In-Depth Research On Medical Devices Market Size | USD 799.67 Billion by 2030

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As per the report by Fortune Business Insights, the global Medical Devices Market size is projected to reach USD 799.67 Billion by 2030, at a CAGR of 5.9% during the forecast period.

Pune, India, June 06, 2023 (GLOBE NEWSWIRE) — The global medical devices market size was USD 512.29 billion in 2022. The market is anticipated to expand from USD 536.12 billion in 2023 to USD 799.67 billion by 2030, exhibiting a CAGR of 5.9% over the estimated period. The surge is driven by the escalating emphasis of healthcare agencies toward early treatment and diagnosis and an increasing number of patients undergoing surgical and diagnostic procedures. The market growth is further propelled by the escalating investments in R&D by key industry players for the development of technologically advanced equipment.

This information is provided by Fortune Business Insights™ in its research report, titled “Medical Devices Market, 2023-2030”.

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Key Industry Development:

February 2023 – Siemens Healthineers AG inked an agreement with Unilabs. Unilabs invested in Siemens’s top-notch technology, acquiring over 400 laboratory analyzers for the improvement of laboratory infrastructure to provide unparalleled service to customers.


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Key Takeaways:

  • According to the American Hospital Association (AHA), the number of inpatient admissions in the U.S. in 2021 was predicted to be 33.4 million.
  • In 2022, 164 devices received breakthrough designations from the U.S. FDA’s Centre for Devices and Radiological Health (CDRH), up from roughly 151 in 2020.
  • During the pandemic, sales of wearable fitness equipment increased by more than 31%, reaching over 445 million units in 2020, by Run Repeat.
  • According to the CDC, 78 million Americans will have arthritis by 2040, accounting for 1 in 4 of all adult Americans.

Discover the Leading Players Featured in the Report:

Medtronic (Ireland), Stryker (U.S.), Johnson & Johnson Services, Inc. (U.S.), Fresenius SE & Co. KGaA (Germany), Koninklijke Philips N.V. (Netherlands), Abbott (U.S.), General Electric Company (U.S.), Siemens Healthineers AG (Germany), BD (U.S.), Cardinal Health (U.S.)

Report Scope

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 5.9%
2030 Value Projection USD 799.67  Billion
Base Year 2022
Medical Devices Market Size in 2023 USD 536.12 Billion
Historical Data for 2019 to 2021
No. of Pages 282



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Drivers and Restraints:

Market Share to Rise Driven by Surging Prevalence of Chronic Diseases

One of the leading factors impelling the medical devices market growth comprise the escalating prevalence of chronic disorders, including cancer, diabetes, and other infectious diseases. Furthermore, various healthcare agencies are centered on enhancing the treatment and diagnosis rates through soaring number of awareness programs.

However, rising technological advancements and the high cost associated with these devices are expected to hinder market expansion to some extent.


Regional Insights:

North America to Emerge as a Leading Region Impelled by the Presence of Favorable Policies

The North America medical devices market share is expected to register substantial expansion throughout the forecast period. The rise is due to the escalating adoption of advanced technologies and the presence of favorable and adequate reimbursement policies.

The Europe market is anticipated to record considerable growth over the study period. The surge is propelled by the growing adoption of advanced treatment and diagnostic devices.

Asia Pacific is estimated to expand at a lucrative CAGR over the projected period. The escalation is impelled by the rising prevalence of diseases such as infectious diseases, cardiovascular disorders, and others.


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Segments:

In-vitro Diagnostics (IVD) Segment to Emerge Prominent Driven by Growing Prevalence of Infectious Diseases

Based on type, the market is subdivided into orthopaedic devices, diagnostic imaging, cardiovascular imaging, MIS, IVD, wound management, ophthalmic, diabetes care, nephrology, general surgery, dental, others. The in-vitro diagnostics (IVD) segment is anticipated to record a considerable CAGR over the forecast period. The surge is due to the increasing uptake of real-time diagnostic tests for the precise diagnosis of infectious diseases.

Hospitals & ASCs to Gain Traction Driven by Increase in the Number of these Settings

On the basis of end-user, the market for medical devices is fragmented into clinics, hospitals & ASCs, and others. The hospitals & ASCs segment is anticipated to gain notable traction throughout the analysis period. The rise is due to the surging government emphasis toward the development of healthcare infrastructure.

Based on geography, the market can be subdivided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Report Coverage:

The report provides a comprehensive coverage of the vital trends propelling the global industry landscape throughout the forecast period. It further delves into the significant factors impelling market expansion over the projected period. Additional aspects include the key initiatives undertaken by major market participants for strengthening the positions of their businesses.

Competitive Landscape:

Key Players Focus on Acquisitions and Merger Agreements to Strengthen Market Foothold

Major industry participants are centered on the adoption of a series of strategic initiatives for strengthening the positions of their businesses. These comprise acquisitions, partnership agreements, mergers, and the launch of new products. For instance, in December 2022, Johnson & Johnson Services Inc. announced its acquisition of Abiomed, Inc. The deal was aimed at delivering advanced medical technologies to more people across the globe.


FAQ’s

How big is the Medical Devices Market?

Medical Devices Market size was USD 536.12 Billion in 2023.

How fast is the Medical Devices Market growing?

The Medical Devices Market will exhibit a CAGR of 5.9% during the forecast period, 2023-2030

Related Reports:

Wound Care Devices Market Share, Size, Trends and Forecast 2020-2027

In-vitro Diagnostics Market Size, Share, Trends, Growth | Global Forecast Report 2030

Ophthalmic Devices Market Size, Share, Trends, Growth 2023-2026

Cardiovascular Devices Market Trends, Growth 2021-2028


About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

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