Medical Devices Market Analysis North America,Europe,Asia,Rest of World (ROW) - US,Germany,UK,Japan,China - Size and Forecast 2023-2027

Medical Devices Market Size 2023-2027:

The Medical Devices Market size is estimated to grow by USD 177.95 billion at a CAGR of 5.87% between 2022 and 2027. 

The global healthcare industry witnesses a significant demand for medical devices due to the rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, respiratory disorders, and cancer. Changing lifestyles and sedentary habits contribute to the increasing cases and related deaths from these conditions. Wearable electronics, wireless medical technologies, and smart health monitoring devices, including fitness trackers, cater to the ongoing health management needs of patients. Cancer, cardiovascular diseases, and diabetes require various therapeutic and diagnostic devices like pacemakers, insulin pumps, implantable defibrillators, and electromedical equipment. Hospitals and healthcare agencies utilize capital equipment, consumables, and breakthrough designations for inpatient admissions, surgeries (emergency room, dental, orthopedic), and diagnostic procedures. The aging population further fuels the demand for addressing age-related issues like joint replacements, hearing aids, and assistive devices. Key industries include ophthalmic procedures and infectious diseases. RunRepeat reports that athletes also rely on wearable devices for performance tracking and injury prevention. Such factors drive the market growth during the forecast period. 

What will be the size of the Market During the Forecast Period?

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Market Segmentation 

Furthermore, this report extensively covers market segmentation by product (therapeutic and surgical, PMDMID, and other medical devices), end-user ( hospitals and ASCs, clinics, and others), and geography (North America, Asia, Europe, and Rest of World (ROW)).

Market Segmentation by Product, End-user, and Geography Analysis

Product Analysis

Therapeutic and Surgical

The market share growth by the therapeutic and surgical segment will be significant during the forecast period. The market encompasses innovative technologies designed to address chronic diseases and changing lifestyles. Chronic disorders such as cardiovascular diseases, cancer, and diabetes are driving demand for therapeutic and diagnostic devices. Healthcare advancements in wearable electronics, wireless medical technologies, and smart technologies are revolutionizing health monitoring for individuals, including athletes. Pacemakers, insulin pumps, implantable defibrillators, and other implantable medical devices are transforming healthcare by providing long-term solutions for cardiovascular diseases and neurological disorders. Surgical procedures, including inpatient admissions, elective surgeries, and emergency room visits, continue to rely on capital equipment and consumables. The market encompasses innovative technologies designed to address chronic diseases and changing lifestyles. Chronic disorders such as cardiovascular diseases, cancer, and diabetes are driving demand for therapeutic and diagnostic devices. 

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The therapeutic and surgical segment was valued at USD 249.57 billion in 2017 and continued to grow until 2021. Healthcare advancements in wearable electronics, wireless medical technologies, and smart technologies are revolutionizing health monitoring for individuals, including athletes. Pacemakers, insulin pumps, implantable defibrillators, and other implantable are transforming healthcare by providing long-term solutions for cardiovascular diseases and neurological disorders. Surgical procedures, including inpatient admissions, elective surgeries, and emergency room visits, continue to rely on capital equipment and consumables. Cancer cases and related deaths have fueled the need for breakthrough designations and innovative diagnostic devices. Hospitals remain a significant market, with a focus on cardiovascular diseases, cancer, diabetes, and other chronic conditions. Dental procedures and orthopedic surgeries also contribute to the market's growth. Wearable devices, such as fitness trackers, are increasingly popular for personal health monitoring and maintaining an active lifestyle in the face of sedentary lifestyles and an aging population.

Further, ophthalmic procedures are another area of growth within the market. RunRepeat and other healthcare agencies play a crucial role in facilitating access to these technologies. Cancer cases and related deaths have fueled the need for breakthrough designations and innovative diagnostic devices. Hospitals remain a significant market with a focus on cardiovascular diseases, cancer, diabetes, and other chronic conditions. Dental procedures and orthopedic surgeries also contribute to the market's growth. Fitness trackers are increasingly popular for personal health monitoring and maintaining an active lifestyle in the face of sedentary lifestyles and an aging population. Ophthalmic procedures are another area of growth within the market. RunRepeat and other healthcare agencies play a crucial role in facilitating access to these devices and technologies.

End-user Analysis 

Hospitals and ASCs

The Hospitals and ASCs (Ambulatory Surgical Centers) segment is a significant and critical part of the market. The market encompasses orthopedic procedures, cardiovascular equipment, fetal monitors, surgical lights, imaging systems, patient monitoring devices, and diagnostic instruments. Hospitals and Ambulatory Surgical Centers (ASCs) are primary consumers, driven by rising healthcare expenditures and increasing patient volumes due to population growth and aging demographics. The economic burden is alleviated through home healthcare solutions, which incorporate medical clothing, masks, gloves, and other essentials. The market's expansion is fueled by the need for advanced devices to enhance patient care and treatment outcomes in hospital inpatient settings and beyond. All of these factors are expected to drive the growth of the hospitals and ASCs segment of the market during the forecast period.

Clinics

Clinics are healthcare facilities that provide medical services and treatments on an outpatient basis. There are different types of clinics, varying in size and specialization, from smaller private ones to larger specialized ones. These clinics are a crucial part of the market and provide a wide range of devices, such as blood pressure monitors and ultrasound machines, for use in different clinical settings. Outpatient care is becoming increasingly popular as it is cost-effective, convenient, and supported by advancements in medical technology. Clinics offer outpatient services and are thus driving the demand for medical devices in these settings. The medical devices used in clinics are designed to be cost-effective and efficient to help manage healthcare costs while ensuring quality care. The growing awareness about health and wellness has resulted in more frequent health check-ups and preventive healthcare measures, leading to an increased demand for diagnostic and monitoring devices in clinics. These factors are expected to fuel the growth of the clinic's segment of the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The North American market is primarily driven by the US, which is the world's largest consumer and exporter of medical devices. The US market is particularly significant in the orthopedic procedures sector, given its large and aging population. The economic burden of medical care in the US is substantial, making cost-effective medical devices essential in both hospital inpatient and home healthcare settings. Key product categories include medical clothing, masks, gloves, surgical lights, fetal monitors, and cardiovascular devices.

In addition, Canada is the second-largest market in North America, with a focus on home healthcare and medical devices for chronic conditions. The US is also a major exporter of medical devices to the EU and Japan. Over 6,500 medical device companies operate in the US, with many being small and medium-sized enterprises. Major US companies include Baxter International Inc. and Becton, Dickinson, and Co. in the orthopedic, cardiovascular, and diagnostic device sectors. Such factors are expected to drive the growth of the regional market during the forecast period.

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Key Market Players 

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 15 market 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
• Koninklijke Philips N.V.
• Medtronic Plc
• Nihon Kohden Corp.

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.

Market Dynamics and Customer Landscape

The market encompasses a wide range of innovative technologies designed to address chronic diseases and changing lifestyles. These include wearable electronics, wireless medical devices, and smart technologies. The market is witnessing significant growth due to the increasing number of cancer cases and cancer-related deaths. Health monitoring devices, such as fitness trackers, are increasingly popular among athletes and individuals seeking to maintain their health. Therapeutic and diagnostic devices, including pacemakers, insulin pumps, implantable defibrillators, and various surgical procedures, are essential for managing chronic disorders like cardiovascular diseases and infectious diseases. Hospitals continue to be major consumers of medical devices, while home healthcare and medical clothing, masks, and gloves are becoming increasingly important in the context of an ageing population and economic burden. The market for ophthalmic and orthopedic procedures is also expanding, driven by the growing need for advanced diagnostic and therapeutic solutions. Overall, the market is expected to experience continued growth due to the increasing demand for healthcare services and the development of new technologies to address the needs of an ageing population and those with chronic conditions. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Market Drivers

The increasing initiatives and awareness by public and private organizations is driving market growth. Some of the major initiatives are to promote awareness about CVDs, initiatives for promoting awareness about neurological and neuromuscular disorders, initiatives for promoting dental services, and the initiatives for promoting awareness about hearing disabilities. In the US, February is observed as American Heart Month by the AHA to promote awareness of CVDs and their early diagnosis. This is a federally designated event. Additionally, the Heart Rhythm Society has designated October as Sudden Cardiac Arrest (SCA) Awareness Month. Through this initiative, they aim to increase awareness and educate the public about the diagnosis and treatment of SCA as part of the promotion of CVD awareness. WHO is working with partners and stakeholders to enhance healthcare accessibility for individuals with epilepsy and promote awareness about neurological and neuromuscular disorders.

Moreover, the initiative to improve treatments for these disorders is also gaining momentum, with the Brain Donor Project aiming to increase funding for scientific advancements in neurological, neuropsychiatric, and neurodevelopmental disorder treatments. Many countries offer free dental services, as stated by initiatives promoting dental health. The Organisation for Economic Co-operation and Development (OECD) reports that Austria, Mexico, Poland, Spain, and Turkey provide complete coverage for the costs of dental health services. Such initiatives by public and private organizations will increase the adoption of medical devices, which, in turn, is expected to drive the growth of the market during the forecast period.

Significant Market Trends

The emergence of innovative medical technologies is an emerging trend shaping market growth. The healthcare industry is witnessing significant advancements due to the introduction of innovative medical devices and technologies. Chronic diseases, changing lifestyles, and an ageing population are driving the demand for health monitoring and therapeutic devices. Wearable electronics, such as fitness trackers, are increasingly popular among athletes and individuals seeking to maintain their health. Smart technologies, including wireless medical instruments, are revolutionizing cancer diagnosis and treatment, with breakthroughs in areas like liquid biopsy and 3D bioprinting. Hospitals continue to invest in capital equipment like pacemakers, insulin pumps, and implantable defibrillators for inpatient admissions.

Moreover, diagnostic devices, including those for cardiovascular diseases, diabetes, and infectious diseases, are essential for accurate diagnosis and timely treatment. Regulatory agencies, such as the Medicines Agency and healthcare agencies, play a crucial role in approving these medical instruments and ensuring their safety and efficacy. Surgical procedures, including elective surgeries and emergency room visits, benefit from advanced medical instruments, while dental and orthopedic procedures also see significant improvements. RunRepeat reports that chronic disorders and sedentary lifestyles are major health concerns, further emphasizing the importance of medical instruments in healthcare. Such factors are expected to fuel the growth of the market during the forecast period.

Major Market Challenges 

Declining reimbursement and cost containment measures are significant challenges hindering market growth. In the healthcare sector, the US government and various programs, such as Medicare and Medicaid, are implementing cost-containment measures to decrease spending. These measures include limiting reimbursements for specific procedures, outcome-based reimbursements, population health management, and new regulations. One such regulation is the Sunshine Act, which requires manufacturers of medical devices to report their annual spending on physicians and educational activities to the Centers for Medicare & Medicaid Services (CMS). This act impacts medical communications and clinical data collection, essential for ensuring sales growth in the market. Chronic diseases, changing lifestyles, and an aging population drive the demand for healthcare, including wearable electronics, wireless medical technologies, and smart technologies.

Further, cancer cases and related deaths, cardiovascular diseases, diabetes, and other chronic disorders increase the need for therapeutic and diagnostic devices, such as pacemakers, insulin pumps, implantable defibrillators, and surgical procedures. Healthcare agencies, hospitals, and dental procedures also utilize various medical devices, capital equipment, consumables, and breakthrough designations. Elective surgeries, emergency room visits, and orthopedic procedures further contribute to the market's growth. Wearable devices, such as fitness trackers and RunRepeat, cater to athletes and individuals seeking health monitoring. Infectious diseases and sedentary lifestyles also impact the market's expansion. Therefore, cost containment measures may hinder the growth of the market in the forecast period.

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Customer Landscape

The market report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook 
  • Therapeutic and surgical
  • PMDMID
  • Others

• End-user Outlook 
  • Hospitals and ASCs
  • Clinics
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World 
    • Brazil 
    • Argentina
    •  Australia

Market Analyst Overview 

The market is a significant sector, encompassing various types of products such as cardiac devices, diagnostic imaging systems, therapeutic devices, and more. These devices play a crucial role in improving patient outcomes and enhancing healthcare delivery. The market is driven by factors like an aging population, increasing prevalence of chronic diseases, and technological advancements. Companies are investing heavily in research and development to launch innovative products and expand their market share. The market is competitive with key players, including Siemens Healthineers, Philips, and GE Healthcare. Marketing strategies for medical devices focus on product differentiation, pricing strategies, and regulatory compliance. The market is expected to grow at a steady pace due to the increasing demand for advanced medical technologies and the expanding healthcare sector.

Market Scope
Report Coverage	Details
Page number	195
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.87%
Market growth 2023-2027	USD 177.95 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	5.22
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 39%
Key countries	US, Germany, UK, Japan, and China
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, 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 growth analysis, Market forecasting, 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 the market forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on the company's position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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