Medical Devices Market Size To Hit US$ 996.93 Bn By 2032

The global medical devices market size reached USD 570 billion in 2022 and is projected to hit around USD 996.93 billion by 2032, poised to grow at a CAGR of 5.8% from 2023 to 2032.

Key Points:

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.

Medical device can be an apparatus, instrument, appliance, or machine for prevention, diagnosis, treatment, monitoring, or alleviation of disease. These devices offer numerous advantages to patients by helping medical service provider in diagnosis and treatment of patients; in addition, assisting patients to improve their quality of life. A medical device plays an essential role, such as detection, measurement, restoration, and modification of the structure or a function of the body due to health problems or chronic medical conditions. There are various types of medical devices, which include glasses, pacemakers, wheelchairs, X-ray machines, MRI, CT scans, and others.

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Market Trends

Despite the limitations of wearable medical devices, such as security concerns, and concerns related to data privacy, there is still a significantly high preference for fitness trackers and activity monitors. The growing emphasis on fitness among adults globally and the increasing focus of regional and national healthcare agencies towards monitoring and diagnosis have been pivotal in higher demand for fitness trackers.

According to various independent surveys conducted in the U.S., an estimated 21.0% of the adult population in the country owned a fitness tracker in 2019. This demand has been further fueled by the outbreak of COVID-19 and the introduction of advanced models by market players, with new features, at competitive pricing, which has attracted customers. This presents a huge growth opportunity for new entrants and established players to focus on this segment and launch new wearable devices to cater to these devices growing demand.

Table of Contents

Growth Factors

The increasing prevalence of chronic diseases that include cancer and diabetes expected to contribute prominently in driving the medical devices market. As per the United Nations, the ratio of total deaths because of chronic diseases expected to rise to around 70% along with the total burden of chronic diseases across the globe expected to reach around 60% by the end of 2032. Limited physical activity, extended working hours, and unhealthy food habits are the prominent cause for significant increase in the chronic diseases such as cancer and diabetes. Furthermore, unhealthy lifestyle and eating habits also attracts other types of critical diseases that further expected to flourish the demand for medical devices in the near future.

Moreover, rising trend for medical wearable devices anticipated to drive the demand for medical devices over the upcoming years. Further, integration of Artificial Intelligence (AI) in the medical devices such as remote patient monitoring devices, wearable medical equipment, Electronic Health Records (EHR), and many more such example estimated to propel the penetration of medical devices in the daily life of consumers.

However, threat for data breaches and hack of critical information through these devices expected to hinder the market growth. Recently in 2020, critical information of patients registered with Hammersmith Medicines Research for conducting clinical trial for COVID-19 vaccine was hacked. Apart from this, rising trend for in-house health monitoring such as heart beat, blood sugar level, and many other tests anticipated to boost the market growth over the forthcoming years.

Report Scope of the Medical Devices Market

Report Highlights	Details
Market Size in 2023	USD 600.21 Billion
Market Size by 2032	USD 996.93 Billion
Growth Rate from 2023 to 2032	CAGR of 5.8%
Largest Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Therapeutic Application, End User, Region
Regional Scope	Asia Pacific, North America, Europe, Latin America, Middle East and Africa

Regional Snapshots

North America emerged as a global leader in 2020 and expected to retain its position over the upcoming years. The prominent growth of the region is mainly due to well-developed infrastructure for healthcare services along with high level of awareness among consumers related to health and fitness. On an average, the consumers in the North America spend significant share of their income on health and fitness. Apart from this, the regional government also supports and easily approves new and advanced medical devices in the region for its easy commercialization and reach to the common public. Collectively all the above mentioned factors estimated to drive the overall market growth for medical devices in the region.

On the contrary, the Asia Pacific projected to grow at a rapid rate over the analysis period owing to increasing per capita income, increased spending on healthcare infrastructure, and rapid increment in the ageing population in the region. In medical devices market China holds the second largest position after the United States. Similarly, India holds the fifth leading position in the global market. This is mainly attributed to the rapid technological developments in various sectors in the countries along with their diverse nature for sales channel and distribution models.

Key Players & Strategies

The medical devices industry seeks to be largely fragmented in nature because of the presence of large number of market players at both regional and global level. These market players largely focus on product development and enhancement, merger & acquisition, partnership, collaboration, and joint venture with other technology providers to upgrade their existing product line or develop an advanced medical device to cater the increasing need of the consumers. Furthermore, these industry participants also focus in contracting with large number of distributors present globally to expand their customer range along with their offerings.