by The medical devices market includes a wide range of equipment used for the diagnosis, monitoring, and treatment of medical conditions. Major products in this market include diagnostic imaging equipment, patient monitoring devices, electro-medical equipment, surgical equipment and other major medical device categories. Advancement in technology is driving innovation in medical devices and various segments are incorporating connectivity and AI capabilities. Smart connected devices allow for remote monitoring which has benefits for both patients and healthcare providers.
The global medical devices market is estimated to be valued at US$ 3,253.3 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The advancement in smart connected devices provides opportunities for medical device companies to flourish in this market. Connected devices allow remote patient monitoring which improves healthcare access. This driver will boost market growth over the forecast period. The integration of connectivity capabilities is an ongoing trend in the industry, with increasing adoption of remote monitoring tools powered by cellular connectivity and cloud computing. New applications are emerging, allowing devices like glucose monitors to transmit real-time data to doctors without requiring patients to visit clinics. This enhances convenience for users and aid early diagnosis and treatment for healthcare providers.
Another key driver for the medical devices market is growth in aging population globally which increases demand for healthcare services. The elderly are more susceptible to chronic conditions that require long term monitoring and treatment. This fuels demand for products across various segments like surgical equipment, monitoring devices, and implantables. The prevalence of non-communicable diseases is also on the rise, driving utilization of diagnostic and treatment equipment in areas such as cardiology, oncology, orthopedics and neurology.
Segment Analysis
The medical devices market can be segmented into diagnostic imaging devices, surgical devices, and monitoring devices. The monitoring devices segment is dominating the market currently as it holds around 35% share and is expected to grow further due to increasing applications of patient monitoring devices in various healthcare settings. Within monitoring devices, cardiac monitoring devices dominate owing to increasing prevalence of cardiovascular diseases.
PEST Analysis
Political: Governments across countries are focusing more on affordable healthcare and providing easier access to advanced medical technologies which is positively impacting the market.
Economic: Developed economies are major contributors to the growth of this market due to high healthcare spending. Emerging markets also present lucrative opportunities due to growing middle class.
Social: Aging population globally is increasing demand for medical devices. Also, increasing lifestyle diseases are propelling the need for advanced devices for treatment and diagnosis.
Technological: Continuous technological advancements are expanding applications of medical devices. Use of IoT, AI, and machine learning is helping introduce more innovative devices.
Key Takeaways
The global medical devices market is expected to witness high growth over the forecast period driven by growing elderly population worldwide and rising incidence of chronic diseases. The global medical devices market is estimated to be valued at US$ 3,253.3 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Regionally, North America dominated the market in historical years owing to concentration of key players and advanced healthcare infrastructure in the region. However, Asia Pacific is expected to emerge as the fastest growing regional market due to growing medical tourism industry and improving access to healthcare in countries like China and India.
Key players operating in the medical devices market are Medtronic Plc, Johnson & Johnson, General Electric Co., Fresenius Medical Care AG & Co. KGaA, Philips Healthcare, Siemens AG, Becton, Dickinson and Co., Cardinal Health Inc., Stryker Corp., and Baxter International Inc. Key players are focusing on new product launches and acquisitions to strengthen their product portfolio and geographical footprint. For instance, Medtronic acquired Titan Spine to expand its spinal implants portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
