Ottawa, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global medical devices market size accounted for USD 600.21 billion in 2023, According to Precedence Research. North America led the market with the largest market share of 39.9% in 2022.
The U.S. medical devices market size was estimated at USD 143.64 billion in 2022 and is projected to be worth around USD 246.51 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.
The North America medical devices market size reached USD 227.43 billion in 2022 and is anticipated to hit around USD 397.77 billion by 2032, expanding at a CAGR of 5.74% from 2023 to 2032.
Any apparatus used for illness diagnosis, mitigation, therapy, or prevention that is not chemically based is referred to as a medical device. The medical devices market refers to the industry involved in the design, development, manufacturing, and distribution of a wide range of devices and equipment used in healthcare settings for medical diagnosis, treatment, monitoring, and prevention of diseases. These devices play a crucial role in the medical field, contributing to patient care and overall healthcare delivery. The market for medical devices is diverse, encompassing various types of equipment that serve different purposes.
The medical devices market includes a broad spectrum of products, ranging from simple devices like thermometers and blood pressure monitors to complex equipment such as magnetic resonance imaging (MRI) machines, surgical robots, and implantable devices. The medical devices market can be segmented into various categories based on the type of device, including diagnostic equipment, therapeutic devices, patient monitoring devices, surgical instruments, dental devices, and more.
The demand for medical devices is influenced by factors such as an aging population, increasing prevalence of chronic diseases, and a focus on improving healthcare infrastructure globally. The COVID-19 pandemic has also accelerated the adoption of certain medical devices, including diagnostic tools and ventilators. Current trends in the medical devices market include the integration of digital health technologies, the rise of wearable medical devices, and increased emphasis on personalized and minimally invasive technologies.
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Key Insights:
- The hospitals and clinics segment has accounted for 88.5% of the total revenue share in 2022.
- The diagnostics centers segment is growing at a CAGR of 10.3% from 2023 to 2032.
- North America region has dominated the market with 39.9% of the total revenue share in 2022.
Growth Factors of the Medical Devices Market
Increasing investment in Research and development (R&D) activity by medical technology companies for the development of new and advanced medical devices and easy approval for those devices by the regulatory authorities are expected to impel the market growth for medical devices over the upcoming years. For instance, according to the U.S. Food and Drug Administration (USFDA) database, there were nearly 54 and 27 new medical devices approved and cleared by the institute in the year 2018 and 2017 respectively. Increasing demand for innovative therapies along with the technological advancements in the medical devices to overcome the unmet requirements in the healthcare sector considered as the prime factor supporting the growth of medical devices during the forthcoming years.
However, data security threat may hamper the market growth for medical devices as internet connection is required for transferring patient’s data from remote devices to the physician. Hence, this increases threat for data security. Rising trend for connected devices makes them attractive and thus increases the risk for data breaches or hacks. For instance, in March 2020, critical patient’s data including medical questionnaires, copies of driving license, passport, and national insurance number were leaked for over 2,300 patients of Hammersmith Medicines Research. The research firm was carrying out trials for COVID-19 vaccine on these patients.
Regional Stance:
The medical device market has been dominated by North America in 2022; the region is observed to sustain its position throughout the forecast period. Favorable reimbursement practices, a strong healthcare system, and the quick uptake of cutting-edge medical innovations in the area are all factors in the region's supremacy. The United States is the largest contributing country in North America.
The United States has one of the largest and most mature healthcare industries globally. This includes a well-established network of hospitals, clinics, and healthcare facilities that are significant consumers of medical devices. The regulatory framework for medical devices in North America, overseen by agencies like the U.S. Food and Drug Administration (FDA), is rigorous. While this can pose challenges for market entry, it also ensures that products meeting high standards are brought to market, enhancing consumer trust and global competitiveness.
- In October 2023, the United States Food and Drug Administration (FDA) announced the formation of new Digital Health Advisory Committee that gathers a set of experts to ensure the safety and efficacy of digital health tools. The committee will be fully operational in 2024.
On the other hand, Asia Pacific is observed to witness the fastest rate of growth in the upcoming period. China and India are two well-known nations in Asia Pacific that rank second and fifth in terms of global market revenues. Incentives provided by the local governments together with healthcare reforms largely determine how the market for medical devices is regulated in these nations.
- Wipro GE Healthcare announced in August 2022 that it has joined up with Boston Scientific, a manufacturer of medical devices, to provide comprehensive, state-of-the-art cardiac interventional care solutions in India.
- A national center for medical technology development has been established by the Indian Institute of Technology (IIT) Delhi in an effort to support medical device startups by assisting them in producing their products in a facility that has received ISO certification and obtained all necessary certifications.
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Market Dynamics:
Driver
Integration of medical device technology and the Internet of Medical Things (IoMT) is revolutionizing healthcare.
It is anticipated that the IoMT market would expand by 2032. The creation of medical devices that collect data and collaborate with IoMT systems is being sped up by significant advancements in new technologies, including smart sensors, smart devices, and other lightweight communication devices. These developments help healthcare organizations enhance patient outcomes, cut expenses, and boost productivity.
More and more people are using medical equipment at home to diagnose and treat medical conditions, including glucose monitors, insulin delivery systems, nebulizers, and oxygen concentrators. These tools are connected with the patient's electronic medical record (EMR), wearables, mobile devices, and telehealth platforms to deliver vital information for improved clinical and operational decision-making.
Restraint
Higher cost of medical devices
The majority of medical devices must go through several pre- and post-market clinical studies in order to obtain a license and certification. The industry is still having trouble making judgments concerning the supply chain, general markets, regulatory responsibilities, and the war on fake medical devices while the COVID-19 epidemic continues.
Another major issue is the push to lower the cost of medical devices. Manufacturers must take into account a variety of expenditures before introducing a product to the market, including rent, labor, and material prices, among others. The sum of these expenses determines the device's final cost.
Risk related to cybersecurity is still a top worry for the sector. Robotics and AI-based digitalization technologies have completely transformed the healthcare sector. These technical advancements have opened the door for cyber dangers, though. Using a security hole, hackers may access medical equipment and alter them.
Opportunity
With the impact of digital technology, the medical device business model is changing.
The field of medical devices has advanced due to the digital revolution. Massive investments are being made in medical devices across the board as a result of this transition, whether they are used as accessories, SaMDs (software as a medical device), or to link to other devices in a particular ecosystem. Advancing toward the customer. Smartphones are bypassing other value chain participants and interacting directly with patients and customers.
Digital health technologies enable remote monitoring of patients' vital signs, chronic conditions, and overall health. Medical devices equipped with connectivity features can transmit real-time data to healthcare providers, allowing for proactive intervention and reducing the need for in-person visits.
Medical equipment is evolving into disease management systems, simplifying the patient care process. In order to enhance patient outcomes, the emphasis is moving to services and data. Due to supply chain interruptions and the need to create additional PPE kits, research materials, and medical gadgets to combat the COVID-19 pandemic, 3D printing saw a spike in demand in the healthcare industry.
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Medical Devices Market Scope
| Report Highlights | Details |
| Market Size in 2023 | USD 600.21 Billion |
| Market Size by 2032 | USD 996.93 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 5.8% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Therapeutic Application, End User, Region |
| Regional Scope | Asia Pacific, North America, Europe, Latin America, Middle East and Africa |
Medical Devices Market, By Type:
The cardiovascular devices segment is expected to hold the largest share of the market in the upcoming period. Advances in medical technology have led to the development of sophisticated and innovative cardiovascular devices. These include implantable devices such as pacemakers, defibrillators, and stents, as well as diagnostic tools like echocardiography machines and cardiovascular monitoring devices.
Beyond therapeutic interventions, the cardiovascular devices market includes a wide range of diagnostic and monitoring devices. These devices, such as electrocardiography (ECG) machines, Holter monitors, and blood pressure monitors, are crucial for early detection and continuous monitoring of cardiovascular conditions.
Medical Devices Market, By End-User:
Hospitals and ambulatory surgery centers segment lead the global market for medical devices in 2022, by the end users. Hospitals, being large healthcare facilities, often purchase medical devices in significant volumes to cater to the needs of a large patient population. This bulk purchasing power can influence the overall market dynamics.
Hospitals commonly invest in diagnostic imaging equipment such as X-ray machines, CT scanners, and MRI machines to facilitate accurate and timely diagnoses. These devices are integral to the functioning of hospital radiology departments.
Related Reports:
- Medical Device Contract Manufacturing Market: The global medical device contract manufacturing market size was valued at USD 72.89 billion in 2022 and is expected to reach USD 211.66 billion by 2032, with a noteworthy CAGR of 11.3% from 2023 to 2032.
- Portable Medical Devices Market: The global portable medical devices market was valued at USD 40.06 Billion in 2020 and is expected to reach USD 85.05 Billion by 2027 and is poised to grow at a CAGR of 11.35% during the forecast period from 2020 to 2027.
- 3D Printing Medical Devices Market: The global 3d printing medical devices market size reached USD 3.41 billion in 2022 and it is projected to be worth around USD 17.76 billion by 2032, expanding at a CAGR of 17.94% during the forecast period 2023 to 2032.
Recent Developments:
- In March 2023, NVIDIA announced it is collaborating with Medtronic. The collaboration will act as a catalyst to boost the development of healthcare systems based on artificial intelligence. With the collaboration, both companies aim to improve patient outcomes.
- In July 2023, Minister of Industries and IT KT Rama Rao introduced medical devices made by domestic firms Blue Semi, EMPE Diagnostics, and Huwel Lifesciences. In order to help tenant enterprises at Sultanpur's Medical Devices Park with medical device testing and prototyping services, the State additionally signed memorandums of understanding with a number of businesses.
- In September 2023, A global collaborator in the development of polypropylene plastics, Ducor Petrochemicals has created a product line especially intended for use in the manufacturing of medical equipment and other Life Science applications. The DuCare product line was created especially for healthcare and life science applications, and it has ISO 13485 certification.
Competitive Landscape
Due to the existence of several market participants on a global and regional level, the worldwide market for medical devices is extremely fragmented. Of these businesses, Medtronic has the biggest market share owing to its wide range of products and well-known reputation on the international stage.
Among the notable participants are:
- DePuy Synthes
- Medtronic Plc
- Fesenius Medical Care
- GE Healthcare
- Philips Healthcare
- Stryker
- Cardinal Health
- Baxter International Inc.
- BD
- Ethicon LLC
- Siemens Healthineers
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