The global medical devices market size is expected to reach USD 864.49 Billion in 2030 and register a revenue CAGR of 5.5% during the forecast period. Rising geriatric population, biotechnological advancements, and increase in demand for better healthcare worldwide are factors driving revenue growth of the market. Furthermore, increasing investments in Research and Development (R&D) by various medical technology companies for the development of advanced medical devices, growing demand for innovative therapies to overcome various unmet requirements of patients, and rising prevalence of chronic diseases are driving demand for medical devices for diagnosis, treatment, monitoring, and management of diseases.
Medical devices help in early diagnosis and treatments. Pacemakers, imaging instruments, dialysis machines, and implants are among the most well-known and commonly used medical devices. Technological advancements have made it possible to develop innovative and efficient devices, which are driving revenue growth of the market. Remote monitoring of pulse oximetry devices, for example, is a beneficial approach for clinicians to keep in touch with their patients without the burden of hospital/clinic visitations for disorders such as chronic obstructive pulmonary disease, sleep apnea, and a variety of cardiovascular ailments.
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The worldwide COVID-19 pandemic has brought the medical devices market to the forefront, with unprecedented demand for diagnostic tests, ventilators, and Personal Protective Equipment (PPE). However, not all medical devices are required for patient management during a pandemic. Amidst the surge in demand, new digital innovations were quickly prioritized by market players in order to enable digital touchpoints with their customers. Digital capabilities such as digital detailing and product demonstrations became a new strategy. During the COVID-19 pandemic, most clinical trials were paused or canceled due to a lack of access to clinicians and patients. Clinical trials, including patient follow-up, may require significantly different approaches in the industry.
Medical devices are critical for the safe and effective diagnosis, treatment, and rehabilitation of any disability, illness, and disease. Medical devices, which range from insulin pumps to robotic arms, play an important role in maintaining health and well-being throughout patients’ lives. Technology is transforming the healthcare industry, from telemedicine to artificial intelligence, robotic surgery, and 3D printing. Medical professionals are utilizing these numerous advancements in the medical devices market to treat countless conditions that were deemed impossible before. Domestic production of critical medical devices is expected to break down trade barriers while also ensuring product quality and market stability. As COVID-19 was being confronted all over the world, some medical devices experienced an unexpected surge in demand. Ventilators, for example, were very essential and in high demand during the pandemic because they were important life-saving devices in hospitals that helped in keeping patients alive in critical conditions.
Nanotechnology is meeting the need in medical science for precise treatments that are cost-effective, less invasive, and easier to administer than traditional methods. In developing countries, this means better patient outcomes, lower medical expenses, and easier access to healthcare services. Nanodevices for medical applications are already used widely. Development of nanodevices is expected to support revenue growth of the market over the forecast period.
The rising prevalence of 3D printing in the healthcare industry has had an enormous impact on the medical device industry. 3D printing has been driving innovative solutions and impacting the development of medical devices from R&D to production. Designing modifications without the need for additional equipment and the production of tailored devices for patients is boosting 3D printing’s popularity in the global medical devices market. The most popular 3D printing technologies for medical devices include selective laser sintering (SLS), stereolithography (SLA), Fused Deposition Modeling (FDM) for plastic parts, and Direct Metal Laser Sintering (DMLS) and selective laser melting (SLM) for metals. SLS 3D printers use a high-powered laser to fuse small particles of polymer powder. The powder supports the part during printing and eliminates the need for dedicated support structures, making SLS a particularly effective choice for complex mechanical parts. SLA 3D printers have high resolution, precision, and material versatility and they use a laser to cure liquid resin into hardened plastic in a photopolymerization process. FDM printing method builds parts by melting and extruding thermoplastic filament, which a printer nozzle deposits layer by layer in the build area. DMLS 3D printers are used for a variety of medical applications and can create strong, accurate, and complex metal products. Medical device manufacturers can reduce both cost and time to market by bringing 3D printing.
Driver: Rising Risk of Chronic Diseases
Chronic diseases, such as diabetes, cancer, obesity, stroke, hypertension, respiratory diseases, arthritis, heart diseases, and others, are becoming more common as a result of sedentary lifestyles among other factors. This has resulted in a significant increase in the financial burden of treating these diseases on various countries’ healthcare systems. In addition, the growing geriatric population is fueling demand for ophthalmic and orthopedic devices, which aid in the prevention of vision loss and hip fractures in the elderly. For example, it is estimated that roughly 303 million people worldwide suffer from osteoarthritis of the knee, based on national and regional databases. Furthermore, through a rising number of awareness campaigns, healthcare organizations around the world are concentrating on raising diagnosis and treatment rates. The medical device market growth is predicted to be aided by rising per capita healthcare expenditure in developed and emerging countries.
Restraint: Strict Regulatory Polices
The medical device industry has registered significant changes in terms of new technologies and design modifications. However, the high cost of these devices, which includes higher acquisition costs and subsequent maintenance costs, results in an overall increase in device cost and ownership. Some advanced devices are linked to a variety of other components, such as chips, batteries, sensors, and other accessories, which must be replaced on a regular basis. Medical device reimbursement has also been a restraining factor in the adoption of these devices in developing countries. As a result of the aforementioned factors, as well as insufficient reimbursement policies, market growth in developing countries is relatively limited. Additionally, price gouging of imported medical devices and the availability of counterfeit devices and equipment are expected to limit revenue growth of the market in the forecast period.
Based on type, the global medical devices market is segmented into respiratory devices, cardiology devices, orthopedic devices, diagnostic imaging devices, endoscopy devices, ophthalmology devices, wound management, in-vitro devices, dental devices, and others. The respiratory devices segment accounted for a significant revenue share in 2021. In recent years, the quality of respiratory devices has greatly improved. These modern instruments can help with a wide range of respiratory disorders. Respiratory equipment aids in the elimination of mucus from the airways as well as the improvement of pulmonary function. Many devices are user-friendly while also being non-invasive and provide the user with greater independence than they would otherwise have.
The in-vitro devices segment revenue is expected to grow at a steady rate over the forecast period. These devices help to execute real-time diagnostics and accurate analysis of any chronic or life-changing diseases like HIV/AIDS, cancer, cysts, and many more. Also, increased demand and adoption of fetal monitors, amidst other hospital goods is driving revenue growth of the in-vitro devices segment.
The endoscopy devices segment revenue is expected to grow at a moderate rate over the forecast period. Endoscopy devices are medical gadgets that allow doctors to view inside a patient’s body. These are small, stiff instruments with lights or tubes at the end that let doctors examine the colon, esophagus, and stomach. In simple terms, these instruments aid in the examination of the internal structure of hollow organs. Endoscopy equipment has numerous advantages, and it is frequently used for multiple purposes. These are equipped with therapeutic and diagnostic capabilities. Endoscopy products can perform sclerotherapy and biopsies, which is driving revenue growth of the segment.
Based on end-use, the global medical devices market is segmented into clinics, hospitals, and others. The hospitals segment accounted for a significant revenue share in 2021. Amidst the COVID-19 pandemic, hospitals emerged as a major end-use for medical devices. Widespread demand for COVID diagnostics equipment, ventilation devices, and PPE kits pushed market growth forward during the COVID-19 pandemic. Hospitals are considered to be the go-to destination for any medical treatments, diagnostics, and medical consultancy.
The clinics segment revenue is expected to grow at a steady rate over the forecast period. Factors such as increased financing by public and private players in small and medium-sized clinics and long-term care centers worldwide to strengthen healthcare infrastructure is driving revenue growth of this segment.
The market in North America accounted for a significant revenue share in 2021. Due to the favorable reimbursement policies and well-developed healthcare infrastructure in the region, North America is expected to remain at the forefront and hold the highest position during the forecast period. Furthermore, the region’s rapid adoption of advanced medical technologies is contributing to revenue growth of the market.
The market in Europe accounted for a moderate revenue share in 2021 as a result of increasing geriatric population in this region. Healthcare plans to ensure patients with good infrastructure, development of modern diagnostic and treatment devices, significant focus on transition of medical treatment to home care settings, and launch of portable medical equipment by prominent global and domestic players in the region are all factors that are driving revenue growth of the market of this region.
The market in Asia Pacific is expected to grow at a steady rate over the forecast period due to the presence of a well-established healthcare infrastructure in this region. Furthermore, the region’s healthcare specialists are adopting advanced diagnostic and treatment devices, which is boosting demand in the regional market. India and China are emerging pioneers in using the latest medical devices along with developing new medical devices.
Competitive landscape of the medical devices market is fragmented with many key players operating on global and regional levels. Key players are engaged in product development, technological advancements, and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major players include Abbott, F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Siemens Healthcare GmbH, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Pvt. Ltd, Medtronic GmbH, Smith & Nephew PLC, and General Electric Company.
Initiatives taken by market players are driving revenue growth of the market, for instance:
- On 19 January 2021, Johnson & Johnson Medical Devices Companies announced that its part, DePuy Synthes received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the VELYS Robotic-Assisted Solution designed for use with the ATTUNE Total Knee System. VELYS Robotic-Assisted Solution adapts to a surgeon’s workflow, provides familiar control, and aids in the execution of precise bone cuts
- On 22 January 2021, the FDA approved Abbott’s i-STAT Alinity TBI plasma assay, a quick handheld Traumatic Brain Injury (TBI) blood analyzer device. The device is to assist doctors in assessing people who have mild TBIs, such as concussions. The test is performed using Abbott’s handheld i-STAT Alinity platform, and results are available within 15 minutes of placing plasma in the test cartridge. According to the company, a negative test can be used to rule out the necessity for a head CT scan, while a positive test can be used to supplement CT scans and improve a clinician’s evaluation.
Segments Covered in the Report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For this study, Reports and Data have segmented the medical devices market based on type, end-use, and region:
Medical Devices Market Report Scope
Segments covered By Type Outlook, End-use Outlook, Regional Outlook
By Type Outlook
Diagnostic imaging devices
By End-use Outlook
Middle East & Africa
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