Medical Devices Market Is Expected To Reach around USD 718.92 Billion by 2030, Grow at a CAGR Of 5.5{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} during Forecast Period 2023 To 2030

According to a market research study published by Contrive Datum Insights, The Medical Devices industry in North America was worth 188.14 billion USD in 2021.

Farmington, March 01, 2023 (GLOBE NEWSWIRE) — The Global Medical Devices Market Size Was Valued At USD 488.98 Billion In 2021. The Market Is Projected To Grow From USD 495.46 Billion In 2022 To USD 718.92 Billion By 2030, Exhibiting A CAGR Of 5.5{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} During The Forecast Period. The COVID-19 pandemic has been shocking and unprecedented on a worldwide scale. As a consequence, compared to levels prior to the pandemic, demand for medical devices is lower than anticipated across all regions. According to our study, the global market shrank by 1.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in 2020 compared to 2019.

Because chronic diseases are more prevalent and healthcare organizations are emphasizing early diagnosis and therapy, more people are undergoing diagnostic and surgical treatments.

For instance, according to the American Hospital Association (AHA), there will be approximately 33.4 million hospital patients in the United States in 2021.

Both established and developing nations are experiencing an increase in the demand for medical devices, including capital goods and consumables. This is due to an increase in hospital stays, surgeries, and diagnostic treatments.

Request Sample Copy of Report “Medical Devices Market Size, Share & Trends Estimation Report By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, In-vitro Diagnostics, Minimally Invasive Surgery, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, and Others), By End-user (Hospitals & ASCs, Clinics, and Others), By Region, And Segment Forecasts, 2023 – 2030”, published by Contrive Datum Insights.

Recent Developments:

• January 2022 – Medtronic received US FDA approval for the Intellis Rechargeable Neurostimulator and the Vanta Rechargeable Neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy.

• November 2021 – Siemens Healthineers launches the NAEOTOM Alpha, the world’s first photon counting technology CT scanner approved for clinical use in the US and Europe.

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Segment Overview

Type Insights

Because more people are using real-time diagnostic tests to determine precisely what is wrong with people with chronic and infectious illnesses like diabetes, cancer, and HIV/AIDS, the in-vitro diagnostics (IVD) market is anticipated to have the highest CAGR. The others market category held the largest market share in 2021. This was due to the increased demand for and usage of hospital goods such as medical clothing, masks, gloves, surgical lights, and foetal sensors. Because medical device companies are investing more money in developing novel wound devices and bioactive therapies, the wound management market is also anticipated to expand at a rapid CAGR.

The expansion of the Minimally Invasive Surgery (MIS) market is also anticipated to be fueled by the development of surgery robot technology and the rising popularity of its users among healthcare professionals. However, it is anticipated that the orthopaedic and cardiovascular device industries will expand much more quickly. This is because there are more individuals with bone and heart conditions than ever before.

End-User Insights

As more people use real-time diagnostic tests to determine what is wrong with people who have chronic and infectious illnesses like diabetes, cancer, and HIV/AIDS, the in-vitro diagnostics (IVD) market is anticipated to have the highest CAGR. The others category accounted for the largest market share in 2021. This resulted from a greater need for and increased use of hospital goods such as medical apparel, masks, gloves, surgical lights, and foetal monitors. Due to increased investment by medical device companies in developing novel wound devices and bioactive therapies, the wound management market is also anticipated to expand at a rapid CAGR.

Technological advancements in surgical robots and the rising use of them by healthcare providers are also anticipated to be major drivers of the development of the Minimally Invasive Surgery (MIS) segment. However, much faster growth is anticipated for the orthopaedic and cardiovascular device sectors. This is because there are more individuals worldwide who are suffering from bone and heart conditions.

Regional Outlook:                                                                                   

The industry in North America was worth 188.14 billion USD in 2021. The major players in the area, good and equitable reimbursement policies, a well-established healthcare infrastructure, rapid adoption of cutting-edge medical technologies, and these factors all contribute to its dominance. This is made worse by the fact that there are more patients as a result of the increasing number of locals who are being identified and treated for long-term illnesses.

Due to increased healthcare spending, well-developed infrastructure, and the use of more sophisticated diagnostic and therapeutic technologies, the European market is anticipated to grow rapidly. Due to a strong emphasis on bringing medical care into home care settings and the introduction of portable medical equipment by top international and regional players in the area, the market is anticipated to expand during the forecast period.

Due to the increased prevalence of diseases like diabetes, heart disease, infectious diseases, and dental issues, Asia-Pacific is predicted to develop at a faster CAGR than other regions. To meet the requirements of patients in this area, market players are also working harder to increase their direct presence in developing nations like China and India.

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Scope of Report:

Latest Trends:

Customers’ increasing desire for wearable technology is a significant development.

Wearable technology can’t always protect your info and keep it private, for example. Fitness trackers and activity monitors are still very common despite these issues because they are simple to use and have numerous advantages. Adult fitness is becoming more essential globally, and regional and national health organizations are placing more emphasis on monitoring and diagnosis. The demand for fitness trackers has increased as a result of both of these reasons.

After the COVID-19 pandemic broke out and people began to worry more about their health, the market for these devices grew rapidly. Approximately 21.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of adults in the U.S. possessed a fitness tracker in 2019, according to a number of independent surveys conducted there.

Driving Factors:

The prevalence of chronic illnesses will increase demand for medical devices.

People are becoming less active and other variables are contributing to the rise in diabetes, cancer, and other infectious diseases. Additionally, by implementing more information campaigns, health organizations in various nations hope to increase the number of people who receive diagnoses and treatment. The number of individuals who require diagnostic procedures and tests is rising along with public awareness of and propensity for these conditions.

For instance, according to the International Diabetes Federation (IDF), 537 million individuals worldwide will have diabetes by 2021. 783 million individuals will have diabetes by 2045, up from the current 643 million cases.

Restraining Factors:

The market’s expansion will be slowed by high device costs and subpar reimbursement practices in emerging nations.

The use of new technologies and modifications to designs are just two of the significant changes that have occurred in the business over the past ten years. But the cost of these gadgets is high. They are expensive to purchase as well as maintain. As a result, owning and using the gadget will cost you more money overall. Some of the more sophisticated devices have additional components, such as processors, batteries, sensors, and other accessories, that occasionally need to be changed.

For instance, according to a 2020 piece by the Academy of Managed Care Pharmacy, an insulin pump typically costs between USD 4,500 and USD 6,500 per unit in the United States. In addition, the annual expense of the device’s extras, such as batteries and syringes, is about USD 1500.

Key Segments Covered:

Top Market Players:
Medtronic (Ireland), Stryker (U.S.), Johnson & Johnson Services, Inc. (U.S.), Fresenius SE & Co. KGaA (Germany), Koninklijke Philips N.V. (Netherlands), F. Hoffmann-La Roche Ltd (Switzerland), General Electric Company (U.S.), Siemens Healthineers AG (Germany), BD (U.S.), Boston Scientific Corporation (U.S.), and others.

By Component Type

• Orthopedic Devices

• Cardiovascular Devices

• Diagnostic Imaging

• IVD

• MIS

• Wound Management

• Diabetes Care

• Ophthalmic

• Dental

• Nephrology

• General Surgery

• Others

By End-user

• Hospitals & ASCs

• Clinics

• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)

• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

• Latin America: (Brazil, Argentina, Rest of Latin America)

• Rest Of the World

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