February 2024
06 Jun 2022
The medical devices market will exceed a value of about USD 1,146.95 billion by 2034 up from USD 604.20 billion in 2023. The CAGR in the years 2024-2034 will be up to 6% from 2024 to 2034.
Some sales insight revealing the strong growth of medical devices during the past few years are listed below:
Approximately 40% of the Global Medical Devices Market Captured by North America
US is the home to the world’s top medical devices manufacturers. The increased investments in the development of innovative digital technologies and significantly rising expenditure on the research and development of the advanced medical devices are the prominent drivers of the US medical devices market. US is also the top exporter of the medical devices across the globe. The high healthcare expenditure and rising burden of various chronic and infectious diseases among the population is significantly boosting the revenue of the healthcare industry in US. The healthcare sector contributed around 18% of the US GDP in 2018. Further, the rising technological advancements, rising penetration of the IT and telecommunications, presence of strong industries such as microelectronics, biotechnology, instrumentation, and software has significantly boosted the growth of the US medical devices market in the past few decades. The favorable government policies and the huge demand for advanced medical diagnostic devices and health monitoring devices among the US population has led to the dominance of the US in the global medical devices market.
What are the key trends in the Global Medical Devices Market?
The demand for the portable medical devices is on the rise owing to the rising adoption of the homecare settings across the globe, especially in the developed markets. The rapidly growing geriatric population, rising prevalence of chronic diseases, and growing awareness regarding the healthcare associated diseases are the major reasons behind the burgeoning demand for the medical devices. According to the World Ageing Population report, there were approximately 703 million elderly people aged 65 years or above in 2019, across the globe. This number is expected to reach about 1.5 billion by 2050, which will have a significant impact on the market by driving the demand for the medical devices. The rising adoption of novel technologies like artificial intelligence and internet of things is expected to boost the demand for the medical devices across the hospitals and home care settings. Furthermore, the increasing adoption of the telehealth platforms across the globe is anticipated to further fuel the demand for the IoT based medical devices in the forthcoming future.
| Report Attributes | Details |
| Market Size in 2023 | USD 604.20 Billion |
| Revenue Forecast by 2034 | USD 1,146.95 Billion |
| CAGR | 6% from 2024 to 2034 |
| Base Year | 2023 |
| Forecast Years | 2024 to 2034 |
| Market Segmentation |
|
The high costs of the advanced medical devices are a key factor that may adversely impact the growth of the medical devices market. The proliferation of digital technologies has resulted in the new designs and modifications in the medical devices. The advanced components such as batteries, sensors, and chip sets are used in the development of various advanced medical equipment that results in the high costs of these devices. For instance, the average cost of an insulin pump in US is around US$4,500 to US$6,500 per device. The low affordability and lack of access to the healthcare facilities in the developing and underdeveloped economies may hamper the growth of the global medical devices market in the forthcoming years.
The geriatric population in Asia Pacific region is rising rapidly. According to the World Health organization, around 80% of the global geriatric population is expected to be living in the low and middle income countries by 2050. Moreover, the rising prevalence of various lifestyle and chronic diseases such as cancer, diabetes, respiratory diseases, orthopedic disorders, and cardiovascular diseases re the major factors that are expected to fuel the growth of the Asia Pacific medical devices market. Moreover, the rising government investments towards the development of advanced healthcare infrastructure and rising adoption of the telehealth technology across the hospitals, clinics, and home care settings is anticipated to boost the market growth during the forecast period.
DePuySynthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., and BD are some of the most prominent market players operating in the global medical devices market.
Market Segmentation:
By Product
By Therapeutic Application
By End User
By Regional Outlook
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