Number of pages: 100 | Report Format: PDF | Published date: 24 August, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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.
A medical device can be any instrument, machine, apparatus, appliance, implant, in-vitro diagnostic solutions, software, material, or any other technology intended to prevent, diagnose, treat, and rehabilitate illnesses or diseases in a safe & effective way. These devices are considered a fundamental component of any health system and range from simple tongue depressors to complex programmable pacemakers and sophisticated imaging systems.
The global medical devices market is growing significantly with the evolving economic and regulatory environment. The growth can be further attributed to the increasing incidences of chronic disease and the growing elderly population. Moreover, the rising demand for portable medical devices, increasing innovations in manufacturing for creating customized products, and growing awareness among the society for early detection and disease prevention also contribute to the market expansion. However, the high cost of medical equipment and the costs associated with professional maintenance training is expected to hinder the market growth.
The global medical devices market has been analyzed from four perspectives: Class, Type, End-User, and Region.
Medical Devices Market by Class
Based on the class of medical devices the market has been segmented into class I, class II, and class III. At present, the class II segment holds the largest revenue share in the global medical devices market. Class II devices have a moderate to high-risk effect on patients as these devices at some point use invasive methods that have a moderate rate of risk of injuries or illness. Around 43% of medical devices fall under this category. The growth of the segment can be attributed to a large medical instruments base as most of the medical equipment comes under this class. Class II includes devices from normal pregnancy test kits and powered wheelchairs to critical care medical equipment ventilators.
Medical Devices Market by Type
Based on type, the market has been segmented into respiratory devices, orthopedic devices, cardiovascular devices, diagnostic imaging devices, IVD devices (in-vitro diagnostic), ophthalmic devices, diabetes care devices, wound management devices, dental devices, endoscopic devices, others (nephrology, gynecology, general surgery devices, ENT devices, etc.). IVD devices hold the largest revenue share in the medical devices market. The increasing number of testing due to the pandemic, a growing number of new product launches, and the development of automated IVD systems can be attributed to the growth of the segment. In the majority of cases, patients are recommended to undergo various tests like blood tests, urine tests, HIV or STD tests, cancer tests, etc., which are predominantly based on IVD technologies, thus these factors help in propelling the market growth.
While in the recent few years, respiratory devices have experienced significant growth and especially during the crucial period of the COVID-19 situation. Thus, the growing demand for these devices positively impacted the medical devices market by boosting its growth globally.
Medical Devices Market by End User
Based on end-users, the global medical devices market has been segmented into hospitals & clinics, ambulatory centers, diagnostic centers, and research and academics. The hospitals & clinics segment is expected to dominate the medical devices market with the largest share during the forecast period. The leading position of the segment can be attributed to the large footfall of patients in hospitals for diagnostics and treatment purposes.
Medical Devices Market by Region
Based on region, the global medical devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the medical device market, followed by the Asia Pacific. Developed infrastructure, the growing adoption rate of advanced technology, and adequate & favorable reimbursement can be attributed to the dominance of North America in the medical devices market. For instance, in Feb 2021, Koninklijke Philips N.V, a global leader in health technology, announced completing the acquisition of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. The acquisition was aimed at combining Philips’ leading patient monitoring position in the hospital with BioTelemetry’s leading cardiac diagnostics and monitoring position outside the hospital.
Some of the prominent players operating in the medical devices market are: