Medical Devices Market

Medical Devices Market by Class (Class I, Class II, and Class III), by Type (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), and by End-Users (Hospitals & Clinics, Ambulatory Centers, Diagnostic Centers, Research and Academia) – Global Outlook & Forecast 2022-2030

GR - 109621 Category: Medical Devices

Number of pages: 100 | Report Format: PDF | Published date: August 24, 2022

Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030

Medical Devices Market Scope

Report Attribute	Details
Market size value in 2021	US$ 636.46 billion
Revenue forecast in 2030	US$ 1004.41 billion
Growth Rate	CAGR of 5.2% from 2022 to 2030
Base year for estimation	2021
Forecast period	2022-2030
Segments covered	Class, Type, End-Users
Regional scope	North America, Europe, Asia Pacific, and the Rest of the World (ROW)

Report Overview

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.

Market Fundamentals

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.

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Market Dynamics

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.

Market Ecosystem

The global medical devices market has been analyzed from four perspectives: class, type, end-user, and region.

Medical Devices Market by Class

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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.

Competitive Landscape

Some of the prominent players operating in the 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
Abiomed Inc.

Strategic Developments

In November 2021, Pear Therapeutics and Thimble Point Acquisition Corp. received funding worth $50 million ahead of a merger by Thimble Point sponsors. This was in addition to the $23 million commitment that the affiliate of Thimble Point’s sponsor made
In September 2021, GE Healthcare announced the acquisition of BK Medical for $1.45 billion. This acquisition was aimed to assist GE Healthcare to expand its product pipeline and thereby expand its business
In September 2021, Boston Scientific announced its acquisition of the global surgical business of Lumenis for approximately $1.1 billion. This acquisition was expected to allow Boston Scientific to integrate the Lumenis laser portfolio – including the differentiated Moses technology – with their category-leading kidney stone management and benign prostatic hyperplasia offerings while expanding their global footprint to accelerate growth throughout Europe and Asia
In July 2021, Philip Morris announced its acquisition of the inhaled drug delivery technology developer Vectura for $1.2 billion. This acquisition was expected to assist Philip Morris to expand their business

Frequently Asked Questions About This Report

The global medical devices market is estimated to grow at a CAGR of 5.2%

The market size of the medical devices industry was US$ 636.46 billion in 2021.

IVD (In-Vitro Diagnostic) devices segment dominates the global medical devices market with the largest revenue share.

The top market players in the global medical devices industry 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

Table of Content

INTRODUCTION
1. Market Ecosystem
2. Timeline Under Consideration
  1. Historical Years – 2020
  2. Base Year – 2021
  3. Forecasted Years – 2022 to 2030
3. Currency Used in the Report
RESEARCH METHODOLOGY
1. Research Approach
2. Data Collection Methodology
3. Data Sources
  1. Secondary Sources
  2. Primary Sources
4. Market Estimation Approach
  1. Bottom Up
  2. Top Down
5. Market Forecasting Model
6. Limitations and Assumptions
PREMIUM INSIGHTS
1. Current Market Trend (COVID-19 Perspective)
2. Key Players & Competitive Positioning (2021)
MARKET DYNAMICS
1. Drivers
2. Restraints
3. Opportunities
GLOBAL MEDICAL DEVICES MARKET- ANALYSIS & FORECAST, BY CLASS
1. Class I
2. Class II
3. Class III
GLOBAL MEDICAL DEVICES MARKET- ANALYSIS & FORECAST, BY TYPE
1. Respiratory Devices
2. Orthopedic Devices
3. Cardiovascular Devices
4. Diagnostic Imaging Devices
5. IVD Devices (in-Vitro Diagnostic)
6. Ophthalmic Devices
7. Diabetes Care Devices
8. Wound Management Devices
9. Dental Devices
10. Endoscopic Devices
11. Others (Nephrology, Gynecology, General Surgery Devices, ENT Devices, etc.)
GLOBAL MEDICAL DEVICES MARKET- ANALYSIS & FORECAST, BY END-USERS
1. Hospitals & Clinics
2. Ambulatory Centers
3. Diagnostic Centers
4. Research and Academia
GLOBAL MEDICAL DEVICES MARKET- ANALYSIS & FORECAST, BY REGION
1. North America Medical Devices Market
  1. North America Medical Devices Market, by Class
  2. North America Medical Devices Market, by Types
  3. North America Medical Devices Market, by End-Users
  4. North America Medical Devices Market, by Country
    1. U.S.
      1. U.S. Medical Devices Market, by Class
      2. U.S. Medical Devices Market, by Types
      3. U.S. Medical Devices Market, by End-Users
    2. Canada
      1. Canada Medical Devices Market, by Class
      2. Canada Medical Devices Market, by Types
      3. Canada Medical Devices Market, by End-Users
2. Europe Medical Devices Market
  1. Europe Medical Devices Market, by Class
  2. Europe Medical Devices Market, by Types
  3. Europe Medical Devices Market, by End-Users
  4. Europe Medical Devices Market, by Country/Region
    1. Germany
      1. Germany Medical Devices Market, by Class
      2. Germany Medical Devices Market, by Types
      3. Germany Medical Devices Market, by End-Users
    2. U.K
      1. U.K Medical Devices Market, by Class
      2. U.K Medical Devices Market, by Types
      3. U.K Medical Devices Market, by End-Users
    3. France
      1. France Medical Devices Market, by Class
      2. France Medical Devices Market, by Types
      3. France Medical Devices Market, by End-Users
    4. Spain
      1. Spain Medical Devices Market, by Class
      2. Spain Medical Devices Market, by Types
      3. Spain Medical Devices Market, by End-Users
    5. Italy
      1. Italy Medical Devices Market, by Class
      2. Italy Medical Devices Market, by Types
      3. Italy Medical Devices Market, by End-Users
    6. Rest of Europe
      1. Rest of Europe Medical Devices Market, by Class
      2. Rest of Europe Medical Devices Market, by Types
      3. Rest of Europe Medical Devices Market, by End-Users
3. Asia Pacific Medical Devices Market
  1. Asia Pacific Medical Devices Market, by Class
  2. Asia Pacific Medical Devices Market, by Types
  3. Asia Pacific Medical Devices Market, by End-Users
  4. Asia Pacific Medical Devices Market, by Country/Region
    1. China
      1. China Medical Devices Market, by Class
      2. China Medical Devices Market, by Types
      3. China Medical Devices Market, by End-Users
    2. Japan
      1. Japan Medical Devices Market, by Class
      2. Japan Medical Devices Market, by Types
      3. Japan Medical Devices Market, by End-Users
    3. India
      1. India Medical Devices Market, by Class
      2. India Medical Devices Market, by Types
      3. India Medical Devices Market, by End-Users
    4. South Korea
      1. South Korea Medical Devices Market, by Class
      2. South Korea Medical Devices Market, by Types
      3. South Korea Medical Devices Market, by End-Users
    5. Australia
      1. Australia Medical Devices Market, by Class
      2. Australia Medical Devices Market, by Types
      3. Australia Medical Devices Market, by End-Users
    6. Rest of Asia Pacific
      1. Rest of Asia Pacific Medical Devices Market, by Class
      2. Rest of Asia Pacific Medical Devices Market, by Types
      3. Rest of Asia Pacific Medical Devices Market, by End-Users
4. Rest of the World Medical Devices Market
  1. Rest of the World Medical Devices Market, by Class
  2. Rest of the World Medical Devices Market, by Types
  3. Rest of the World Medical Devices Market, by End-Users
  4. Rest of the World Medical Devices Market, by Region
    1. Latin America
      1. Latin America Medical Devices Market, by Class
      2. Latin America Medical Devices Market, by Types
      3. Latin America Medical Devices Market, by End-Users
    2. Middle East & Africa
      1. Middle America & Africa Medical Devices Market, by Class
      2. Middle America & Africa Medical Devices Market, by Types
      3. Middle America & Africa Medical Devices Market, by End-Users
COMPANY PROFILES
1. Koninklijke Philips N.V
  1. Business Snapshot
  2. Product Offered
  3. Financial Details
  4. Strategic Development
2. General Electric Company (G.E Healthcare)
3. Medtronic Plc.
4. Johnson & Johnson Private Limited
5. Siemens Healthineers AG
6. Abbott Laboratories Inc.
7. Fresenius SE & Co. KGaA
8. Becton, Dickinson and Company
9. Stryker Corporation
10. Abiomed Inc.

*Insights on financial performance is subject to availability of information in public domain

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