Global Medical Devices Market Report and Forecast 2024-2032

Medical Devices Market Size

The global medical devices market was valued at USD 562.6 billion in 2023 driven by the prevalence of chronic diseases and technological advancement across the globe. The market is expected to grow at a CAGR of 6.2% during the forecast period 2024-2032 and attain a market value of USD 965.2 billion by 2032.

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Medical Devices Market Outlook

• The World Health Organization reveals that chronic diseases result in around 41 million deaths annually, making up 74% of total global deaths. The increasing incidence of chronic diseases impacts the market landscape significantly.

• Technical advancements are among the major market trends influencing the market. In April 2024, Fresenius patented a blood treatment system with multiple pumps for ECMO treatments, improving treatment efficiency with parallel blood flow paths and pumps for various fluids.

• In April 2024, Abbott’s TriClip heart valve repair device received FDA approval to treat tricuspid regurgitation, where the heart valve fails to close properly, causing blood to flow backwards. Rising approvals from regulatory authorities is expected to boost the market value of medical devices.

Medical Devices Market Overview

Medical equipment is the instruments, apparatus, or machines used for the diagnosis, prevention, or treatment of illnesses and diseases. They are used to improve the health by assisting in the identification and supervision of health issues. They are also used in operations and long-term illness control which enhance the well-being of individuals and play a vital role in both regular and urgent medical treatment.

There are various classifications of medical devices including diagnostic devices like X-ray machines, therapeutics devices such as insulin pumps, surgical devices like instruments, and life-support devices like ventilators, monitoring devices such as blood pressure monitors and assistive devices like hearing aids for healthcare. Healthcare professionals and patients rely on medical devices in hospitals, clinics, and homes for diagnosing conditions, monitoring vital signs, administering treatments, and assisting in rehabilitation. These devices are essential in modern healthcare, elevating patient results, increasing productivity, and facilitating sophisticated medical procedures.

Medical Devices Market Growth Drivers

Prevalence of Chronic Diseases Spurs Market Growth

The global medical device market is experiencing growth due to the rising prevalence of chronic diseases like cardiovascular conditions, diabetes, cancer, and respiratory disorders. The World Health Organization  reports that chronic diseases (also known as non-communicable diseases) result in around 41 million deaths annually, making up 74% of total global deaths. Factors such as aging populations, unhealthy lifestyles, and pollution are necessitating advanced diagnostic and therapeutic devices to provide effective long-term care. Controlling diabetes depends on CGMs and insulin pumps, whereas heart problems necessitate pacemakers and stents. The rise in cancer diagnoses has caused a higher need for imaging devices, while respiratory illnesses have created a demand for inhalers and ventilators. In February 2024, the International Agency for Research on Cancer (IARC), a World Health Organization (WHO) cancer agency examined the global impact of cancer. The study revealed that approximately 20 million new cancer diagnoses and 9.7 million fatalities were recorded in 2022.

There is also a high demand for orthopedic devices to help with chronic pain and mobility problems in aging populations. Healthcare facilities are dedicating resources to enhance patient care and results by investing in state-of-the-art equipment, highlighting the significance of innovation and accessible healthcare solutions in the medical device market.

Technological Advancements to Boost the Global Medical Device Market Demand

Technological progress has fueled the global need for medical equipment, leading to the development of more precise and less intrusive devices. The custom production of medical devices has been transformed by 3D printing, enhancing patient comfort and the results of surgical procedures. These advancements are changing how patients are treated by offering ongoing monitoring, detecting problems early, and increasing medical services, especially helpful in areas with limited access. In April 2024, Abbott’s TriClip heart valve repair device received FDA approval to treat tricuspid regurgitation, where the heart valve fails to close properly, causing blood to flow backwards. Additionally, in April 2024, Fresenius patented a blood treatment system with multiple pumps for ECMO treatments, improving treatment efficiency with parallel blood flow paths and pumps for various fluids.

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Medical Devices Market Trends

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

Increased Preference for Portable and Wearable Devices

The global medical device market is being transformed by the increasing popularity of portable and wearable devices. Devices such as fitness trackers and smartwatches enable the tracking of health in real-time and the collection of data. Patients can consistently monitor their health status and key indicators, which helps in managing chronic illnesses. The increasing demand for these products from customers is fueling market expansion, enhancing patient involvement and compliance with treatment regimes.

Growing Aging Population

With the increasing number of older individuals, there is a growing need for medical devices that address health concerns associated with aging, such as aiding in mobility, managing chronic conditions, and providing long-term assistance. Orthopedic devices like joint replacements and support braces, along with diagnostic imaging tools and cardiovascular devices, play a crucial role in treating age-related conditions and diseases, fueling market expansion.

Increased Involvement of Artificial Intelligence and Machine Learning

The increasing presence of AI and ML in the market is a revolutionary development that improves medical devices by incorporating advanced data analysis and predictive analytics to customize medicine. AI-based tools enhance disease detection from medical images and machine learning algorithms improve treatment precision by analyzing patient data. These technologies simplify clinical processes, easing the workload of healthcare professionals and fostering innovation.

Growing Need for Minimal Invasive Methods

Both patients and healthcare providers prefer minimally invasive procedures due to less pain, faster recovery, and decreased complication risks. This interest has led to the development of sophisticated tools such as laparoscopic instruments, robotic-assisted surgical systems, and endoscopes, enabling more accurate and less invasive procedures that improve patient results and contentment.

Medical Devices Market Segmentation

Market Breakup by Type of Device 

• Respiratory Devices
  • Nebulizers
  • Humidifiers
  • Oxygen Concentrators
  • Positive Airway Pressure Devices
  • Ventilators
  • Gas Analyzers
  • Others

• Cardiology Devices
  • Diagnostic & Monitoring Devices
  • Electrocardiogram (ECG)
  • Remote Cardiac Monitoring Devices
  • Others
  • Therapeutic & Surgical Devices
  • Stents
  • Catheters
  • Grafts
  • Heart Valves
  • Others

• Orthopedic Devices
  • Replacement Devices 
  • Bone Fixation Devices 
  • Orthobiologics 
  • Braces 
  • Others

• Diagnostic Imaging Devices 
  • X-Ray Machines 
  • MRI Scanners 
  • CT Scanners 
  • Ultrasound Systems 
  • Nuclear Imaging Devices 
  • Others

• Endoscopy Devices 
  • Rigid Endoscopy Devices 
  • Flexible Endoscopy Devices 
  • Capsule Endoscopy Devices 
  • Disposable Endoscopy Devices 
  • Robot Assisted Endoscopy Devices 
  • Endoscopy Visualization Component 
  • Operative Devices 
  • Others

• Ophthalmology Devices 
  • Optical Coherence Tomography Scanners 
  • Fundus Cameras 
  • Perimeters/Visual Field Analyzers 
  • Autorefractors and Keratometers 
  • Slit Lamps 
  • Wavefront Aberrometers 
  • Optical Biometry Systems 
  • Corneal Topography Systems 
  • Specular Microscopes 
  • Retinoscopes 
  • Others

• Others

Market Breakup by Application

• Cardiology

• Oncology

• Neurology

• Orthopedics

• Respiratory

• Diabetes Care

• Ophthalmology

• Others

Market Breakup by End User

• Hospitals

• Specialty Clinics

• Homecare Settings

• Ambulatory Surgical Centers

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Medical Devices Market Share

Market Segmentation Based on Application to Witness Growth

Based on the application, the market is segmented into cardiology, oncology, neurology, orthopedics, respiratory, diabetes care, ophthalmology, and others.

Cardiology is a leading area of focus in the medical device industry and is expected to hold a substantial market share during the forecast period. The market value can be attributed to the high incidence of cardiovascular diseases such as coronary artery disease, heart failure, and arrhythmias. This leads to an increase in the need for cardiology devices like pacemakers, stents, defibrillators, and cardiac monitoring systems. Ongoing advancements in cardiology devices are predicted to enhance patient results, lower danger, and bolster the management of chronic conditions, meeting the urgent demand for heart care.

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Medical Devices Market Analysis by Region

Based on region, the market report covers North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

North America is expected to dominate the market due to its advanced healthcare infrastructure, substantial healthcare spending, and significant emphasis on research and development. The growth is driven by the presence of leading manufacturers and early adoption of technology, meeting rising demands from chronic illnesses and an aging population.

 
Europe's robust healthcare system and regulatory framework have resulted in a significant market share of the global market for medical devices. Countries such as Germany, the UK, and France possess strong industrial foundations and significant healthcare expenditures. The market growth in this region is due to technological advancements and the increased need for less invasive medical devices. Positive reimbursement policies also encourage the uptake of advanced medical devices.

Leading Players in the Medical Devices Market

The key features of the market report include strategic initiatives including recent partnerships and collaborations by the leading players. The major companies in the market are as follows:

Medtronic plc 

Medtronic plc, an American Irish company, is a global leader in medical technology. Their portfolio includes ablation systems, acute extracorporeal therapy solutions, airway monitoring, brain monitoring, and more. In March 2023, they collaborated with NVIDIA to build an AI platform for medical devices.

Johnson & Johnson Services, Inc.

Johnson & Johnson researches, develops, manufactures, and sells pharmaceutical products and medical devices through its operating companies. In May 2024, Johnson & Johnson acquired Shockwave Medical, enhancing their position in cardiovascular intervention.

Fresenius Medical Care AG & Co.

Fresenius Medical Care AG & Co is a renowned company offering services, products, and care coordination for individuals with chronic kidney failure. In February 2024, the company received FDA clearance for its 5008X Hemodialysis System. In April 2024, they patented a blood treatment system with multiple pumps for ECMO treatments, improving treatment efficiency with parallel blood flow paths and pumps for various fluids.

Abbott

Abbott Labs, a healthcare company, manufactures and sells pharmaceuticals, diagnostics, nutrition products, and medical devices. In April 2024, their TriClip heart valve repair device received FDA approval to treat tricuspid regurgitation, where the heart valve fails to close properly, causing blood to flow backwards.

Other players in the market are Baxter International, Inc., BD, Cardinal Health, Dentsply Sirona, F. Hoffman-La Roche Ltd., GE HealthCare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Smiths & Nephew plc, Stryker, and Terumo Corporation.

Key Highlights of the Report

Key Questions Answered in the Medical Devices Market Report

• What was the global medical devices market value in 2023? 
• What is the global medical devices market forecast outlook for 2024-2032? 
• What are the regional markets covered in the EMR report?
• What is market segmentation based on the type of device? 
• What is market segmentation based on application? 
• What are the major factors aiding the global medical devices market demand? 
• Who are the major end users in the market?
• How has the market performed so far and how is it anticipated to perform in the coming years? 
• What are the major drivers, opportunities, and restraints in the market?  
• What are the major trends influencing the market?  
• Which regional market is expected to dominate the market share in the forecast period?  
• Which country is likely to experience elevated growth during the forecast period?  
• Who are the key players involved in the global medical devices market? 
• What are the current unmet needs and challenges in the market? 
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?

Medical Devices Market Report Snapshots

Medical Devices Market Size

Medical Devices Companies