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Global Medical Devices Market to Reach 801.4 billion by 2031: Astute Analytica
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New Delhi, April 11, 2023 (GLOBE NEWSWIRE) — Global medical devices market is projected to reach USD 801.4 billion by 2031, up from USD 458.3 billion in 2022, growing at a CAGR of 6.3% over the forecast period 2023-2031.
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Hospitals and clinics are the largest consumers of medical devices as they require a wide range of equipment for patient care. Wherein, the most popular medical devices include diagnostic equipment such as MRI machines, CT scanners, ultrasound machines, and X-ray machines. Other essential devices include surgical instruments, infusion pumps, pacemakers, defibrillators, and implantable devices.
The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer has led to an increase in the demand for medical devices that are used for the management and treatment of these conditions. According to the World Health Organization (WHO), chronic diseases account for 71% of deaths worldwide, and this is expected to increase in the coming years due to aging populations and changing lifestyles. The aging population is also a significant factor contributing to the increase in demand for medical devices market. Technological advancements in medical device manufacturing and increasing healthcare expenditure are other factors driving the demand for medical devices.
The increasing focus on patient-centered care and the use of telemedicine and remote monitoring technologies are also significant trends in the medical devices industry. Additionally, there is a trend towards miniaturization of medical devices, making them smaller and more portable.
Top Trends Shaping the Global Medical Devices Market
The report highlights several key trends that are impacting the industry, including the following:
- The shift from traditional product development to value-based care models is resulting in increased pressure on device manufacturers to Demonstrate clinical and economic outcomes.
- Device connectivity is becoming increasingly important as the healthcare system seeks to improve patient care through real-time data tracking and interaction with other connected devices and systems.
- The globalization of medical device manufacturing is continuing as companies in the global medical devices market seek to tap into new markets and reduce costs.
- Regulatory pressures are increasing, particularly in Europe, as policymakers seek to ensure safety and efficacy of devices.
- The adoption of 3D printing technology is accelerating as manufacturing processes Becomes more streamlined and cost-effective.
North America to Hold Lion’s Share, the US to Remain the Largest Contributor to Regional Medical Device Market
Chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory diseases account for 71% of all deaths worldwide, as reported by the World Health Organization. This has contributed to the growth of the medical devices industry. The industry is also one of the largest exporters in the United States, with exports totaling $48.5 billion in 2022, as reported by the US Department of Commerce. In the United States, the medical devices market is highly regulated by the FDA, with over 83,000 medical device establishments as of 2021. Medical devices account for approximately 6% of the total national health expenditures in the US, which were estimated to be $3.8 trillion in 2021, according to the Centers for Medicare and Medicaid Services.
Approximately 6 in 10 adults in the United States have at least one chronic disease, and 4 in 10 adults have two or more chronic conditions, according to a report by the National Center for Health Statistics. Employment in the medical devices industry is projected to grow 5% from 2019 to 2029, adding approximately 17,000 new jobs, according to the US Bureau of Labor Statistics.
The European Union also regulates the medical devices industry, with the sector being the second-largest employer in the EU’s healthcare industry, employing over 500,000 people, according to the European Commission.
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Key Insights of the Global Medical Devices Market
- Key segments: Diagnostic and imaging devices, patient monitoring devices, surgical instruments, and therapeutic devices are the major segments of the medical devices market. The diagnostic and imaging devices segment accounted for over 19% of the total market share in 2020.
- Regulations: The medical devices industry is subject to strict regulations and compliance requirements. Regulatory bodies such as FDA and EMA have established guidelines and standards to ensure the safety and efficacy of medical devices.
- Emerging markets: Asia-Pacific and Latin America are emerging markets that are expanding in the medical devices industry. The growth is driven by increasing healthcare spending, rising disposable income, and growing awareness of healthcare services. Asia-Pacific was the fastest-growing region in the global medical devices market in 2022.
- COVID-19 impact: The COVID-19 pandemic has had a significant impact on the market. The demand for medical devices such as ventilators, personal protective equipment (PPE), and diagnostic tests has surged, while the demand for elective procedures has decreased. The pandemic has also accelerated the adoption of digital health technologies, such as telemedicine and remote monitoring devices.
- Personalized medicine: The development of personalized medicine is driving the demand for advanced medical devices such as genetic testing and molecular diagnostics. Personalized medicine involves tailoring treatments to individual patients based on their genetic makeup and other factors.
- Home healthcare: The trend towards home healthcare is increasing, driven by the aging population and the need for cost-effective care. This is leading to the development of medical devices that can be used in the home setting, such as glucose monitoring systems, blood pressure monitors, and nebulizers.
- Shift towards value-based care: The shift towards value-based care is driving the adoption of medical devices that can help healthcare providers achieve better patient outcomes while reducing costs. Remote monitoring devices, for example, can help reduce hospital readmissions and improve patient outcomes while lowering healthcare costs.
AI enabled Devices to Change the Face of Medical Devices Market
The report notes that new technologies such as 5G, artificial intelligence (AI), and digital twins will enable new medical devices and health solutions to be developed, which will in turn disrupt the traditional medical device industry. Astute Analytica predicts that by 2025, AI-enabled medical devices will be available that can provide diagnosis and treatment recommendations, and that digital twins will be used to manage health conditions. These new technologies will enable a more personalized and precise approach to healthcare, which will in turn reduce costs and improve outcomes.
Diagnostics Devices to Generate More than 19% Revenue of Global Medical Devices Market
Advancements in technology is driving the growth of the diagnostics devices market. For example, the increasing use of molecular diagnostics, including next-generation sequencing (NGS) and polymerase chain reaction (PCR) technologies, is providing more accurate and efficient diagnosis of diseases. The growing popularity of digital health technologies, such as telemedicine and remote patient monitoring, is also contributing to market growth.
According to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading causes of death and disability in the United States, and account for approximately 90% of healthcare costs. In addition, the CDC has launched several initiatives aimed at improving the prevention and management of chronic diseases, which are likely to drive demand for diagnostics devices.
On the other hand, the diagnostics medical devices market is being driven by the growing use of point-of-care (POC) testing and molecular diagnostics, as well as the expanding applications for imaging diagnostics such as computed tomography (CT) and magnetic resonance imaging (MRI). Molecular diagnostics is expected to be the fastest-growing diagnostic technology through 2022, with a compound annual growth rate (CAGR) of 7.8%. On the other hand, POC testing is forecast to grow at a CAGR of 7% through 2022, driven by continued adoption in primary care and expansion into new application areas such as infectious disease testing, cardiology and oncology.
Medtronic, Johnson & Johnson, Abbott, GE Healthcare, BD, and Philips are top 6 Players
Global medical devices market is a highly competitive. Wherein, the top five players in the market are Medtronic, Johnson & Johnson, Abbott, GE Healthcare, BD and Philips. These companies accounted for more than 26% of the global market in 2022. This growth will be driven by rising demand for new and innovative products, as well as an aging population and increasing health expenditure globally.
Innovation will be key to success in the medical devices market, with companies competing on the basis of product features, technology, and price. There is a strong trend towards miniaturization and digitalization of medical devices, as well as towards personalized and precision medicine. The future of the medical devices industry looks bright, with strong growth prospects and plenty of opportunity for innovation. However, companies will need to stay ahead of the competition and continue to invest in research and development in order to succeed in this dynamic market.
Some of the Top Market Players Are:
- 3M Co.
- Abbott Laboratories
- Allergan Inc.
- Baxter International Inc.
- Bayer
- Becton, Dickinson and Co.
- Boston Scientific Corp.
- Cardinal Health Inc.
- Covidien plc
- Cryolife Inc.
- Danaher
- Depuy Synthes
- Endologix, Inc.
- Essilor International SA
- Fresenius Medical Care AG & Co. KGAA
- GE Healthcare
- Getinge Ab
- Johnson & Johnson
- Koninklijke Philips NV
- Medtronic Inc.
- Novartis AG
- Olympus Corp.
- Roche Diagnostics
- Siemens Healthcare
- Smith & Nephew PLC
- Smiths Medical
- St. Jude Medical Inc.
- Stryker Corp.
- Terumo Corp.
- Thermo Fisher Scientific
- Zimmer Holdings Inc.
- Other Prominent Players
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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