According to Market Research Future (MRFR), the global medical devices market is projected to expand significantly over the forecast period. The global medical devices market was reported at around USD 1533.97 billion in 2018 and is predicted to achieve USD 6170.72 billion, with a CAGR of 22% from 2019 to 2025 (forecast period). The report examines the effect of COVID-19 on the market, including potential opportunities and challenges, drivers and risks, and projections of market growth based on various scenarios.
Medical devices are products that are used for the analysis, prevention, or treatment of illnesses, among others. There are numerous types of medical devices on the market, from wheelchairs to surgical equipment.
Market Dynamics
The primary drivers influencing the market growth are growing patient populations suffering from different diseases, rising incidences of injuries, and increasing research and development in the healthcare sector to promote technologically advanced medical devices that drive market growth. In addition, the increasing prevalence of heart disease and the growing geriatric population with multiple health issues are driving the market growth for medical devices.
Nevertheless, factors like the high cost of medical devices and the increased expense of skilled maintenance training are anticipated to inhibit market development.
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Market Segmentation
The global market for medical devices has been segmented into product type, therapeutic application, and end-users.
By product type, the global market has been divided into monitoring devices, diagnostic devices, surgical devices, bioimplants and stimulation devices, drug delivery devices, drug delivery devices, treatment equipment, and others. The segment for monitoring devices has been further divided into cardiac monitoring devices, neuromonitoring devices, respiratory monitoring devices, multi-parameter monitoring devices, hemodynamic monitoring devices, fetal and neonatal monitoring devices, temperature monitoring devices, and weight monitoring devices. The segment for diagnostic devices is further divided into surgical ENT devices, endoscopes, imaging devices, and others.
By therapeutic application, the market has been divided into gastrointestinal surgery, general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others.
By the end-user, the market has been divided into hospitals clinics, diagnostic centers, research laboratories, and pharmaceutical companies.
Regional Analysis
Region-wise, the global medical devices market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East Africa.
The Americas are estimated to drive the global market for medical devices attributed to the growing prevalence of chronic diseases, cancer, diabetes, and neurological disorders, which boost medical devices' growth for diagnosis and treatment. Microscope, spectroscope, and chromatograph are the primary medical devices used to diagnose diseases. The American Cancer Society reported 1,762,450 new cases of cancer in the United States in 2019. Furthermore, in 2017, the Centers for Disease Control and Prevention stated that 30.8 million people had digestive problems in the US. The growing incidence of various health issues is increasing the demand for medical devices in the region.
Europe is set to hold the second-largest spot on the global market for medical devices. The involvement of a large number of medical device manufacturing units, the booming economy, and rising government expenditure on medical device development is fostering market growth in the region. Furthermore, growing innovation in pharmaceutical companies to develop new drugs boosts the market for medical devices to test the quality of the products.
The Asia Pacific is predicted to be the fastest-growing regional market driven by the rising demand for healthcare products. The growing geriatric population with health issues is boosting the market growth.
The Middle East Africa is projected to have the lowest market share in the estimated period. The vast majority of the region's market share is projected to be retained by the Middle East due to the rising number of government initiatives for the healthcare sector in the region.
Key Players
Fresenius (Germany), GE Healthcare (US), Johnson Johnson (US), Medtronic (Ireland), Siemens (Germany), Stryker (US), Abbott Laboratories (US), Abiomed Inc. (US), Accuray Inc. (US), Boston Scientific Corp. (US), Becton Dickinson (US), Bio Rad Laboratories Inc. (US), Baxter International Inc. (US), Biotelemetry Inc. (US), and Angiodynamics Inc. (US) are some of the prominent participants identified by MRFR operating in the global medical devices market.
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