market research medical device industry

Medical Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Medical Device Market Research Report Covers Industry Trends, Analysis and is Segmented by Type of Device (Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices (Radiology Devices), Endoscopy Devices, Ophthalmology Devices, and Other Devices) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America).

Medical Device Technologies Market Size

Need a report that reflects how COVID-19 has impacted this market and its growth?

Medical Device Technologies Market Analysis

The Medical Devices Market size is estimated at USD 637.04 billion in 2024, and is expected to reach USD 893.07 billion by 2029, growing at a CAGR of 6.99% during the forecast period (2024-2029).

The COVID-19 pandemic severely impacted the overall medical devices market, with the various segments experiencing wide-ranging effects. The pandemic resulted in postponements and cancellations of non-essential and elective procedures. For instance, as per an article published in a healthcare journal in August 2022, titled "COVID-19 impact on diagnostic imaging procedures in UAE," there were around 80% fewer radiological procedures performed during the pandemic compared to pre-COVID times. This declining number of radiological procedures further decreased the demand for medical devices, which affected the market's growth during the COVID-19 pandemic.

However, the studied market supplying hospital equipment for the management of COVID-19, such as personal protective equipment (PPE), ventilators, and general hospital supplies, experienced a surge in sales to fulfill the overwhelming demand. For instance, ventilators, an important equipment for COVID-19 patients in critical conditions, were in high demand during the pandemic. In March 2020, Medtronic increased the production of ventilators by more than 40% to date. This impacted the growth of medical devices during the pandemic.

Factors such as 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.

The geriatric population is more likely to acquire age-related diseases that are less prevalent among younger people. For instance, as per a research study published in December 2021, the overall self-reported prevalence of diagnosed cardiovascular diseases (CVDs) in people aged 45 years and above was 29.4%. As per the same source, this prevalence rate increased with age, from 22% in the 45-54 age group to 38% in the 70+ age group, indicating that the geriatric population is at high risk of developing CVDs. This finding is expected to increase the demand for cardiac surgeries and devices that help in regularly monitoring heart conditions, thereby propelling the market's growth.

Additionally, the increasing burden of chronic diseases worldwide is driving the demand for effective and advanced treatment services that involve various diagnostic and surgical procedures. Thus, the demand for medical devices across the world is increasing. For instance, according to 2022 statistics published by IDF, about 2.9 million people were living with diabetes in Canada in 2021. In addition, as per the same source, this number is projected to reach 3.2 million and 3.4 million by 2030 and 2045, respectively. Thus, the expected increase in the number of people who have diabetes may propel the demand for various wearable and portable medical devices to regularly monitor the condition.

Moreover, the rising focus on developing technologically advanced medical devices and increasing product launches are also contributing to the market growth. For instance, in May 2022, Max ventilator launched multifunctional noninvasive ventilators, which come with inbuild oxygen therapy and humidifier, in India. Also, in April 2022, Medline UNITE launched Calcaneal Fracture Plating System and IM Fibula Implant. The launch provides a comprehensive titanium foot and ankle trauma system to address nearly all fractures requiring ORIF with plate and screw fixation.

However, strict regulations and uncertainty in reimbursement are likely to impede the growth of the medical devices market over the forecast period.

Medical Device Technologies Market Trends

Cardiology devices segment is expected to hold a major share in the medical device market over the forecast period.

The cardiology segment is expected to witness significant growth in the medical devices market over the forecast period owing to factors such as the rising prevalence of cardiovascular diseases, strategic initiatives by key market players, and technological advancement in cardiology devices.

In addition, the increasing incidence and prevalence of obesity, diabetes, hypertension, and high cholesterol are also contributing to the demand for cardiological medical devices, as patients suffering from these diseases are likely to develop cardiac complications in their lifetime.

Cardiovascular devices are used for the diagnosis of heart diseases and the treatment of related health problems. The devices used in cardiology are classified into three categories, namely surgical, therapeutic, and diagnostic. Some of the widely used cardiovascular devices are electrocardiograms (ECG), defibrillators, pacemakers, cardiac rhythm management devices, catheters, grafts, heart valves, and stents.

The growing number of people suffering from cardiovascular diseases is the key factor driving the demand for medical devices. For instance, as per the 2021 data published by CDC, it has been observed that every year, 805,000 people in the United States have a heart attack, 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks in 2020. Additionally, according to 2021 statistics published by the American Heart Association, it was estimated that by the year 2035, more than 130 million adults in the United States will have some type of heart disease.

Moreover, growth in company activities and increasing technological advancements (such as the use of artificial intelligence in cardiac wearable devices) have led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. This is expected to increase the growth of the studied segment over the forecast period. For instance, in April 2022, Translumina launched its Dual Drug Polymer-Free Coated Stent named VIVO ISAR in the European market. Also, in June 2021, Medtronic launched Micra AV, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to atrioventricular (AV) block patients via a minimally invasive approach. The device can sense atrial activity without a lead or device in the upper chamber of the heart.

Therefore, owing to the aforesaid factors, the segment is expected to witness growth over the forecast period.

North America Dominates the Market and is Expected to Continue the Growth Trend During the Forecast Period

North America is expected to dominate the medical devices market over the forecast period owing to the factors such as the growing burden of chronic diseases, high healthcare expenditures, and the presence of key players.

In addition, the increasing geriatric population is likely to increase the market growth over the forecast period. For instance, according to the 2022 statistics published by the United Nations Population Fund, in Canada, a large proportion of the population is estimated to be aged between 15 and 64 years and accounts for 65% of the total population in the current year. In addition, as per the same source, 19% of the population is aged 65 years and above in 2022 in Canada. Thus, the rising geriatric population is more prone to develop chronic diseases such as cardiopulmonary diseases, respiratory diseases, and orthopedic disorders, which increase the demand for diagnostic imaging as well as surgical procedures; this, in turn, is anticipated to fuel the growth of the medical devices, thereby propelling the market growth over the forecast period.

The rising prevalence of chronic diseases such as cardiovascular diseases, coronary heart diseases, stroke, and rising respiratory diseases such as acute respiratory syndrome among the population, leads to increased cardiopulmonary bypass procedures, resulting in an increasing demand for medical devices. For instance, according to 2022 statistics published by American Heart Association (AHA), the prevalence rate of heart failure in the United States in 2021 was 6 million, which is 1.8% of the total population. 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, from a research study published by Cardiovascular Diabetology in June 2021, it was observed that a 31% increase in physical inactivity resulted in an increase in the number of cases of Type II diabetes (27,100), coronary heart disease (10,300), stroke (2200), myocardial infarction (1500), stroke deaths (400), and coronary heart disease deaths (350). Thus, changing lifestyles leading to physical inactivity can further increase the risk of heart disease, which is expected to increase the demand for medical devices due to increased heart surgeries to open the blocked arteries in patients, thereby boosting market growth.

Furthermore, the growing focus of companies on developing advanced products and adopting various business strategies, such as collaborations and acquisitions to withhold their market position, is also contributing to the market growth. For instance, in March 2022, Respira Labs, a respiratory healthcare tech business based in the United States, released Sylvee, an AI-powered wearable lung monitor that employs acoustic resonance to assess lung function and identify variations in lung air volume. It can aid in the early detection and treatment of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19.

Moreover, 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 aforesaid factors, the market is expected to witness growth over the forecast period.

Medical Device Technologies Industry Overview

The medical devices market is competitive and consists of several major players. Companies like 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, and GE Healthcare hold substantial shares in the market.

Medical Device Technologies Market Leaders

Abbott Laboratories Inc

Koninklinje Philips NV

GE Healthcare (General Electric Company)

Johnson & Johnson

Medtronic PLC

*Disclaimer: Major Players sorted in no particular order

Medical Device Technologies Market News

• In May 2022, Max ventilator launched multifunctional noninvasive ventilators, which come with inbuilt oxygen therapy and humidifier, in India.
• In May 2022, Stryker launched EasyFuseDynamic Compression System. It is a foot and ankle staple system which is designed to decrease surgical complexity, provide strong dynamic-compression implants, and reduce waste in the operating room.

Medical Device Technologies Market Report - Table of Contents

1. INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Growing Geriatric Population Across the World

4.2.2 Rising Prevalence of Chronic Diseases and Related Increase in Disability-adjusted Life Years

4.3 Market Restraints

4.3.1 Strict Regulatory Polices and Uncertainty in Reimbursement

4.4 Porter's Five Forces Analysis

4.4.1 Threat of New Entrants

4.4.2 Bargaining Power of Buyers/Consumers

4.4.3 Bargaining Power of Suppliers

4.4.4 Threat of Substitute Products

4.4.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION (Market Size by Value - USD million)

5.1 By Type of Device

5.1.1 Respiratory Devices

5.1.2 Cardiology Devices

5.1.3 Orthopedic Devices

5.1.4 Diagnostic Imaging Devices (Radiology Devices)

5.1.5 Endoscopy Devices

5.1.6 Ophthalmology Devices

5.1.7 Other Devices

5.2 Geography

5.2.1 North America

5.2.1.1 United States

5.2.1.2 Canada

5.2.1.3 Mexico

5.2.2 Europe

5.2.2.1 Germany

5.2.2.2 United Kingdom

5.2.2.3 France

5.2.2.4 Italy

5.2.2.5 Spain

5.2.2.6 Rest of Europe

5.2.3 Asia-Pacific

5.2.3.1 China

5.2.3.2 Japan

5.2.3.3 India

5.2.3.4 Australia

5.2.3.5 South Korea

5.2.3.6 Rest of Asia-Pacific

5.2.4 Middle East & Africa

5.2.4.1 GCC

5.2.4.2 South Africa

5.2.4.3 Rest of Middle East & Africa

5.2.5 South America

5.2.5.1 Brazil

5.2.5.2 Argentina

5.2.5.3 Rest of South America

6. COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Abbott Laboratories Inc

6.1.2 Boston Scientific Corporation

6.1.3 F. Hoffmann-La Roche Ltd

6.1.4 GE Healthcare (General Electric Company)

6.1.5 Johnson & Johnson

6.1.6 Medtronic PLC

6.1.7 Koninklinje Philips NV

6.1.8 Siemens Healthineers (Siemens AG)

6.1.9 Smith & Nephew PLC

6.1.10 Stryker Corporation

6.1.11 Fresenius Medical Care AG & Co. KGaA

6.1.12 3M Company

6.1.13 Cardinal Health Inc.

• *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

Medical Device Technologies Industry Segmentation

As per the scope of the report, 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 Medical Devices Market is segmented by Type of Device (Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices (Radiology Devices), Endoscopy Devices, Ophthalmology Devices, and Other Devices) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

Medical Device Technologies Market Research FAQs

How big is the medical devices market.

The Medical Devices Market size is expected to reach USD 637.04 billion in 2024 and grow at a CAGR of 6.99% to reach USD 893.07 billion by 2029.

What is the current Medical Devices Market size?

In 2024, the Medical Devices Market size is expected to reach USD 637.04 billion.

Who are the key players in Medical Devices Market?

Abbott Laboratories Inc, Koninklinje Philips NV, GE Healthcare (General Electric Company), Johnson & Johnson and Medtronic PLC are the major companies operating in the Medical Devices Market.

Which is the fastest growing region in Medical Devices Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

Which region has the biggest share in Medical Devices Market?

In 2024, the North America accounts for the largest market share in Medical Devices Market.

What years does this Medical Devices Market cover, and what was the market size in 2023?

In 2023, the Medical Devices Market size was estimated at USD 592.51 billion. The report covers the Medical Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Medical Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

What is the fastest-growing segment in the Medical Devices Technologies Market?

The cardiology devices segment is experiencing the fastest growth within the Medical Devices Technologies Market.

Who is the target market for Medical Device Technologies?

The target market for Medical Device Technologies includes healthcare providers, hospitals, clinics, research institutions, and other healthcare-related organizations.

Our Best Selling Reports

• Automotive Relay Market
• Molded Pulp Packaging Market
• Automotive Telematics System Market
• Watch Market
• Sun Care Products Market
• Automotive Voice Recognition System Market
• Rolling Stock Market
• Italy E-bike Market
• Dishwashing Products Market
• Qatar Construction Market

Medical Equipment Industry Report

This comprehensive report offers a deep dive into the global medical device technologies industry, providing a detailed analysis of key market drivers and market segments. Mordor Intelligence offers customization based on your specific interests, including: 1. Device Type: In Vitro Diagnostics, Anesthesia Kidney and Dialysis Devices, Drug Delivery Devices, Wound Management Devices, and Dental Devices 2. Type: Molecular Diagnostics, Non-Invasive Monitoring, Mobility Aid Technologies, Micro-Fluids and Mems, Bio-Implants, and Telemedicine 3. End-User: ASCs, Medical Device Industries, Pharmaceutical and Research Organizations.

Medical Equipment Market Report Snapshots

• Medical Equipment Market Size
• Medical Equipment Market Share
• Medical Equipment Market Trends
• Medical Equipment Companies

Please enter a valid email id!

Please enter a valid message!

Medical Devices Market Get a free sample of this report

Please enter your name

Business Email

Please enter a valid email

Please enter your phone number

Get this Data in a Free Sample of the Medical Devices Market Report

Please enter your requirement

Thank you for choosing us for your research needs! A confirmation has been sent to your email. Rest assured, your report will be delivered to your inbox within the next 72 hours. A member of our dedicated Client Success Team will proactively reach out to guide and assist you. We appreciate your trust and are committed to delivering precise and valuable research insights.

Please be sure to check your spam folder too.

Sorry! Payment Failed. Please check with your bank for further details.

Add Citation APA MLA Chicago

➜ Embed Code X

Get Embed Code

Want to use this image? X

Please copy & paste this embed code onto your site:

Images must be attributed to Mordor Intelligence. Learn more

About The Embed Code X

Mordor Intelligence's images may only be used with attribution back to Mordor Intelligence. Using the Mordor Intelligence's embed code renders the image with an attribution line that satisfies this requirement.

In addition, by using the embed code, you reduce the load on your web server, because the image will be hosted on the same worldwide content delivery network Mordor Intelligence uses instead of your web server.

You are using an outdated browser. Please upgrade your browser to improve your experience.

Market Research Life Sciences Market Research Medical Devices Market Research

Medical Devices Market Research Reports & Industry Analysis

Are you looking to gain insights into the global medical devices market? MarketResearch.com is your go-to source for in-depth industry research reports covering a wide range of key segments including cardiovascular devices, catheters, dental equipment, durable medical equipment, endoscopy, minimally invasive surgery, ophthalmic devices, orthopedics, surgical equipment, wound care, and much more.

What’s Included in Our Medical Devices Market Research Reports

• Our reports provide you with comprehensive market data—including market size, market share, growth rates, and forecasts—compiled by industry experts who have a deep understanding of the market and its trends.
• We also provide detailed information on the regulatory environment and the role of disruptive technology in the medical devices industry, so you can stay ahead of the newest developments.
• Our research features detailed analysis of the competitive landscape, including market leaders and emerging players, as well as expert commentary on industry trends, market drivers, and challenges.

Get the Latest Medical Device Industry Statistics and Analysis

Our reports help you gauge the pulse of the market, identify key growth opportunities, and make informed business decisions. Whether you are looking to expand your business, develop new products, or enter new markets, our reports provide you with the insights you need to succeed in a large, dynamic, and highly regulated global industry. With our vast collection of research, you can quickly access hard-to-find data on industries big and small. 

View recent blog articles on this topic:

• 7 Top Trends in the Medical Devices Industry in 2023 and Beyond
• Remote Patient Monitoring, an Emerging Opportunity in the Healthcare Industry
• Additional articles on this topic

Medical Devices Industry Research & Market Reports

Refine your search, global sterile dental needles competitive landscape professional research report 2024.

May 07, 2024  |  Published by: Deep Insights Research Co (DIR)  |  USD 3,500

... are designed to be sterile to minimize the risk of infection and cross-contamination when penetrating the skin and delivering anesthetic agents into the soft tissues of the oral cavity. Sterile dental needles typically feature a ... Read More

Medical Equipment Rental in the US - Industry Market Research Report

May 07, 2024  |  Published by: IBISWorld  |  USD 1,095

... rapid advent of high-cost equipment. As many healthcare providers have struggled with cuts to Medicare and Medicaid reimbursements, they have implemented cost-saving strategies. Some providers have chosen to rent rather than purchase medical equipment to ... Read More

2024 EEG, MEG, EKG Scans & Tests Global Market Size & Growth Report with Updated Recession Risk Impact

May 04, 2024  |  Published by: Kentley Insights  |  USD 295

... market size, revenue, growth, and share across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, with forecasts for 2024 ... Read More

2024 Medical, Dental, and Veterinary Equipment Wholesale Global Market Size & Growth Report with Updated Recession Risk Impact

2024 dental equipment wholesale global market size & growth report with updated recession risk impact.

... across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, with forecasts for 2024 and 2028. The historical data utilizes ... Read More

2024 Optometric Equipment Wholesale Global Market Size & Growth Report with Updated Recession Risk Impact

2024 first aid kits wholesale global market size & growth report with updated recession risk impact.

... and share across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, with forecasts for 2024 and 2028. The historical ... Read More

Electric Wheelchair Market by Product (Center Wheel Drive, Front Wheel Drive, Standing Electric Wheelchairs, Rear Wheel Drive), End User, and Geography - Global Industry Analysis, Opportunities and Forecast up to 2030

May 04, 2024  |  Published by: Diligence Insights  |  USD 4,150

... Size The global electric wheelchair market size was valued at $7.77 billion in 2024 and is projected to reach $13.62 billion by 2030, growing at a CAGR of 9.8% during the forecast period. Electric Wheelchair ... Read More

2024 Hearing Aids and Supplies Retail Sales Global Market Size & Growth Report with Updated Recession Risk Impact

2024 home health care equipment and supplies retail sales global market size & growth report with updated recession risk impact.

... & Growth Report covers market size, revenue, growth, and share across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, ... Read More

2024 Health Aids and Home Health Care Equipment Retail Sales Global Market Size & Growth Report with Updated Recession Risk Impact

... Market Size & Growth Report covers market size, revenue, growth, and share across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 ... Read More

2024 Contact Lenses Retail Sales Global Market Size & Growth Report with Updated Recession Risk Impact

2024 nonprescription eyeglasses and sunglasses retail sales global market size & growth report with updated recession risk impact, 2024 orthopedic and prosthetic appliances and supplies wholesale global market size & growth report with updated recession risk impact.

... Report covers market size, revenue, growth, and share across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, with forecasts ... Read More

2024 Ophthalmic Goods Wholesale Global Market Size & Growth Report with Updated Recession Risk Impact

2024 surgical periodontal services global market size & growth report with updated recession risk impact, 2024 anesthesia services global market size & growth report with updated recession risk impact.

... global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, with forecasts for 2024 and 2028. The historical data utilizes in-depth survey ... Read More

2024 Home Health Care Bundled Service Global Market Size & Growth Report with Updated Recession Risk Impact

... revenue, growth, and share across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are from 2012 through 2023, with forecasts for 2024 and 2028. ... Read More

2024 Precision Medical Equipment Maintenance & Repair Global Market Size & Growth Report with Updated Recession Risk Impact

2024 testing services for pharmaceutical, medical devices, and personal care products global market size & growth report with updated recession risk impact.

... Products Global Market Size & Growth Report covers market size, revenue, growth, and share across 4 global regions (The Americas, Europe, Asia & Oceania, Africa & Middle East), 22 subregions, and 195 countries. Figures are ... Read More

2024 Surgical Treatment of Animals Global Market Size & Growth Report with Updated Recession Risk Impact

2024 dental surgical intervention services global market size & growth report with updated recession risk impact, 2024 non-surgical endodontic services global market size & growth report with updated recession risk impact, 2024 restorative dental services global market size & growth report with updated recession risk impact, 2024 home health care with rehabilitative services global market size & growth report with updated recession risk impact.

< prev 1 2 3 4 5 6 7 8 9 10 next >

Filter your search

• Aesthetic Devices / Cosmetic Surgery (902)
• Anesthesia (459)
• Blood (335)
• Cardiac Rhythm Management (264)
• Cardiovascular Devices (1,741)
• Catheters (1,151)
• Country Overviews (10)
• Critical Care (133)
• Dental Equipment (1,761)
• Diabetes (610)
• Dialysis (428)
• Disposables (598)
• Drug Delivery Systems (181)
• Durable Medical Equipment (662)
• Electronics (162)
• Endoscopy (1,073)
• Equipment & Supplies (1,702)
• General Medical Devices (1,401)
• Gynecological Devices (260)
• Home Health (208)
• Implantable Devices (406)
• Information Technology (12)
• Infusion Products (459)
• Manufacturing & Packaging (1,959)
• Materials Science (10)
• Medical Devices (88)
• Medical Devices Company Reports (761)
• Medical Laser (284)
• Minimally Invasive Surgery (1,421)
• Needles, Syringes, IV Access (1,056)
• Neurology Devices (718)
• Ophthalmic Devices (1,175)
• Orthopedics (2,029)
• Patient Monitoring (564)
• Regulation (168)
• Respiratory Devices (1,549)
• Stents (915)
• Sterilization Equipment (300)
• Surgical Equipment (2,823)
• Urology (325)
• Virtual Reality (78)
• Wearable Medical Devices (470)
• Wound Care (1,325)
• Africa (474)
• Asia (2,063)
• Caribbean (2)
• Central America (86)
• Europe (1,965)
• Global (14,795)
• Middle East (696)
• North America (1,925)
• Oceania (780)
• South America (687)

Research Assistance

Join Alert Me Now!

Start new browse.

• Consumer Goods
• Food & Beverage
• Heavy Industry
• Life Sciences
• Marketing & Market Research
• Public Sector
• Service Industries
• Technology & Media
• Company Reports
• Reports by Country
• View all Market Areas
• View all Publishers

• Medical Device
• U.S. Medical Devices Market

"Designing Growth Strategies is in our DNA"

U.S. Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, In-vitro Diagnostics, Minimally Invasive Surgery, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, and Others); By End User (Hospitals & ASCs, Clinics, and Others), and Regional Forecast, 2023-2030

Last Updated: April 22, 2024 | Format: PDF | Report ID: FBI107009

• Segmentation
• Methodology
• Infographics
• Request Sample PDF

KEY MARKET INSIGHTS

The U.S. medical devices market size was valued at USD 184.61 billion in 2022 and is anticipated to grow from USD 192.78 billion in 2023 to USD 291.04 billion by 2030, exhibiting a CAGR of 6.1% during the forecast period.

The U.S. has witnessed substantial growth in the geriatric population over the years. A demographic research projection published by the University of Washington in July 2021 since the beginning of the 21st century assumed that every other person born in the U.S. will live up to 100 years. The rising geriatric population is leading to the increasing prevalence of age-related disorders such as cataracts, chronic obstructive pulmonary disease, hypertension, osteoarthritis, diabetes, depression, and dementia.

• According to the U.S. Census Bureau report, by 2060, the number of patients suffering from diabetes is projected to increase by 25.1% to 162 million.

The growing prevalence and increasing cost burden of chronic and lifestyle diseases have led growing emphasis of healthcare agencies, government, and healthcare providers on the timely and routine treatment of patients. Thus, through awareness programs and campaigns, several national and regional healthcare agencies have actively promoted the diagnosis and treatment of common diseases.

This factor increased awareness among the geriatric population toward products and services for diagnosis and treatment, which is presenting a large patient pool undergoing treatment. Further, high treatment rates are driving the demand for these devices in hospitals, clinics, and other healthcare settings.

Additionally, to cater to the growing demand for advanced devices, medical devices companies are now investing in R&D to introduce healthcare devices with various advanced capabilities, such as AI intelligence, 3D imaging , wearable heart rate trackers, and others. Thus, rising launches of such advanced devices and their increased presence across the globe have further propelled market growth.

• For instance, in April 2022, Biotricity, a U.S. medical device company, announced the launch of Biotres, a wireless wearable cardiac monitoring device. Biotres is a three-lead device designed to continuously monitor heart activity and record electrocardiogram data for early detection of cardiac arrhythmias.

COVID-19 IMPACT 

Declining Elective Surgeries Restrained the Market amid the COVID-19 Pandemic

The COVID-19 pandemic has significantly affected the development and deployment of these devices in the U.S. The restrictions imposed during the pandemic led to the postponement or cancellation of non-essential and elective procedures such as dental, orthopedic, and ophthalmic surgeries.

• For instance, a study published by LAC+USC Medical Center revealed that during the initial wave of the COVID-19 pandemic, the average surgical case rate for elective colorectal procedures declined to approximately 2.4 patients/week from an average of 9.2 patients/week in the previous two years. This decline indicates a 74% relative decrease.

Medical device manufacturers providing medical equipment for elective procedures such as diagnostic imaging and dental procedures witnessed a considerable decline in revenues for 2020 as compared to 2019.

• For instance, according to Johnson & Johnson Services, Inc. statistics 2020, surgery device sales were USD 8.20 billion in 2020, a decrease of 13.4% from 2019. The decline in advanced surgery was attributed to the negative impact of COVID-19.

However, the increasing patient pool for COVID-19 diagnosis led to increasing adoption of COVID-19 tests compared to decreasing routine IVD tests such as diabetes and cancer screening in 2020. Furthermore, after the pandemic, routine tests regained substantial growth coupled with high demand for COVID-19 tests. Thus, these cumulative factors propelled the in-vitro diagnostics segment share in 2021.

Similarly, leading industry players in the manufacturing of in-vitro diagnostic devices and devices in other segments, such as beds, gloves, masks, respirators, and other hospital supplies, witnessed high demand for these products in 2020 and 2021.

• For instance, Thermo Fisher Scientific Inc. generated a revenue of USD 39.21 billion in the financial year 2021, with a growth of 22.0% compared to USD 32.22 billion in 2020. The growth was attributed to high sales of IVD devices during the COVID-19 pandemic.

Moreover, in 2021, to re-establish the country's manufacturing potency, the U.S. government focused on building strong supply chains across the globe. Similarly, high product approvals, the introduction of technologically advanced devices, and the rising demand for home healthcare devices propelled the market growth in 2021.

• For instance, in May 2022, GE Healthcare entered the homecare segment with a strategic investment of USD 50 million in Pulsenmore, an Israel-based company. The investment aimed to accelerate the adoption of Pulsenmore’s homecare ultrasound solutions.

LATEST TRENDS

Request a Free sample to learn more about this report.

Rising Remote Monitoring Preference by Healthcare Providers in the U.S. Propelled Industry Growth

A growing number of adults and children participating in leisure and competitive sports activities such as cycling, running, and other sports have splurged the demand for activity trackers. Similarly, the rising focus on diagnosis and real-time monitoring of patients by regional and national healthcare agencies has been pivotal in the higher demand for wearable devices.

• For instance, according to MSI International survey outcome published in June 2021, 80% of Americans were oriented toward remote patient monitoring. Around half of these Americans favored including it in medical care. Also, according to the same survey, 88% of patients had healthcare performed remotely in the last 12 months.
• In October 2021, AliveCor, Inc. announced the launch of AliveCor Labs, an Independent Diagnostic Testing Facility (IDTF) in the U.S. The IDTF helped healthcare providers with enhanced and reimbursed cardiac monitoring services, including access to real-time data to help inform clinical decision-making.

This factor presents enormous opportunities for new entrants, domestic players, and established global market players to focus on this segment and introduce new devices to cater to the ever-increasing demand. Thus, the population's sheer size and the country's potential market aids entrants in providing remote monitoring devices at competitive pricing.

DRIVING FACTORS

Robust Pipeline and Increasing Investments in R&D by Industry Players to Propel Market Growth

Major industry players are actively investing in the research and development of advanced devices. The presence of potential devices in the end stage of development is expected to boost the demand for these devices.

• For instance, in January 2022, Cook Medical received the U.S. FDA Breakthrough Designation for a new drug-eluting stent for below the knee (BTK) to treat patients with chronic limb-threatening ischemia (CLTI).

The U.S. medical device manufacturers with a strong emphasis on R&D are shifting their strategies to introduce devices enhanced with new technologies. Thus, rising investments in R&D and breakthrough technologies to accelerate the manufacturing of these devices are expected to propel the market growth.

• For instance, in October 2022, GlucoTrack Inc. announced its plan to expand its product pipeline under its new R&D program for a long-term Continuous Glucose Monitor (CGM). With R&D focus on an implantable glucose management platform, the company will enter the Type I diabetes market.

Therefore, such a robust pipeline of advanced devices and high investments by the manufacturers is anticipated to fuel the adoption of these devices, further propelling the market growth.

RESTRAINING FACTORS

High Cost of Devices to Limit their Adoption in Small & Mid-sized Facilities

Medical devices have witnessed significant developments in the last decade by integrating new technologies, modifications in design, and updating other parameters. However, these devices' overall cost is higher, including acquisition and maintenance costs. Along with capital-intensive devices, some advanced healthcare devices are associated with various components, including cameras, batteries, chips, sensors, and other accessories that need periodic replacement.

• For instance, INUMAC MRI scanner is a neuro disease imaging equipment and can generate a power of 11.75 Tesla, whereas conventional MRI systems generate a power ranging between 1.5-3 Tesla. The development of INUMAC MRI system took seven years and owing to its advanced features and huge investment in R&D, the scanner cost is approximately USD 270 million.

Moreover, the increasing utilization of medical devices with current costs imposes an economic burden on small & mid-sized healthcare facilities such as health clinics, Ambulatory Surgical Centers (ASCs), and imaging centers. Compared to independent hospitals, rising costs in these facilities will further restrain the U.S. medical devices market growth.

• For instance, according to American Hospital Association, the hospital supplies expenses for hospitals were 15.9% higher by the end of 2021 compared to 2019. Also, ICUs and medical supplies expenditures were 31.5% higher in 2021 compared to 2019.

Thus, such high medical device costs limit the adoption of these devices, further hampering the demand for these devices and the growth of this industry.

SEGMENTATION

By type analysis.

To know how our report can help streamline your business, Speak to Analyst

Increasing Cardiovascular Surgeries to Drive the Cardiovascular Devices Segment

Based on type, the market is segmented into orthopedic devices, cardiovascular devices , in-vitro diagnostics, diagnostic imaging devices, Minimally Invasive Surgery (MIS) devices, wound management devices, diabetes care devices, ophthalmic devices, nephrology, dental, and others.

Among types, the cardiovascular devices segment is projected to register a comparatively higher CAGR owing to the rising prevalence of cardiovascular diseases in the U.S., the rising number of cardiovascular surgeries, and product launches by the U.S. medical device manufacturers.

• For instance, according to American Heart Association, about 805,000 Americans witness at least one heart attack annually, and out of these cases, 605,000 cases are of first heart attack. The increasing patient pool is anticipated to use different types of medical devices such as implantable cardioverter defibrillators, cardiac ablation catheters, Automated External Defibrillators (AEDs), and others as a part of their treatment, thereby contributing to increased demand for cardiovascular devices in coming years.
• In December 2022, Abbott launched Navitor, a Transcatheter Aortic Valve Implantation (TAVI) system, to make minimally invasive devices available for people with severe aortic stenosis.

In addition, the orthopedic segment is anticipated to grow significantly due to rising patient pool suffering from orthopedic disorders, mainly arthritis and an increasing number of joint replacement procedures in the U.S.

• According to an article published by the Centers for Disease Control and Prevention (CDC), about 54.4 million U.S. adults have some form of arthritis. This prevalence is projected to reach 78.0 million by the year 2040.

Moreover, the increasing uptake of real-time diagnostic tests to diagnose chronic diseases, such as diabetes and cancer, contributes to the segment growth. Similarly, growing R&D investments by industry players to launch new IVD products, such as disease-specific markers and tests, further propelled the segment share.

• According to an article published by the PEW Charitable Trusts in October 2021, an estimated 3.3 billion IVD tests, including both FDA-reviewed and Lab-Developed Tests (LDTs) are performed in the U.S. every year.

The other segment accounted for the largest market share in 2022. The dominance is attributed to the rising burden of chronic diseases in the country coupled with increasing demand for rehabilitation and palliative care devices in homecare settings in the U.S. In September 2021, OMRON Healthcare Co., Ltd. announced that cumulative global sales of its home-use blood pressure monitors reached more than 300.0 million units since releasing its first electronic blood pressure monitor nearly 50 years ago.

By End User Analysis

Rising Number of Admissions to Drive the Growth of the Hospitals & Ambulatory Surgery Centers (ASCs) Segment

Based on end user, the market is segmented into hospitals & Ambulatory Surgery Centers (ASCs), clinics, and others.

The hospitals & Ambulatory Surgery Centers (ASCs) segment accounted for the highest U.S. medical devices market share in 2022. The increasing patient population with chronic and life-threatening diseases resulting in a higher hospitalization rate in the U.S. is primarily responsible for the growing demand and adoption of healthcare devices in these settings.

• For instance, according to American Hospital Association, around 6,093 hospitals in the U.S. reported 36.2 million hospital admissions in 2021. Also, the number of non-government community hospitals increased to 2,946 in 2021 from 2,937 in 2020.

The others segment is projected to grow at a substantial CAGR during the forecast period. The increasing healthcare expenditure in the U.S. leading to the rising number of healthcare facilities, such as nursing homes, long-term care centers, and others, offering treatment for different diseases, is expected to increase the demand and adoption of these devices and will subsequently drive the growth of these segments during the forecast period.

KEY INDUSTRY PLAYERS

Mergers and Acquisitions by Key Players to Propel Market Progress

The market is fragmented, with leading players such as Medtronic, Johnson & Johnson Services, Inc., and Abbott accounting for less than 25% share in 2022. The focus of top market players is adopting strategies such as joint ventures, expansion, collaborations, and acquisitions to develop novel devices for patients suffering from chronic diseases.

• December 2022 - Johnson & Johnson Services, Inc. announced the acquisition of Abiomed, Inc. The acquisition aimed to accelerate growth in MedTech business and deliver innovative medical technologies to more people worldwide.
• September 2022 - Abbott acquired Walk Vascular, LLC, a medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove blood clots to broaden its cardiovascular portfolio segment.

Other prominent market players are Stryker Corporation, Boston Scientific Corporation, Siemens Healthineers AG, Roche, GE Healthcare, Danaher, Fresenius Medical Care AG & Co. KgaA, and BD. A significant rise in the prevalence of chronic diseases, extensive device approvals, and favorable reimbursement scenarios for high-end instruments is projected to propel the number of emerging players in the U.S. medical devices industry by 2030.

LIST OF KEY COMPANIES PROFILED:

• Medtronic (Ireland)
• Abbott (U.S.)
• Johnson & Johnson Services, Inc. (U.S.)
• Stryker (U.S.)
• BD (Becton, Dickinson, and Company) (U.S.)
• Boston Scientific Corporation (U.S.)
• Siemens Healthineers AG (Germany)
• F. Hoffmann-La Roche AG (Switzerland)
• Danaher (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2023 - Abbott received approval from the U.S. FDA and CE mark as European approval for TactiFlex Ablation Catheter, Sensor Enabled. The catheter helps treat people with abnormal heart rhythms such as atrial fibrillation (AFib).
• February 2023 - Siemens Healthineers AG signed an agreement with Unilabs. Under the agreement, Unilabs invested in Siemens Healthcare GmbH’s top-notch technology. It will acquire more than 400 laboratory analyzers and improve its laboratory infrastructure to offer a consummate service to its customers.
• January 2023 - BD announced the launch of a robotic track system that automates lab specimen processing, which may help to reduce manual labor and wait time for results.
• January 2023 - Koninklijke Philips N.V. announced an expansion of its partnership with Masimo to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health tracking watch.
• January 2023 - Abbott received U.S. FDA approval for Proclaim XR Spinal Cord Stimulation (SCS) system to treat painful Diabetic Peripheral Neuropathy (DPN).

REPORT COVERAGE

An Infographic Representation of U.S. Medical Devices Market

To get information on various segments, share your queries with us

The market report provides a detailed market analysis and focuses on crucial aspects such as manufacturers, products, and end users. Additionally, it offers insights into market trends, key industry developments such as collaboration, partnerships, & acquisitions, and the impact of COVID-19 on the market. In addition to the above-mentioned factors, the report includes the factors that have contributed to the market growth in recent years with a regional analysis of different segments.

Report Scope & Segmentation

Frequently asked questions.

Fortune Business Insights says that the U.S. market size was USD 184.61 billion in 2022 and is projected to reach USD 291.04 billion by 2030.

The market will exhibit a CAGR of 6.1% in the forecast period (2023-2030).

The rising prevalence of chronic diseases and increasing number of surgical and diagnostic procedures across the U.S. are the key factors driving the growth of the market.

Medtronic, Abbott Laboratories, Johnson & Johnson Services, Inc., and Stryker are major players in the global market.

Factors such as technological advancements, rapid diagnostics, and product approvals in the U.S. are expected to drive the adoption of these products.

Seeking Comprehensive Intelligence on Different Markets? Get in Touch with Our Experts

• STUDY PERIOD: 2019-2030
• BASE YEAR: 2022
• HISTORICAL DATA: 2019-2021
• NO OF PAGES: 148

Personalize this Research

• Granular Research on Specified Regions or Segments
• Companies Profiled based on User Requirement
• Broader Insights Pertaining to a Specific Segment or Region
• Breaking Down Competitive Landscape as per Your Requirement
• Other Specific Requirement on Customization

Healthcare Clients

Related Reports

• Medical Devices Market
• Wearable Medical Devices Market
• Diabetes Devices Market
• Wound Care Devices Market
• Electromedical Devices Market
• Internet of Medical Things (IoMT) Market

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

“Thanks a million. The report looks great!”

“Thanks for the excellent report and the insights regarding the lactose market.”

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

“I just finished my first pass-through of the report. Great work! Thank you!”

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

Get in Touch with Us

+1 424 253 0390 (US)

+44 2071 939123 (UK)

+91 744 740 1245 (APAC)

[email protected]

• Request Sample

Sharing this report over the email

The U.S. medical devices market is anticipated to grow from $192.78 billion in 2023 to $291.04 billion by 2030, at a CAGR of 6.1% during the forecast period

Read More at:-

• Healthcare and Pharmaceuticals
• Medical Devices and Consumables

Medical Devices Market

Global Medical Devices Market to Grow at a CAGR of 6.2% During 2024-2032, Aided by Technological Advancements

Global Medical Devices Market Share, Size, Analysis: By Type of Devices: Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices, Endoscopy Devices, Ophthalmology Devices, Others; By Applications: Cardiology, Oncology, Neurology, Others; By End User; Regional Analysis; Supplier Landscape; 2024-2032

• Report Summary
• Table of Contents
• Pricing Detail
• Request Sample

Global Medical Devices Market Outlook

The global medical devices market attained a value of about USD 562.6 billion in 2023. The market is further expected to grow at a CAGR of 6.2% during the forecast period of 2024-2032 to reach a value of about USD 965.2 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Medical Devices Market Overview

Medical devices are devices such as apparatus, instruments, machines, and implants, among others that are designed for specific medical purposes to allow patients to diagnose and treat their health-related complications. They do not use chemical or metabolic actions for the treatment and diagnosis but rely on structural, physical, and mechanical actions.

The surge in various health-related issues due to the prevalence of unhealthy lifestyles is boosting the market growth of medical devices. The rising focus on digital devices owing to their ease of convenience is augmenting the industry growth. The adoption of digital advancements owing to the prevalence of remote monitoring is leading to the adoption of virtual and innovative medical devices, therefore propelling the market growth. The cost-effectiveness and easy accessibility of digital medical devices are leading to their adoption by various companies, consequently bolstering the industry growth.

North America holds a significant share of the overall medical devices market owing to the rising prevalence of various chronic illnesses in the region. Moreover, the robust growth of the healthcare and medical technology industries in the region is also augmenting the market growth of medical devices. The presence of the major companies of the market in the United States is significantly contributing to the market growth. The rising availability of skilled professionals as well as rapid technological advancements in the region is leading to the development of advanced medical devices. In addition, the rising approval of medical devices and medical technology by authorities such as the Food and Drug Administration (FDA) of the United States is fuelling the market growth, therefore contributing significantly to the overall medical devices market.

Medical Devices Market Segmentations

Market Breakup by Type of Devices

• Respiratory Devices
• Cardiology Devices
• Orthopaedic Devices
• Diagnostic Imaging Devices
• Endoscopy Devices
• Ophthalmology Devices

Market Breakup by End User

• Hospitals and Clinics
• Ambulatory Surgical Centres
• Home Healthcare

Market Breakup by Region

• United States of America
• United Kingdom
• Saudi Arabia
• United Arab Emirates
• South Africa

Medical Devices Market Scenario

The advent of 3D printing in the healthcare industry has significantly revolutionised the medical devices market. As it offers easy changes in design without additional tools, it enables the creation of personalised devices for patients, which is expected to augment the market growth. Moreover, it deploys various technologies to create complex structures easily, which is increasing the manufacturing of advanced medical devices. This makes them crucial for applications in orthopaedics implants as it enables the development of durable, high quality, and optimal fit implants with enhanced performance and flexible design. In addition, the use of 3D printing in manufacturing can aid in the creation of enhanced and high-performance surgical tools such as haemostats and forceps, which is expected to fuel the market growth.

The robust growth of the medical technology industry is bolstering the market growth of medical devices. The integration of the latest technologies, such as artificial intelligence (AI), to aid in better diagnosis is expected to propel the market growth. Moreover, artificial intelligence (AI) aids healthcare professionals in monitoring patients remotely by using sensors as well as automating treatment delivery using mobile applications. In addition, the deployment of Big Data analytics to manage, access, analyse, and process new medical data for the development of more effective medical devices is anticipated to augment the industry growth. Increasing research and development (R&D) activities by the leading companies to develop more advanced devices by utilising technologies such as artificial intelligence (AI), big data, and machine learning are projected to fuel the growth of the medical devices market.

Key Players in the Global Medical Devices Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Johnson & Johnson Services, Inc.
• Fresenius Medical Care AG & Co.
• GE HealthCare
• Koninklijke Philips N.V.
• Medical Device Business Services, Inc.
• Siemens Healthcare GmbH
• Cardinal Health
• MCKESSON CORPORATION
• Baxter International, Inc.

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface     1.1    Objectives of the Study     1.2    Key Assumptions      1.3    Report Coverage – Key Segmentation and Scope       1.4    Research Methodology 2    Executive Summary 3    Global Medical Devices Market Overview      3.1    Global Medical Devices Market Historical Value (2017-2023)      3.2    Global Medical Devices Market Forecast Value (2024-2032) 4    Global Medical Devices Market Landscape     4.1    Global Medical Devices Developers Landscape         4.1.1    Analysis by Year of Establishment         4.1.2    Analysis by Company Size         4.1.3    Analysis by Region     4.2    Global Medical Devices Product Landscape         4.2.1    Analysis by Type         4.2.2    Analysis by Applications         4.2.3    Analysis by End User 5    Global Medical Devices Market Dynamics     5.1    Market Drivers and Constraints     5.2    SWOT Analysis     5.3    Porter’s Five Forces Model      5.4    Key Demand Indicators     5.5    Key Price Indicators     5.6    Industry Events, Initiatives, and Trends      5.7    Value Chain Analysis 6    Global Medical Devices Market Segmentation      6.1    Global Medical Devices Market by Type of Devices         6.1.1    Market Overview         6.1.2    Respiratory Devices             6.1.2.1    Nebulizers             6.1.2.2    Humidifiers             6.1.2.3    Oxygen Concentrators             6.1.2.4    Positive Airway Pressure Devices             6.1.2.5    Ventilators             6.1.2.6    Gas Analyzers             6.1.2.7    Capnographs             6.1.2.8    Others         6.1.3    Cardiology Devices             6.1.3.1    Diagnostic & Monitoring Devices                 6.1.3.1.1    Electrocardiogram (ECG)                 6.1.3.1.2    Remote Cardiac Monitoring Devices                 6.1.3.1.3    Others             6.1.3.2    Therapeutic & Surgical Devices                 6.1.3.2.1    Stents                 6.1.3.2.2    Catheters                 6.1.3.2.3    Grafts                 6.1.3.2.4    Heart Valves                 6.1.3.2.5    Others         6.1.4    Orthopedic Devices             6.1.4.1    Joint Replacement Devices             6.1.4.2    Bone Fixation Devices             6.1.4.3    Orthobiologics             6.1.4.4    Braces             6.1.4.5    Others         6.1.5    Diagnostic Imaging Devices             6.1.5.1    X-Ray Machines             6.1.5.2    MRI Scanners             6.1.5.3    CT Scanners             6.1.5.4    Ultrasound Systems             6.1.5.5    Nuclear Imaging Devices             6.1.5.6    Others         6.1.6    Endoscopy Devices             6.1.6.1    Rigid Endoscopy Devices             6.1.6.2    Flexible Endoscopy Devices             6.1.6.3    Capsule Endoscopy Devices             6.1.6.4    Disposable Endoscopy Devices             6.1.6.5    Robot Assisted Endoscopy Devices             6.1.6.6    Endoscopy Visualization Component             6.1.6.7    Operative Devices             6.1.6.8    Others         6.1.7    Ophthalmology Devices             6.1.7.1    Optical Coherence Tomography Scanners             6.1.7.2    Fundus Cameras             6.1.7.3    Perimeters/Visual Field Analysers             6.1.7.4    Autorefractors and Keratometers               6.1.7.5    Slit Lamps             6.1.7.6    Wavefront Aberrometers             6.1.7.7    Optical Biometry Systems             6.1.7.8    Corneal Topography Systems             6.1.7.9    Specular Microscopes             6.1.7.10    Retinoscopes             6.1.7.11    Others         6.1.8    Others     6.2    Global Medical Devices Market by Applications         6.2.1    Market Overview         6.2.2    Cardiology         6.2.3    Oncology         6.2.4    Neurology         6.2.5    Orthopedics         6.2.6    Respiratory         6.2.7    Diabetes Care         6.2.8    Opthalmology         6.2.9    Others     6.3    Global Medical Devices Market by End User         6.3.1    Market Overview         6.3.2    Hospitals and Clinics         6.3.3    Ambulatory Surgical Centres         6.3.4    Home Healthcare         6.3.5    Others     6.4    Global Medical Devices Market by Region         6.4.1    Market Overview         6.4.2    North America          6.4.3    Europe         6.4.4    Asia Pacific         6.4.5    Latin America         6.4.6    Middle East and Africa 7    North America Medical Devices Market     7.1    Market Share by Country     7.2    United States of America     7.3    Canada 8    Europe Medical Devices Market     8.1    Market Share by Country     8.2    United Kingdom     8.3    Germany     8.4    France     8.5    Italy     8.6    Others 9    Asia Pacific Medical Devices Market     9.1    Market Share by Country     9.2    China     9.3    Japan     9.4    India     9.5    ASEAN     9.6    Australia     9.7    Others 10    Latin America Medical Devices Market     10.1    Market Share by Country     10.2    Brazil     10.3    Argentina     10.4    Mexico     10.5    Others 11    Middle East and Africa Medical Devices Market     11.1    Market Share by Country     11.2    Saudi Arabia     11.3    United Arab Emirates     11.4    Nigeria     11.5    South Africa     11.6    Others 12    Patent Analysis     12.1    Analysis by Type of Patent     12.2    Analysis by Publication year     12.3    Analysis by Issuing Authority     12.4    Analysis by Patent Age     12.5    Analysis by CPC Analysis     12.6    Analysis by Patent Valuation      12.7    Analysis by Key Players 13    Grants Analysis     13.1    Analysis by year     13.2    Analysis by Amount Awarded     13.3    Analysis by Issuing Authority     13.4    Analysis by Grant Application     13.5    Analysis by Funding Institute     13.6    Analysis by NIH Departments     13.7    Analysis by Recipient Organization 14    Funding Analysis     14.1    Analysis by Funding Instances     14.2    Analysis by Type of Funding     14.3    Analysis by Funding Amount     14.4    Analysis by Leading Players     14.5    Analysis by Leading Investors     14.6    Analysis by Geography 15    Partnership and Collaborations Analysis     15.1    Analysis by Partnership Instances     15.2    Analysis by Type of Partnership     15.3    Analysis by Leading Players     15.4    Analysis by Geography 16    Regulatory Framework     16.1    Regulatory Overview         16.1.1    US FDA         16.1.2    EU EMA         16.1.3    INDIA CDSCO         16.1.4    JAPAN PMDA         16.1.5    Others 17    Supplier Landscape     17.1    Medtronics         17.1.1    Financial Analysis         17.1.2    Product Portfolio         17.1.3    Demographic Reach and Achievements         17.1.4    Mergers and Acquisitions         17.1.5    Certifications     17.2    Johnson & Johnson Services, Inc.         17.2.1    Financial Analysis         17.2.2    Product Portfolio         17.2.3    Demographic Reach and Achievements         17.2.4    Mergers and Acquisitions         17.2.5    Certifications     17.3    Fresenius Medical Care AG & Co.         17.3.1    Financial Analysis         17.3.2    Product Portfolio         17.3.3    Demographic Reach and Achievements         17.3.4    Mergers and Acquisitions         17.3.5    Certifications     17.4    Abbott         17.4.1    Financial Analysis         17.4.2    Financial Portfolio         17.4.3    Demographic Reach and Achievements         17.4.4    Mergers and Acquisitions         17.4.5    Certifications     17.5    GE HealthCare         17.5.1    Financial Analysis         17.5.2    Product Portfolio         17.5.3    Demographic Reach and Achievements         17.5.4    Mergers and Acquisitions         17.5.5    Certifications     17.6    Koninklijke Philips N.V.         17.6.1    Financial Analysis         17.6.2    Product Portfolio         17.6.3    Demographic Reach and Achievements         17.6.4    Mergers and Acquisitions         17.6.5    Certifications     17.7    Medical Device Business Services, Inc.         17.7.1    Financial Analysis         17.7.2    Product Portfolio         17.7.3    Demographic Reach and Achievements         17.7.4    Mergers and Acquisitions         17.7.5    Certifications     17.8    Siemens Healthcare GmbH         17.8.1    Financial Analysis         17.8.2    Product Portfolio         17.8.3    Demographic Reach and Achievements         17.8.4    Mergers and Acquisitions         17.8.5    Certifications     17.9    Stryker         17.9.1    Financial Analysis         17.9.2    Product Portfolio         17.9.3    Demographic Reach and Achievements         17.9.4    Mergers and Acquisitions         17.9.5    Certifications     17.10    Cardinal Health         17.10.1    Financial Analysis         17.10.2    Product Portfolio         17.10.3    Demographic Reach and Achievements         17.10.4    Mergers and Acquisitions         17.10.5    Certifications     17.11    MCKESSON CORPORATION         17.11.1    Financial Analysis         17.11.2    Product Portfolio         17.11.3    Demographic Reach and Achievements         17.11.4    Mergers and Acquisitions         17.11.5    Certifications     17.12    Baxter International, Inc.         17.12.1    Financial Analysis         17.12.2    Product Portfolio         17.12.3    Demographic Reach and Achievements         17.12.4    Mergers and Acquisitions         17.12.5    Certifications 18    Global Medical Devices Market - Distribution Model (Additional Insight)     18.1    Overview      18.2    Potential Distributors      18.3    Key Parameters for Distribution Partner Assessment  19    Key Opinion Leaders (KOL) Insights (Additional Insight) 20    Company Competitiveness Analysis (Additional Insight)     20.1    Very Small Companies     20.2    Small Companies     20.3    Mid-Sized Companies     20.4    Large Companies     20.5    Very Large Companies 21    Payment Methods (Additional Insight)     21.1    Government Funded     21.2    Private Insurance     21.3    Out-of-Pocket

*Additional insights provided are customisable as per client requirements.

What was the medical devices market size in 2023?

The global medical devices market size attained a value of about USD 562.6 billion in 2023.

What is the forecast outlook for medical devices market?

The market is further expected to grow at a CAGR of 6.2% during the forecast period of 2024-2032 to reach nearly USD 965.2 billion by 2032.

What are the major industry drivers?

The market is being aided by the rising prevalence of health-related issues, rapid digitisation of medical devices, and the robust growth of the healthcare sector.

What are the key industry trends of the global medical devices market?

The industry is expected to be driven by technological advancements, the advent of 3D printing, and increasing research and development (R&D) activities.

What are the major regional markets of medical devices, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major medical machines of medical devices in the industry?

The major medical machines in the industry are diagnostic imaging devices and patient monitoring devices, among others.

What are the significant medical instruments in the industry?

The significant medical instruments in the market are catheter, scalpels, scissors and shears, surgical steel knife, cutters, and extractors, among others.

What are the various applications of medical devices?

The various applications of medical devices are orthopaedic, cardiovascular, ophthalmic, dental, and wound care, among others.

What are the different functions of medical devices?

The different functions of medical devices are diagnostic and monitoring, therapeutic, and surgical, among others.

What are the major end uses of medical devices?

The major end uses of medical devices are hospitals and ambulatory centres and homecare device, among others.

Who are the key industry players, according to the report?

The major players in the industry are Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, and Boston Scientific Corporation, among others.

Purchase Options 10% off

Methodology  

Request Customisation

Report Sample

Request Brochure

Ask an Analyst

( USA & Canada ) +1-415-325-5166 [email protected]

( United Kingdom ) +44-702-402-5790 [email protected]

Mini Report

• Selected Sections, One User
• Printing Not Allowed
• Email Delivery in PDF
• Free Limited Customisation
• Post Sales Analyst Support
• 50% Discount on Next Update

Single User License

• All Sections, One User
• One Print Allowed

Five User License

• All Sections, Five Users
• Five Prints Allowed

Corporate License

• All Sections, Unlimited Users
• Unlimited Prints Allowed
• Email Delivery in PDF + Excel

Any Question? Speak With An Analyst

View A Sample

Did You Miss Anything, Ask Now

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

Stay informed with our free industry updates.

We use cookies, just to track visits to our website, we store no personal details. Privacy Policy X

Press Release

Industry Statistics

• [email protected]
• / Medical Devices
• / Medical Devices Market

Medical Devices Market

Medical Devices Market Size, Share, Trends, Growth, and Industry Analysis, By Type of Device (In-Vitro Diagnostics, Dental Equipment), By Type of Expenditure (Public, Private), By End-User (Hospitals and Clinics, Homecare, Diagnostics Centers), Regional Insights and Forecast to 2032

• Report Description
• Table of Content
• Research Methodolgy
• Download Sample

global medical devices market size was USD 645 billion in 2022 and is predicted to reach USD 951 billion in 2031, exhibiting at a CAGR of 6.5%.during the forecast period. 

The global medical devices market consists of sales of medical devices or equipment and related services by entities (organizations, sole traders, and partnerships) that manufacture medical equipment or devices that are used in the diagnosis, treatment, and monitoring of medical conditions. The medical device market includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, dental devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies, and other medical devices.

Market Growth

However, a data security threat may hamper the market growth for medical devices as an internet connection is required for transferring patient’s data from remote devices to the physician. Hence, this increases the threat to data security. The rising trend for connected devices makes them attractive and thus increases the risk for data breaches or hacks. For instance, in March 2020, critical patient data, including medical questionnaires, copies of driving licences, passports, and national insurance numbers, were leaked for over 2,300 patients of Hammersmith Medicines Research.

The research firm was carrying out trials for the COVID-19 vaccine on these patients. Growth in the medical devices market during the historic period resulted from growth in the number of healthcare facilities, rapid growth in elderly population, economic growth in emerging markets, rapid technological advances, and increased healthcare expenditure. The market was restrained by low healthcare awareness and low healthcare reimbursements. Going forward, the increasing prevalence of chronic diseases, sudden emergence of severe infections will drive growth in the medical devices market. Factors that could hinder the growth of the market in the future include challenges due to regulatory changes, data security issues, and the COVID-19 pandemic.

COVID-19 Analysis

The COVID-19 (coronavirus) outbreak is disrupting supply chains all around the world, with the most aggravating effect on the medical device market. The COVID-19 pandemic has impacted the production scenario globally and changed the business environment for numerous organisations across the world. Most companies have extended their production capacity to meet the increasing demand for essential supplies of COVID-19, which has severely impacted the overall medical devices market around the world and directly influenced hospital capacities and the ability for patients to seek care for a number of diseases. According to the World Health Organization (WHO), during COVID-19, over 28.5 million elective surgeries across the world were cancelled, while 40% of global cancer surgeries were postponed. The coronavirus pandemic caused an unprecedented growth in the demand for medical products. The supply chain for COVID-19-relevant medical devices, such as personal protective equipment (PPE), ventilators, testing supplies, and other equipment, was unprepared to satisfy higher demand.

REPORT SCOPE & SEGMENTATION:

SEGMENTATION

Type Insights

In Vitro Diagnostics (IVD) devices are used for the diagnosis of diseases or conditions that include an analysis of the state of health for the purpose of mitigating, curing, treating, or preventing disease. These devices are largely used to collect, prepare, and examine the specimen collected from the patient’s body. Hence, the increasing prevalence of chronic disease and the need for precise and efficient testing kits for diseases such as malaria, HIV/AIDS, diabetes, and cancer boost the demand for IVD devices. For instance, in 2017, the World Health Organization (WHO) revealed that around 47% of new HIV cases were detected across the globe. In support of the above factors, the IVD segment accounted for a value share of nearly 14.5% in the year 2019. Furthermore, technological advancements in surgical robots, as well as their increasing use by healthcare providers, are expected to drive the Minimally Invasive Surgery (MIS) segment growth during the forecast period. However, the segments of orthopaedic and cardiovascular devices are anticipated to grow at a significant pace, owing to a globally increasing patient pool suffering from different cardiac-related and orthopaedic disorders.

End User Insights

Based on end-user, the market includes hospitals, ASCs, clinics, and others. The hospitals and ASCs segment held a dominant share in 2021 due to the increasing number of multispecialty and community hospitals, especially in emerging countries. Thus, the above factors and the growing emphasis of healthcare agencies and the government toward a routine diagnosis of patients and their timely treatment have resulted in raising awareness among the general population, thereby subsequently propelling the market's growth during the forecast period.

In 2020, the hospitals and clinics market were the largest segment of the medical devices market segmented by end-user, accounting for 88.7% of the total. Going forward, the diagnostic centers segment is expected to be the fastest growing segment in the medical devices market segmented by end-user.

Recent Developments

• In February 2022, Siemens Healthineers and Universal Medical Imaging (China) reached an agreement to promote 5G remote imaging diagnosis for primary care in China’s regions.
• In May 2022, BD launched a fully automatic, high-throughput infectious disease molecular diagnostic platform, the BD Cor System, in the US.
• In November 2021, Siemens Healthineers introduced Magnetom Free Star, a cost-effective whole-body MRI scanner, designed to enable significantly better access to magnetic resonance imaging.

Competitive Analysis:

The global medical devices market is highly fragmented owing to the presence of a large number of market players on a global as well as regional level. Among these companies, Medtronic captures the largest market share with a diverse product portfolio and strong brand name in the global market. Apart from this, most of the industry players invest prominently in research and development (R&D) activities to develop new products and upgrade the existing product list. Furthermore, these market players largely focus on expanding their distributors across the globe, which allows companies to expand their product offerings.

Major Competitors in The Medical Devices Market Are:

• Medtronic Plc
• Johnson & Johnson
• Abbott Laboratories
• Becton, Dickinson and Company
• Siemens Healthineers AG
• Accord Medical Products Private Limited
• Agappe Diagnostics Ltd
• ARKRAY Healthcare Pvt. Ltd
• B. Braun Medical Inc.
• Baxter Healthcare
• Beckman Coulter
• Boston Scientific
• Canon Medical Systems Corporation

Regional Analysis

North America captured the largest revenue share in 2021 and is anticipated to continue its dominance over the upcoming years. The significant growth of the region is primarily because of its developed healthcare infrastructure and the rising concern for a healthy life. The United States is the dominant country in North America, and rapid adoption of new and advanced medical technologies for enhancing the diagnosis and treatment procedures of critical diseases is likely to impel market growth in the region.

The market in Europe is anticipated to register a significant CAGR, owing to increasing healthcare expenditure, well-established infrastructure, and the increasing adoption of advanced diagnostic and treatment devices. A strong focus on a shift of medical care into home care settings and the introduction of portable medical device equipment by leading global and domestic players in the region are expected to drive the growth of the market during the forecast period.

Asia Pacific is expected to grow at a comparatively higher CAGR due to the increasing prevalence of diseases, such as cardiovascular disorders, diabetes, infectious diseases, and dental disorders, along with the increasing focus of market players to expand their direct presence in emerging countries, including China and India, and fulfil the demand of patients in this region.

Segments Covered in the Report

• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• Wound Management
• Diabetes Care
• General Surgery

By End-user

• Hospitals & Clinics
• Diagnostic Centers
• Research laboratory
• Pharmaceutical companies

Regional Outlook

Asia Pacific

• South Korea
• Netherlands
• United Kingdom

North America

• United States

Middle East and Africa

• Saudi Arabia
• United Arab Emirates

Latin America

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.   The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on.  We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Choose a licence type.

• Single User License $4450
• Multiple User License $5450
• Corporate User License $7150
• Ask for Discount
• Enquire befor buy

Related Reports

• Europe Durable Medical Equipment Market Size, Share, Trends, Growth, and Industry Analysis, By Produ...
• Medical Headlamp Market Size, Share, Trends, Growth, and Industry Analysis, By Product Type: (LED Me...
• Global Surgical Suction Pumps Market Research Report Global Industry Analysis, Size, Share, Growth,...
• Global Endoscopic Ultrasound Market Report: By Product (Endoscopes, Ultrasound Probes, Ultrasonic Pr...
• Global Cell Surface Markers Market Report: By Product Type (Flow Cytometers, Hematology Analyzers, R...

Download Free Sample Now

Avail pdf sample reports.

   By clicking the "Submit" button, you are agreeing to the Econ Market Research Privacy Policy. and Terms and Conditions

Ask for discount

• [email protected]

• Health Care Equipment

Medical Devices Market Analysis North America,Europe,Asia,Rest of World (ROW) - US,Germany,UK,Japan,China - Size and Forecast 2023-2027

• Published: Oct 2023
• SKU: IRTNTR41168

Enjoy complimentary customisation on priority with our Enterprise License!

Medical Devices Market Size 2023-2027:

The Medical Devices Market size is estimated to grow by  USD 177.95 billion  at a  CAGR of 5.87% between 2022 and 2027. 

The global healthcare industry witnesses a significant demand for medical devices due to the rising prevalence of chronic diseases such as diabetes, cardiovascular diseases , respiratory disorders, and cancer. Changing lifestyles and sedentary habits contribute to the increasing cases and related deaths from these conditions. Wearable electronics, wireless medical technologies , and smart health monitoring devices, including fitness trackers, cater to the ongoing health management needs of patients. Cancer, cardiovascular diseases, and diabetes require various therapeutic and diagnostic devices like pacemakers, insulin pumps, implantable defibrillators, and electromedical equipment. Hospitals and healthcare agencies utilize capital equipment, consumables, and breakthrough designations for inpatient admissions, surgeries (emergency room, dental, orthopedic), and diagnostic procedures . The aging population further fuels the demand for addressing age-related issues like joint replacements, hearing aids, and assistive devices. Key industries include ophthalmic procedures and infectious diseases. RunRepeat reports that athletes also rely on wearable devices for performance tracking and injury prevention. Such factors drive the market growth during the forecast period. 

What will be the size of the Market During the Forecast Period?

To learn more about this report,  Request Free Sample

Market Segmentation 

Furthermore, this report extensively covers market segmentation by product (therapeutic and surgical, PMDMID, and other medical devices), end-user ( hospitals and ASCs, clinics, and others), and geography (North America, Asia, Europe, and Rest of World (ROW)).

Market Segmentation by Product, End-user, and Geography Analysis

Product analysis, therapeutic and surgical.

The market share growth by the therapeutic and surgical segment will be significant during the forecast period. The market encompasses innovative technologies designed to address chronic diseases and changing lifestyles. Chronic disorders such as cardiovascular diseases, cancer, and diabetes are driving demand for therapeutic and diagnostic devices. Healthcare advancements in wearable electronics, wireless medical technologies, and smart technologies are revolutionizing health monitoring for individuals, including athletes. Pacemakers, insulin pumps, implantable defibrillators, and other implantable medical devices are transforming healthcare by providing long-term solutions for cardiovascular diseases and neurological disorders. Surgical procedures, including inpatient admissions, elective surgeries, and emergency room visits, continue to rely on capital equipment and consumables. The market encompasses innovative technologies designed to address chronic diseases and changing lifestyles. Chronic disorders such as cardiovascular diseases, cancer, and diabetes are driving demand for therapeutic and diagnostic devices. 

Get a glance at the market contribution of various segments View a PDF Sample

The therapeutic and surgical segment was valued at USD 249.57 billion  in 2017 and continued to grow until 2021.   Healthcare advancements in wearable electronics, wireless medical technologies, and smart technologies are revolutionizing health monitoring for individuals, including athletes. Pacemakers, insulin pumps, implantable defibrillators, and other implantable are transforming healthcare by providing long-term solutions for cardiovascular diseases and neurological disorders. Surgical procedures, including inpatient admissions, elective surgeries, and emergency room visits, continue to rely on capital equipment and consumables. Cancer cases and related deaths have fueled the need for breakthrough designations and innovative diagnostic devices. Hospitals remain a significant market, with a focus on cardiovascular diseases, cancer, diabetes, and other chronic conditions. Dental procedures and orthopedic surgeries also contribute to the market's growth. Wearable devices, such as fitness trackers, are increasingly popular for personal health monitoring and maintaining an active lifestyle in the face of sedentary lifestyles and an aging population.

Further, ophthalmic procedures are another area of growth within the market. RunRepeat and other healthcare agencies play a crucial role in facilitating access to these technologies. Cancer cases and related deaths have fueled the need for breakthrough designations and innovative diagnostic devices. Hospitals remain a significant market with a focus on cardiovascular diseases, cancer, diabetes, and other chronic conditions. Dental procedures and orthopedic surgeries also contribute to the market's growth. Fitness trackers are increasingly popular for personal health monitoring and maintaining an active lifestyle in the face of sedentary lifestyles and an aging population. Ophthalmic procedures are another area of growth within the market. RunRepeat and other healthcare agencies play a crucial role in facilitating access to these devices and technologies.

End-user Analysis 

• Hospitals and ASCs

The Hospitals and ASCs ( Ambulatory Surgical Centers) segment is a significant and critical part of the market. The market encompasses orthopedic procedures, cardiovascular equipment, fetal monitors, surgical lights, imaging systems, patient monitoring devices, and diagnostic instruments. Hospitals and Ambulatory Surgical Centers (ASCs) are primary consumers, driven by rising healthcare expenditures and increasing patient volumes due to population growth and aging demographics. The economic burden is alleviated through home healthcare solutions, which incorporate medical clothing, masks, gloves, and other essentials. The market's expansion is fueled by the need for advanced devices to enhance patient care and treatment outcomes in hospital inpatient settings and beyond. All of these factors are expected to drive the growth of the hospitals and ASCs segment of the market during the forecast period.

Clinics are healthcare facilities that provide medical services and treatments on an outpatient basis. There are different types of clinics, varying in size and specialization, from smaller private ones to larger specialized ones. These clinics are a crucial part of the market and provide a wide range of devices, such as blood pressure monitors and ultrasound machines, for use in different clinical settings. Outpatient care is becoming increasingly popular as it is cost-effective, convenient, and supported by advancements in medical technology. Clinics offer outpatient services and are thus driving the demand for medical devices in these settings. The medical devices used in clinics are designed to be cost-effective and efficient to help manage healthcare costs while ensuring quality care. The growing awareness about health and wellness has resulted in more frequent health check-ups and preventive healthcare measures, leading to an increased demand for diagnostic and monitoring devices in clinics. These factors are expected to fuel the growth of the clinic's segment of the market during the forecast period.

Regional Analysis

For more insights about the market share of various regions View PDF Sample now!

North America  is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The North American market is primarily driven by the US, which is the world's largest consumer and exporter of medical devices. The US market is particularly significant in the orthopedic procedures sector, given its large and aging population. The economic burden of medical care in the US is substantial, making cost-effective medical devices essential in both hospital inpatient and home healthcare settings. Key product categories include medical clothing, masks, gloves, surgical lights, fetal monitors, and cardiovascular devices.

In addition, Canada is the second-largest market in North America, with a focus on home healthcare and medical devices for chronic conditions. The US is also a major exporter of medical devices to the EU and Japan. Over 6,500 medical device companies operate in the US, with many being small and medium-sized enterprises. Major US companies include Baxter International Inc. and Becton, Dickinson, and Co. in the orthopedic, cardiovascular, and diagnostic device sectors. Such factors are expected to drive the growth of the regional market during the forecast period.

Buy Now Full Report and Discover More

Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

Abbott Laboratories -  The company specializes in the medical device sector, providing advanced solutions such as the Accent 3 CRT-D System and Assurity MRI SureScan Pacemaker.

• Baxter International Inc.
• Becton Dickinson and Co.
• Boston Scientific Corp.
• Cardinal Health Inc.
• Danaher Corp.,
• F. Hoffmann La Roche Ltd.
• Fresenius SE and Co. KGaA
• General Electric Co.
• Johnson and Johnson
• Koninklijke Philips N.V.
• Medtronic Plc
• Nihon Kohden Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The market encompasses a wide range of innovative technologies designed to address chronic diseases and changing lifestyles. These include wearable electronics , wireless medical devices, and smart technologies. The market is witnessing significant growth due to the increasing number of cancer cases and cancer-related deaths. Health monitoring devices, such as fitness trackers , are increasingly popular among athletes and individuals seeking to maintain their health. Therapeutic and diagnostic devices, including pacemakers, insulin pumps, implantable defibrillators, and various surgical procedures , are essential for managing chronic disorders like cardiovascular diseases and infectious diseases. Hospitals continue to be major consumers of medical devices, while home healthcare and medical clothing, masks, and gloves are becoming increasingly important in the context of an ageing population and economic burden. The market for ophthalmic and orthopedic procedures is also expanding, driven by the growing need for advanced diagnostic and therapeutic solutions . Overall, the market is expected to experience continued growth due to the increasing demand for healthcare services and the development of new technologies to address the needs of an ageing population and those with chronic conditions. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Market Drivers

The increasing initiatives and awareness by public and private organizations is driving market growth. Some of the major initiatives are to promote awareness about CVDs, initiatives for promoting awareness about neurological and neuromuscular disorders , initiatives for promoting dental services, and the initiatives for promoting awareness about hearing disabilities. In the US, February is observed as American Heart Month by the AHA to promote awareness of CVDs and their early diagnosis. This is a federally designated event. Additionally, the Heart Rhythm Society has designated October as Sudden Cardiac Arrest (SCA) Awareness Month. Through this initiative, they aim to increase awareness and educate the public about the diagnosis and treatment of SCA as part of the promotion of CVD awareness. WHO is working with partners and stakeholders to enhance healthcare accessibility for individuals with epilepsy and promote awareness about neurological and neuromuscular disorders.

Moreover, the initiative to improve treatments for these disorders is also gaining momentum, with the Brain Donor Project aiming to increase funding for scientific advancements in neurological , neuropsychiatric, and neurodevelopmental disorder treatments. Many countries offer free dental services, as stated by initiatives promoting dental health. The Organisation for Economic Co-operation and Development (OECD) reports that Austria, Mexico, Poland, Spain, and Turkey provide complete coverage for the costs of dental health services. Such initiatives by public and private organizations will increase the adoption of medical devices, which, in turn, is expected to drive the growth of the market during the forecast period.

Significant Market Trends

The emergence of innovative medical technologies  is an emerging trend shaping market growth. The healthcare industry is witnessing significant advancements due to the introduction of innovative medical devices and technologies. Chronic diseases, changing lifestyles, and an ageing population are driving the demand for health monitoring and therapeutic devices. Wearable electronics, such as fitness trackers, are increasingly popular among athletes and individuals seeking to maintain their health. Smart technologies, including wireless medical instruments, are revolutionizing cancer diagnosis and treatment, with breakthroughs in areas like liquid biopsy and 3D bioprinting . Hospitals continue to invest in capital equipment like pacemakers , insulin pumps, and implantable defibrillators for inpatient admissions.

Moreover, diagnostic devices, including those for cardiovascular diseases, diabetes, and infectious diseases, are essential for accurate diagnosis and timely treatment. Regulatory agencies, such as the Medicines Agency and healthcare agencies, play a crucial role in approving these medical instruments and ensuring their safety and efficacy. Surgical procedures, including elective surgeries and emergency room visits, benefit from advanced medical instruments, while dental and orthopedic procedures also see significant improvements. RunRepeat reports that chronic disorders and sedentary lifestyles are major health concerns, further emphasizing the importance of medical instruments in healthcare. Such factors are expected to fuel the growth of the market during the forecast period.

Major Market Challenges 

Declining reimbursement and cost containment measures are significant challenges hindering market growth. In the healthcare sector, the US government and various programs, such as Medicare and Medicaid , are implementing cost-containment measures to decrease spending. These measures include limiting reimbursements for specific procedures, outcome-based reimbursements, population health management, and new regulations. One such regulation is the Sunshine Act, which requires manufacturers of medical devices to report their annual spending on physicians and educational activities to the Centers for Medicare & Medicaid Services (CMS). This act impacts medical communications and clinical data collection, essential for ensuring sales growth in the market. Chronic diseases, changing lifestyles, and an aging population drive the demand for healthcare, including wearable electronics, wireless medical technologies, and smart technologies.

Further, cancer cases and related deaths, cardiovascular diseases, diabetes, and other chronic disorders increase the need for therapeutic and diagnostic devices, such as pacemakers, insulin pumps, implantable defibrillators, and surgical procedures. Healthcare agencies, hospitals, and dental procedures also utilize various medical devices, capital equipment, consumables, and breakthrough designations. Elective surgeries, emergency room visits, and orthopedic procedures further contribute to the market's growth. Wearable devices, such as fitness trackers and RunRepeat, cater to athletes and individuals seeking health monitoring. Infectious diseases and sedentary lifestyles also impact the market's expansion. Therefore, cost containment measures may hinder the growth of the market in the forecast period.

Customer Landscape

The market report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

• Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Therapeutic and surgical
• Rest of Europe

Market Analyst Overview 

The market is a significant sector, encompassing various types of products such as cardiac devices , diagnostic imaging systems, therapeutic devices, and more. These devices play a crucial role in improving patient outcomes and enhancing healthcare delivery. The market is driven by factors like an aging population , increasing prevalence of chronic diseases, and technological advancements . Companies are investing heavily in research and development to launch innovative products and expand their market share. The market is competitive with key players, including Siemens Healthineers , Philips, and GE Healthcare. Marketing strategies for medical devices focus on product differentiation, pricing strategies, and regulatory compliance . The market is expected to grow at a steady pace due to the increasing demand for advanced medical technologies and the expanding healthcare sector.

View Sample PDF at your Fingertips

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on the company's position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

1 Executive Summary

• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• Exhibit 12: Offerings of vendors included in the market definition
• Exhibit 13: Market segments
• 3.3 Market size 2022
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• Exhibit 18: Historic Market Size – Data Table on global medical devices market 2017 - 2021 ($ billion)
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product
• Exhibit 34: Chart on Therapeutic and surgical - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Therapeutic and surgical - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Therapeutic and surgical - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Therapeutic and surgical - Year-over-year growth 2022-2027 (%)
• Exhibit 38: Chart on PMDMID - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on PMDMID - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on PMDMID - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on PMDMID - Year-over-year growth 2022-2027 (%)
• Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 46: Market opportunity by Product ($ billion)
• Exhibit 47: Data Table on Market opportunity by Product ($ billion)

7 Market Segmentation by End-user

• Exhibit 48: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 49: Data Table on End-user - Market share 2022-2027 (%)
• Exhibit 50: Chart on Comparison by End-user
• Exhibit 51: Data Table on Comparison by End-user
• Exhibit 52: Chart on Hospitals and ASCs - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Hospitals and ASCs - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Hospitals and ASCs - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Hospitals and ASCs - Year-over-year growth 2022-2027 (%)
• Exhibit 56: Chart on Clinics - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Clinics - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Clinics - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Clinics - Year-over-year growth 2022-2027 (%)
• Exhibit 60: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Market opportunity by End-user ($ billion)
• Exhibit 65: Data Table on Market opportunity by End-user ($ billion)

8 Customer Landscape

• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 79: Chart on Asia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Asia - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Asia - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Asia - Year-over-year growth 2022-2027 (%)
• Exhibit 83: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)
• Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 95: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers
• 10.2 Market challenges
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027
• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
• Exhibit 111: Overview on factors of disruption
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• Exhibit 113: Vendors covered
• Exhibit 114: Matrix on vendor position and classification
• Exhibit 115: Abbott Laboratories - Overview
• Exhibit 116: Abbott Laboratories - Business segments
• Exhibit 117: Abbott Laboratories - Key news
• Exhibit 118: Abbott Laboratories - Key offerings
• Exhibit 119: Abbott Laboratories - Segment focus
• Exhibit 120: B.Braun SE - Overview
• Exhibit 121: B.Braun SE - Business segments
• Exhibit 122: B.Braun SE - Key news
• Exhibit 123: B.Braun SE - Key offerings
• Exhibit 124: B.Braun SE - Segment focus
• Exhibit 125: Baxter International Inc. - Overview
• Exhibit 126: Baxter International Inc. - Business segments
• Exhibit 127: Baxter International Inc. - Key news
• Exhibit 128: Baxter International Inc. - Key offerings
• Exhibit 129: Baxter International Inc. - Segment focus
• Exhibit 130: Becton Dickinson and Co. - Overview
• Exhibit 131: Becton Dickinson and Co. - Business segments
• Exhibit 132: Becton Dickinson and Co. - Key news
• Exhibit 133: Becton Dickinson and Co. - Key offerings
• Exhibit 134: Becton Dickinson and Co. - Segment focus
• Exhibit 135: Boston Scientific Corp. - Overview
• Exhibit 136: Boston Scientific Corp. - Business segments
• Exhibit 137: Boston Scientific Corp. - Key news
• Exhibit 138: Boston Scientific Corp. - Key offerings
• Exhibit 139: Boston Scientific Corp. - Segment focus
• Exhibit 140: Canon Inc. - Overview
• Exhibit 141: Canon Inc. - Business segments
• Exhibit 142: Canon Inc. - Key offerings
• Exhibit 143: Canon Inc. - Segment focus
• Exhibit 144: Cardinal Health Inc. - Overview
• Exhibit 145: Cardinal Health Inc. - Business segments
• Exhibit 146: Cardinal Health Inc. - Key news
• Exhibit 147: Cardinal Health Inc. - Key offerings
• Exhibit 148: Cardinal Health Inc. - Segment focus
• Exhibit 149: F. Hoffmann La Roche Ltd. - Overview
• Exhibit 150: F. Hoffmann La Roche Ltd. - Business segments
• Exhibit 151: F. Hoffmann La Roche Ltd. - Key news
• Exhibit 152: F. Hoffmann La Roche Ltd. - Key offerings
• Exhibit 153: F. Hoffmann La Roche Ltd. - Segment focus
• Exhibit 154: General Electric Co. - Overview
• Exhibit 155: General Electric Co. - Business segments
• Exhibit 156: General Electric Co. - Key news
• Exhibit 157: General Electric Co. - Key offerings
• Exhibit 158: General Electric Co. - Segment focus
• Exhibit 159: Johnson and Johnson - Overview
• Exhibit 160: Johnson and Johnson - Business segments
• Exhibit 161: Johnson and Johnson - Key news
• Exhibit 162: Johnson and Johnson - Key offerings
• Exhibit 163: Johnson and Johnson - Segment focus
• Exhibit 164: Koninklijke Philips N.V. - Overview
• Exhibit 165: Koninklijke Philips N.V. - Business segments
• Exhibit 166: Koninklijke Philips N.V. - Key news
• Exhibit 167: Koninklijke Philips N.V. - Key offerings
• Exhibit 168: Koninklijke Philips N.V. - Segment focus
• Exhibit 169: Medtronic Plc - Overview
• Exhibit 170: Medtronic Plc - Business segments
• Exhibit 171: Medtronic Plc - Key news
• Exhibit 172: Medtronic Plc - Key offerings
• Exhibit 173: Medtronic Plc - Segment focus
• Exhibit 174: Siemens AG - Overview
• Exhibit 175: Siemens AG - Business segments
• Exhibit 176: Siemens AG - Key news
• Exhibit 177: Siemens AG - Key offerings
• Exhibit 178: Siemens AG - Segment focus
• Exhibit 179: Stryker Corp. - Overview
• Exhibit 180: Stryker Corp. - Business segments
• Exhibit 181: Stryker Corp. - Key news
• Exhibit 182: Stryker Corp. - Key offerings
• Exhibit 183: Stryker Corp. - Segment focus
• Exhibit 184: Zimmer Biomet Holdings Inc. - Overview
• Exhibit 185: Zimmer Biomet Holdings Inc. - Business segments
• Exhibit 186: Zimmer Biomet Holdings Inc. - Key news
• Exhibit 187: Zimmer Biomet Holdings Inc. - Key offerings
• Exhibit 188: Zimmer Biomet Holdings Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report
• Exhibit 189: Inclusions checklist
• Exhibit 190: Exclusions checklist
• Exhibit 191: Currency conversion rates for US$
• Exhibit 192: Research methodology
• Exhibit 193: Validation techniques employed for market sizing
• Exhibit 194: Information sources
• Exhibit 195: List of abbreviations

Frequently Asked Questions?

How much is the medical devices market market , what is the growth rate of the medical devices market market , which region held the largest market share in the medical devices market market, who are the key players in the medical devices market market , which segment has the largest market share in the medical devices market market .

[Avail subscription at 50% off, with report purchase]

One user only. Quick & easy download option

Enterprise:

Unlimited user access (Within your organization) Complimentary Customization Included

*For Enterprise license, go to checkout page

*Avail subscription at 50% off, with report purchase - limited to a week

[5 reports/month/user]

Basic Plan [5000 USD/Year]:

Single User Download 5 Reports/Month View 100 Reports/Month Add upto 3 Users at 625 USD/user

Teams Plan [7500 USD/Year]:

5 User Download 5 Reports/Month/User View 100 Reports/Month/User Add upto 30 Users at 500 USD/user

*You can upgrade to Teams plan at Subscription page

Subscribe & Save

Get lifetime access to our Technavio Insights

• Quick Report Overview:
• Market Size
• Table of Contents
• Market Scope
• Key Question Answered
• Technavio Subscriptions

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.

Member Login

• Med Devices & Surgical
• Cell Biology
• Pharmaceuticals
• Health Maintenance
• Safety and Security
• Engineering
• Advanced Materials
• Semiconductor
• Nanotechnology
• Water-Membrane & Separations
• Fuel Cell & Battery
• Manufacturing
• Environment
• Venture Capital
• Information Technology
• Franchise reports
• BCC Publishing
• Barnes Reports
• Transparency
• Future Markets Insights
• Market Research Studies
• Press Releases
• Association Exclusives
• Partnership
• Innovation Spotlights
• About BCC Research

Custom Consulting

• Membership Benefits
• Market Research Reports
• Medical Devices And Surgical

Medical Devices Industry: Competitive Landscape 2021

Report Code: MDS010B

Publish Date: Feb 2023

Publisher: BCC Publishing

Category: Medical Devices And Surgical

Download Report Overview

Single User License: $5500

Member Price: FREE

Explore Our Services

Already a member? Login to access this report free.

• Report Overview

Table of Contents

• Previous Versions

Report Highlights

This report discusses exhaustive coverage of the medical device industry and its competitive landscape in terms of major player market ranking and top medical devices. Company profiles of the top fifty medical device companies, innovative products and technologies, trends and market dynamics, competitive intelligence and regional trends are well-researched and analyzed in this report. The study includes tracking alliances, joint ventures, mergers and acquisitions, new product development and R&D in the medical device industry and the factors that will affect the industry in the coming years.

Report Includes

• 72 data tables and 113 additional tables
• An up-to-date assessment of the global medical devices market and industry competitive landscape featuring top 50 medical device manufacturers
• Estimation of the actual market size and revenue forecast for global medical devices market in USD million values, with analyses and growth forecasts through 2021
• Discussion of the major market potential and opportunities in medical devices industry, along with a detailed analysis of the competitive environment, regulatory scenario, and recent technological advancements
• In-depth information on increasing investments on research and development (R&D) activities, key technology issues, industry specific challenges, and COVID-19 implications on the progress of medical devices marketplace
• Review of the regulatory landscape for global medical devices manufacturers with emphasis on recent regulations in regions such as the U.S., Europe, and Japan
• Market share analysis of leading medical device manufacturers, their research priorities, global rankings, manufacturers mapping by therapeutic area, and market development strategies
• Company profiles of the leading global corporations in the medical devices industry, including Abbott, Bio-Rad Laboratories Inc., Danaher Corp., General Electric, Medtronic, Olympus Corp., Stryker Corp. and Terumo Corp.

Report Scope

This research report incorporates an in-depth analysis of the medical device market and its competitive landscape through 2021. Major players, competitive intelligence, innovative technologies, and company profiles are discussed in detail. The report also examines recent developments and product portfolios of major players, along with market share analysis and ranking in the market. Regulatory landscape analysis focuses on recent regulations in regions such as the U.S., Europe, and Japan.

Report Synopsis

Frequently asked questions (faqs), what is the projected market size and growth rate of the medical devices market, what are the key factors driving the growth of the medical devices market, which region has the highest market share in the medical devices industry competitive landscape for the year 2021, who are the key companies/players in the medical devices industry competitive landscape for the year 2021, analyst credentials.

BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.

This report discusses the medical device industry and its competitive landscape in terms of major player market ranking and top medical devices. Company profiles of the top 50 medical device companies, innovative products and technologies, trends and market dynamics, competitive intelligence and regional trends are well-researched and analyzed in this report.

• 61 data tables and 110 additional tables
• Competitive landscape of the top 50 medical device manufacturers in the global medical devices market
• Analyses of the global market trends, with data corresponding to market size in dollar value terms, and revenue forecasts through 2019
• Assessment of manufacturers ranking by R&D expenditures and annual growth, their market share analysis and key strategies adopted, and innovations taken place in medical devices marketplace
• Information pertaining to new product launches and approvals, mergers and acquisitions, alliances and joint ventures, and R&D efforts within the medical devices industry
• Review of patents and patent applications (numbers) filed on medical device technologies with breakdown of patent data by technology type, assignee country, and stakeholder company
• Discussion on the impact of COVID-19 pandemic on the medical devices industry with emphasis on key factors underlying the impact and significant takeaways
• Profile description of the major market players, including 3M, Abbott, Becton, Dickinson and Co., Bio-Rad Laboratories Inc., Danaher Corp., Roche, GE Healthcare, Johnson & Johnson and Siemens Healthcare AG

Related Reports

Recent reports, top trending reports, surgical navigation systems: technologies and global markets.

The global market for surgical navigation systems is estimated to increase from $1.2 billion in 2022 to reach over $1.8 billion by 2027, at a compound annual growth rate (CAGR) of 9.0% from 2022 through 2027.

Continuous Glucose Monitoring (CGM): Technologies and Global Markets

The global CGM market should reach $20.7 billion by 2022 and $32.7 billion by 2027, with a compound annual growth rate (CAGR) of 9.5% during the forecast period of 2022-2027.

Medical Devices: Technologies and Global Markets

The global market for medical device technologies is valued at $639.1 billion in 2021 and is estimated to grow from $676.0 billion in 2022 to $953.4 billion in 2027 with a compound annual growth rate (CAGR)of 7.1% for the period of 2022-2027.

Anesthesia and Respiratory Devices: Global Markets

The global anesthesia and respiratory devices market should reach $36.2 billion by 2022 and more than $51 billion by 2027, with a compound annual growth rate (CAGR) of 7.1% during the forecast period of 2022-2027.

Global Prenatal Testing Market

The global market for prenatal testing is expected to grow from $10.9 billion in 2023 and projected to reach $19.8 billion by the end of 2028, at a compound annual growth rate (CAGR) of 12.6% during the forecast period of 2023 to 2028.

Global Skin Allergy Testing Market

The global market for skin allergy testing is expected to grow from $560 million in 2023 to $771.5 million by the end of 2028, at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2028.

Global Orthodontic and Orthopedic Market

The global market for orthodontic devices is expected to grow from $18.9 billion in 2023 and projected to reach $29.3 billion by the end of 2028, at a compound annual growth rate (CAGR) of 9.2% during the forecast period of 2023 to 2028.Report Includes

Global Medical Dynamometer Market

The global market for medical dynamometers is estimated to increase from $547.5 million in 2023 to reach $780.1 million by 2028, at a compound annual growth rate (CAGR) of 7.3% from 2023 through 2028.

Global Insulin Pen Market

This report examines the global insulin pen market. It includes a detailed analysis and prediction of commercially significant products such as reusable and disposable insulin pens. This report investigates global insulin pen market patterns and features between 2022–2028, offering valuable insights and forecasts.

Global Market for Cell and Gene Therapy

The global market for cell and gene therapy is expected to grow from $7.2 billion in 2023 and projected to reach $23.3 billion by the end of 2028, at a compound annual growth rate (CAGR) of 26.4% during the forecast period of 2023 to 2028. 

Peptide Synthesis: Global Markets

The global market for peptide synthesis is expected to grow from $90.1 billion in 2023 and projected to reach $157.5 billion by the end of 2028, at a compound annual growth rate (CAGR) of 11.8% during the forecast period of 2023 to 2028.

Medical Magnetic Resonance Imaging (MRI): Technologies and Global Markets

The global market for medical magnetic resonance imaging (MRI) is expected to grow from $7.2 billion in 2023 and projected to reach $9.8 billion by the end of 2028, at a compound annual growth rate (CAGR) of 6.4% during the forecast period of 2023 to 2028.

Oligonucleotides: Global Markets

The global market for oligonucleotides is expected to grow from $7.0 billion in 2023 and projected to reach $11.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 11.0% during the forecast period of 2023 to 2028.

Next-generation Sequencing: Emerging Clinical Applications and Global Markets

The global market for clinical applications of next-generation sequencing is estimated to increase from $21.9 billion in 2023 to reach $52.9 billion by 2028, at a compound annual growth rate (CAGR) of 19.3% from 2023 through 2028.

Become A Member

BCC Research offers a comprehensive library of reports, granting members unlimited access to data, insights, and market intelligence for informed business decisions, while actively supporting members in their evolving journeys and prioritizing high-quality, relevant topics based on continuous engagement with the research community.

BCC Research emphasizes the importance of organizations leveraging highly customized market insights aligned with specific strategic business objectives through direct engagement with primary sources and proprietary forecasting models for profitable decision-making in maximizing growth opportunities and minimizing risks.

The Venture Scorecard provides commercialization offices and decision makers with expert analysis, offering strategic insights crucial for aligning objectives with market realities at various stages of commercializing new products or evaluating investment opportunities, from opportunity assessment to growth planning.

Innovation Spotlight

Our industry experts offer strategic guidance to maximize the market potential of commercialized products, patents, and IP by providing insights into market trends, competitive dynamics, and effective positioning, using the Innovation Spotlight service for enhanced exposure to thought leaders and the wider community.

Custom Research - MDS010B

Download report overview - medical devices industry: competitive landscape 2021.

Complete the form below and someone from the BCC Research team will be in touch

Reach Out To Us - MDS010B

Join our mailing list for the latest report releases and upcoming event notifications.

• 781-489-7301
• [email protected]

Please select categories of interest:

Search Check All

Medical Devices Market (By Type: Cardiovascular Devices, Orthopedic Devices, Diagnostic Imaging, MIS, IVD, Diabetes Care, Wound Management, Dental, Nephrology, Ophthalmic Devices, and Others; By End User: Clinics, Hospitals & Ambulatory Surgical Centers, and Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2023 - 2032

• Report Description
• Table of Content

The global medical devices market size was valued at USD 570 billion in 2022 and is expected to reach around USD 996.93 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2032.

Access our Healthcare Data Intelligence Tool with 10000+ Database, Visit: Towards Healthcare

Key Takeaway:

• By end-user, the hospitals and clinics segment has accounted for 88.5% of the total revenue share in 2022.
• The diagnostics centers segment is growing at a CAGR of 10.3% from 2023 to 2032.
• North America region has dominated the market with 39.9% of the total revenue share in 2022.

Growth Factors

Increasing investment in Research & Development (R&D) activity by medical technology companies for the development of new and advanced medical devices and easy approval for those devices by the regulatory authorities expected to impel the market growth fro medical devices over the upcoming years. For instance, according to the U.S. Food and Drug Administration (USFDA) database, there were nearly 54 and 27 new medical devices approved and cleared by the institute in the year 2018 and 2017 respectively. Increasing demand for innovative therapies along with the technological advancements in the medical devices to overcome the unmet requirements in the healthcare sector considered as the prime factor supporting the growth of medical devices during the forthcoming years.

However, data security threat may hamper the market growth for medical devices as internet connection is required for transferring patient’s data from remote devices to the physician. Hence, this increases threat for data security. Rising trend for connected devices makes them attractive and thus increases the risk for data breaches or hacks. For instance, in March 2020, critical patient’s data including medical questionnaires, copies of driving license, passport, and national insurance number were leaked for over 2,300 patients of Hammersmith Medicines Research. The research firm was carrying out trials for COVID-19 vaccine on these patients.

Medical Devices Market in the U.S. 2023-2032

The U.S. medical devices market size was valued at USD 143.64 billion in 2022 and is estimated to reach around USD 246.51 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.

Why has North America region dominated the medical devices market?

• North America captured the largest revenue share in the year 2022 and anticipated to continue its dominance over the upcoming years. The significant growth of the region is majorly because of developed healthcare infrastructure and rising concern for healthy life.
• The United States is the major dominating country in the North America. Rapid adoption of new and advanced medical technologies for enhancing the diagnosis and treatment procedure of critical disease is likely to impel the market growth in the region.

Due to factors including the increasing prevalence of chronic conditions, increasing healthcare expenses, and the existence of major manufacturers, North America is anticipated to dominate the medical devices market over the forecast period.

More cardiopulmonary bypass surgeries are performed as a result of the rising prevalence of chronic conditions in the population, such as coronary heart and stroke disorders as well as respiratory illnesses such as cardiovascular disorders and acute respiratory syndrome. This boosts the need for medical devices in the region. For instance, the American Heart Association provided data for 2022 that about 6 million (1.8%) US population had heart failure in 2022. Therefore, the nation's high rate of heart failure patients is projected to boost the demand for medical devices for better detection and treatment, which is predicted to further accelerate market expansion throughout the projection period.

Additionally, the growing geriatric population in Canada is more likely to develop chronic conditions like respiratory diseases, orthopedic disorders, and cardiopulmonary diseases, which elevates the demand for surgical procedures and diagnostic imaging. As a result, the market is expected to grow over the forecast period owing to the expanding demand for medical devices in the North American region.

Why will Asia Pacific region grow faster in the medical devices market?

• Besides this, the Asia Pacific emerged as the fastest growing region during the forecast period owing to rising ageing population, increasing per capita income, and growing health concern among the people. Increasing investment on healthcare infrastructure in the region anticipated to further boost the market for medical devices in over the analysis period.
• China and India are the prominent countries in the Asia Pacific region that holds second and fifth position in terms of revenue in the global market. The market for medical devices in these countries is mainly governed by the incentives offered by the local governments along with healthcare reforms.

Report Scope of the Medical Devices Market

Market dynamics.

Driver: Increasing Adoption of 3D Printing of Medical Devices

Surgical equipment, dental restorations, and orthopedic and cranial implants are among the medical items created via 3D printing. Medical gadgets and implants developed using 3D printing may be more successful than those made using mass production methods since they are made specifically for the physiology of a patient or even for a particular surgery. For instance, surgeons are already using personalized surgery and patient-specific 3D-printed equipment and implants during knee surgery, where they have discovered that they hasten recovery and lower patient pain levels. With 3D printing, there is a significant opportunity to raise product quality in density and orthodontic procedures.

Intricate Regulatory Requirements:

Increased expenditures for new product development and patient service offerings are anticipated to result from regulatory reforms. The General Data Protection Regulation, which was implemented by the European Union, as well as adjustments to the device approvals, are a few of these developments connected to consumption confidentiality. The US FDA has prolonged the time period to complete the marketing authorization by 55% during the past decade by requesting additional clinical data to back up the security and effectiveness claims of medical equipment like endoscopic instruments. Investments in novel devices are strained by the possibility of lost sales as a result of device release delays and increased expenses as a result of demanding regulatory procedures, which has an impact on the expansion of the market for medical devices.

Opportunity

Technological Transformation in the Devices by the Companies

The majority of medical device companies are undergoing a significant technological shift that will ultimately transform them into MedTech entities. Manufacturers are using data to incorporate intelligence into their products in an effort to be closer to the end user, and it is swiftly evolving into a crucial component of the new device value proposition. Organizations are also participating in unconventional alliances. Future advancements in artificial intelligence will simplify the management of chronic diseases from the perspective of the patient. Technology will also have a significant impact on the prevention of treatment, cutting down on the amount of time spent in hospitals. For instance, industrial firms are increasingly concentrating on robotic surgery.

Type Insights

In Vitro Diagnostics (IVD) devices are used for the diagnosis of disease or conditions that include an analysis over the state of health for the purpose to mitigate, cure, treat, or prevent disease. These devices are largely used to collect, prepare, and examine the specimen sample collected from the patient’s body. Hence, increasing prevalence of chronic disease and need for precise and efficient testing kit for diseases such as malaria, HIV/AIDS, diabetes, and cancer boosts the demand for IVD devices. For instance, in 2017, the World Health Organization (WHO) revealed that around 47% of new HIV cases were detected across the globe. In support of the above factors, the IVD segment accounted for a value share of nearly 13% in the year 2019.

In the anticipated period, cardiovascular devices are expected to dominate the global market for medical devices. Rapid technical development, rising demand for minimally invasive procedures, and an increase in the prevalence of various cardiovascular conditions worldwide are the main factors for the growth of the segment. The increasing prevalence of heart conditions such as stroke and cardiomyopathy is the main contributor to cardio mortality. Cardiovascular illnesses are among the most prevalent conditions worldwide. For instance, in February 2022, 750,000 individuals were diagnosed with cardiac arrest, and this number is rising annually, according to an analysis by the Heart and Stroke Foundation of Canada. Hence, cardiovascular devices play a crucial role in the accurate detection and treatment of cardio disorders, which fuels market expansion over the forecast period.

End User Insights

Based on end user, hospitals & ambulatory surgical centers led the global medical devices market in the year 2022. The prominent growth of the segment is mainly attributed to the increasing healthcare expenditure, rising development of the healthcare infrastructure, high emphasis on the better patient outcome, and attractive reimbursement policies.

The segment of hospitals & clinics is expected to expand in the coming years owing to the rise of regional and super-specialty hospitals, particularly in developing nations. Consequently, these factors, along with the government's and healthcare organizations' increasing reliance on regular patient diagnosis and prompt treatment, have raised public awareness and fueled market expansion. Furthermore, hospitals and clinics are increasingly investing in medical technology to efficiently identify and treat various disorders. Hospitals are using medical devices to achieve better patient outcomes and cut expenses. For instance, monitoring technologies continuously monitor a patient's vital signs, while telemedicine technologies provide patients with remote care. Thus, these factors are boosting the overall growth of the market.

As per the WHO report on healthcare infrastructure, most of the developing countries across the globe do not have an average of one district hospital per one lakh inhabitants. Hence, these countries are investing prominently on the development of healthcare infrastructure. For instance, total capital invested on healthcare infrastructure expected to increase from USD 270 Billion in 2018 to USD 470 Billion over the next five years.

Key Companies & Market Share Insights

The global medical devices market is highly fragmented owing to the presence of large number of market players on global as well as regional level. Among these companies, Medtronic capture the largest market share with diverse product portfolio and strong brand name in the global market. Apart from this, most of the industry players invest prominently in the Research & Development (R&D) activity to develop new products and upgrade the existing product list. Furthermore, these market players largely focus on expanding their distributors across the globe that allows companies to expand their product offerings.

Medical Devices Market Companies

• DePuy Synthes
• Medtronics Plc
• Fesenius Medical Care
• GE Healthcare
• Philips Healthcare
• Ethicon LLC
• Siemens Healthineers
• Cardinal Health
• Baxter International Inc.

Segments Covered in the Report

This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2020 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of type, end user, and region:

• Cardiac Monitoring Devices
• Neuromonitoring Devices
• Respiratory Monitoring Device
• Multi-Parameter Monitoring Devices
• Hemodynamic Monitoring Devices
• Fetal and Neonatal Monitoring Devices
• Temperature Monitoring Devices
• Weight Monitoring Devices
• Diagnostic Devices
• Surgical ENT Devices
• Imaging Devices
• Diagnostic Molecular Devices
• Drug Delivery Devices
• Surgical Devices
• Bio Implants and Stimulation Devices
• Treatment Equipment
• Infusion Pumps
• Medical lasers and LASIK surgical machines

By Therapeutic Application

• Gastrointestinal surgery
• General Surgery
• Diagnostic Imaging
• Respiratory
• Orthopedics
• Cardiovascular
• Ophthalmology
• Ear-Nose-Throat (ENT)
• Nephrology and Urology

By End User

• Hospitals & Clinics
• Diagnostic Centers
• Research laboratory
• Pharmaceutical Companies

By Regional Outlook

• North America
• Asia Pacific
• Latin America
• Middle East & Africa

Frequently Asked Questions

• Report Code: 1129
• Category: Healthcare
• No. of Pages: 150+
• Format: PDF/PPT/Excel
• Published: November 2023
• Historical Year: 2021-2022
• Base Year: 2023
• Estimated Years: 2024-2033

PROCEED TO BUY :

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client

•    Privacy Policy
•    Return Policy
•    Terms and Conditions
•    About Us
•    Contact Us

Home » Medical Devices Industry Market Research Reports

Medical Devices Industry Market Research Reports

Report categories.

• Aerospace & Defense
• Agriculture
• Animal Healthcare
• Automotive and Transportation
• Biotechnology
• Business Services
• Chemicals & Materials
• Consumer Goods
• Electronics
• Energy & Mining
• Equipment and Machinery
• Financial Services
• Food and Beverages
• Manufacturing and Construction
• Medical Devices
• Metals and Minerals
• Pharmaceutical
• Semiconductor and Electronics
• Technology and Media

• ★★★★★ ★★★★★
• Price: 3200.00 Onwards
• Category: Medical Devices

• Price: 4499.00 Onwards

• Price: 4999.00 Onwards

Report Overview The Global Advanced Wound Care Market size is projected to experience significant growth over the forecast period of 2023-2032. It is anticipated that the market will expand from USD 7.9 billion in 2022 to USD 16.1 billion by 2032, reflecting a CAGR ...

• 1 2 3 … 6 Next »
• Interim pages omitted …
• Go to Next Page »

MARKET RESEARCH REPORTS

MarketResearch.biz (Powered by Prudour Pvt. Ltd.) delivers customized research solutions by actuating its broad spectrum of research methodologies, databases, and resources, and this is further strengthened by our global experience in syndicated and customized industry projects.

Our tailor-made research services include quick market scans, country reports, in-depth market analysis, competition monitoring, consumer research and satisfaction studies, supplier research, growth planning, and quite a lot more.

SHORT NAVIGATION

• How To Order
• Refund Policy
• Privacy Policy

420 Lexington Avenue, Suite 300 New York City, NY 10170, United States

• +1 (347) 796-4335 +91 74474 99707
• [email protected]

Industry Verticals »

• Chemicals And Materials
• Consumer Goods
• Electronics and Semiconductors
• Energy and Natural Resources
• Factory Automation
• Food and Beverages
• Heavy Engineering Equipment
• IT and Telecom
• Pharmaceutical
• Latest Reports
• Forthcoming Reports
• Top Industry Reports

Press Releases »

About tmr », medical devices.

Identify And Resolve Risks Involved

Reports by Industry

[ + ] automotive (4).

• Automotive Parts
• Public Transport

[ + ] Chemicals And Materials (7)

• Adhesives and Sealants
• Advanced Materials
• Metals and Minerals
• Nanomaterials

[ + ] Consumer Goods (5)

• Consumer Electronics
• Personal Care Products
• Sporting Goods and Equipment

[ + ] Defense (5)

• Homeland Defense
• Infantry Weapons and Equipment
• Military Aerospace and Defense
• Military Unmanned Systems

[ + ] Electronics and Semiconductors (7)

• ICS, LED and PCB
• Medical Electronics
• Semiconductor
• Test and Measurement

[ + ] Energy and Natural Resources (2)

• Environmental

[ + ] Factory Automation (6)

• Energy Management
• Instrumentation

[ + ] Food and Beverages (5)

• Agriculture
• Food Ingredients
• Food Service

[ - ] Healthcare (8)

• Biotechnology
• Diagnostics
• Healthcare IT
• Healthcare Services
• Laboratory Equipment
• Medical Devices
• Medical Imaging
• Therapeutic Area

[ + ] Heavy Engineering Equipment (1)

[ + ] it and telecom (8).

• Digital Transformation
• Hardware, Software and IT Services
• High Performance Computing (HPC)
• Internet of Things (IoT)
• Manufacturing IT
• Telecoms and Internet
• Wireless & Networking

[ + ] Packaging (3)

• Packaging Products
• Paper and Board
• Printing and Label

[ + ] Pharmaceutical (6)

• Clinical Trials
• Drug Delivery
• Drug Discovery
• Drugs by Therapeutic Area
• Oncology Drugs
• Vitamins and Dietary Supplements

Research Reports in Medical Devices

Total Reports: 679

3D Bioprinting Market

Shortage of organs for transplants holds the responsibility of boosting the 3D bioprinting market revenue. 3D bioprinting plays a vital role in tissue engineering, which means fabricating functional tissue for applications in drug testing and regenerative medicine.

Rep Id : TMRGL11657 | Published | Healthcare | April 2024

Cartilage Degeneration Market

Rise in incidence of osteoarthritis is a prominent factor augmenting the cartilage degeneration market value. Cartilage degeneration or cartilage degradation is damage caused to connective tissue that holds various joints of the body together.

Rep Id : TMRGL13229 | Published | Healthcare | April 2024

In Vitro Fertilization Market

Rise in adoption of Assisted Reproductive Technology (ART) is augmenting the in vitro fertilization market size. ARTs have spread worldwide leading to the conception and birth of over eight million babies since being implemented in 1978.

Rep Id : TMRGL12698 | Published | Healthcare | April 2024

Biodegradable Stents Market

Rise in prevalence of cardiovascular diseases is driving the biodegradable stents market size. Bioresorbable vascular stents are effective means for the treatment of cardiovascular diseases as they can achieve an immediate angiographic result similar to the result of other metal stents.

Rep Id : TMRGL12464 | Published | Healthcare | April 2024

Veterinary Ultrasound Scanners Market

Increase in pet ownership, owing to evolving societal attitudes toward animal companionship and surge in disposable income, is a key contributor to the global veterinary ultrasound scanners market growth.

Rep Id : TMRGL11885 | Published | Healthcare | April 2024

Hip Reconstruction Devices Market

Rise in incidence of hip osteoarthritis and hip fractures is the primary factor driving the hip reconstruction devices market size. Hip implant technology restores mobility and relieves pain associated with hip injuries or diseases and arthritis.

Rep Id : TMRGL10307 | Published | Healthcare | April 2024

Blood Pressure Monitoring Devices Market

Rise in global prevalence of hypertension, surge in geriatric population, and lifestyle factors contributing to excessive weight gain and stress are driving the blood pressure monitoring devices market demand.

Rep Id : TMRGL82879 | Published | Healthcare | April 2024

Pacemaker Devices Market

High prevalence of cardiovascular diseases is one of the key factors driving the pacemaker devices market value. Increase in adoption of minimally invasive surgeries among healthcare personnel and the patient population alike is also fueling market progress. Cardiac rhythm management implants and artificial cardiac pacing units help maintain heart rate,

Rep Id : TMRGL6586 | Published | Healthcare | April 2024

Veterinary Hematology Analyzers Market

Increase in prevalence of zoonotic diseases is fueling the veterinary hematology analyzers market progress. Veterinary blood analyzers detect abnormalities in animals in real time. They provide critical information about various blood parameters to promptly diagnose zoonotic illnesses.

Rep Id : TMRGL4026 | Published | Healthcare | April 2024

Medical Oxygen Concentrators Market

The global medical oxygen concentrators market size is driven by a rise in the prevalence of hypoxemia and other respiratory diseases. Increase in cases of respiratory diseases can be ascribed to air pollution, smoking, and the emergence of COVID-19.

Rep Id : TMRGL3998 | Published | Healthcare | April 2024

Temperature Monitoring Devices Market

Rise in incidence of infectious diseases is a key factor boosting the temperature monitoring devices market growth. Temperature monitoring devices or temperature sensors measure as well as record temperature of patients, specific process, or environment in the healthcare sector.

Rep Id : TMRGL2159 | Published | Healthcare | April 2024

Bariatric Surgery Devices Market

Rise in incidence of obesity is a key factor contributing to bariatric surgery devices market growth. Bariatric surgery devices, also known as weight loss surgery devices, are used in the treatment of various conditions pertaining to obesity.

Rep Id : TMRGL1369 | Published | Healthcare | April 2024

Brachytherapy Devices Market

Rise in prevalence of cancer cases worldwide is a dominant contributor to the brachytherapy devices market growth. Increase in rate of diagnosis or screenings, genetic predisposition, adoption of unhealthy lifestyle, and surge in geriatric population are factors leading to the rise in number of cancer patients.

Rep Id : TMRGL473 | Published | Healthcare | March 2024

Preterm Birth and PROM Testing Market

Increase in prevalence of preterm births, owing to factors such as changes in lifestyle, maternal age, and socio-economic factors, is a key contributor to the preterm birth and PROM testing market size. Preterm birth and PROM testing allows healthcare providers to assess the risk of preterm birth and recommend management

Rep Id : TMRGL55416 | Published | Healthcare | March 2024

Structural Heart Devices Market

Rise in prevalence of structural heart diseases is fueling the structural heart devices market size. The impact of new structural heart interventions and product launches in the field of valve replacement is expected to remain high on the market, globally.

Rep Id : TMRGL54915 | Published | Healthcare | March 2024

Tympanostomy Products Market

Growth in incidence of ear diseases is driving the tympanostomy products market size. Tympanostomy is one of the most common surgeries in children and offers significant benefits including reduced need for oral antibiotics during ear infections.

Rep Id : TMRGL54768 | Published | Healthcare | March 2024

DNA Test Kits Market

Increase in incidence of chronic diseases worldwide is a key factor driving the DNA test kits market growth. DNA test kits help diagnose a spectrum of genetic disorders. Symptoms that genetic testing kits have the capacity to diagnose include risk for some types of cancers, stroke, and heart disease.

Rep Id : TMRGL53934 | Published | Healthcare | March 2024

Cast Saw Devices Market

Cast refers to a hard protective covering employed to stabilize and support broken bones during the rehabilitation process.

Rep Id : TMRGL53604 | Published | Healthcare | March 2024

Unna Boot Market

Unna boot is a gauze trap that is soaked in the zinc oxide paste. Zinc oxide impregnated Unna boot benefits include easing of skin irritation and retaining of moisture.

Rep Id : TMRGL53163 | Published | Healthcare | March 2024

Hemostatic Agents Market

Hemostasis is a process that stops bleeding or blood flow through a blood vessel, or hemorrhage. Hemostasis is a process by which a clot is formed in the injured area, thereby repairing the blood vessels.

Rep Id : TMRGL52779 | Published | Healthcare | March 2024

- 5 Reasons To Buy From TMR -

Most comprehensive coverage 100+ countries, 2 million+ data points

Personalized pre-sales, on-boarding, and post-sales support

Less assumption, more science a research methodology perfected through years of rigorous diligence

True to its name, transparency in every minute details from research processes to financials

20% of Fortune 500 are our clients have worked with over 3000 SMEs

No More Data...

Copyright © Transparency Market Research, Inc. All Rights reserved

Trust Online

• The Experience
• The Programs
• Faculty & Research

The Library will be closed Dec. 21, 2023, through Jan. 3, 2024. Online resources remain available.

Medical Device Industry

Introduction, industry & market reports, consumer discovery / insights, where to look for industry information.

• Companies, Investments, & Funders
• Related Sources

While these resources are generally the most relevant, there may be other resources available. If you are looking for something in particular or cannot find a lot of information about a niche segment, please Ask Us .

These databases contain market & industry reports. They provide overviews of the industry as well as the intended market or end consumer.

Additional Resources

• Market & Industry Reports @ Stanford
• Market Size & Market Share Data

Number of Medical Procedures and Disease Prevalence

If you're trying to determine the target market for a particular drug, device, or treatment, it can be helpful to know how many people have relevant diseases, conditions, or procedures.

• CDC | Data & Statistics Covers a wide range of various major diseases. Choose a specific disease from Diseases & Conditions tab.
• HCUPnet Healthcare Cost & Utilization Project Provides healthcare statistics and information for hospital inpatient, and emergency departments, as well as a specific diagnosis, surgery, or diagnostic tests.

Mapping & Tables

These tools include data on how many people have a specific disease or condition.

S earch tip : Select a location then go to the Data tab and select Health > Ailments .

Search tip : Choose Health  from top level menu > Health Status .

Consumer Behavior & Attitudes

Find out how consumers think about or use healthcare products and services.

• Consumer Attitudes, Perceptions, & Behaviors
• Public Opinion Polls
• Consumer Demographics

You can find industry statistics and data in many locations. In addition to industry and market reports, there are many other ways to analyze an industry, gain insights, and find relevant statistics and data. Here are some suggested strategies and resources. Not sure where to start? Try Statista.

Industry Associations

Industry associations are a great source of information. Look for sections on their website titled "Resources", "Publications", "Data". Note that some materials may be restricted to members. Some examples are:

• The Medical Device Manufacturers Association (MDMA) A national trade association representing independent manufacturers of medical devices, diagnostic products, and health care information systems.
• Advanced Medical Technology Association (AdvaMed) An international association for companies producing medical devices, diagnostic products, and health information systems.
• Find Industry Associations

Regulating bodies (both in governments and independent agencies) often are a great source of data and information about the industries they regulate.

• FDA: Medical Devices Device procedures, regulations, guidelines, safety, recalls, research, and news.
• FDA: Medical Device Databases Includes Premarket Approvals (PMA) database, MAUDE (Manufacturer and User Facility Device Experience), Premarket Notifications (510(k)s), etc.
• U.S. Food & Drug Administration: Overview of Device Regulation U.S. FDA is a medical device regulatory body for the United States. Provides information on the approval process and related laws and regulations.
• Market & Industry Research Strategies
• Next: Companies, Investments, & Funders >>
• Last Updated: Apr 30, 2024 9:02 AM
• URL: https://libguides.stanford.edu/library/medical-device-industry

• Asia Briefing
• China Briefing
• ASEAN Briefing
• India Briefing
• Vietnam Briefing
• Silk Road Briefing
• Russia Briefing
• Middle East Briefing

China’s Medical Devices Industry: Key Market Entry Considerations

We provide an overview of China’s medical devices industry and deliver insights on emerging market trends, optimal market-entry paths, and investment considerations based on the Encouraged Lists from 2019 and 2020.

China’s healthcare industry was forced to do a hard reset in 2020. Just as the 2003 SARS epidemic exposed the gaps in China’s disease surveillance infrastructure, COVID-19 exposed the cracks in its delivery of healthcare services.

Now, as China is tasked with rebuilding and reorganizing its healthcare system, the government has started to signal its priorities for the next era of its healthcare transformation.

Battling the pandemic has caused a major rethink of China’s priorities within its healthcare system and making improvements to the critical health infrastructure, digital services, and public health promotion is now more urgent than if the infectious outbreak had not occurred.

To comprehensively cover these developments in China’s overall healthcare industry, China Briefing is publishing a three-part series where we take a look at the following industries:

• Telemedicine and digital healthcare
• Medical devices
• Pharmaceutical industry

In part two of the series, we provide an overview of the medical devices market and deliver insights on the emerging trends within the industry, as well as the market-entry pathways for manufacturers, importers, and distributors operating in China.

China’s healthcare industry (2010-2020)

China healthcare industry is currently ranked the second largest in the world behind the US.

The market has grown at a consistently rapid rate in the past five years, and in 2019, the market reached RMB 7.82 trillion (US$1.1 trillion), an increase of 10 percent when compared to that from the previous year.

Despite this, the market remains relatively undeveloped, with China’s health expenditure – including pharmaceuticals, medical devices, distribution, hospital, pharmacies and insurance – accounting for only 7.12 percent of the total GDP in 2020 (though this figure is an increase from 2018’s level of 6.57 percent), while the US reached 18 percent in the same year.

Given that many countries saw their GDP contract in 2020 due to COVID-19, this could have impacted the government’s total expenditure – of which a set sum is allocated to healthcare expenditure.

However, even though China’s GDP saw a slower 2.3 percent growth in 2020, its healthcare spending still rose from RMB 6584.14 billion (US$1,033.1 billion) in 2019 to RMB 7230.64 billion (US$1,134.5 billion) in 2020.

Thus, the market presents considerable opportunities for growth, particularly as the Chinese government has more recently laid out multiple initiatives to support long-term growth and innovation in healthcare delivery, and healthcare will likely feature more heavily in the 14th Five Year Plan (covering 2021-25) than it did in the 13th Five Year Plan.

In terms of foreign investment, the healthcare industry has been steadily opening up to foreign participation – both in terms of removal of items in the National Negative List, and the addition of items on the National Encouraged List.

In 2019, “new raw material for the production of vaccines” and “medical institutions” were newly added on the 2019 National Encouraged List, which means that they are now encouraged investment sector by the central government, unlocking opportunities for foreign investors to access preferential policies and tax rate.

In 2020, under the category of “medical device industry”, China added a laundry list of new items into the- foreign investment encouraged catalogue, including manufacturing of AI medical aid equipment, high-end radiotherapy and surgical equipment, rehabilitation equipment, wearable intelligent health equipment, mobile and telemedicine equipment, etc.

Healthcare industries in China’s 2019 and 2020 Encouraged Lists

Leading trends in China’s medical devices industry

Medical devices encompass a broad range of instruments, equipment, apparatus, in-vitro diagnostic reagents, calibrators, software, and consumables intended for the purpose of detecting, measuring, restoring, correcting, or modifying the structure or function of the body for a medical purpose. The purpose of the device typically falls under one of four categories: prevention, diagnosis, treatment, and rehabilitation.

Prior to COVID-19, China’s medical devices market was growing at twice the pace of the overall market, driven by healthcare reform and overall rising demand for healthcare.

By 2030, China is expected to have more than 25 percent share of the global medical device industry at over US$200 billion, second only to the US who is expected to cross US$300 billion in sales in the same period, according to a 2018 KPMG report.

Many dominant players are now emerging, and new innovative products are high in demand – making it a hotbed for M&A activity between the medical sector and the technology sector.

Like many other sectors of the healthcare industry, however, COVID-19 has deeply disrupted the market, accelerating the pace new trends.

Preventative healthcare now taking center stage

Preventative and long-term health management has now started to take a more prominent role in the medical devices industry.

On the consumer side, this is due to the rise in public health awareness, which was amplified since the outbreak of COVID-19. On the business side, COVID-19 merely accelerated a shift from treatment to prevent that was already happening in the fast-maturing industry due to the nation’s rapidly aging population and rising prevalence of chronic disease.

This heightened awareness of disease control and prevention caused a rise in both the R&D and sale of wearables, such as fitness trackers, health watches, electrocardiogram watches, blood pressure monitors, and biosensors.

For example, Withings, a French consumer electronics company with an e-commerce presence in China, recently released an analog watch that is able to record the electrical signals of a heartbeat to detect atrial fibrillation or an arrhythmic heartbeat in the user – potential signs of a more serious health conditions that can then be sent directly to the physician for further medical advice.

Similarly, Medtronics has partnered with Fitbit to integrate health and activity tracking for patients living with diabetes. The mobile app monitors and collects information on the patient’s glucose levels to enable patients to manage their glucose level and inform decisions made by their physicians.

Intelligence received by these medical devices are transforming the overall quality of medical treatment received by patients as they empower clinicians with real-time data when making decisions, while enabling patients to avoid unnecessary and expensive trips to the hospital.

Leveraging data to improve the quality of healthcare services

Complementing this, medical device companies are increasingly leveraging data to build intelligence in their products to offer new ways to measure performance and outcomes more accurately, ultimately improvement the prevention, diagnosis, and treatment of medical conditions.

This trend has been propelled by the sheer scale of data now available due to the advent of new monitoring apps during the COVID-19 period, such as the health code and digital work attendance tools that have collected wide breadths of information and formed new consumer habits.

Medical device companies have started to make full use of the data available to shift from a purely product-driven business model to a data-driven service model. This shift enables them to play a larger role in the value chain and get closer to customers, patients, and consumers.

To gain competitive edge, companies are now in a race to find innovative ways to leverage data in a way that best serves consumer needs. To quickly enhance their technology capabilities and effectively introduce smart offerings to their portfolio, many medical device companies have entered into partnerships with other players.

One example of this is Huma – a London-based healthcare startup, who with the support of strategic partners, such as Tencent and Bayer, has a growing presence in China. Huma has released products known as Medopad and Biobeats, remote patient monitoring systems, that compiles and analyzes health data collected from various devices to predict and ultimately prevent the advent of chronic diseases, or mental health illnesses. Biobeats monitors your heart rate variability, sleep patterns, activity, and mood in real-time and measures it according to your baseline physical and mental score, to provide you personalized support when needed.

Another example is the Shenzhen-based healthcare startup called iCarbonX (碳云智能) , which uses AI to collect and combine medical history, behavioral, and biological data from patients all over the world to create a map of human health, to gain a more comprehensive understanding about diseases, conditions, make more accurate diagnoses, and ultimately provide better quality treatments.

In both these cases, data and analytics empower patients and healthcare providers with information to make better decisions, and in the case of corporates, offers new ways for them to interact with the user.

Market entry considerations

China’s National Medical Product Administration (NMPA) is the main regulatory and administrative body that creates, implements, and governs the standards of all medical devices, cosmetics, and drugs in China. NMPA are responsible for most of the pre-market approval and post-marketing activities, thus, businesses operating within this industry will likely be required to encounter the NMPA in some way or form.

Medical device classification

The Regulations on Supervision and Administration of Medical Devices (State Council Order No. 680) is the highest level of governing rules for the registration and record keeping of medical devices.

Medical devices are listed in a Medical Device Classification Catalogue , which places the devices into three district categories – depending on the level of the risk they pose to patients and users and this classification will in turn determine the rules that apply (see table below).

Class I is the lowest risk class, meaning that registration is comparatively easier, while Class II and III usually involves a longer and more rigorous process – typically requiring local testing and clinical trials prior to its registration.

Some imported devices may need to be registered with a higher-level government authority than domestic devices. In addition, some further special regulatory provisions exist for customized medical devices, while fast-track approval processes apply for certain types of medical devices (innovative or emergency approval) operating within certain regions (for example, in Hainan Boao Lecheng International Medical Tourism Zone).

For businesses intending to manufacture or distribute medical devices not listed in the catalogue, they can refer to the Rules for Medical Device Classification or apply for an official classification at NMPA.

Expedited pathways to China market entry

Businesses handling certain types of medical devices or operating with certain locations – may be granted access to an expedited process. We explore a few of these pathways below.

Innovative device pathway

In order to spur on innovation in the area, the Chinese government has established a fast-track approval pathway for ‘innovative medical devices’ – which enables devices in this category to have priority in various stages of application and easier consultation with governmental authorities.

Pursuant to the Special Evaluation of Innovative Medical Devices, to qualify for this fast-track process, medical devices must first belong to either Class II or Class III, and satisfy three main criteria:

• Domestic invention patent of core technologies granted within five years;
• Novelty of such product in the PRC, is in a leading position worldwide, and demonstrates significant clinical practical value; and
• The applicant has prototype of the products after completion of early stage research and has complete and traceable research data to back it up.

According to  public reports , from 2014 to September 2020, a total of 279 products have applied for access to this entry pathway, and 89 products have been approved for listing. Nearly 50 percent of the innovative and approved products are high-value medical consumables, such as cardiovascular, orthopedic, ophthalmic, and dental products.

Hainan Medical Tourism Pilot Zone

The Hainan Medical Tourism Zone also offers importers of eligible medical devices a fast-tracked entry pathway into China’s medical devices industry.

Officially known as the Hainan Boao Lecheng International Medical Tourism Pilot Zone, the zone is an initiative spurred on by the government that aims to transform Hainan into a world-class medical tourism destination and technology innovation center by 2030.

Just as its name implies, the Hainan medical tourism pilot zone was designed to provide various medical services and a green medical convalescence environment to attract domestic and foreign tourists.

According to regulations released in 2018 and 2020 , medical devices are subject to the following preferential policies:

• Expanded scope of overseas imported medical devices allowed to enter the Pilot Zone;
• Greater access for urgently needed medical devices entering Hainan via the emergency review pathways, and devices can be stored in bonded warehouses in Pilot Zones before approval is obtained; and
• More leeway given to enterprises to collect and apply real-world clinical data for the trial of medical devices, to expedite approval processes and shorten time of marketing.

In addition, a traceability management platform exists for drugs and medical devices within the zone, making way for a streamlined process of import, approval, use, and regulation of medical devices within the pilot zone.

China’s medical devices industry outlook

COVID-19 has accelerated technological transformation already happening within the medical device industry.

The outbreak has resulted in an unprecedented emphasis on public health, which at a consumer level, has translated into a surge in preventative and long-term patient management aids and devices. In addition, due to the vast amounts of information collected and new digital habits formed during the COVID-19 control and prevention period, there is now more data available to optimize the quality of diagnosis, treatment, and prevention of poor health conditions.

As a result, the sector is now rife with new opportunities to shift traditional product offerings to a more service-driven business model, also made possible through the new applications of emerging technology such as 5G, artificial intelligence, Internet of Things, or data analytics software.

Consequently, foreign multinationals need to consider how to contend or work with local technology firms holding distinct competitive advantages and better access to data intelligence.

Foreign companies looking to enter or expand their presence in China’s medical device industry should consider key success factors, including regional or industry-specific preferential policies, and be conscious of adapting to country-specific distribution models and sales channels, investing in local technology infrastructure, and collaborating with domestic value chain stakeholders.

China’s medical device industry continues to demonstrate huge growth potential – however, companies operating in this area need to continue making long-term investments and forging partnerships to carve out their share in this massive market, in order to remain relevant in 2030.

This article was originally published on August 27, 2020. It was last updated November 16, 2021.

China Briefing is written and produced by  Dezan Shira & Associates . The practice assists foreign investors into China and has done so since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at  [email protected] .

Dezan Shira & Associates has offices in  Vietnam ,  Indonesia ,  Singapore ,  United States ,  Germany ,  Italy ,  India , and  Russia , in addition to our trade research facilities along the  Belt & Road Initiative .   We also have partner firms assisting foreign investors in  The Philippines ,  Malaysia ,  Thailand ,  Bangladesh .

• Previous Article China’s Tax Incentives: An Overview of Key Schemes
• Next Article Annual Audit in China – New Issue of China Briefing Magazine

Our free webinars are packed full of useful information for doing business in China.

DEZAN SHIRA & ASSOCIATES

Meet the firm behind our content. Visit their website to see how their services can help your business succeed.

Want the Latest Sent to Your Inbox?

Subscribing grants you this, plus free access to our articles and magazines.

Get free access to our subscriptions and publications

Subscribe to receive weekly China Briefing news updates, our latest doing business publications, and access to our Asia archives.

Your trusted source for China business, regulatory and economy news, since 1999.

Subscribe now to receive our weekly China Edition newsletter. Its free with no strings attached.

Not convinced? Click here to see our last week's issue.

Search our guides, media and news archives

Type keyword to begin searching...

Sacral Nerve Stimulation Market Updates 2024 : Technological Advancements in Sacral Nerve Stimulation Devices is Driving the Industry to Cross to USD 702.1 Million Revenue by 2032, Report

Market Overview

Allied Market Research published a report, titled,  “ Sacral nerve stimulation market  by Product type (device and accessories) by application (urinary and fecal incontinence, chronic anal fissure and others) End user (hospitals, specialty clinics, and others): Global Opportunity Analysis and Industry Forecast, 2023–2032 .”  According to the report, the global sacral nerve stimulation industry was estimated at $422.7 million in 2022 and is anticipated to generate $702.1 million by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.

Originally designed to address bladder control issues such as diminished bladder sensation or lack of warning before urination, sacral nerve stimulation (SNS) has evolved to treat a range of conditions. These include urinary and bowel incontinence, as well as constipation. Additionally, in certain instances, SNS may be employed to alleviate pelvic pain on a personalized basis.

Request Sample of the Report on Sacral Nerve Stimulation Market Forecast 2032-  https://www.alliedmarketresearch.com/request-sample/3861

What is Driving Sacral Nerve Stimulation Market ?

The sacral nerve stimulation market is witnessing notable expansion, driven by factors like rising prevalence of urological incontinence, advancements in device technology, and accessible medical reimbursement programs. Nonetheless, the considerable expense associated with sacral nerve stimulation procedures poses a considerable obstacle, impeding market advancement. Conversely, the increasing healthcare infrastructure and strategic initiatives by major manufacturers are anticipated to present lucrative prospects for the sacral nerve stimulation market’s growth in the forecast period.

Key findings of the study

• By product type, the devices segment accounted for the largest share in terms of revenue in 2022, and is expected to register the highest CAGR during the forecast period.
• On the basis of application, the urinary fecal incontinence segment was the major shareholder in terms of revenue in 2022 and is expected to register the highest CAGR during the forecast period.
• Depending on end user, the hospitals segment garnered the largest share in terms of revenue in 2022, and is anticipated to register the highest CAGR during the forecast period.
• Region-wise, North America occupied the largest share in terms of revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

For Purchase Inquiry-   https://www.alliedmarketresearch.com/purchase-enquiry/3861

Regional Analysis

In 2022, North America secured the leading share of the global sacral nerve stimulation market revenue, capturing nearly three-fifths, and is projected to maintain its dominance through 2032. This is driven by the high prevalence of urological incontinence, advanced healthcare infrastructure, and the presence of key players offering sacral nerve stimulation devices.

Additionally, favorable reimbursement policies and the aging population contribute to market growth. In contrast, the Asia-Pacific region is poised to witness the fastest compound annual growth rate (CAGR) of 7.5% from 2023 to 2032. This is attributed to the increasing cases of overactive bladder and urinary incontinence, rising awareness about sacral nerve stimulation treatments, and investments in developing effective devices. Moreover, the growth in healthcare spending in emerging economies is expected to present lucrative opportunities for market expansion.

Recent Product Approval in Sacral Nerve Stimulation Market 

• In February 2021, Medtronic plc, a global leader in healthcare technology, received approval from the United States Food and Drug Administration (FDA) for expanded MRI labeling of its InterStim II and InterStim Micro sacral neuromodulation (SNM) systems that use SureScan MRI leads. The updated MRI Guidelines allow for a wider range of MRI scan parameters and shorter wait time between MRI scans, thereby improving patient access to MRI exams and adding flexibility for MRI providers.
• In January 2023, Axonics, Inc., a global medical technology company that develops and commercialize novel products for the treatment of bladder and bowel dysfunction, received the U.S. Food and Drug Administration has approval for the company’s fourth-generation rechargeable sacral neuromodulation system-Axonics R20 neurostimulator.

Recent Acquisition in Sacral Nerve Stimulation Market

• In April 2023, Axonics, Inc.,a global medical technology company that develops and commercialize novel products for the treatment of bladder and bowel dysfunction,announced the acquisition of a lead placement solution from Radian, LLC that complements Axonics’ existing sacral neuromodulation (SNM) offering.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sacral nerve stimulation market analysis from 2022 to 2032 to identify the prevailing sacral nerve stimulation market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the sacral nerve stimulation market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global sacral nerve stimulation market trends, key players, market segments, application areas, and market growth strategies.
• Medtronic PLC
• Beijing PINS Medical Co. Ltd.
• Saluda Medical Pty Ltd.
• Axonics Inc.

Comprehensive Healthcare Industry Research Studies:

Hospital Information System Market https://www.alliedmarketresearch.com/hospital-information-system-market

Viral Vector Production Market https://www.alliedmarketresearch.com/viral-vector-production-market-A13615

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including  Life Sciences , Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact: David Correa 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA. Int’l: +1-503-894-6022 Toll Free: +1-800-792-5285 UK: +44-845-528-1300 India (Pune): +91-20-66346060 Fax: +1-800-792-5285 [email protected]

Editor Details

• The Wire Times

You are leaving PharmiWeb.com

Disclaimer: You are now leaving PharmiWeb.com website and are going to a website that is not operated by us. We are not responsible for the content or availability of linked sites.

ABOUT THIRD PARTY LINKS ON OUR SITE

PharmiWeb.com offers links to other third party websites that may be of interest to our website visitors. The links provided in our website are provided solely for your convenience and may assist you in locating other useful information on the Internet. When you click on these links you will leave the PharmiWeb.com website and will be redirected to another site. These sites are not under the control of PharmiWeb.com.

PharmiWeb.com is not responsible for the content of linked third party websites. We are not an agent for these third parties nor do we endorse or guarantee their products. We make no representation or warranty regarding the accuracy of the information contained in the linked sites. We suggest that you always verify the information obtained from linked websites before acting upon this information.

Also, please be aware that the security and privacy policies on these sites may be different than PharmiWeb.com policies, so please read third party privacy and security policies closely.

If you have any questions or concerns about the products and services offered on linked third party websites, please contact the third party directly.

• Asia Pacific
• Latin America
• Middle East & Africa
• North America
• Australia & New Zealand

Mainland China

• Hong Kong SAR, China
• Philippines
• Taiwan, China
• Channel Islands
• Netherlands
• Switzerland
• United Kingdom
• Saudi Arabia
• South Africa
• United Arab Emirates
• United States

From startups to legacy brands, you're making your mark. We're here to help.

• Innovation Economy Fueling the success of early-stage startups, venture-backed and high-growth companies.
• Midsize Businesses Keep your company growing with custom banking solutions for middle market businesses and specialized industries.
• Large Corporations Innovative banking solutions tailored to corporations and specialized industries.
• Commercial Real Estate Capitalize on opportunities and prepare for challenges throughout the real estate cycle.
• Community Impact Banking When our communities succeed, we all succeed. Local businesses, organizations and community institutions need capital, expertise and connections to thrive.
• International Banking Power your business' global growth and operations at every stage.
• Client Stories

Prepare for future growth with customized loan services, succession planning and capital for business equipment.

• Asset Based Lending Enhance your liquidity and gain the flexibility to capitalize on growth opportunities.
• Equipment Financing Maximize working capital with flexible equipment and technology financing.
• Trade & Working Capital Experience our market-leading supply chain finance solutions that help buyers and suppliers meet their working capital, risk mitigation and cash flow objectives.
• Syndicated Financing Leverage customized loan syndication services from a dedicated resource.
• Employee Stock Ownership Plans Plan for your business’s future—and your employees’ futures too—with objective advice and financing.

Institutional Investing

Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.

• Institutional Investors We put our long-tenured investment teams on the line to earn the trust of institutional investors.
• Markets Direct access to market leading liquidity harnessed through world-class research, tools, data and analytics.
• Prime Services Helping hedge funds, asset managers and institutional investors meet the demands of a rapidly evolving market.
• Global Research Leveraging cutting-edge technology and innovative tools to bring clients industry-leading analysis and investment advice.
• Securities Services Helping institutional investors, traditional and alternative asset and fund managers, broker dealers and equity issuers meet the demands of changing markets.
• Financial Professionals
• Liquidity Investors

Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.

• Center for Carbon Transition J.P. Morgan’s center of excellence that provides clients the data and firmwide expertise needed to navigate the challenges of transitioning to a low-carbon future.
• Corporate Finance Advisory Corporate Finance Advisory (“CFA”) is a global, multi-disciplinary solutions team specializing in structured M&A and capital markets. Learn more.
• Development Finance Institution Financing opportunities with anticipated development impact in emerging economies.
• Sustainable Solutions Offering ESG-related advisory and coordinating the firm's EMEA coverage of clients in emerging green economy sectors.
• Mergers and Acquisitions Bespoke M&A solutions on a global scale.
• Capital Markets Holistic coverage across capital markets.
• Capital Connect
• In Context Newsletter from J.P. Morgan
• Director Advisory Services

Accept Payments

Explore Blockchain

Client Service

Process Payments

Manage Funds

Safeguard Information

Banking-as-a-service

Send Payments

• Partner Network

A uniquely elevated private banking experience shaped around you.

• Banking We have extensive personal and business banking resources that are fine-tuned to your specific needs.
• Investing We deliver tailored investing guidance and access to unique investment opportunities from world-class specialists.
• Lending We take a strategic approach to lending, working with you to craft the fight financing solutions matched to your goals.
• Planning No matter where you are in your life, or how complex your needs might be, we’re ready to provide a tailored approach to helping your reach your goals.

Whether you want to invest on your own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.

• Invest on your own Unlimited $0 commission-free online stock, ETF and options trades with access to powerful tools to research, trade and manage your investments.
• Work with our advisors When you work with our advisors, you'll get a personalized financial strategy and investment portfolio built around your unique goals-backed by our industry-leading expertise.
• Expertise for Substantial Wealth Our Wealth Advisors & Wealth Partners leverage their experience and robust firm resources to deliver highly-personalized, comprehensive solutions across Banking, Lending, Investing, and Wealth Planning.
• Why Wealth Management?
• Retirement Calculators
• Market Commentary

Who We Serve

Explore a variety of insights.

Global Research

• Newsletters

Insights by Topic

Explore a variety of insights organized by different topics.

Insights by Type

Explore a variety of insights organized by different types of content and media.  

• All Insights

We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.

Key takeaways

• J.P. Morgan Research forecasts that the GLP-1 market will exceed $100 bn by 2030, driven equally by diabetes and obesity usage.
• Total GLP-1 users in the U.S. may number 30 mn by 2030 — or around 9% of the overall population.
• The increasing appetite for obesity drugs will have myriad implications, boosting sectors such as biotech and creating headwinds for industries such as food and beverage.

Ozempic. Wegovy. Mounjaro. Zepbound. Originally developed to treat diabetes, these GLP-1 agonists — now also popularly known as obesity drugs — have been making headlines for their weight-loss effects. According to the Centers for Disease Control and Prevention (CDC), the prevalence of obesity in the U.S. has grown from 30.5% over 1999–2000 to 41.9% over 2017–2020.

What’s whetting the consumer appetite for these weight-loss drugs, and what does this mean for sectors ranging from biotech to food? 

“The newest generations of GLP-1s and combos lead to 15–25+% weight loss on average, well above prior generations of products.”

Chris Schott

Senior Analyst covering the U.S. Diversified Biopharma sector, J.P. Morgan

What are GLP-1 agonists?  

Glp-1 agonists are a class of medications used to treat type 2 diabetes (t2d). besides helping to lower blood sugar levels, they also suppress appetite and reduce calorie intake — fueling their growing popularity as obesity drugs. , “glp-1s have been used to treat t2d since 2005, starting with the approval of byetta, with follow-on products continually improving on efficacy. the most recent, ozempic and mounjaro, offer significant advantages over previous products and have accelerated class growth,” said chris schott, a senior analyst covering the u.s. diversified biopharma sector at j.p. morgan. “indeed, the newest generations of glp-1s and combos lead to 15–25+% weight loss on average, well above prior generations of products.” .

What’s driving the increase in appetite for obesity drugs?

Originally developed to treat diabetes, GLP-1 agonists — or obesity drugs — have risen in popularity thanks to their weight-loss effects.

J.P. Morgan Research forecasts the GLP-1 market will exceed $100 bn by 2030, fueled equally by diabetes and obesity usage.

Total GLP-1 users in the U.S. may number 30 mn by 2030 — or around 9% of the overall population.

This could lead to a paradigm shift in health care and also impact other sectors, from biotech to food.

What’s the market for obesity drugs?

J.p. morgan research forecasts the glp-1 category will exceed $100 bn by 2030, driven equally by diabetes and obesity usage. , today, glp-1s are used by around 10-12% of t2d patients in the u.s. “we model glp-1 usage expanding to around 35% of diabetics in the u.s. in 2030 and would not be surprised to see upside to this number, especially as outcomes data continues to emerge,” schott noted. “in addition, we forecast that around 15 mn obese patients will be on glp-1s by the end of the decade.” overall, total glp-1 users in the u.s. may number 30 mn by 2030 — or around 9% of the population. , the glp-1 landscape is currently dominated by two major players: u.s.-based eli lilly and denmark-based novo nordisk. “we expect the obesity market to largely be a duopoly between both companies, with modest share attributed to later entrants,” schott said. “while demand could continue to outstrip supply for the next several years, we do see these issues resolving in the longer term with more plants coming online and more competitive oral options becoming available.” , the u.s. obesity market is expanding rapidly .

The U.S. obesity market is forecast to reach $44 bn in 2030 — up from just $0.5 bn in 2020.

Sector implications

What this means for … health care.

The growing popularity of GLP-1s could transform how obesity is viewed and managed. “We believe this marks the beginning of a paradigm shift in the way that obesity is treated, with physicians moving to a weight-centric treatment of multiple co-morbidities associated with the condition. We expect this to drive substantial uptake of GLP-1s,” said Richard Vosser, Head of European Pharma & Biotech at J.P. Morgan. For instance, GLP-1s may aid in the management of cardiovascular disease and heart failure, which around 9 mn obese patients suffer from. 

Likewise, the rise of GLP-1s will shape diabetes treatment. “In diabetes, we see growth of GLP-1s driven by a shift in medical guidelines, including those proposed by the American Diabetes Association and European Association for the Study of Diabetes, which place weight management and assessment of co-morbidities profile on par with glycaemic control,” Vosser added. 

What this means for … biotech

With the GLP-1 market proving to be highly lucrative, new biotech firms will seek to enter the drug race. “Naturally, with a class so potentially unprecedentedly large, we expect many biotechs across the market cap range to be motivated to participate. Even capturing a small share of such a large market could be very interesting for some companies, and these efforts may also lead to attractive partnering opportunities,” said Jessica Fye, a Senior Analyst covering the Large-Cap Biotechnology sector at J.P. Morgan. 

There is also scope for biotech firms to explore, through clinical trials, how certain medications work in tandem with GLP-1s. “For example, we believe companies investigating drugs targeting certain cardiovascular indications may want to consider planning to generate data that includes patients on GLP-1s,” said Anupam Rama, a Senior Analyst covering the U.S. Biotechnology sector at J.P. Morgan. “All in all, we see GLP-1s as an exciting category, with biotechs angling for a slice of the pie.” 

What this means for … medtech

How will GLP-1s impact other technologies used to treat diabetes and obesity? Despite the recent fall in medtech share prices, J.P. Morgan Research does not see an imminent threat to devices such as insulin pumps and continuous glucose monitors (CGMs). “In fact, we anticipate CGM utilization could increase as they will be vital to track progress and determine if GLP-1s are actually working,” said Robbie Marcus, a Senior Analyst covering the U.S. Medical Supplies & Devices sector at J.P. Morgan. “Plus, the weight loss benefit from CGMs, while not quite comparable to that of GLP-1s, is nevertheless material, especially considering how much more affordable they are.” 

Weight loss surgery will also continue to be in demand due to its superior and more sustainable clinical outcomes. “Even those patients who opt for drugs will most likely still undergo bariatric surgery down the line due to the low adherence rates and high recurrence of weight gain from GLP-1s,” Marcus noted. 

Overall, the outlook is still positive for the medtech industry. “With medtech now trading at a slight discount to the S&P 500 vs. a 15–25% historical premium, we think a reasonable amount of GLP-1 risk is already priced in,” Marcus said. “While GLP-1s will be a huge drug class, medtech volumes can also increase over time. We think both can live side by side and don’t see them as mutually exclusive.” 

What this means for … insurance

In the U.S., many insurance providers are scaling back on coverage of GLP-1s due to the high costs involved. As of November 2023, a month’s supply of Zepbound is priced around $1,060, while a month’s supply of Wegovy is around $1,350.

However, J.P. Morgan Research expects coverage to eventually improve, especially for obesity treatment. “Coverage for obesity currently far lags that for T2D, and this will likely remain the biggest debate in the class for some time,” Schott noted. “We estimate current coverage at only around 40%, but this will likely reach the 80% range by the end of the decade, driven by a series of outcomes studies that we expect will show broad health benefits from losing weight.”

In the life insurance space, companies that cover mortality risk will benefit the most from GLP-1s to the extent that the treatment of diabetes, obesity and related co-morbidities translates to longer life spans for the insured population. “In financial terms, higher life expectancies would allow life insurers to earn more premium income and higher investment income on reserves, as mortality claims are deferred,” said Jimmy Bhullar, Head of the U.S. Insurance research team at J.P. Morgan. 

On the other hand, GLP-1s could have a negative impact on life insurers that cover longevity risk through products such as structured settlements and pension risk transfer (PRT) plans, or lapse-supported policies such as long-term care and universal life with secondary guarantees (ULSG), where insurer economics deteriorate the longer the policy stays in force. “This is because longer life spans would translate to more benefits paid in the future,” Bhullar noted. 

What this means for … food and beverage

GLP-1s could have a significant impact on food and beverage consumption. The advent of GLP-1 use for appetite suppression has been a key factor in the median larger-cap U.S. food producers underperforming the S&P 500 by nearly 40% year to date. “We have seen a number of trends and possible disruptions come and go in consumer staples over the years, but never one quite like GLP-1s,” said Ken Goldman, Lead Equity Research Analyst for the U.S. Food Producers and Food Retailers sectors at J.P. Morgan. 

Using data from alternative data provider Numerator, J.P. Morgan Research has found that current GLP-1 users purchased around 8% less food — including snacks, soft drinks and high=carb products — for at-home consumption over the last 12 months compared with the average consumer. Food intake could decrease by  -3% in North America by 2030E, though the figure could be higher for packaged foods. While European food companies derive up to 30–40% of their sales in North America, many of them have broad category and regional exposures, mitigating potential headwinds.

“Overall, we think that if GLP-1s start to make a meaningful difference in consumption patterns, grocers will be hurt less than packaged food companies,” Goldman said. “This is especially as they sell a lot of higher-margin fresh food, which could offset much of the impact on the center store and snacking in particular.” 

Related insights

Healthcare Conference

Highlights from the annual J.P. Morgan Healthcare Conference, the industry’s biggest gathering.

Moving the fitness industry in a new direction

February 10, 2020

How is digital disruption affecting the future of fitness?

Leveraging cutting-edge technology and innovative tools to bring clients industry-leading analysis and investment advice.

This communication is provided for information purposes only. Please read J.P. Morgan research reports related to its contents for more information, including important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.

This communication has been prepared based upon information, including market prices, data and other information, from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise.

This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023 JPMorgan Chase & Co. All rights reserved.

You're now leaving J.P. Morgan

J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name.

• Smartphone 360
• Smartphone Model Tracker
• Refurbished Market Tracker
• Smartwatch 360
• Emerging Tech
• Consumer Research
• Smartphone AP-SoC
• Teardown & BOM
• Cellular Tracker & Forecasts
• Smart home Tracker
• PCs and Tablets
• 5G Networks
• Press releases
• White Papers
• Events & Webinars
• Counterpoint Conversations
• Research Portal
• Research services
• Marketing engagement
• Semis professionals
• Mobile operators
• Smartphone professionals
• Report purchases
• Software and services
• Opinion leaders
• In the press
• Vendor briefings

Global Smartphone Market Grows 6% YoY in Q1 2024; Revenue Reaches Highest Level in a First Quarter

• / May 3, 2024
• / Team Counterpoint
• The global smartphone market grew by 6% YoY to reach 296.9 million unit shipments in Q1 2024.
• Samsung dethroned Apple to become the top smartphone player globally, accounting for 20% shipment share.
• Apple’s shipments declined 13% YoY, however, the brand’s ASP grew to a record first quarter high driven by improved performance of the Pro models.
• Among the top five OEMs, Xiaomi grew the fastest, registering 34% YoY shipment growth.
• Global smartphone revenues also grew 7% YoY and reached highest-ever for a first quarter.

London, New Delhi, Hong Kong, Seoul, Beijing, Denver, Buenos Aires – May 3, 2024

Global smartphone shipments increased 6% YoY in the first quarter of 2024, according to the latest research from Counterpoint’s Market Monitor service. The growth is mostly attributed to the strong performance in key regions such as Europe, Middle East and Africa (MEA) and Caribbean and Latin America (CALA).

Commenting on overall market dynamics, Senior Analyst Prachir Singh said, “Smartphone shipments grew during the first quarter as emerging markets continued their strong momentum, while Europe , especially Central and Eastern Europe, grew the most compared to a difficult Q1 2023. Consumer demand in these markets has been growing gradually and the inventory levels have improved. MEA was the fastest growing region due to the strong shipments of TECNO, Xiaomi and HONOR . China also grew YoY owing to strong Lunar New Year sales and Huawei’s comeback. The India market also saw growth thanks to exiting 2023 with healthy inventory levels. The mature markets of North America and Japan declined relative to the same period in 2023.”

Global smartphone revenues grew by 7% YoY in Q1 2024 and reached the highest-ever in a first calendar quarter. The >$800 price segment was the fastest growing, registering double-digit growth and accounting for 18% of smartphone shipments in Q1 2024, up by 2pp compared to Q1 2023. Apple led the smartphone market revenues with a 43% share, although its revenues declined by 11% YoY. Samsung’s revenues grew 2% YoY, propelled by its increasing ASP while shipments remained flat. Among the top five OEMs, Xiaomi’s revenue growth was the fastest due to strong performance in its key markets. Revenues for the market beyond the top five OEMs also grew significantly, driven by increasing revenues from Huawei, HONOR and Transsion brands.

Commenting on Apple’s performance, Research Director Jeff Fieldhack said, “Tough competition in China, record low upgrades in the US and a difficult compare from last year due to iPhone 14 Pro’s supply shifting to Q1 2023 all weighed on iPhone performance. However, there were upsides as well. An improved product mix with 15 Pro’s performing better than its predecessors, and an increasing footprint in emerging markets, helped Apple in arresting some of the declines. Emerging markets especially provide long term growth opportunities. We also expect the inclusion of GenAI later this year to contribute to iPhone upgrades.”

Samsung re-captured the top spot and led global smartphone shipments during the quarter, driven by the early refresh of the Galaxy-A-series and strong performance of the Galaxy S24 series. Samsung reached its highest-ever ASP during the quarter as well. Among the biggest smartphone brands from China, Xiaomi and vivo registered growth. While Xiaomi registered growth in almost all its key markets, vivo posted strong performance in emerging markets of Asia Pacific including India. Huawei , HONOR and Transsion were the other key brands that gained during the quarter. Huawei made huge gains in China and won share from the leading brands. HONOR gained in CALA and MEA, in addition to having a strong share in China. The Transsion brands, TECNO, itel and Infinix, performed strongly in APAC, Eastern Europe, India and the MEA. OPPO* experienced a shipment decline due to stiff competition in key markets like China. The brand also prioritized value over shipments, with a shift to pushing higher ASP devices in emerging markets.

Commenting on the near-term outlook, Research Director Tarun Pathak said, “Growth is expected to be slow but steady in the near term. However, revenues are expected to grow faster as the ongoing premiumization trend is likely to persist, especially with the rise of newer form factors and capabilities such as foldables and GenAI . More than 10 OEMs have launched over 30 GenAI-capable smartphones so far. We estimate that GenAI’s share of overall smartphone shipments will reach 11% by 2024.”

*OPPO includes OnePlus since Q3 2021

Note: Pricing analysis is based on wholesale prices.

Feel free to reach us at [email protected] for questions regarding our latest research and insights.

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech

Follow Counterpoint Research

press(at)counterpointresearch.com

Related Posts

• Apple Could be Looking for iPhone GenAI Partnerships in China and Globally
• Apple's Services Revenue Grows to Reach Highest Ever Share as Product Revenues Decline
• China Smartphone Sales Remain in Black on Huawei, HONOR, Xiaomi Outperformance
• GenAI-capable Smartphone Shipments to Grow Over 4X by 2027
• Global Smartphone Shipments to See Modest Rebound in 2024 Driven by Premium, Budget-Economy Segments
• Qualcomm Snapdragon 8s Gen 3 to Promote AI Smartphones

• Privacy Policy

Copyright ⓒ Counterpoint Technology Market Research | All rights reserved

Only fill in if you are not human

• Teardown & BOM
• Cellular Tracker & Forecasts
• Events & Webinars

Term of Use and Privacy Policy