Medical device Market Size, Share, Growth, and Industry Analysis, By Type (In Vitro Diagnostics, Cardiology, Diagnostic Imaging, Orthopedics and Other), By Application (Hospital and Consumer) and Regional Forecast to 2032

Updated On: 04 November 2024

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MEDICAL DEVICE REPORT OVERVIEW

The global Medical Device Market size was USD 317.04 billion in 2023 and the market is projected to touch USD 556.5 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period.

Medical device are instruments, equipment, or machines used to diagnose, help, or treat medical conditions. They range from simple tools like thermometers to complex machines like MRI scanners. With advancements in technology, medical device have come essential in healthcare, perfecting patient issues and enhancing the effectiveness of medical treatments.

The growing patient population suffering from habitual conditions similar as cancer and diabetes, along with rising mindfulness regarding the treatment options among these cases, is leading to an adding number of cases witnessing individual and surgical procedures. The rising number of surgical procedures, including orthopedic, cardiac, neurological, and others encyclopedically, is anticipated to contribute to the growing medical device market size.

COVID-19 Impact: Increase in Demand for this Device Drives Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 had a profound impact on the medical device market, leading to an accelerated demand for certain products, particularly those related to respiratory care and diagnostics. The epidemic urged an increased focus on telehealth and remote monitoring device, while also causing dislocations in force chains and detainments in non-COVID-related medical procedures. Some manufacturers shifted their product lines to feed to the critical need for ventilators, particular defensive outfit, and testing device. Overall, the market saw both challenges and openings as healthcare systems acclimated to the extremity.

LATEST TRENDS

"Rising Shift toward Wearable Devices among the Population"

A latest trend in the global medical device market is the rising shift toward wearable devices among the population. The growing emphasis on fitness among adults encyclopedically and the adding focus of indigenous and public healthcare agencies on monitoring and opinion have been vital in creating an advanced demand for fitness trackers. Despite these limitations of wearable device, similar as security enterprises and data sequestration, there's still a significantly high preference for fitness trackers and exertion observers owing to their easy usability and advantages.

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MEDICAL DEVICE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into In Vitro Diagnostics, Cardiology, Diagnostic Imaging, Orthopedics and Other.

In Vitro Diagnostics: In vitro diagnostics (IVD) are essential medical device that dissects natural samples outside the body. They enable complaint discovery, monitoring, and operation, driving significant growth in the medical device market.

Cardiology: Cardiology in the medical device market focuses on device for diagnosing and treating heart conditions. Inventions like stents, leaders, and echocardiogram machines are pivotal for perfecting cardiovascular health issues.

Diagnostic Imaging: Individual imaging in the medical device market encompasses technologies like X-rays, MRI, and CT reviews. These tools give critical perceptivity for accurate opinion, guiding treatment opinions and enhancing patient care across colorful medical fields.

Orthopedics: Orthopedics in the medical device market includes device like common implants, obsession systems, and braces. These inventions ameliorate bone health, grease recovery, and enhance mobility for cases with musculoskeletal diseases.

Other: the medical device market refers to different orders including dental device, surgical instruments, and crack care products. These devices play vital places in technical treatments and contribute significantly to overall healthcare advancements.

By Application

Based on application the global market can be categorized into hospital and consumers.

Hospital: Medical device in hospitals is essential for patient care, including individual tools, covering outfit, and remedial device. They enhance surgical procedures, ameliorate patient issues, and streamline healthcare processes, ensuring effective treatment delivery.

Consumers: Consumer medical device include wearable health observers, home individual materials, and telehealth results. These products empower individualities to track their health, manage habitual conditions, and engage with healthcare professionals ever, enhancing particular care.

DRIVING FACTORS

"Growing Prevalence of Chronic Disorders among Population to Boost the Demand for Medical Devices"

One significant key driving factor in the medical device market growth is the growing prevalence of chronic disorders among population. The adding frequency of habitual conditions similar as cancer, diabetes, and others is leading to a growing patient pool taking curatives and treatment procedures. The adding enterprise by various healthcare agencies, major companies operating in the market and others to increase mindfulness regarding the various new curatives and treatment options for cases are contributing to the rising product demand. Also, a rapid rise in the growing population is adding the demand for ophthalmic and orthopedic procedures due to the adding prevalence of disabled vision and common fractures.

"Regulations Reforms to Expand the Market"

Another crucial factor impacting the medical device market is the regulations reforms. Regulatory reforms play a critical part in shaping the medical device assiduity. These reforms can expedite the blessing process for innovative device, encouraging companies to invest in exploration and development. Streamlining regulations frequently results in faster market entry for new technology, fostering competition and invention. Also, compliance with transnational norms can enhance market access encyclopedically, allowing manufacturers to navigate different nonsupervisory geographies effectively. This dynamic terrain promotes growth and encourages the development of advanced medical results that profit cases and healthcare systems likewise.

RESTRAINING FACTORS

"High Costs Associated with the Devices and Limited Reimbursement Policies to Hamper Market Growth"

One of the primary restraining factors in the medical device market is the high costs associated with the devices and limited reimbursement policies. The medical device assiduity has witnessed developments in the once decade in terms of the perpetration of new technologies and design variations. Still, this device’s high cost, which includes a comparatively advanced accession cost and posterior conservation costs, leads to an overall increased device cost and power. Some of the advanced devices are associated with various other factors, similar as chips, batteries, detectors, and some other accessories, which bear periodic relief. Also, the treatment procedures involving high- tech device, including surgical robots and others, are also advanced, which is anticipated to limit the relinquishment of these device in the market.

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MEDICAL DEVICE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa

"North America Region Dominating the Market due to Advance Infrastructure"

North America has emerged as the most dominant region in the global medical device market share due to several factors. The presence of acceptable and favorable payment programs, a well- developed healthcare structure, rapid relinquishment of advanced medical technologies, and crucial players in the region are some of the major factors contributing to the dominance of the region. Also, the region’s dominance is stoked by an adding number of cases witnessing opinion and treatment owing to the rising prevalence and frequency of habitual conditions.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The medical device market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Medtronic (Ireland)
• Johnson& Johnson (U.S.)
• GE Healthcare (U.S.)
• Abbott (U.S.)
• Siemens Healthineers (Germany)
• Philips Health (Netherlands)
• Stryker (U.S.)
• Becton Dickinson (U.S.)
• Boston Scientific (U.S.)
• Danaher (U.S.)
• Zimmer Biomet (U.S.)
• Alcon (Switzerland)
• Braun (Germany)
• Olympus (Japan)
• Terumo (Japan)
• Baxter (U.S.)
• Smith & Nephew (U.K)
• Dentsply Sirona (U.S.)
• Roche (Switzerland)
• Getinge (Sweden)
• Edwards Lifesciences (U.S.)
• Mindray (China)
• Shimadzu (Japan)
• Fujifilm (Japan)
• Hamilton Medical (Switzerland)
• Draeger (Germany)
• ResMed (U.S.)
• Vyaire Medical (U.S.)

INDUSTRIAL DEVELOPMENT

January 2024 – GE Healthcare, headquarters in U.S., entered into an agreement to acquire MIM Software, one of the leading providers of medical imaging analysis and AI solutions. The company specializes in areas such as radiation oncology, molecular radiotherapy, diagnostic imaging, and urology in various healthcare settings.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.