Medical Devices Market By Device Type (Dental, Cardiovascular, In-Vitro Diagnostics, Minimally Invasive Surgery, Orthopedic, Respiratory, and Others), End-User (Hospitals & Ambulatory Surgical Centers, Clinics & Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 - 2032

Market Perspective

The global Medical Devices Market size was worth around USD 528.76 billion in 2022 and is predicted to grow around USD 981.43 billion by 2032 with a compound annual growth rate of roughly 6.38% between 2023 and 2032.

In the last few years, the global medical devices market witnessed significant growth owing to the increasing prevalence of chronic diseases, growing investments in R&D activities, rapidly increasing geriatric population, and rising number of healthcare facilities to cater to a larger population pool. With each passing year, a large number of healthcare providers are making use of advanced medical devices to keep track of patients’ vitals and scans and ensure faster results delivery. Wherein, leading economies such as the US, Canada, the UK, and Japan are holding prominent market shares. As per the National Library of Medicine, more than 31% of adults in the U.S. used wearable devices in 2021.

However, factors such as changing regulations, and high costs of advanced equipment are likely to have a negative impact on medical devices market growth in the years to come.

Key Insights

• Based on device type, In-Vitro Diagnostics (IVD) segment held the largest market share
• Based on end-user, the hospitals & ambulatory surgical centers segment dominated the market
• Based on the region, North America accounted for the largest market share

Rapid Adoption of Wearable Devices to Drive Global Medical Devices Market

Over the last few years, the market has witnessed a significant surge in the number of advanced and innovative product launches. Wherein, most of them are focused on delivering the most accurate data regarding the consumers’ health such as heart rate and other physical activities. Today, wearable devices help consumers track fitness levels and provide other features such as blood pressure and heart rate monitoring. The increase in the adoption rate is majorly influenced by growing awareness among consumers about health and the growing incident rate of chronic illnesses such as cardiovascular diseases, and diabetes, among others.

Increasing Prevalence of Chronic Illnesses to Drive Demand for Medical Devices

In recent years, the has observed a rise in types of chronic illnesses. The prevalence of these illnesses, in turn, demands better prevention and cure technologies to monitor and treat these illnesses. The rise in chronic diseases is majorly due to changing sedentary lifestyles. The rise in chronic illness cases is estimated through the forecast period.

Easy Availability of Counterfeit Devices to Pose a Challenge

Counterfeiting medical devices is a challenge for the market. These products are available locally at much cheaper costs. Countries with low per capita spending rates are the prime targets for counterfeit products. The quality of these products is not as per the health standards and thus poses a bigger risk for the consumers. In 2022, INTERPOL reported the seizure of fake medical products and devices worth USD 11 million. These devices are traded globally through cross-borders, online sales, and other channels. The utilization of fake medical products causes severe issues as these devices are not manufactured according to global standards. 

Recent Developments

In February 2023:  Unilabs and Siemens Healthineers signed a strategic partnership providing infrastructure for diagnostic testing with the aim of improving patient care. The agreement includes a multi-year deal and is valued at over USD 218 million.

In November 2022: Velocare, a network of supply chains was launched by Cardinal Health. This network will provide patients with care at home, just as in hospitals within one to two hours. It is a strategic collaboration launched with Medically Home.

Segmentation Analysis

Based on device type, the market is categorized into dental, cardiovascular, in-vitro diagnostics, minimally invasive surgery, orthopedic, respiratory, and others. In-Vitro Diagnostics (IVD) dominated the market on account of better accuracy rate and high reliability of users on the devices. Wherein, the IVD is used for testing infectious and chronic diseases such as cancer, diabetes, and HIV/AIDS amongst others. Apart from this, rapid developments in the healthcare sector and rising capital investments in R&D departments are propelling the growth of the IVD segment.

Based on end-user, the market is primarily categorized into hospitals & ambulatory surgical centers, clinics, and others. In 2022, hospitals & ambulatory surgical centers dominated the market due to the rising number of community and multispecialty hospitals. In addition to this, the rising number of patients with chronic diseases are offering a lucrative growth opportunity for hospitals & ASC’s in establishing specialty hospitals wherein specific diseases are treated under one roof. The clinic's segment is estimated to observe significant growth throughout the forecast period due to increasing investments by small and medium-scale investors and the large-scale availability of clinics at numerous locations.

North America to Continue Dominating the Global Medical Devices Market

North America is expected to maintain its dominant position in the global medical devices market, primarily due to its well-established and advanced healthcare infrastructure, supported by favorable government policies. Among the North American countries, the United States stands out due to its large population size. Meanwhile, Canada boasts a significant healthcare system with state-of-the-art technology and infrastructure, which has led to a slight decrease in the number of chronic cases. However, the demand for cutting-edge technology in the healthcare sector remains high, thanks to well-established funding facilities and infrastructure. The region's dominance is expected to continue through the forecast period.

Asia Pacific to Grow at the Fastest CAGR

the Asia Pacific region is anticipated to experience the fastest compound annual growth rate (CAGR) in the medical devices market. With the highest population and a large number of developing countries, the healthcare sector in the region has seen significant growth, thanks to increased investments in research and development and infrastructure development. China and India are the most prominent players in the region, where the high number of patients with chronic diseases has prompted governments to focus on promoting the use of advanced medical devices for better treatment.

Competitive Landscape (Alphabetical)

• Abbott
• BD
• Boston Scientific Corporation
• Cardinal Health
• FRESENIUS MEDICAL CARE AG & CO. KGAA
• GE HealthCare
• Johnson & Johnson Services, Inc.
• MEDTRONIC
• Siemens Healthcare GmbH
• Stryker

The global Medical devices market is segmented as follows:

By Device Type

• Dental
• Cardiovascular
• In-Vitro Diagnostics
• Minimally Invasive Surgery
• Orthopedic
• Respiratory
• Others

By End-User

• Hospitals & Ambulatory Surgical Centers
• Clinics

 By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America