Medical Devices Market Size Worth USD 625.3 Billion by 2027 | CAGR: 6.3%: Astute Analytica
NEW DELHI, Oct. 20, 2021 /PRNewswire/ -- As per the report "Global Medical Devices Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2027" published by Astute Analytica, the market generated the revenue of US$ 412.4 billion in 2020 and is expected to grow at a CAGR of 6.3% over the forecast period 2021-2027 in terms of value. Factors such as increasing incidence of chronic diseases and rising demand for minimally invasive treatment among others are supporting the estimated revenue generation of US$ 625.3 Bn by 2027.
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Chronic diseases are one of the most common and expensive health problems in the United States. Nearly half of all Americans have at least one chronic disease and the number is rising. Cancer, diabetes, hypertension, stroke, heart disease, respiratory disorders, arthritis, obesity, and oral diseases are all chronic diseases that can lead to hospitalization and long-term impairment, leading to an upsurge in medical device market.
Emergence of new and hassle-free home monitoring medical devices and increasing geriatric population are the other factors that are driving the market. Various countries around the world have a population that is primarily made up of the elderly. The ageing population necessitates long-term care, requiring the development of new medical devices for healthcare. According to the World Health Organization, the number of individuals aged 60 and more was around 900 million in 2015, and it is expected to reach nearly 2.0 billion in 2050, with the majority of the rise occurring in developing nations. Between 2015 and 2050, the share of the population aged 60 and up will double, from 12% to 22%. 80% of the world's elderly will reside in low- and middle-income nations by 2050.
However, the high cost of medical devices and reimbursement issues associated with medical device seems to obstruct the market growth. In many countries, reimbursement rates are determined by pre-determined formulae that are applied to processes or types of devices rather than by the technology or features of the individual manufacturer. This hinders businesses from investing in innovative technologies that can help them save money and improve their results in the long run. The reimbursement procedure for medical equipment is one of the most complicated and opaque processes that stifles medical device innovation. Many people from various countries are involved in the process and contact with manufacturers. Reimbursement choices are frequently ambiguous, time-consuming, and opaque. Manufacturers in various nations confront considerable problems in this area.
Technological Advancements in Medical Devices generates profitable opportunity in the market
The emergence of 3D printing in the healthcare business seems to have had a tremendous impact on the medical device industry. It uses a variety of technologies to quickly build complicated structures, resulting in a surge in advanced medical device manufacture. This is crucial for orthopaedic implant applications because it enables for the development of long-lasting, high-quality, and optimal-fit implants with increased performance and flexibility.
As new technologies, such as artificial intelligence (AI) are integrated to aid in enhanced diagnosis, the market is expected to grow. AI also helps healthcare workers to monitor patients remotely via sensors and automate therapy delivery using mobile apps. Significant advancements in new technologies such as smart sensors, smart gadgets, and other lightweight communication devices are driving medical equipment that create data into care pathways, forging alliances with IoMT systems. These advancements in biological signal monitoring and disease identification without the use of humans are helping healthcare companies improve patient outcomes, reduce costs, and increase efficiency. Physicians and medical practitioners will have real-time access to the device, which will help to reduce errors, due to several major trends such as the introduction of technologically advanced smart medical devices and the integration of contemporary Bluetooth technology with smart medical devices. Dexcom Inc., for example, announced the release of the Dexcom G6 CGM System in April 2020, which is accessible for remote patient monitoring in hospitals.
Sensors and medical equipment connected to 5G have near-zero latency, allowing them to gather and transfer data almost instantly with improved patient monitoring and patient outcomes. The benefits of combining 5G, healthcare, and robotics are already being considered by futurists. When it comes to medical device innovation, Medtronic, one of the world's top medical technology companies, has already released its next-generation patient monitoring system for pacemakers. Pacemakers can be linked to smartphone-based mobile apps that patients can better understand and use if they are enabled with Bluetooth technology. That, in turn, will improve remote monitoring, and, as a result, patient outcomes.
North America Medical Device Market: Top-tier region in the global market
Geographically, the market for medical devices is divided into five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa (MEA). In 2020, North America hold the largest share in the global market, and this dominance is predicted to continue during the forecast period. Increased use of innovative medical device technologies, growing digitalization of medical devices and increased emphasis on improving treatment results, are all driving market expansion in the area.
In the United States, there are over 6,500 medical device companies, the majority of which are small and medium-sized enterprises (SMEs). Microelectronics, telecommunications, instrumentation, biotechnology, and software development are just a few of the fields where the medical device business relies on the country's competitive advantage. Collaborations have led to recent advances including stent technologies, neuro-stimulators, robotic assistance, biomarkers, and implantable electronic devices. The industry's future growth is assured, as it is driven by innovation and the constant search for improved ways to cure or diagnose medical conditions.
During the forecast period, however, the Asia Pacific is expected to grow at a CAGR of 7.1%, with China being the largest part in the region's economy, accounting for more than half of all exports in 2020, followed by Japan. The market for medical devices in Asia Pacific is positioned for robust development, owing to rising income levels, increased private sector investment, and government incentives.
Competitive Landscape
Major players covered in this report 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 and Zimmer Holdings Inc. Significant contribution of companies in the market growth act as economic pillars to sustain the market's expansion. For instance, in June 2021, life sciences investor Novo Holdings acquired BBI Group from Exponent for an enterprise value of over US$463 million (£400 million). BBI Group is a supplier of products and services to the global diagnostics and life sciences industries.
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Segment Summary
Market size analysis based on revenue and volume distribution in several segments is included in the report's market segments. These include product, application, end user and region. Each segment is well illustrated in the report, for instance, in product segment, patient monitoring devices segment holds largest CAGR of 6.8% in the global Medical Devices market owing to its easy-to-use feature, while consumables segment, syringes, needles & catheters holds more than half of the market share in 2020.
Similarly, Cardiology in the application segment holds the major share of 18.9% in 2020 and household segment among all other end users holds highest CAGR of 7.7% in the global medical devices market due to rising trend for in-house health monitoring.
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The report provides thorough analysis of Global Medical Device Market – Industry Dynamics, Market Size and Opportunity Forecast to 2027, based on the following:
Segmentation Overview of the Global Medical Devices Market
- By Product
- Diagnostic Devices
- Electro diagnostic Devices
- Ultrasound Systems
- Magnetic Resonance Imaging (MRI)
- Electrocardiographs
- Scintigraphy Apparatus
- Other Electrodiagnostic Devices
- Radiation Devices
- CT Scanners
- Other Medical X-ray Apparatus
- Imaging Parts & Accessories
- Contrast Media
- X-ray Tubes
- Medical X-ray Film
- Other Imaging Parts & Accessories
- Consumables
- Syringes, Needles & Catheters
- Syringes (with/without needles)
- Tubular Metal Needles/Needles for Sutures
- Others
- Bandages & Dressings
- Adhesive Medical Dressings
- Non-adhesive Medical Dressing
- Suturing Materials
- Other Consumables
- Surgical Gloves
- Ostomy Products
- Blood-Grouping Reagents
- First-aid Boxes & Kits
- Patient Aids
- Portable Aids
- Hearing Aids
- Pacemakers
- Therapeutic Applications
- Therapeutic Respiration Devices
- Mechano-Therapy Devices
- Others (Endoscope, Defibrillators, CRT Devices, etc.)
- Orthopedics and Prosthetics
- Fixation Devices
- Artificial Joints
- Other Artificial Body Parts
- Dental Products
- Dental Instruments and Supplies
- Dental Instruments
- Dental Cements
- Teeth and Other Fittings
- Dental Care Equipment
- Dental Drills
- Dental Chairs
- Dental X-Rays
- Patient Monitoring Devices
- Other Medical Device Categories
- Ophthalmic Instruments
- Hospital Furniture
- Wheelchairs
- Medical & Surgical Sterilizers
- Ultra-violet or Infra-Red Ray Apparatus
- Other Instruments & Appliances
- By Application
- Oncology
- Cardiology
- Orthopedics
- Ophthalmic
- Respiratory
- Urology & Gynecology
- General & Plastic Surgery
- Dental
- Diabetic Care
- Wound Management
- Nephrology
- General Hospital and Healthcare
- Ear, Nose, and Throat
- Others
- By End User
- Hospitals & Surgical Centers
- Clinics
- Household
- Other End Users
- By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Italy
- Spain
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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