Medical Device Market Size, Overview, Share, Demand, Trends, and Forecast 2031 | 3M Co., Abbott Laboratories, Allergan Inc.

The global medical device market held a market value of USD 434.2 billion in 2021 and is estimated to reach USD 625.3 billion by the year 2027. The market is anticipated to register a CAGR of 6.3% during the forecast period of 2022 to 2027. The market volume for medical devices in 2021 is subjected to be 66,499,150.5 thousand units.

The increase in chronic diseases, such as, arthritis, liver inflammation, cancer, renal diseases, diabetes chronic pain, sciatica, and other nervous disorders boost the demand for medical devices. For instance, according to Indian Council of Medical Research (ICMR), the Institute for Health Metrics and Evaluation, and the Public Health Foundation of India in 2019, 72 million Indians suffer from Type-2 diabetes, and this statistic is projected to nearly double to 134 million by 2025, provided the current unhealthy dietary trends continue.

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In addition to that, the International Diabetes Federation states that the number of diabetic populations worldwide was 463 million in 2019. Thus, such high statistics aid in the market growth of the medical devices. On the other hand, the high cost of medical devices is estimated to restrict the market growth to a certain extent. Moreover, the reimbursement concerns associated with medical device industry and stringent regulations curb the market growth of the medical devices.

Growth Influencers:

Surging Incidence of Chronic Diseases
The increasing incidence and prevalence rates of chronic diseases such as, diabetes, chronic liver diseases, kidney failure, and other lifestyle illnesses such as, obesity, fuel the preference for diagnostic and other clinical tests. According to the statistics published by the Centres for Disease Control and Prevention (CDC), the number of adults with diagnosed liver disease was 4.5 million in the US in 2018. The increase in diagnostic examinations fuel the growth rate of the medical devices market. Emergence of New and Hassle-Free Home Monitoring Medical Devices The advent of innovative home monitoring medical devices, such as, oximeter, heart rate monitor, blood pressure monitor, among others, is letting patients, as well as healthcare providers, remotely monitor vital signs. For instance, in March 2021, Dozee, launched Dozee Pro, a contactless vitals monitor. This device features an AI powered triaging system that converts any bed into a step-down ICU in less than two minutes. The rising product launches of such medical devices aid in the increased growth of the medical devices market.

Increasing Geriatric Population

The rising elderly population across different countries indirectly rises the usage of medical devices for different vital functions. For instance, in India, geriatric population is predicted to be 193.8 million in 2031 including 92.9 million elderly males and 100.9 million elderly females. Such high statistics point towards the high usage of medical devices in high population countries, such as, India, China among others.

Segments Overview:

The global medical device market is segmented into product, application, and end user.
By Product,

o Diagnostic Devices
? Electrodiagnostic Devices
? Ultrasound Systems
? Magnetic Resonance Imaging (MRI)
? Electrocardiographs
? Scintigraphy Apparatus
? Other Electrodiagnostic Devices
? Radiation Devices

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? CT Scanners
? Other Medical X-ray Apparatus
? Imaging Parts & Accessories
? Contrast Media
? X-ray Tubes
? Medical X-ray Film
? Other Imaging Parts & Accessories
o Consumables
? Syringes, Needles & Catheters
? Syringes (with/without needles)
? Tubular Metal Needles/Needles for Sutures
? Others
? Bandages & Dressings
? Adhesive Medical Dressings
? Non-adhesive Medical Dressing
? Suturing Materials
? Other Consumables
? Surgical Gloves
? Ostomy Products
? Blood-Grouping Reagents
? First-aid Boxes & Kits
? Patient Aids Portable Aids
? Hearing Aids
? Pacemakers
? Therapeutic Applications
? Therapeutic Respiration Devices
? Mechano-Therapy Devices
? Others (Endoscope, Defibrillators, CRT Devices, etc.)
o Orthopedics and Prosthetics
? Fixation Devices
? Artificial Joints
? Other Artificial Body Parts
o Dental Products
? Dental Instrument and Supplies
? Dental Instruments
? Dental Cements
? Teeth and Other Fittings
? Dental Capital Equipment
? Dental Drills
? Dental Chairs
? Dental X-Rays
o Patient Monitoring Devices
o Other Medical Device Categories
? Ophthalmic Instruments
? Hospital Furniture
? Wheelchairs
? Medical & Surgical Sterilizers
? Ultra-violet or Infra-Red Ray Apparatus
? Other Instruments & Appliances

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The diagnostic devices segment value is estimated to cross USD 120 billion in 2027. Based on electrodiagnostic devices, the scintigraphy apparatus segment is projected to grow at the rate of 7.6%. The radiation devices segment volume is anticipated to cross 2600 thousand units in 2026. The consumables segment value is predicted to hit 82,193,104.2 units in 2027. The patient aids segment is expected to grow at a steady rate of 5.7%. moreover, the orthopedics and prosthetics segment value is likely to cross USD 60 billion in 2025 owing to the increasing number of orthopedic surgeries all around the world.

By Application,
Oncology
Cardiology
Orthopedics
Ophthalmic
Respiratory
Urology & Gynecology
General and Plastic Surgery
Dental
Diabetic Care
Wound Management
Nephrology
General Hospital and Healthcare
Ear, Nose and Throat
Neurology
Other applications

The cardiology segment held the largest share of nearly 19% owing to increasing incidence rates of heart diseases. Moreover, the respiratory segment is estimated to grow at the fastest rate of 7.3%. The neurology segment volume is anticipated to cross 4000 units by 2027.

By End User
Hospitals & Surgical Centers
Clinics
Household
Other End Users

The hospitals and surgical centers segment held the largest share during the base year owing to the rise in use of medical devices in surgeries in these settings. In addition to that, the household segment is estimated to grow at a rate of 7.7% due to the increased adoption of remote monitoring devices.

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Regional Overview

By region, the global medical device market is divided into Europe, North America, Asia Pacific, Middle East & Africa, and South America.

The North America region is expected to hold the largest market share owing to the increasing medical device innovations in the US and Canada. Furthermore, Asia Pacific region is estimated to be the fastest growing in the overall medical device industry.
The European region is predicted to grow at a steady rate owing to the rising product launches. The Middle East and Africa region is growing due to the increasing demand for cutting-edge advancements in medical devices.

Competitive Landscape

The key players operating in the global medical device market include 3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton, Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc., Danaher, Depuy Synthes, Endologix, Inc., Essilor International SA, Fresenius Medical Care AG & Co. KGAA, GE Healthcare, Getinge Ab, Johnson & Johnson, Koninklijke Philips NV, Medtronic Inc., Novartis AG, Olympus Corp., Roche Diagnostics, Siemens Healthcare, Smith & Nephew PLC, Smiths Medical, St. Jude Medical Inc., Stryker Corp., Terumo Corp., Thermo Fisher Scientific, and Zimmer Holdings Inc., among others.

The prominent fifteen players in the market hold approximately 43.60% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in September 2021, Stryker, one of the leading Medical technology company, completed the acquisition of US-based medical device company Gauss Surgical.

The global medical device market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global medical device market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing of medical devices
Manufacturing Cost Analysis: Cost-share of various components of medical devices, cost analysis of medical devices, unit cost analysis of medical devices,

The global medical device market report answers questions such as:

What is the market size and forecast of the global medical device market?
What are the inhibiting factors and impact of COVID-19 on the global medical device market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the global medical device market?
What is the competitive strategic window for opportunities in the global medical device market?
What are the technology trends and regulatory frameworks in the global medical device market?
What is the market share of the leading players in the global medical device market?
What modes and strategic moves are considered favorable for entering the global medical device market?
Which are the worldwide medical device databases?
Who are the top medical device manufacturers in the global medical device market?
What is the cost of advanced medical devices in the global medical device market?

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