According to the deep-dive market assessment study conducted by Growth+ Reports, the global medical devices market was pegged at ~ US$ 636.46 billion in 2021. The market is expected to witness a CAGR of ~5.2% from 2022 to 2030.
Medical devices are machines and equipment used in healthcare for various purposes such are in diagnostics, monitoring, and treatment. Medical devices have a wide market and are expected to grow in the forecast period. Moreover, the COVID-19 outbreak further fueled the market growth in specific segments.
Medical device manufacturers are delivering optimized care through holistic solutions, including hardware, software, and services. Some of the key trends in the global medical devices market are the recent involvement of IoMT (Internet of Medical Things) and AI (Artificial Intelligence); blockchain; the convergence of medical devices, robotics, and 3D printing. IoMT and AI are one of the leading trends in the medical device market due to their vast application and have key role in advancement in the technology.Such innovative technologies assist healthcare companies in improving patient outcomes/services and increasing efficiency.However, the growth in the market can be hindered owing to the factors such as the rising cost of medical equipment and the costs of professional maintenance training, and healthcare accessibility in low-income countries and consumer groups.
The growing urbanization is expected to augment the adoption of new technologies, thereby developing the healthcare infrastructure. This development in the healthcare system proves to be beneficial for the growth of the medical devices market. Urbanization also causes an adverse impact on health that is further anticipated to boost the market value globally.
Technological advancements and evolution in medical devices are driving factors for this market. Introducing automation in medical technologies such as robotic surgeries using IoMT and AI helps in the development of this market. Integration of medical devices with patients’ EMR, wearables, smartphones, and telehealth platforms are delivering key insights for better clinical and operational decision-making. Thus, such advances in technology provide precision and accuracy with better outcomes, thereby propelling the market. Medical device manufacturers are playing significant roles in collaborating with hospitals to deliver better patient care. For instance, in May 2022, Dubai hospital launched Da Vinci Xi Surgical Robot which is used to perform robotic-assistive minimally invasive surgery such as general surgery, bariatric surgery, urological surgery, etc. Moreover, in April 2019, GE Healthcare integrated its Edison AI platform with the American College of Radiology’s AI-LABTM, providing ACR members and other radiology professionals with connectivity to valuable Edison AI services
Prominent players are progressively implementing collaborative initiatives with several organizations, research centers & companies in order to encourage innovations in medical devices. For an instance, in January 2022, the Johnson & Johnson Medical Devices Companies (JJMDC) announced its collaboration with Microsoft to enable and expand JJMDC's market ecosystem. Microsoft Cloud will help JJMDC in its vision of driving innovation that advances skills, improvised workflow, and enhances surgical decision-making for an overall better experience with improved patient outcomes.
However, the high cost of treatment due to increasing advancements in technology may restrict the adoption rate of treatment, as it remains expensive for many low-income patient groups. Moreover, the rising modernization in technology could also adversely affect the cost of maintenance and its amenities if there are any.
According to the regions, the global medical devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. TheAsia Pacific region is anticipated to be the fastest growing region during the forecast period, owing to the swift introduction and implementation of favorable reimbursement policies, rapidly increasing healthcare expenditure, and improving healthcare infrastructure. In addition, the rising adoption of new and advanced technologies in the region evolving disposable income, growing public awareness, and rising government initiatives are also expected to boost the growth of the market in the region.
Some of the prominent players operating in the global medical devices market are Koninklijke Philips N.V, General Electric Company (G.E Healthcare), Medtronic Plc., Johnson & Johnson Private Limited, Siemens Healthineers AG, Abbott Laboratories Inc., Fresenius SE & Co. KGaA, Becton, Dickinson and Company, Stryker Corporation and Abiomed Inc., among others.