Medical Devices Market by Product and Geography - Forecast and Analysis 2022-2026

The medical devices market share is expected to increase by USD 155.43 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.5%.

This medical devices market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical devices market segmentations by product (therapeutic and surgical, PMDMID, and other medical devices) and geography (North America, Asia, Europe, and Rest of World (ROW)). The medical devices market report also offers information on several market vendors, including Abbott Laboratories, B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cardinal Health Inc, Danaher Corp., F. Hoffmann La Roche Ltd., Fresenius Medical Care AG and Co. KGaA, General Electric Co, Johnson and Johnson, Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp, Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc. among others.

What will the Medical Devices Market Size be During the Forecast Period?

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Medical Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post-COVID-19 era. The increasing prevalence of diseases is notably driving the medical devices market growth, although factors such as declining reimbursement and cost containment measures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Medical Devices Market Driver

• The increasing prevalence of diseases is one of the key factors driving the medical devices market growth.
• The global prevalence of acute and chronic diseases, including cardiovascular, neurological, orthopedic, and respiratory diseases, is increasing significantly.
• The prevalence of ophthalmic diseases, hearing disorders, and periodontal diseases are rising across the world. Age-related macular degeneration (AMD) is the third-leading cause of visual disability across the world and the leading cause in the industrialized world. 
• Globally, the aging population is growing rapidly due to the increasing average life expectancy.
• The prevalence of chronic cardiac, neurological, and orthopedic diseases is on the rise due to risk factors such as diabetes, hypertension, the consumption of tobacco, and obesity. Hence, the demand for advanced surgical imaging equipment, such as C-arms systems, is increasing, which is driving the growth of the market.

Key Medical Devices Market Trend

• The emergence of innovative technologies is one of the key medical devices market trends fueling the market growth.
• Numerous medical technologies and devices introduced in recent years are expected to enhance the diagnosis and treatment of various diseases significantly. 
• Regenerative medicine is increasingly gaining prominence due to its potential applications in repairing or replacing damaged human cells, tissues, and organs using therapeutic stem cells, tissue engineering, and artificial organ production.
• Many end-users are increasingly adopting surgical robots due to various advantages such as a 3D view of the operating field, low risk of infections, and others.
• Surgical robots have various advantages over laparoscopic and traditional surgery methods. Laparoscopic surgeries have certain limitations, including a restricted range of motion of instruments and poor ergonomic positioning of surgeons.
• Liquid biopsy can be used in conjunction with tumor tissue analysis or as an alternative when a tissue biopsy is insufficient, not feasible, or unavailable. However, their commercial applications are still nascent and largely limited to improving treatment selection for late-stage cancers, and the procedure is currently at a transition point between basic research and mainstream clinical practice. 

Key Medical Devices Market Challenge

• Declining reimbursement and cost containment measures is one of the factors limiting the medical devices market growth.
• Governments in various major markets, including the EU and Japan, are increasing several cost-containment measures by various mechanisms.
• In many countries, the reimbursement value is derived based on the cost of using the device for performing the procedure rather than the device technology or features.
• Many private insurers require the vendors to provide strong evidence on the cost-effectiveness and clinical benefits of new medical devices and data on their performance in comparison with existing products. Medical devices that fail to provide such data often struggle to generate investor support or attain reimbursements.
• The increasing efforts by government authorities, insurance companies, and other payers to contain and reduce the costs is increasing the number of patients being refused payment from these third-party payers. The refusal of payments is significantly affecting the sales of medical devices and the overall profitability of vendors operating in the market. Hence, cost containment measures are hampering the profitability of companies operating in the market and restricting the market growth.

This medical devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global medical devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical devices market during the forecast period.

Who are the Major Medical Devices Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Abbott Laboratories
• B. Braun SE
• Baxter International Inc.
• Becton Dickinson and Co.
• Boston Scientific Corp.
• Canon Inc.
• Cardinal Health Inc
• Danaher Corp.
• F. Hoffmann La Roche Ltd.
• Fresenius Medical Care AG and Co. KGaA
• General Electric Co
• Johnson and Johnson
• Koninklijke Philips NV
• Medtronic Plc
• Nihon Kohden Corp
• Olympus Corp.
• Siemens AG
• Smith and Nephew plc
• Stryker Corp.
• Zimmer Biomet Holdings Inc.

This statistical study of the medical devices market encompasses successful business strategies deployed by the key vendors. The medical devices market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• B. Braun SE - B. Braun SE is a privately held company headquartered in Germany. It is a global company generating $9,290 million in revenues and has around 66,234 employees. Its revenue from the global medical devices market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• B. Braun SE - The company offers medical devices such as ENT instruments and general surgical instruments. 

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The medical devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Medical Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the medical devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Medical Devices Market?

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42% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for medical devices market in North America. Market growth in this region will be slower than the growth of the market in Asia.

Favorable reimbursement policies will facilitate the medical devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had a negative impact on the regional market. However, in 2021, owing to mass vaccination drives and various government initiatives the regional market is expected to grow during the forecast period.

What are the Revenue-generating Product Segments in the Medical Devices Market?

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The medical devices market share growth in the therapeutic and surgical segment will be significant during the forecast period. The rising number of COVID-19 cases led to a decline in the demand for surgeries or preference for surgeries, which decreased the demand for therapeutic and surgical devices in 2020 and 2021. However, mass vaccination drives and other initiatives were conducted by various governments in different counties, which mainly attributed to the normalcy of hospital functionality. Thus, the AMID sub-segment within the therapeutic and surgical devices segment is expected to witness steady growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the medical devices market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Medical Devices Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive medical devices market growth during the next five years
• Precise estimation of the medical devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the medical devices industry across North America, Asia, Europe, and Rest of World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of medical devices market vendors

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