Medical Devices Market Size, Share, Growth, Emerging Trends And Opportunities – Global Forecast To 2030

Medical Devices Market By Type Of Product (Cardiovascular Devices, In-Vitro Diagnostics, Diagnostic Imaging Equipment, Orthopedic Devices, Ophthalmic Devices, Hospital Supplies, Diabetes Care Devices, Patient Monitoring Devices, Nephrology And Urology Devices, Anesthesia And Respiratory Devices, Surgical Equipment, Wound Care Devices, Dental Equipment And Supplies, Ent Devices And Neurology Devices), Trends And Opportunities – Global Forecast To 2030 By The Business Research Company

The global medical devices market reached a value of nearly $456.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015. The market is expected to decline from $456.9 billion in 2019 to $442.5 billion in 2020 at a rate of -3.2%. The decline is mainly due to lockdowns imposed by the governments across the world that hindered the supply chain in the medical devices manufacturing industry. However, there is an unprecedented increase in the manufacturing of the ventilators that are used to treat COVID-19 patients. The market is then expected to recover and grow at a CAGR of 6.1% from 2021 and reach $603.5 billion in 2023.

The key drivers of the medical devices market include:
Increasing Prevalence Of Chronic Diseases – The rising prevalence of chronic diseases such as diabetes and cancer is expected to be a major driver of the medical devices market. According to the United Nations, the proportion of total global deaths due to chronic diseases is expected to increase to 70% and the global burden of chronic diseases is expected to reach about 60% by 2030. Extended working hours, limited physical activity, and unhealthy food habits are the major causes of chronic diseases such as diabetes and cancer. The high prevalence of chronic diseases also increases the vulnerability to other contagious infections such as coronavirus infection which severely attacks the patient’s lungs. This will further increase the demand for medical devices used in diagnosis, prognosis and treatment of a number of diseases, driving the medical devices market.

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Medical Devices Market Segmentation
The medical devices market is segmented by type of device, by type of expenditure, by end-user and by geography.
By Type Of Device-
The medical devices market can be segmented by type of device into
a) In-Vitro Diagnostics
b) Dental Equipment And Supplies
c) Ophthalmic Devices
d) Diagnostic Imaging Equipment
e) Cardiovascular Devices
f) Hospital Supplies
g) Surgical Equipment
h) Orthopedic Devices
i) Patient Monitoring Devices
j) Diabetes Care Devices
k) Nephrology And Urology Devices
l) ENT Devices
m) Anesthesia And Respiratory Devices
n) Neurology Devices
o) Wound Care Devices
The in-vitro diagnostics market was the largest segment of the medical devices market segmented by type of product, accounting for 12.7% share of the total market in 2019. Going forward, the hospital supplies market segment is expected to be the fastest growing segment in the medical devices market, at a CAGR of 11.1% during 2019-2023.

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By Geography - The medical devices market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the medical devices market are
• Medtronic Plc
• Johnson & Johnson
• Abbott Laboratories
• Becton, Dickinson and Company
• Siemens Healthineers AG

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