Medical Devices Market Size: Global Insights, Opportunities, and Forecast 2025-2032

The global medical devices market was valued at USD 518.46 billion in 2023 and is expected to grow from USD 542.21 billion in 2024 to USD 886.80 billion by 2032, registering a CAGR of 6.3% during the forecast period.

North America led the medical devices market in 2023, holding a 38.16% market share. The U.S. market is expected to expand significantly, reaching USD 314.96 billion by 2032, driven by a strong product pipeline and increased R&D investments by industry players. The rising prevalence of chronic diseases such as cancer and diabetes, coupled with growing patient awareness of treatment options, is fueling demand for diagnostic and surgical procedures. Additionally, the increasing number of orthopedic, cardiac, neurological, and other surgeries worldwide is expected to further drive market growth.

The growing number of inpatient admissions and the rising volume of surgical and diagnostic procedures are driving demand for medical devices, including capital equipment and consumables, across both developed and emerging markets. Additionally, increased R&D investments by key industry players to develop technologically advanced devices are expanding market share. The medical devices industry is expected to see significant growth, supported by rising investments from medical technology companies and favorable regulatory frameworks facilitating product approvals.

Fortune Business InsightsTM provides this information in its research report, titled "Medical Devices Market, 2025- 2032".

List Of Key Companies Mentioned in the Medical Devices Market:
• Medtronic (Ireland)
• Johnson & Johnson Services, Inc. (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• GE Healthcare (U.S.)
• Siemens Healthineers AG (Germany)
• Stryker (U.S.)
• Abbott (U.S.)
• BD (U.S.)
• Cardinal Health (U.S.)

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Market Segmentation:
IVD Segment Dominates Due to Rising Diagnostic Tests
The medical devices market is categorized into various segments, with in-vitro diagnostics (IVD) leading in 2023, driven by the rising prevalence of infectious diseases and an increasing number of diagnostic tests. Key players are investing in R&D to introduce innovative test kits.
For instance, in December 2023, Sysmex Corporation launched blood-based Amyloid Beta testing reagents in Europe, following their introduction in Japan in June 2023.
The diabetes care segment is expected to grow at the highest CAGR, fueled by the rising prevalence of diabetes and increased adoption of blood glucose monitors.
The minimally invasive surgery (MIS), general surgery, dental, and ophthalmic segments are also projected to expand due to rising surgical procedures and product innovations. In October 2023, Alcon introduced TOTAL30 multifocal contact lenses for presbyopia. The nephrology segment is set for notable growth, driven by the increasing prevalence of kidney disorders and rising dialysis treatments.

Hospitals & ASCs Lead the End-User Segment
The hospitals & ASCs segment dominated in 2023, driven by rising outpatient and inpatient visits for surgical procedures and treatments.
Healthcare spending is also boosting expansion, with the Government of Hong Kong allocating USD 104.40 billion for healthcare infrastructure in 2023-2024.
The clinics segment is expected to grow steadily, driven by patient preference for specialized care and efficient treatment options.

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Report Coverage:
The market research report offers a comprehensive analysis, focusing on key aspects such as leading companies, products, and end-users. It provides valuable insights into medical device market trends and highlights significant industry developments. Additionally, the report examines various factors that have driven market growth in recent years.

Market Drivers:
The rising prevalence of chronic diseases like cancer and diabetes is expanding the patient pool requiring treatment. Healthcare agencies and industry players are driving awareness of novel therapies, increasing product demand.
According to the CDC, 38.4 million people in the U.S. had diabetes in 2021, while the American Cancer Society estimated 2.0 million new cancer cases and 609,820 deaths in 2023. The aging population is also fueling demand for ophthalmic and orthopedic procedures. PRB data projects Americans aged 65+ will grow from 58.0 million in 2022 to 82.0 million by 2050. Similarly, Versus Arthritis reports 10.0 million people in the U.K. have osteoarthritis. These factors, along with rising healthcare spending and improved reimbursement policies, are increasing patient diagnoses and treatments, boosting medical device demand.

Restraining Factors:
The medical device industry has advanced with new technologies and design modifications, but high acquisition and maintenance costs limit adoption. Many devices require expensive components like chips, batteries, and sensors that need periodic replacement. High-tech devices, such as surgical robots, have particularly high costs. According to MD+DI, da Vinci surgical robots range from USD 1.85 to 2.3 million, with annual maintenance costs of USD 125,000, leading to stagnant adoption rates. Additionally, inadequate reimbursement policies in emerging countries further restrict access, making medical device adoption more challenging in these regions.

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Regional Insights:
In 2023, North America led the global medical devices market with a 38.16% share, valued at USD 197.83 billion. This dominance is driven by favorable reimbursement policies, advanced healthcare infrastructure, rapid adoption of medical technologies, and key industry players. Additionally, the rising prevalence of chronic diseases has increased patient diagnosis and treatment rates, further boosting market growth.

Europe is projected to grow steadily due to rising healthcare expenditure, strong infrastructure, and increasing adoption of advanced medical devices. The shift toward home healthcare and the introduction of portable medical equipment by global and domestic players are expected to drive market expansion.

Asia Pacific is set to record the highest CAGR, fueled by the increasing prevalence of diseases such as cardiovascular disorders, diabetes, and infectious diseases. Market players are expanding their presence in countries like China and India to meet growing demand. Government initiatives and investments also provide opportunities for emerging players. In April 2023, Siemens Healthineers expanded its MRI scanner manufacturing facility in India with a new production line.

Latin America and the Middle East & Africa are expected to see substantial growth due to improving healthcare infrastructure in countries like Saudi Arabia and Brazil, along with the entry of global players expanding their presence in these regions.

Key Industry Development:
January 2024 - GE Healthcare announced its agreement to acquire MIM Software, a leading provider of medical imaging analysis and AI solutions. MIM Software specializes in radiation oncology, molecular radiotherapy, diagnostic imaging, and urology across various healthcare settings.

Read Related Insights:

Orthopedic Devices Market:
https://www.fortunebusinessinsights.com/orthopedic-devices-market-102586

In-vitro Diagnostics (IVD) Market
https://www.fortunebusinessinsights.com/industry-reports/in-vitro-diagnostics-ivd-market-101443

Medical Aesthetics Market
https://www.fortunebusinessinsights.com/industry-reports/medical-aesthetics-market-100631

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This release was published on openPR.