Enjoy complimentary customisation on priority with our Enterprise License!
The medical device sector comprises a diverse array of advanced technologies designed to tackle chronic illnesses and evolving lifestyles. This encompasses wearable electronics, wireless medical gadgets, and smart technologies. The market is experiencing substantial expansion due to the rising number of cancer instances and cancer-related fatalities. Health monitoring devices, such as fitness trackers, have gained popularity among athletes and individuals focused on their well-being. Essential therapeutic and diagnostic devices, including pacemakers, insulin pumps, implantable defibrillators, and various surgical procedures, are vital for managing chronic conditions like cardiovascular diseases and infectious diseases. Hospitals remain significant consumers of medical devices, while home healthcare, medical clothing, masks, and gloves have become increasingly crucial in catering to an aging population and economic pressures.
The markets for ophthalmic and orthopedic procedures are also expanding, fueled by the growing demand for sophisticated diagnostic and therapeutic solutions. The industry is also integrating dental 3D printing devices to boost the accuracy and customization of dental treatments, transforming patient care and enhancing overall dental health outcomes. Key factors driving market expansion include an aging population, the increasing demand for healthcare services, and the emergence of new technologies to cater to the needs of individuals with chronic conditions. Our researchers analyzed the data, utilizing 2022 as the base year, to identify the primary growth drivers, trends, and challenges.
Several organizations, both public and private, are spearheading efforts to boost market expansion in the healthcare sector. Notable initiatives include campaigns to raise awareness about Cardiovascular Diseases (CVDs), neurological and neuromuscular disorders, dental services, and hearing disabilities. In the United States, American Heart Month in February, led by the American Heart Association, is a federally recognized event dedicated to increasing public understanding of CVDs and their early detection.
Furthermore, the Heart Rhythm Society has designated October as Sudden Cardiac Arrest (SCA) Awareness Month, with the objective of informing the public about SCA diagnosis and treatment, contributing to the broader CVD awareness campaign. The World Health Organization (WHO) collaborates with partners and stakeholders to expand healthcare accessibility for individuals with epilepsy and to promote awareness regarding neurological and neuromuscular disorders. These initiatives by organizations are anticipated to stimulate the adoption of medical devices, leading to significant growth in the medical devices market during the forecast period.
The healthcare sector is experiencing substantial progress due to the advent of groundbreaking medical technologies and devices. Innovations in this field are driving market expansion, with a focus on addressing chronic diseases, lifestyle changes, and an aging population. Wearable electronics, such as fitness trackers, are gaining popularity among athletes and health-conscious individuals for monitoring their wellbeing. Advanced technologies, including wireless medical instruments, are revolutionizing cancer diagnosis and treatment, with significant advancements in areas like liquid biopsy and 3D bioprinting. Hospitals continue to invest in essential capital equipment, such as pacemakers, insulin pumps, and implantable defibrillators, for inpatient care.
Diagnostic devices, including those for cardiovascular diseases, diabetes, and infectious diseases, are vital for accurate diagnoses and timely treatments. Regulatory agencies, such as the FDA and healthcare organizations, play a critical role in approving these medical instruments and ensuring their safety and effectiveness. Surgical procedures, including elective surgeries and emergency room visits, greatly benefit from advanced medical instruments, while dental and orthopedic procedures also experience notable improvements. Chronic conditions and sedentary lifestyles pose significant health concerns, further highlighting the importance of medical instruments in healthcare. These factors are anticipated to fuel the growth of the medical devices market during the forecast period.
In the healthcare sector, cost containment measures and declining reimbursements pose significant challenges to market expansion. The US government and programs like Medicare and Medicaid are implementing cost-saving strategies, such as limiting reimbursements for specific procedures, outcome-based payments, population health management, and new regulations. One such regulation is the Sunshine Act, which mandates medical device manufacturers to report their annual expenditures on physicians and educational activities to the Centers for Medicare & Medicaid Services (CMS). This act influences medical communications and clinical data collection, which are crucial for ensuring sales growth in the market.
The rising prevalence of chronic diseases, changing lifestyles, and an aging population fuel the demand for healthcare technologies, including wearable electronics, wireless medical devices, and smart technologies. Cancer cases and related deaths, cardiovascular diseases, diabetes, and other chronic disorders necessitate the use of therapeutic and diagnostic devices, such as pacemakers, insulin pumps, implantable defibrillators, and surgical procedures. Healthcare agencies, hospitals, and dental procedures also rely on various medical devices, capital equipment, consumables, and breakthrough designations. Elective surgeries, emergency room visits, and orthopedic procedures further contribute to market growth. Wearable devices, such as fitness trackers, cater to athletes and individuals seeking health monitoring. Infectious diseases and sedentary lifestyles also influence the market's expansion. Despite these growth drivers, cost containment measures may hinder the medical devices market's expansion in the forecast period.
The medical devices market forecast report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the medical devices market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market forecasting and growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Abbott Laboratories - The company specializes in the medical device sector, providing advanced solutions such as the Accent 3 CRT-D System and Assurity MRI SureScan Pacemaker.
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 SE and Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corp., Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The medical device industry is a substantial sector, comprised of numerous product categories, including cardiac devices, diagnostic imaging systems, therapeutic devices, and more. These devices are essential in enhancing patient care and healthcare delivery. The market is fueled by factors such as an aging population, rising prevalence of chronic diseases, and technological innovations. Companies are investing substantially in research and development of synthetic biology to introduce groundbreaking products and expand their market presence. Furthermore, medical devices are incorporating synthetic biology to amplify their functionality and efficacy, resulting in advanced treatments and more customized healthcare solutions. Key industries within the medical device market include ophthalmic procedures and infectious diseases.
The healthcare sector's demand for medical devices continues to escalate due to the increasing incidence of chronic conditions and an aging population. Wearable electronics, wireless medical technologies, and smart health monitoring devices cater to patients' ongoing healthcare management requirements. Therapeutic and diagnostic devices, such as pacemakers, insulin pumps, implantable defibrillators, and electromedical equipment, are indispensable for managing conditions like cancer, cardiovascular diseases, and diabetes. Hospitals and healthcare organizations utilize a diverse range of equipment, consumables, and designations for inpatient care, surgeries, and diagnostic procedures. The market is highly competitive, with major players, including Siemens and Philips, leading the way. Marketing strategies for medical devices prioritize product differentiation, pricing strategies, and regulatory compliance. The market is projected to expand steadily due to the rising demand for advanced medical technologies and the expanding healthcare sector.
Market Scope |
|
Report Coverage |
Details |
Page number |
205 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.07% |
Market growth 2024-2028 |
USD 194.3 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.5 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, Japan, China, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 SE and Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corp., Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our medical devices market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Download Sample PDF at your Fingertips
The medical devices market size is estimated to grow by USD 194.30 billion at a CAGR of 6.07% between 2023 and 2028. The global healthcare sector experiences a substantial need for medical devices as a result of the escalating prevalence of chronic conditions such as diabetes, cardiovascular diseases, respiratory disorders, and cancer. Lifestyle changes and inactivity contribute to the rising cases and fatalities from these illnesses. Wearable electronics, wireless medical technologies, and smart health monitoring devices, including fitness trackers, cater to the ongoing healthcare management needs of patients. Therapeutic and diagnostic devices like pacemakers, insulin pumps, implantable defibrillators, and electromedical equipment are essential for managing cancer, cardiovascular diseases, and diabetes. Hospitals and healthcare organizations rely on capital equipment, consumables, and breakthrough designations for inpatient care, surgeries (emergency room, dental, orthopedic), and diagnostic procedures. Medical device manufacturing outsourcing is becoming increasingly common as companies aim to utilize specialized expertise and decrease production costs. The aging population further drives the demand for addressing age-related issues such as joint replacements, hearing aids, and assistive devices. Outsourcing medical device manufacturing is a popular trend as companies seek to reduce costs and access specialized expertise. The aging population's need for devices addressing age-related issues, such as joint replacements, hearing aids, and assistive devices, further fuels demand.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.