Published on: March 16, 2020
The medical devices market size is estimated to grow by USD 177.95 billion at a CAGR of 5.87% between 2022 and 2027. There is high demand for medical devices from the global healthcare industry due to the rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, respiratory disorders, and cancer. Wearable electronics, wireless medical technologies, and smart health monitoring devices 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. The aging population drives demand for devices that address age-related issues like joint replacements, hearing aids, and assistive devices. Key industries include ophthalmic procedures and infectious diseases. Examples of healthcare settings where medical devices are used include hospitals, surgical centers, clinics, outpatient facilities, and inpatient care facilities.
Technological advancements, design modifications, and the increasing adoption of innovative devices across healthcare settings are helping to drive the market’s growth. Increasing healthcare expenditure and rising demand for specialized care are also driving the medical devices market. This market encompasses a wide range of technologies and products designed to diagnose, monitor, and treat various medical conditions, ranging from chronic diseases to surgical interventions. There are many different types of medical devices, including orthopedic devices, cardiovascular devices, diagnostic imaging, in-vitro diagnostics (IVD), surgical robots, wound management products, diabetes care devices, ophthalmic devices, and dental devices.
Chronic kidney disease (CKD) and other kidney issues have become a significant burden on the healthcare sector, leading to increased demand for renal dialysis equipment. Dialysis centers are expanding to meet this growing need, especially among patients with chronic respiratory and cardiovascular diseases, urinary tract infections, and other comorbidities. Products like automated peritoneal dialysis (APD) machines are therefore in high demand.
The prevalence of chronic conditions such as hypertension, diabetes, and cancer contributes to the severity of kidney diseases, helping fuel the demand for renal dialysis equipment. Lifestyle factors and dietary habits also play significant roles, with unhealthy eating habits and sedentary lifestyles increasing the risk of renal issues.
This report consists of a comprehensive analysis including market size, forecast, drivers, trends, competitive landscape, and other key industry dynamics.
An external defibrillator is used to treat someone whose heart has stopped. It is able to detect the patient’s heart rhythm (or lack thereof) and deliver an electric shock through the chest to attempt to return the heart’s rhythm to normal. These medical devices can significantly improve a person’s odds of survival after suffering a cardiac arrest.
External defibrillators are valuable devices in life-threatening conditions. Some are designed to be used by a layperson outside of a hospital context and are able to walk the user through the defibrillation procedure in order to ensure the best possible results. These life-saving medical devices can be found in public locations such as offices, schools, shopping malls, and airports.
This report consists of a comprehensive analysis including market size, forecast, drivers, trends, competitive landscape, and other key industry dynamics.
ENT (ear, nose, and throat) devices range from simple handheld instruments for routine examinations to complex surgical equipment and imaging systems for accurate diagnosis and treatment planning. Surgical interventions, such as tonsillectomy and sinus surgeries, require specialized instruments and equipment to ensure optimal outcomes.
Innovations in laser-based devices, robotics, and radiofrequency ablation systems are driving improvements in surgical techniques and outcomes for ENT procedures such as chronic rhinosinusitis. balloon sinuplasty, transoral robotic surgery, and endoscopic sinus surgery are the minimally invasive approaches that offer benefits such as reduced trauma, faster recovery, and improved patient satisfaction.
This report consists of a comprehensive analysis including market size, forecast, drivers, trends, competitive landscape, and other key industry dynamics.
Trends shaping the medical devices market landscape include the rising adoption of minimally invasive surgical procedures, the integration of diagnostic imaging technologies, and the development of wearable devices for remote monitoring and management of health conditions.
The market’s growth is primarily driven by technological innovations, which enable the development of more advanced and efficient medical devices. Research and development (R&D) activities play a crucial role in driving innovation in the medical devices industry. Companies are continuously investing in the development of new products, technologies, and treatment options to address unmet medical needs and improve patient outcomes. Factors such as the aging population, increasing prevalence of chronic diseases like cancer and diabetes, and the growing demand for specialized care also contribute to the rising adoption of medical devices globally.
Reimbursement issues, high acquisition and maintenance costs associated with advanced devices, regulatory hurdles, and the need for continuous innovation to meet evolving healthcare needs and standards can all create challenges for players in the medical devices market.
North America is projected to account for 39% of the global market’s growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that 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.
Technavio's medical devices industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our medical devices market reports include:
In order to provide you with a comprehensive view of the medical devices industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the medical devices market with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
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