New York, USA, July 12, 2023 (GLOBE NEWSWIRE) — Medical Devices Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Devices Market Information By Device Type, Therapeutic Application, End User, And Region – Market Forecast Till 2032”, the market size was valued USD 492.3 billion in 2021 and is expected to reach USD 995 billion by 2032 at CAGR of 5.4% during the forecast period 2022-2032.
An instrument, apparatus, implant, machine, tool, in vitro reagent, or other similar item used to detect, prevent, lessen, treat, or cure disease or other disorders is known as a medical device. Contrary to pharmaceuticals or biologics, medical devices work through physical, structural, or mechanical activity on or inside the body as opposed to chemical or metabolic action. Examples of straightforward, low-risk (Class-I) devices include tongue depressors, medical thermometers, disposable gloves, and bedpans, as well as sophisticated, high-risk (Class-II) implantable devices that extend life.
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|Market Size in 2032||USD 995 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Device Type, Therapeutic Application and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Shift towards homecare settings is boosting the demand for portable devices|
|Rising prevalence of chronic diseases boosts the demand for medical devices|
Medical Devices Market Competitive Outlooks:
The key players of the market are:
- Abbott (US)
- Fresenius SE & Co. KGaA (Germany)
- GE Healthcare (US)
- Johnson & Johnson Services Inc (US)
- Medtronic (Ireland)
- Siemens AG (Germany)
- Stryker (US)
- Boston Scientific Corporation (US)
- Becton, Dickinson, and Company (US)
- Among others.
Medical Devices Market Trends:
The treatment of individuals with severe diseases and the increased frequency of chronic ailments are placing enormous strain on the healthcare systems of many nations. The total cost of caring for a patient while they are an inpatient at a hospital is much higher, and longer hospital stays are linked to a greater financial burden. Therefore, market players are actively investing in research and development of cutting-edge and user-friendly medical equipment such as specialized beds, person-lifting and transferring equipment, and toileting aids for the treatment of chronic diseases. This is in addition to the efforts made by healthcare agencies to shift patients towards home care settings. The main factor supporting the growth of medical devices in the upcoming years is the rising need for novel medicines along with technological improvements in medical devices to address unmet needs in the healthcare sector.
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Over the future years, the medical devices market is anticipated to rise as a result of rising chronic disease prevalence, increased investment in research and development by medical technology businesses, and an easy regulatory approval process for those devices. The expansion of the medical devices industry is also being aided by the rising R&D expenditures made by the pharmaceutical, biopharmaceutical, and medical device industries during the projected period.
In the last ten years, the medical device sector has seen significant changes, including new design alterations and the adoption of new technology. The high cost of these devices, which includes a significantly higher acquisition cost and ongoing maintenance charges, raises the entire cost of ownership of the equipment. Some of the more sophisticated gadgets come with several additional parts, including chips, batteries, sensors, and other accessories that must be periodically replaced. Additionally, because the transfer of patient data from remote devices to the doctor requires an internet connection, data security concerns could impede the market expansion for medical devices.
The coronavirus pandemic is disrupting worldwide supply chains, but the medical device industry is suffering the most. Global production has been impacted by the COVID-19 epidemic, which has also altered the working environment for many enterprises. To satisfy the rising demand for vital goods, the majority of businesses have increased their production capacity. Covid-19 had a significant impact on the global market for medical devices, which had an impact on hospital capacity and patient access to care for many conditions.
Medical Devices Market Segmentation:
By Device Type
The market for diagnostic devices is anticipated to develop at the fastest rate throughout the study period. The increased demand for wearable diagnostic gadgets over the review period is mostly to blame for this surge.
Among the main factors driving market expansion are the rising elderly population, the rising prevalence of ENT-related illnesses, and the increasing use of minimally invasive ENT operations.
By End User
Over the course of the review period, the hospitals & clinics category is expected to represent a sizeable market segment. The use of medical devices in hospitals and clinics throughout numerous locations has increased due to the rising prevalence of cardiovascular disorders such heart failure, stroke, and cardiomyopathy.
Medical Devices Market Regional Analysis:
In the market for medical devices, North America held the biggest market share. This is explained by the rise in chronic illnesses like cancer, heart disease, diabetes, chronic obstructive pulmonary disease (COPD), Alzheimer’s, obesity, and arthritis, among others. Additionally, the region’s quick adoption of cutting-edge medical technologies, favorable reimbursement policies, and well-established healthcare infrastructure all contribute to the market’s expansion throughout the projection period. The largest and most powerful nation in North America is the United States. The rapid adoption of new and cutting-edge medical technology for improving the detection and treatment of serious illnesses is probably what will drive market expansion in the area.
Asia-Pacific is thought to have the fastest-growing market for medical devices. This is a result of factors like expanding healthcare infrastructure, government initiatives, and an increasing number of patients with chronic illnesses like cancer, osteoporosis, arthritis, cancer, and chronic renal disease. The market for medical devices in India, which is made up of huge international corporations as well as small and midsized businesses, has also shown a considerable increase over the study period.
Discover more research Reports on Healthcare Industry by Market Research Future:
Wearable Medical Device Market Size, Trends By Type (Activity Monitors, Smart Watches, Smart Clothing, Patches), Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) – Forecast till 2032
Smart Medical Devices Market Research Report Information By Type (On-body (adhesive patch), Off-body (belt clip), Hand-held), By Technology (Spring-based, Motor-driven, Rotary Pump, Expanding Battery, Pressurized Gas, Others), By Application (Oncology, Diabetes, Auto-Immune Disorders, Infectious Diseases, Others) and By End-Use (Hospital, Clinic, Home Care Settings, Others) – Forecast to 2030
3D Printing Medical Devices Market: by Types (surgical guides and others), by Component (system and others), by Technology (3D printing and others), by Application (external wearable devices, implants and others), by End-users – Forecast till 2030
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