Hospitals and Ambulatory Centres, Homecare Device, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthineers AG, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Medical Devices Market Analysis
8.1 Key Industry Highlights
8.2 Global Medical Devices Historical Market (2016-2020)
8.3 Global Medical Devices Market Forecast (2021-2026)
8.4 Global Medical Devices Market by Medical Machine
8.4.1 Diagnostic Imaging Devices
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2016-2020)
8.4.1.3 Forecast Trend (2021-2026)
8.4.1.4 Breakup by Type
8.4.1.4.1 MRI Scanner
8.4.1.4.1.1 Market Share
8.4.1.4.1.2 Historical Trend (2016-2020)
8.4.1.4.1.3 Forecast Trend (2021-2026)
8.4.1.4.2 CT Scanner
8.4.1.4.2.1 Market Share
8.4.1.4.2.2 Historical Trend (2016-2020)
8.4.1.4.2.3 Forecast Trend (2021-2026)
8.4.1.4.3 Ultrasound Scanners
8.4.1.4.3.1 Market Share
8.4.1.4.3.2 Historical Trend (2016-2020)
8.4.1.4.3.3 Forecast Trend (2021-2026)
8.4.1.4.4 X-RAY Scanners
8.4.1.4.4.1 Market Share
8.4.1.4.4.2 Historical Trend (2016-2020)
8.4.1.4.4.3 Forecast Trend (2021-2026)
8.4.1.4.5 Endoscopy
8.4.1.4.5.1 Market Share
8.4.1.4.5.2 Historical Trend (2016-2020)
8.4.1.4.5.3 Forecast Trend (2021-2026)
8.4.1.4.6 Others
8.4.2 Patient Monitoring Devices
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2016-2020)
8.4.2.3 Forecast Trend (2021-2026)
8.4.2.4 Breakup by Type
8.4.2.4.1 Electrocardiogram
8.4.2.4.1.1 Market Share
8.4.2.4.1.2 Historical Trend (2016-2020)
8.4.2.4.1.3 Forecast Trend (2021-2026)
8.4.2.4.2 Cardiac Monitors
8.4.2.4.2.1 Market Share
8.4.2.4.2.2 Historical Trend (2016-2020)
8.4.2.4.2.3 Forecast Trend (2021-2026)
8.4.2.4.3 Respiratory Monitors
8.4.2.4.3.1 Market Share
8.4.2.4.3.2 Historical Trend (2016-2020)
8.4.2.4.3.3 Forecast Trend (2021-2026)
8.4.2.4.4 Multipara Monitors
8.4.2.4.4.1 Market Share
8.4.2.4.4.2 Historical Trend (2016-2020)
8.4.2.4.4.3 Forecast Trend (2021-2026)
8.4.2.4.5 Others
8.4.3 Others
8.5 Global Medical Devices Market by Medical Instruments
8.5.1 Catheter
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2016-2020)
8.5.1.3 Forecast Trend (2021-2026)
8.5.2 Scalpels
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2016-2020)
8.5.2.3 Forecast Trend (2021-2026)
8.5.3 Scissors and Shears
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2016-2020)
8.5.3.3 Forecast Trend (2021-2026)
8.5.4 Surgical Steel Knife
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2016-2020)
8.5.4.3 Forecast Trend (2021-2026)
8.5.5 Cutters
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2016-2020)
8.5.5.3 Forecast Trend (2021-2026)
8.5.6 Extractors
8.5.6.1 Market Share
8.5.6.2 Historical Trend (2016-2020)
8.5.6.3 Forecast Trend (2021-2026)
8.5.7 Others
8.6 Global Medical Devices Market by Application
8.6.1 Orthopaedic
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2016-2020)
8.6.1.3 Forecast Trend (2021-2026)
8.6.2 Cardiovascular
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2016-2020)
8.6.2.3 Forecast Trend (2021-2026)
8.6.3 Ophthalmic
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2016-2020)
8.6.3.3 Forecast Trend (2021-2026)
8.6.4 Dental
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2016-2020)
8.6.4.3 Forecast Trend (2021-2026)
8.6.5 Wound Care
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2016-2020)
8.6.5.3 Forecast Trend (2021-2026)
8.6.6 Others
8.7 Global Medical Devices Market by Function
8.7.1 Diagnostic and Monitoring
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2016-2020)
8.7.1.3 Forecast Trend (2021-2026)
8.7.2 Therapeutic
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2016-2020)
8.7.2.3 Forecast Trend (2021-2026)
8.7.3 Surgical
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2016-2020)
8.7.3.3 Forecast Trend (2021-2026)
8.7.4 Others
8.8 Global Medical Devices Market by End Use
8.8.1 Hospitals and Ambulatory Centres
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2016-2020)
8.8.1.3 Forecast Trend (2021-2026)
8.8.2 Homecare Device
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2016-2020)
8.8.2.3 Forecast Trend (2021-2026)
8.8.3 Others
8.9 Global Medical Devices Market by Region
8.9.1 Market Share
8.9.1.1 North America
8.9.1.2 Europe
8.9.1.3 Asia Pacific
8.9.1.4 Latin America
8.9.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2016-2020)
9.1.2 Forecast Trend (2021-2026)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2016-2020)
9.2.2 Forecast Trend (2021-2026)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2016-2020)
9.3.2 Forecast Trend (2021-2026)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2016-2020)
9.4.2 Forecast Trend (2021-2026)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2016-2020)
9.5.2 Forecast Trend (2021-2026)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Medtronic Plc
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Johnson & Johnson Services, Inc.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Siemens Healthineers AG
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 GE Healthcare
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Philips Healthcare
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 F. Hoffmann-La Roche Ltd
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Boston Scientific Corporation
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 Industry Events and Developments
List of Figures and Tables
1. Global Medical Devices Market: Key Industry Highlights, 2016 and 2026
2. Global Medical Devices Historical Market: Breakup by Medical Machine (USD Billion), 2016-2020
3. Global Medical Devices Market Forecast: Breakup by Medical Machine (USD Billion), 2021-2026
4. Global Medical Devices Historical Market: Breakup by Medical Instruments (USD Billion), 2016-2020
5. Global Medical Devices Market Forecast: Breakup by Medical Instruments (USD Billion), 2021-2026
6. Global Medical Devices Historical Market: Breakup by Application (USD Billion), 2016-2020
7. Global Medical Devices Market Forecast: Breakup by Application (USD Billion), 2021-2026
8. Global Medical Devices Historical Market: Breakup by Function (USD Billion), 2016-2020
9. Global Medical Devices Market Forecast: Breakup by Function (USD Billion), 2021-2026
10. Global Medical Devices Historical Market: Breakup by End Use (USD Billion), 2016-2020
11. Global Medical Devices Market Forecast: Breakup by End Use (USD Billion), 2021-2026
12. Global Medical Devices Historical Market: Breakup by Region (USD Billion), 2016-2020
13. Global Medical Devices Market Forecast: Breakup by Region (USD Billion), 2021-2026
14. North America Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
15. North America Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
16. Europe Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
17. Europe Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
18. Asia Pacific Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
19. Asia Pacific Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
20. Latin America Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
21. Latin America Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
22. Middle East and Africa Medical Devices Historical Market: Breakup by Country (USD Billion), 2016-2020
23. Middle East and Africa Medical Devices Market Forecast: Breakup by Country (USD Billion), 2021-2026
24. Global Medical Devices Market Structure
Key Questions Answered in the Report
In 2020, the global medical devices market attained a value of nearly USD 462 billion.
The market is projected to grow at a CAGR of 6.1% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach about USD 661 billion by 2026.
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.
Analyst Review
The global medical devices market attained a value of nearly USD 462 billion in 2020, driven by the rising prevalence of various health-related issues. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 6.1%. The market is projected to reach about USD 661 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its medical machine, the medical devices industry can be segmented into diagnostic imaging devices and patient monitoring devices, among others. On the basis of medical instrument, the industry is divided into catheter, scalpels, scissors and shears, surgical steel knife, cutters, and extractors, among others. By applications, the market is categorised into orthopaedic, cardiovascular, ophthalmic, dental, and wound care, among others. On the basis of function, the market is divided into diagnostic and monitoring, therapeutic, and surgical, among others. Based on end use, the market is segmented into hospitals and ambulatory centres and homecare device, among others. The major regional markets for medical devices are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthineers AG, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, and Boston Scientific Corporation, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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