2022 Medical Devices Market Share, Growth and Forecast Report By TBRC

The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical devices which are used in the diagnosis, treatment and monitoring of medical conditions.

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Major Competitors are Medtronic plc, Johnson & Johnson, Abbott Laboratories, Becton, Dickinson And Company, Siemens Healthineers AG.

Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth and increasing access to healthcare facilities in emerging countries, adoption of advanced technologies in the manufacture of medical devices and rising healthcare expenditure globally. Factors that negatively affected growth in the historic period were the lack of awareness about chronic diseases and decreased healthcare reimbursements.

Going forward, faster global economic growth, increasing prevalence of chronic diseases globally, and technological advances in the industry will drive the growth. Factors that could hinder the growth of the medical devices market in the future include regulatory changes that can potentially increase production costs for medical devices manufacturers, data security issues in connected medical devices, high costs and long payback periods for investments in new technologies.

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Hospital supplies had the highest growth rate of nearly 9.3% during the historic period. The fastest growth of the market can be attributed to the rapid growth of private healthcare infrastructure in Asia-Pacific and Eastern Europe.

North America is the largest market for medical devices market, accounting for 42.6% of the global market. It was followed by Western Europe, Asia Pacific, and other regions. Going forward, Asia Pacific and South America will be the fastest growing markets in the medical devices market.

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