Global Medical Device Market Size, Segmentation, Trends and Growth Analysis Forecast by 2030

Medical Device Market Overview and Analysis:

The Medical Devices Market size is expected to grow from USD 595.42 billion in 2022 and is expected to register a CAGR of 6.99% during the forecast period (2022-2030).

Get Complete Analysis Of The Report - Download Free Sample PDF

A medical device is any type of instrument, apparatus, appliance, machine, implant, or any other related/similar article used for diagnosing, treatment monitoring, prevention, or alleviation of diseases. The rising prevalence of chronic and related increases in disability-adjusted life years, technological advancements in medical devices, and a consistent increase in the aging population are boosting market growth.

Segmentation:

The Global Medical Device Market Research Report Covers Industry Trends and analysis and is Segmented

By Type of Device :

• Respiratory Devices
• Cardiology Devices
• Orthopedic Devices
• Diagnostic Imaging Devices (Radiology Devices)
• Endoscopy Devices
• Ophthalmology Devices
• Other Devices

Geography

• North America
• Europe
• Asia-Pacific
• Middle East
• Africa
• South America

For Detailed Market Segmentation - Download Free Sample PDF

Medical Device Market Latest Trends:

The top industry trends in the medical device space are medical robotics, artificial intelligence, and cyber security are expected to contribute to the segment growth.

Market Drivers:  

GROWING GERIATRIC POPULATION ACROSS THE WORLD

The geriatric population is more likely to acquire age-related diseases that are less prevalent among young people. Although high blood pressure is an intergenerational issue, the geriatric population is significantly more likely to suffer from cardiovascular disease, ischemic heart disease, diabetes, urine incontinence, vascular dementia, multiple sclerosis, and other disorders. In addition, the burden of orthopedic disorders such as back pain, osteoarthritis, and arthritis is also increasing due to the aging population as they are more prone to be affected by orthopedic problems due to weaker bones.

According to the World Health Organization, in July 2021, it was observed that, in 2020, Sub-Saharan Africa had approximately 54 million people aged 60 and over, accounting for 5% of all older adults worldwide and this number is expected to rise to 67 million by 2025 and to 163 million by 2050.

RISING PREVALENCE OF CHRONIC DISEASES AND RELATED INCREASE IN DISABILITY-ADJUSTED LIFE YEARS

The increasing prevalence and burden of chronic diseases around the world are driving the demand for effective and advanced treatment services that involve various diagnostic and surgical procedures and due to this factor, the demand for medical devices across the globe is increasing and further expected to increase in near future which in turn is anticipated to have a significant impact on the market growth.

According to the National Institutes of Health data published in March 2022, HER-2 Negative cancer accounted for around 15-20% of the total breast cancer cases across the United States. It is anticipated that 287,850 new cases of female breast cancer will be diagnosed in 2022. Thus, the rising burden of breast cancer cases among the population is anticipated to increase the demand for diagnostic imaging devices for the early detection of cancer, thereby propelling the market growth

Market Restraints:

STRICT regulatory POLICIES AND UNCERTAINTY IN REIMBURSEMENT

The different reimbursement prices across the globe are also expected to hinder market growth. For instance, According to the “2020 EP Reimbursement and Coding Guide” effective from 1st January 2020 to 31st December 2020, the reimbursement cost of intracardiac echocardiography procedures in the United States for left heart catheterization by transseptal puncture through an intact septum or by transapical puncture was USD 220, and for intraventricular and/or intra-atrial mapping of tachycardia site(s) with catheter manipulation to record from multiple sites to identify the origin of tachycardia was USD 291.

COVID-19 Impact on Medical Device Market

The COVID-19 pandemic had a significant impact on the healthcare systems, with significant consequences not only for COVID-19-infected patients but also for others, resulting in the cancellation of all elective treatments and procedures to manage and reserve resources. The increased COVID-19 cases and lockdowns, imposed by the government all over the world, have significantly decreased the manufacturing, supply, and import-export of medical devices to avoid the risk of getting contaminated by the coronavirus. For instance, according to an article published in June 2022, titled ‘Impact of the COVID-19 pandemic on delays in surgical procedures in Germany: a multi-center analysis of an administrative registry of 176,783 patients, the overall number of surgical patients fell by 11.7% and 22.7%, respectively, for primary and secondary procedures. In addition, approximately 376,000 backlogs of digestive operations and 24% of the cancer surgery cases were canceled in Germany during the pandemic.

Therefore, owing to the aforementioned factors, initially, the COVID-19 pandemic negatively impacted the market growth due to declined and reduced diagnostic and surgical procedures however, the resumed procedures increased hospital visits, and increased coronavirus cases have increased the demand for various medical devices used for treating chronic diseases which are expected to increase the market growth over the forecast period.

Segmental Analysis

Respiratory Devices Segment is Expected to Witness Significant growth Over the Forecast Period

The respiratory devices include respiratory diagnostic devices, therapeutic devices, and breathing devices for administering long-term artificial respiration. It may also include a breathing apparatus used for resuscitation, by forcing oxygen into the lungs of a person who has undergone asphyxia. The major factors driving the growth of the segment in the is due to the increasing prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD), Tuberculosis, Asthma, and Sleep Apnea, as technological advancements in respiratory devices. As stated by the data from World Health Organization 2021, chronic respiratory diseases affect more than one billion people, globally.

Additionally, as per the data from Lung India as of August 2022, the prevalence of Asthma among Indian children was around 18.2%. The same source suggests that there is a high prevalence of severe asthma in the emerging markets of the Middle East and Africa as well as Latin America, compared to the mid-range prevalence in North America and Europe. Thus, the growing prevalence of respiratory diseases is expected to propel the segment growth over the forecast period.

North America Region is Expected to Witness Significant Growth Over the Forecast Period

The North American region is expected to see a surge in the overall medical devices market throughout the forecast period, due to the high healthcare expenditures, the presence of key players, and a growing geriatric population in the country. Also, the increasing prevalence of chronic diseases such as respiratory disorders like acute respiratory distress syndromes (ARDS) and pulmonary fibrosis, along with the increasing prevalence of cardiovascular diseases such as coronary artery diseases, and heart failure, among the population, leads to increased cardiopulmonary bypass procedures, resulting in an increasing demand for medical devices.

According to 2022 statistics published by the American Heart Association, the prevalence rate of heart failure in the United States was 6 million, which is 1.8% of the total population, in 2021. Thus, the high burden of cases of heart failure in the country is expected to increase the demand for medical devices for better diagnosis and treatment which is further expected to boost the growth of the market over the forecast period. Similarly, In January 2021, PENTAX Medical increased the availability of the CapsoCam Plus video capsule system with Health Canada licensing in partnership with CapsoVision, Inc. This product expansion enables at-home administration of the CapsoCam Plus small bowel capsule endoscope during the COVID-19 pandemic for eligible patients, permitting a fully remote capsule endoscopy procedure and effectively eliminating the need for in-person interactions between clinicians and their patients. Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period.

Get Complete Analysis Of The Report - Download Free Sample PDF

Medical Device Market Competitive Landscape:

The medical devices market is competitive and consists of several major players. Companies like

Key Players :

• Abbott Laboratories Inc,
• F. Hoffmann-La Roche Ltd
• Philips Healthcare
• Siemens Healthineers (Siemens AG)
• Stryker Corporation
• Boston Scientific Corporation
• Johnson & Johnson
• Medtronic PLC
• Smith & Nephew PLC
• GE Healthcare,

Hold substantial shares in the market.

Recent Developments:

1) In May 2022, HCSG and IMPLICITY, two Germany-based providers of remote monitoring solutions in the field of cardiology, announced the conclusion of a cooperation agreement. The two companies are intended for German cardiologists who want to run their telemedicine facility.

2) In March 2022, Cathi Distribution GmbH, a Germany-based company specializing in endovascular simulators, launched the Cathis RHC 2, the company’s next-generation suitable heart catheter (RHC) simulator.

Frequently Asked Questions (FAQ) :

Q1. What is the Growth Rate of the Medical Device Market ?

Q2. Which Region is expected to hold the highest Market share?

Q3. What segments are covered in the Medical Device Market Report?

Q4. What Is Medical Device Market ?