The size of the global medical devices market was valued at USD 488.36 billion in 2023. This value is further estimated to be growing at a CAGR of 4.9% from 2024 to 2032 and will be worth USD 751.14 billion by 2032 from USD 512.28 billion in 2024.
A medical device can be an instrument, an implant, or a device used to diagnose, treat, or prevent disease or other medical conditions. Surgical instruments, artificial heart valves, pacemakers, joint replacements, diagnostic imaging equipment, such as X-rays and ultrasounds, and PPE, such as masks and gloves, are examples of medical devices. These devices play a vital role in treatment procedures and in saving patients' lives. Depending on the risk level they can showcase on the patients, these medical devices are classified into two types Class I medical devices and Class II medical devices. Class II devices are considered higher risk than Class I medical devices. Implantable pacemakers and prosthetic heart valves are examples of Class II medical devices, and bandages and examination gloves are examples of Class I devices. Medical devices must follow the regulatory authorities' instructions and be approved to get eligible for marketing and selling. Regulatory authorities such as the U.S. FDA strictly monitor and evaluate medical devices to approve them for commercialization.
WHO says an estimated 41 million people die from chronic diseases every year. Approximately 71% of the deaths worldwide are linked to chronic diseases every year, and out of these, the majority of the deaths are due to diseases such as cardiovascular diseases, cancer, and diabetes. The chronic disease population has been growing significantly in the last few years. The trend is expected to grow further in the coming years due to the growing aging population and increasing adoption of sedentary lifestyles. The growing chronic disease patient population is expected to increase the need for medical devices to manage the growing disease burden. Medical devices are vital in managing chronic diseases such as CVD, cancer, and diabetes. For instance, medical devices such as glucose monitoring devices, insulin pumps, and inhalers are used aggressively to treat chronic diseases such as diabetes and respiratory diseases. Likewise, medical devices such as pacemakers, stents, and prosthetics are used to treat cardiovascular diseases.
By using the latest technological developments, the manufacturers of medical devices have created manufactured medical devices that are cost-effective, efficient, accurate, and can provide improved patient outcomes. For instance, digital health technologies such as mHealth applications, telemedicine, and wearable medical devices have brought several changes to healthcare delivery in recent years. Using these developments, patients take treatment from the comfort of home by communicating with healthcare providers, and this has resulted in effective healthcare delivery at reduced healthcare costs. In addition, technological developments such as 3D printing, artificial intelligence, machine learning, big data, robotics, and others have helped the medical devices market to pose a healthy CAGR in recent years.
According to the data published by the Centers for Medicare and Medicaid Services, U.S. healthcare expenditures are expected to reach USD 6.2 trillion by 2028. The growing aging population, increasing healthcare coverage, and rising number of technological developments in the medical devices industry are resulting in increasing healthcare expenditure and favoring the growth of the medical devices market. The growth in healthcare expenditure is leading to innovative solutions for patients to offer effective healthcare delivery.
In addition, factors such as the growing demand for minimally invasive surgeries, the growing global aging population, the rising need for medical devices to address the growing burden of various diseases, and the increasing demand for home healthcare devices are propelling the medical devices market growth. Furthermore, an increasing number of initiatives and growing support by various governments in favor of medical devices, growing adoption of medical tourism in developing countries, and rising usage of wearable medical devices are promoting the growth rate of the medical devices market.
Due to these costs, medical devices are unaffordable to many patients and small and medium-sized healthcare facilities, limiting the adoption and accessibility of medical devices in underdeveloped and developing countries. The stringent regulatory requirements and approval process of medical devices are further hindering the medical devices market growth. Issues associated with product recalls and safety concerns are impeding the growth of the medical devices market. Poor reimbursement policies for medical devices in some countries are diluting the growth rate of the overall market. The scarcity of skilled medical professionals in some countries is negatively impacting the growth of the medical devices market. Issues with the shortage of raw materials and supply chain disruptions for the manufacturing and distribution of medical devices are showcasing a negative impact on global market growth. Furthermore, the presence of alternative therapies to medical devices and difficulties in the adoption of advanced medical technologies are limiting the growth rate of the medical devices market.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2032 |
Base Year |
2023 |
Forecast Period |
2024 to 2032 |
Segments Covered |
By Type, End-User, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Key Market Players |
Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation, Johnson & Johnson Services, Inc. |
The orthopedic devices segment accounted for a considerable share of the global medical devices market in 2023. The growing patient population suffering from orthopedic conditions and increasing R&D efforts by manufacturers to develop effective medical devices to treat associated diseases have contributed to the segment's growth.
On the other hand, the IVD segment is anticipated to showcase the highest CAGR among all the segments in the global market for the forecast period. The growing incidence of chronic and infectious diseases is one of the major factors propelling segmental growth.
The MIS segment is another lucrative segment in the global medical devices market and is predicted to witness a healthy CAGR during the forecast period. The growing preference for minimally invasive surgeries from healthcare professionals and the rising adoption of technological developments drive the segment's growth.
The hospitals and ambulatory surgical centers segment captured the major share of the global medical devices market in 2023, and the domination of the segment is likely to continue during the forecast period. The growing number of hospitals being constructed worldwide is fuelling the demand for medical devices and resulting in segmental growth. In addition, the growing support that hospitals are receiving from governments is promoting the growth of the hospitals and ASCs segment.
Geographically, North America captured the largest share of the worldwide market in 2023. The domination of the North American region is expected to continue throughout the forecast period. The presence of well-established healthcare infrastructure majorly drives the regional market growth, the presence of key market participants, and a growing number of R&D activities toward medical devices. The U.S. led the North American regional market in 2023, followed by Canada. The growing adoption of technological developments in the manufacturing of medical devices and an increasing number of people suffering from life-threatening diseases favor the medical devices market in the United States.
Europe is one of the potential regions for medical devices worldwide. The usage of medical devices is growing significantly in European countries such as Germany, the U.K., and France. The manufacturers of medical devices, such as Siemens Healthineers, Philips, and Medtronic, are putting significant efforts into meeting the growing demand for medical devices. In addition, factors such as growing technology penetration in the manufacturing of medical devices, growing incidence of various diseases among the European population, and rising focus on preventive healthcare are contributing to the growth of the European medical devices market. However, Europe has a stringent regulatory framework, which is one of the major challenges to the European medical devices market. Regulatory authorities, including the European Medicines Agency (EMA), Medical Devices Directive (MDD), the in-vitro Diagn Directive (IVDD), and General Product Safety Directive (GPSD), have issued guidelines, and each medical device has to comply with the guidelines to get eligibility for the commercialization.
The Asia-Pacific region is anticipated to grow the fastest worldwide during the forecast period. The healthcare infrastructure in the Asia-Pacific is witnessing numerous developments, which are expected to promote the market for medical devices in this region. In addition, the growing incidence of various diseases among the aging population in the Asia-Pacific region is fuelling the need for medical devices, which is expected to result in regional market growth. Japan, China, and South Korea have recently played a notable role in the APAC medical devices market and are expected to hold a major share of the regional market during the forecast period. Japan is home to hi-tech medical devices and healthcare innovation. The medical devices market in China is growing considerably owing to the growing aging population and increasing middle-class population. South Korea is expected to showcase a healthy CAGR in the coming years due to the growing R&D activities around precision medicine, genomics, and regenerative medicine.
Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation, Johnson & Johnson Services, Inc. are a few of the leading companies operating in the global medical devices market.
By Type
By End-User
By Region
Frequently Asked Questions
In 2023, the global medical devices market was worth USD 488.36 billion.
As per our research report, the North American region is expected to dominate the medical devices market during the forecast period.
Between 2024 and 2029, Analysts at Market Data Forecast predicted that the IVD segment is expected to occupy the majority of the share in the global medical devices market.
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