Reports
Global Medical Devices Market: Regional Analysis; Key Segmentation and Scope; Industry Opportunities and Challenges; Market Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Industry Events and Developments; Competitive Landscape, 2024-2032
Medical Devices Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices
The global Medical Devices market reached a value of about USD 490.18 billion in 2021. The industry is projected to grow at a CAGR of around 6.1% in the forecast period of 2022-2027 to reach a value of about USD 699.28 billion by 2027.
The global Medical Devices industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rising prevalence of lifestyle health conditions is driving the market growth. North America is the highest category spender by region, driving the demand for the Medical Devices industry.
Industry Definition and Segmentation
The medical device market consists of the sale of medical devices or related devices and services by companies (organizations, sole proprietorships, and partnerships) that manufacture medical devices or devices used to diagnose, treat, and monitor medical conditions. These devices comprise but are not limited to appliances, instruments, machines, and implants designed for specific medical purposes to enable patients to diagnose and treat their health-related complications. They do not use chemical or metabolic actions for treatment and diagnosis but rely on structural, physical, and mechanical movements. The Medical Devices industry report comprises segments by Medical Machine (Diagnostic Imaging Devices (MRI Scanner, CT Scanner, Ultrasound Scanners, X-RAY Scanners, Endoscopy, Others), Patient Monitoring Devices (Electrocardiogram, Cardiac Monitors, Respiratory Monitors, Multipara Monitors, Others), Others), Medical Instruments (Catheter, Scalpels, Scissors and Shears, Surgical Steel Knife, Cutters, Extractors, Others), Application (Orthopaedic, Cardiovascular, Ophthalmic, Dental, Wound Care, Others), Function (Diagnostic and Monitoring, Therapeutic, Surgical, Others), End-Use (Hospitals and Ambulatory Centres, Homecare Device, Others) and Region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North American Region is Driving the Growth of the Industry
North America is the largest market for the industry due to the increasing prevalence of several chronic diseases in the region. Furthermore, the robust growth of the healthcare industry and medical technology in the area is also boosting the development of the medical device market. The presence of the leading market companies in the United States, the increasing availability of skilled professionals, and rapid technological advancement in the region are leading to the development of advanced medical devices. Also, the growing rate of approval of medical devices and medical technology by authorities such as the United States Food and Drug Administration (FDA) will positively impact the industry.
The market is being propelled by the rise of various health-related issues due to the spread of unhealthy lifestyles. The increased prevalence of chronic diseases such as arthritis, hepatitis, cancer, kidney disease, diabetes, chronic pain, sciatica, and other neurological disorders is increasing the demand for medical devices. As innovative home medical monitoring devices, such as oximeters, heart rate monitors, and blood pressure monitors allow patients and healthcare providers to monitor vital signs remotely, they are gaining traction among consumers furthering the market growth. Other crucial factors such as growing health awareness, rising disposable incomes, and a growing elderly population globally are likely to give the market significantly.
Despite this, the high cost of medical devices is likely to act as a market restraint.
Best Procurement Practices
The global Medical Devices industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Medical Devices regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
Medical devices are used in many different settings, such as by laypersons in the home, paramedics and clinicians in remote clinics, optometrists and dentists, and healthcare professionals in advanced medical facilities. For prevention and early detection, and in palliative care. These health technologies are used to diagnose diseases, follow treatments, assist people with disabilities, and intervene and treat acute and chronic conditions.
Integration of Technology, Further Augmenting the Procurement of Medical Devices
The industry is witnessing growth due to the advent of digital devices due to their ease of use. The introduction of digital advancements like 3D printing in the healthcare sector as it offers easy design changes without additional tools and enables the creation of personalized devices for patients is expected to increase the market growth. In addition, integrating the latest technologies, such as artificial intelligence (AI), to aid in better diagnosis is expected to drive market growth. Additionally, artificial intelligence (AI) helps healthcare professionals remotely monitor patients through sensors and automate treatment using mobile applications. Furthermore, implementing Big Data analytics to manage, access, analyze, and process new medical data for the development of more effective medical devices should drive the industry's growth. Increased research and development (R&D) by companies pushing companies to develop more advanced devices by leveraging technologies such as artificial intelligence (AI), big data, and machine learning are expected to stimulate the development of the medical device sector.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Key Industry Players Mentioned in the Medical Devices Industry Report
- Medtronic Plc
- Johnson & Johnson Services, Inc.
- Siemens Healthineers AG
- GE Healthcare
- Philips Healthcare
Market Landscape
The medical device market is competitively fragmented and comprises several major players. The fifteen leading players in the market hold a significant market share. These market players invest in product launches, collaborations, mergers, acquisitions, and expansions to create a competitive advantage.
Key Initiatives by Companies
- Stryker, a leading medical technology company, completed its acquisition of US medical device company Gauss Surgical in September 2021.
- In October 2020, Medtronic PLC partnered with The Foundry, a medical device company. The partnership combines Medtronic's heart structural leadership and intellectual property with The Foundry's history of innovation in transcatheter mitral valve repair and replacement.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Medical Devices Market Analysis
8.1 Key Industry Highlights
8.2 Global Medical Devices Historical Market (2017-2021)
8.3 Global Medical Devices Market Forecast (2022-2027)
8.4 Global Medical Devices Market by Medical Machine
8.4.1 Diagnostic Imaging Devices
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.1.4 Breakup by Type
8.4.1.4.1 MRI Scanner
8.4.1.4.1.1 Market Share
8.4.1.4.1.2 Historical Trend (2017-2021)
8.4.1.4.1.3 Forecast Trend (2022-2027)
8.4.1.4.2 CT Scanner
8.4.1.4.2.1 Market Share
8.4.1.4.2.2 Historical Trend (2017-2021)
8.4.1.4.2.3 Forecast Trend (2022-2027)
8.4.1.4.3 Ultrasound Scanners
8.4.1.4.3.1 Market Share
8.4.1.4.3.2 Historical Trend (2017-2021)
8.4.1.4.3.3 Forecast Trend (2022-2027)
8.4.1.4.4 X-RAY Scanners
8.4.1.4.4.1 Market Share
8.4.1.4.4.2 Historical Trend (2017-2021)
8.4.1.4.4.3 Forecast Trend (2022-2027)
8.4.1.4.5 Endoscopy
8.4.1.4.5.1 Market Share
8.4.1.4.5.2 Historical Trend (2017-2021)
8.4.1.4.5.3 Forecast Trend (2022-2027)
8.4.1.4.6 Others
8.4.2 Patient Monitoring Devices
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.2.4 Breakup by Type
8.4.2.4.1 Electrocardiogram
8.4.2.4.1.1 Market Share
8.4.2.4.1.2 Historical Trend (2017-2021)
8.4.2.4.1.3 Forecast Trend (2022-2027)
8.4.2.4.2 Cardiac Monitors
8.4.2.4.2.1 Market Share
8.4.2.4.2.2 Historical Trend (2017-2021)
8.4.2.4.2.3 Forecast Trend (2022-2027)
8.4.2.4.3 Respiratory Monitors
8.4.2.4.3.1 Market Share
8.4.2.4.3.2 Historical Trend (2017-2021)
8.4.2.4.3.3 Forecast Trend (2022-2027)
8.4.2.4.4 Multipara Monitors
8.4.2.4.4.1 Market Share
8.4.2.4.4.2 Historical Trend (2017-2021)
8.4.2.4.4.3 Forecast Trend (2022-2027)
8.4.2.4.5 Others
8.4.3 Others
8.5 Global Medical Devices Market by Medical Instruments
8.5.1 Catheter
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Scalpels
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Scissors and Shears
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.5.4 Surgical Steel Knife
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2017-2021)
8.5.4.3 Forecast Trend (2022-2027)
8.5.5 Cutters
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2017-2021)
8.5.5.3 Forecast Trend (2022-2027)
8.5.6 Extractors
8.5.6.1 Market Share
8.5.6.2 Historical Trend (2017-2021)
8.5.6.3 Forecast Trend (2022-2027)
8.5.7 Others
8.6 Global Medical Devices Market by Application
8.6.1 Orthopaedic
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 Cardiovascular
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
8.6.3 Ophthalmic
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2017-2021)
8.6.3.3 Forecast Trend (2022-2027)
8.6.4 Dental
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2017-2021)
8.6.4.3 Forecast Trend (2022-2027)
8.6.5 Wound Care
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2017-2021)
8.6.5.3 Forecast Trend (2022-2027)
8.6.6 Others
8.7 Global Medical Devices Market by Function
8.7.1 Diagnostic and Monitoring
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2017-2021)
8.7.1.3 Forecast Trend (2022-2027)
8.7.2 Therapeutic
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2017-2021)
8.7.2.3 Forecast Trend (2022-2027)
8.7.3 Surgical
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2017-2021)
8.7.3.3 Forecast Trend (2022-2027)
8.7.4 Others
8.8 Global Medical Devices Market by End Use
8.8.1 Hospitals and Ambulatory Centres
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2017-2021)
8.8.1.3 Forecast Trend (2022-2027)
8.8.2 Homecare Device
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2017-2021)
8.8.2.3 Forecast Trend (2022-2027)
8.8.3 Others
8.9 Global Medical Devices Market by Region
8.9.1 Market Share
8.9.1.1 North America
8.9.1.2 Europe
8.9.1.3 Asia Pacific
8.9.1.4 Latin America
8.9.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Medtronic Plc
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Johnson & Johnson Services, Inc.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Siemens Healthineers AG
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 GE Healthcare
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Philips Healthcare
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 F. Hoffmann-La Roche Ltd
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Boston Scientific Corporation
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 Industry Events and Developments
The global Medical Devices market size was valued at USD 490.18 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 6.1%.
The significant demand for medical devices integrated with technology is one of the essential drivers of the Medical Devices market growth.
Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthineers AG, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, and Others are some of the major players in the market.
The North American region of the Medical Devices industry holds a significant share in the market.
The global Medical Devices market attained a value of USD 490.18 billion in 2021, driven by various health-related issues due to the spread of unhealthy lifestyles. The increased prevalence of chronic diseases such as arthritis, hepatitis, cancer, kidney disease, diabetes, chronic pain, sciatica, and other neurological disorders is increasing the demand for medical devices. Other crucial factors such as growing health awareness, rising disposable incomes, and a growing elderly population globally are likely to give the market significantly. Aided by the increasing technological advancements, including the advent of digital devices and the introduction of digital advances like the use of 3D printing and artificial intelligence (AI), the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 6.1%. The market is projected to reach USD 699.28 billion by 2027. Some of the leading players in the industry are Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthineers AG, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, and Others.
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