The global medical devices market size was valued USD 504.85 Billion in 2020 and is projected to expand at a CAGR duringthe forecast period, 2021–2028. The growth of the market is attributed to the increasing healthcare awareness and improving healthcare infrastructure.
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Medical devices are intended for diagnosis of disease and are used for mitigation, treatment, or prevention of disease. Medical devices do not attain intended purposes through chemical action and are not dependent on any metabolic process. These devices improve patient’s quality of life.
Medical devices are safe to use for medical professionals. Any issues with devices can be identified and prevented to avoid harm to patients. The medical devices create transparent and integrated data, which in turn, improves outcome and product safety. The information collected by the system from medical devices support the work of clinical professionals to collect the monitoring of the performance of devices.
Market Trends, Drivers, Restraints, and Opportunities
- Rising chronic diseases and infectious diseases is anticipated to drive the market growth.
- Increasing geriatric population is projected to fuel the market expansion during the forecast period.
- Growing demand for minimal invasive processes among the patients is expected to spur the market growth.
- High demand for hospital supplies, in-vitro diagnostic devices, and respiratory care devices is estimated to boost the market expansion during the forecast period.
- The COVID-19 pandemic has increased the demand for diagnostic and monitoring medical devices, creating lucrative opportunities for the industry players.
- High cost in manufacturing process is anticipated to hamper the market expansion in the coming years.
- Ongoing technological advancements in medical devices is estimated to create lucrative opportunities for the market expansion.
Medical Devices Market Segment Insights
Cardiology devices segment to account a large market share
Based on types of devices, the market is divided into respiratory devices, cardiology devices, orthopedic devices, diagnostic imaging devices (radiology devices), endoscopy devices, ophthalmology devices, and others. The cardiology devices segment is expected to account for a major market share in the coming years. Rising incidence of coronary heart diseases, such as stroke and cardiomyopathy is driving the segment growth.
North America to dominate the market
On the basis of regions, the medical devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market and is expected to expand at a high CAGR during the forecast period. The regional market growth can be attributed to higher investment for product innovation and continuous development of existing technologies. The US is anticipated to constitute for a large market share in North America due to increasing adoption rate of telemedicine and mobile health.
Competitive Landscape
Key players competing in the medical devices market include Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Stryker Corporation, Siemens Healthineers (Siemens AG), and Koninklinje Philips NV.
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