The global medical devices market was valued at USD 570 billion in 2022 and is expected to reach around USD 996.93 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2032. U.S. medical devices market size was valued at USD 198.3 billion in 2022.
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Increasing investment in Research & 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 expected to impel the market growth fro 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.
The U.S. medical devices market size was valued at USD 143.64 billion in 2022 and is estimated to reach around USD 246.51 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.
Why has North America region dominated the medical devices market?
Due to factors including the increasing prevalence of chronic conditions, increasing healthcare expenses, and the existence of major manufacturers, North America is anticipated to dominate the medical devices market over the forecast period.
More cardiopulmonary bypass surgeries are performed as a result of the rising prevalence of chronic conditions in the population, such as coronary heart and stroke disorders as well as respiratory illnesses such as cardiovascular disorders and acute respiratory syndrome. This boosts the need for medical devices in the region. For instance, the American Heart Association provided data for 2022 that about 6 million (1.8%) US population had heart failure in 2022. Therefore, the nation's high rate of heart failure patients is projected to boost the demand for medical devices for better detection and treatment, which is predicted to further accelerate market expansion throughout the projection period.
Additionally, the growing geriatric population in Canada is more likely to develop chronic conditions like respiratory diseases, orthopedic disorders, and cardiopulmonary diseases, which elevates the demand for surgical procedures and diagnostic imaging. As a result, the market is expected to grow over the forecast period owing to the expanding demand for medical devices in the North American region.
Why will Asia Pacific region grow faster in the medical devices market?
| 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 |
| Companies Mentioned | DePuy Synthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD |
Driver: Increasing Adoption of 3D Printing of Medical Devices
Surgical equipment, dental restorations, and orthopedic and cranial implants are among the medical items created via 3D printing. Medical gadgets and implants developed using 3D printing may be more successful than those made using mass production methods since they are made specifically for the physiology of a patient or even for a particular surgery. For instance, surgeons are already using personalized surgery and patient-specific 3D-printed equipment and implants during knee surgery, where they have discovered that they hasten recovery and lower patient pain levels. With 3D printing, there is a significant opportunity to raise product quality in density and orthodontic procedures.
Restraint
Intricate Regulatory Requirements:
Increased expenditures for new product development and patient service offerings are anticipated to result from regulatory reforms. The General Data Protection Regulation, which was implemented by the European Union, as well as adjustments to the device approvals, are a few of these developments connected to consumption confidentiality. The US FDA has prolonged the time period to complete the marketing authorization by 55% during the past decade by requesting additional clinical data to back up the security and effectiveness claims of medical equipment like endoscopic instruments. Investments in novel devices are strained by the possibility of lost sales as a result of device release delays and increased expenses as a result of demanding regulatory procedures, which has an impact on the expansion of the market for medical devices.
Opportunity
Technological Transformation in the Devices by the Companies
The majority of medical device companies are undergoing a significant technological shift that will ultimately transform them into MedTech entities. Manufacturers are using data to incorporate intelligence into their products in an effort to be closer to the end user, and it is swiftly evolving into a crucial component of the new device value proposition. Organizations are also participating in unconventional alliances. Future advancements in artificial intelligence will simplify the management of chronic diseases from the perspective of the patient. Technology will also have a significant impact on the prevention of treatment, cutting down on the amount of time spent in hospitals. For instance, industrial firms are increasingly concentrating on robotic surgery.
In Vitro Diagnostics (IVD) devices are used for the diagnosis of disease or conditions that include an analysis over the state of health for the purpose to mitigate, cure, treat, or prevent disease. These devices are largely used to collect, prepare, and examine the specimen sample collected from the patient’s body. Hence, increasing prevalence of chronic disease and need for precise and efficient testing kit for diseases such as malaria, HIV/AIDS, diabetes, and cancer boosts the demand for IVD devices. For instance, in 2017, the World Health Organization (WHO) revealed that around 47% of new HIV cases were detected across the globe. In support of the above factors, the IVD segment accounted for a value share of nearly 13% in the year 2019.
In the anticipated period, cardiovascular devices are expected to dominate the global market for medical devices. Rapid technical development, rising demand for minimally invasive procedures, and an increase in the prevalence of various cardiovascular conditions worldwide are the main factors for the growth of the segment. The increasing prevalence of heart conditions such as stroke and cardiomyopathy is the main contributor to cardio mortality. Cardiovascular illnesses are among the most prevalent conditions worldwide. For instance, in February 2022, 750,000 individuals were diagnosed with cardiac arrest, and this number is rising annually, according to an analysis by the Heart and Stroke Foundation of Canada. Hence, cardiovascular devices play a crucial role in the accurate detection and treatment of cardio disorders, which fuels market expansion over the forecast period.
Based on end user, hospitals & ambulatory surgical centers led the global medical devices market in the year 2022. The prominent growth of the segment is mainly attributed to the increasing healthcare expenditure, rising development of the healthcare infrastructure, high emphasis on the better patient outcome, and attractive reimbursement policies.
The segment of hospitals & clinics is expected to expand in the coming years owing to the rise of regional and super-specialty hospitals, particularly in developing nations. Consequently, these factors, along with the government's and healthcare organizations' increasing reliance on regular patient diagnosis and prompt treatment, have raised public awareness and fueled market expansion. Furthermore, hospitals and clinics are increasingly investing in medical technology to efficiently identify and treat various disorders. Hospitals are using medical devices to achieve better patient outcomes and cut expenses. For instance, monitoring technologies continuously monitor a patient's vital signs, while telemedicine technologies provide patients with remote care. Thus, these factors are boosting the overall growth of the market.
As per the WHO report on healthcare infrastructure, most of the developing countries across the globe do not have an average of one district hospital per one lakh inhabitants. Hence, these countries are investing prominently on the development of healthcare infrastructure. For instance, total capital invested on healthcare infrastructure expected to increase from USD 270 Billion in 2018 to USD 470 Billion over the next five years.
The global medical devices market is highly fragmented owing to the presence of large number of market players on global as well as regional level. Among these companies, Medtronic capture the largest market share with diverse product portfolio and strong brand name in the global market. Apart from this, most of the industry players invest prominently in the Research & Development (R&D) activity to develop new products and upgrade the existing product list. Furthermore, these market players largely focus on expanding their distributors across the globe that allows companies to expand their product offerings.
Some of the prominent players include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2020 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of type, end user, and region:
By Product
By Therapeutic Application
By End User
By Regional Outlook
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