Medical Equipment Market 2024 - Size, Share Analysis, Future Insights, Current Trends, and Global Growth Outlook by 2033

The medical equipment market size has grown strongly in recent years. It will grow from $709.55 billion in 2023 to $775.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to increased healthcare expenditure, strong economic growth in emerging markets, growth in the number of healthcare facilities and an increased number of surgical procedures.

The medical equipment market size is expected to see strong growth in the next few years. It will grow to $1077.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rapid growth in the elderly population, an increasing prevalence of chronic diseases and government support. Major trends in the forecast period include developing new technological solutions, focusing on expansion of medical equipment manufacturing facilities, focusing on expansion of medical equipment manufacturing facilities, focusing on partnerships and collaborations, focusing on cardiovascular devices manufacturing and focusing on hybrid imaging technologies..

Market Overview -
Medical equipment are devices that can be instrument, apparatus or machine that can be used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting or modifying the structure or function of the body for health purpose.

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Surge In Cardiovascular Disease Prevalence Drives Growth In The Medical Equipment Market
The rising prevalence of cardiovascular diseases is expected to drive medical equipment market growth. Cardiovascular disease (CVD) is a broad term that refers to a condition that affects the heart or blood vessels. It is often linked with the accumulation of fatty substances within the arteries (atherosclerosis) and an elevated risk of blood clots. Cardiovascular diseases require the use of various medical equipment for their prevention, diagnosis, and treatment. For instance, according to the Centers for Disease Control and Prevention, a US-based national public health agency, heart disease was responsible for the deaths of about 695,000 people in the United States in 2021, which is equivalent to 1 in every 5 deaths. Therefore, the rising prevalence of cardiovascular diseases will fuel the growth of the medical equipment market going forward.

Competitive Landscape -
Major companies operating in the medical equipment market report are Medtronic Inc, Abbott Laboratories, Johnson & Johnson, Siemens AG, Becton Dickinson and Company(BD), STRYKER CORPORATION, Cardinal Health, Danaher Corporation, Boston Scientific Corporation, Koninklijke Philips N.V., SCHILLER Healthcare India Pvt. Ltd, GE Healthcare, Covidien Healthcare India Private Limited, Philips Healthcare India, Fisher & Paykel Healthcare India Private Limited, Smiths Medical India Pvt Ltd, Agappe Diagnostics Ltd, ARKRAY Healthcare Pvt. Ltd, Accord Medical Products Private Limited, Shinva Medical Instrument Company Limited, Shandong WeiGao Group Medical Polymer Company Limited, Lepu Medical Technology Company (Beijing) Co., Ltd, Yuwell - Jiangsu Yuyue Medical Equipment & Supply Co., Ltd, Shanghai Runda Medical Technology Co., Ltd, Terumo Corporation, Olympus Medical Systems Corporation, Canon Medical Systems Corporation, Hitachi Group, Nihon Koden Corporation, Sanko Manufacturing Co.,Ltd, Fukuda Denshi, Metran Co. Ltd, Clarity Medical, Welcare Industries S.P.A, F.L. Medical S.r.l, Empire MEDICAL UK LTD, Europlaz Technologies Ltd, Alfa-Med LLC, Medplant LLC, Medical-Lomza Sp. z o.o., P.H.U. Medical, ProVeterináre, Panop CZ, Baxter, SunMed, Beckman Coulter, Draegerwerk AG, Getinge Group, Masimo, Teleflex Inc, Nipro Medical Ltda, LINET Brazil, Fotoptica Ltda, Leistung Engineering Pvt. Ltd, Saudi Mais Co. for Medical Products (SMMP), Life Pulse Medical Co, Watan, AlKawashef, 3BY Ltd, Qatari German Medical Devices Co, Israeli Hospitals Ltd, CAPS Medical, Amana Healthcare (Pty) Ltd, CapeRay, TiTaMED (Pty) Ltd, Sinapi Biomedical, Egyptian Medical And Environment Group, ResMed Inc

Innovative Easyfuse Dynamic Compression System For Enhanced Foot And Ankle Surgical Applications
Major companies operating in the medical equipment market are innovating new products, such as the EasyFuse Dynamic Compression System, to increase their profitability in the market. EasyFuse Dynamic Compression System is a comprehensive super-elastic nitinol staple system designed to provide fast and easy fixation in high-demand applications of the foot and ankle. For instance, in May 2022, Stryker Corporation, a US-based medical technology company, launched the EasyFuse Dynamic Compression System. The system is engineered to simplify surgical procedures, offer robust dynamic-compression implants, and minimize surgical waste. The EasyFuse system incorporates an exceptionally broad staple bridge intended to evenly distribute forces and ensure consistent implant strength.

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Key Segments -
The medical equipment market covered in this report is segmented -
1) By Type: In-Vitro Diagnostics, Dental Equipment And Supplies, Ophthalmic Devices, Diagnostic Imaging Equipment, Cardiovascular Devices, Hospital Supplies, Surgical Equipment, Orthopedic Devices, Patient Monitoring Devices, Diabetes Care Devices, Nephrology And Urology Devices, ENT Devices, Anesthesia And Respiratory Devices, Neurology Devices, Wound Care Devices.
2) By Type Of Expenditure: Public, Private
3) By Product: Instruments And Equipment, Disposables And Consumables
4) By End User: Hospitals And Clinics, Homecare And Diagnostic Centers, Other End Users

Sub segments: Point-Of-Care Diagnostics Devices And Equipment, Immunochemistry Diagnostic Devices And Equipment, Clinical Chemistry Diagnostics Devices And Equipment, Molecular Diagnostics Devices And Equipment, Microbiology Diagnostic Devices And Equipment, Hemostasis Diagnostic Devices And Equipment, Hematology Diagnostic Devices And Equipment, Immunohematology Diagnostic Devices And Equipment, Therapeutic Dental Equipment, General Dental Devices And Equipment, Dental Diagnostic Imaging Devices And Equipment, Dental Surgical Devices And Equipment, Vision Care Devices And Equipment, Cataract Surgery Devices And Equipment, Refractive Surgery Devices And Equipment, Diagnostic And Monitoring Ophthalmic Devices And Equipment, X-Ray Systems Devices And Equipment, Ultrasound Systems Devices And Equipment, Computed Tomography (CT) Scanners Devices And Equipment, Magnetic Resonance Imaging Systems Devices And Equipment, Cardiovascular Monitoring And Diagnostic Devices And Equipment, Nuclear Imaging Devices And Equipment., Cardiovascular Surgery Devices And Equipment, Cardiac Rhythm Management (CRM) Devices And Equipment, Interventional Cardiology Devices And Equipment, Defibrillator Devices And Equipment, Peripheral Vascular Devices And Equipment, Prosthetic Heart Valve Devices And Equipment, Electrophysiology Devices And Equipment, Cardiac Assist Devices And Equipment., Disposable Hospital Supplies, Sterilization Equipment And Disinfectants, Mobility Aids And Transportation Equipment, And Operating Room Equipment., Surgical Sutures And Staples, Handheld Surgical Devices And Equipment And Electrosurgical Devices And Equipment., Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, And Craniomaxillofacial (CMF) Devices And Equipment., Fetal And Neonatal Monitoring Devices, Weight Monitoring And Body Temperature Monitoring Devices And Equipment, Vital Parameter Monitoring Devices And Equipment, And Remote Patient Monitoring Devices And Equipment., Blood Glucose Test Strips, Insulin Pens, Syringes, Pumps And Injectors, Lancing Devices And Equipment, Continuous Glucose Monitoring Devices And Equipment And Blood Glucose Meters., Dialysis Devices And Equipment, Urinary Stone Treatment Devices And Equipment, Urinary Incontinence And Pelvic Organ Prolapse Devices And Equipment, Benign Prostatic Hyperplasia (BPH) Treatment Devices And Equipment And Endoscopy Devices And Equipment., Hearing Aid Devices And Equipment, Hearing Diagnostic Devices And Equipment, ENT Surgical Devices And Equipment, Hearing Implants, Voice Prosthesis Devices And Equipment, Nasal Splints., Respiratory Devices And Equipment (Therapeutic And Diagnostic), Anesthesia Machines, Anesthesia Disposables, Respiratory Disposables., Cerebrospinal Fluid Management (CSF) Devices And Equipment, Interventional Neurology Devices And Equipment, Neurosurgery Devices And Equipment, And Neurostimulation Devices., Traditional Adhesive Dressings, Negative-Pressure Wound Therapy (NPWT), Traditional Gauze Dressings, And Advanced Wound Care Devices.

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics"

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