The global medical equipment market size was US$ 470.1 billion in 2021. The global medical equipment market is forecast to grow to US$ 712.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2022 to 2030. 

Medical equipment encompasses a wide range of instruments, machines, appliances, or other similar devices, aiming to assist healthcare providers in diagnosing and treating patients. 

Factors Influencing the Market

The global medical equipment market is forecast to gain traction, owing to the increasing geriatric population and growing cases of chronic diseases like cancer, diabetes, etc. In addition, the growing cases demanding for complex surgeries and surgical procedures are forecast to surge the growth of the global medical equipment market. 

The rising awareness related to home-based diagnosis and treatment is forecast to benefit the global medical equipment market in the coming years. In addition, the increasing number of advancements in the field of portable medical equipment, like insulin devices, glucose meters, and nebulizers, is forecast to boost the medical equipment market over the forecast period.

The growing demand for the efficient diagnosis, treatment, remote monitoring is forecast to offer ample growth opportunities. Further, favorable initiatives from authorities to enhance healthcare infrastructure will significantly contribute to the growth of the global medical equipment market.

COVID-19 Impact Analysis

The emergence of the COVID-19 pandemic has boosted demand for medical devices, such as diagnostic kits and ventilators. In addition, various healthcare bodies witnessed subsequent shortfall of this equipment due to manufacturing disruptions. Moreover, the long-term impact of the COVID-19 pandemic is forecast to have a positive impact on the global medical equipment market. Furthermore, the demand for innovative technical solutions is also increasing due to the wake of the pandemic. All of these factors will benefit the global medical equipment industry. 

Regional Analysis

North America is forecast to hold the largest share in the global medical equipment market, owing to the well-developed healthcare infrastructure and favorable government initiatives. In addition, the rising adoption of the latest medical technologies is forecast to surge the market growth. The growth of the market is also attributed to the increasing demand for technology in the healthcare segment and the growing geriatric population. 

Competitors in the Market

• Stryker
• Ethicon LLC
• BD
• Cardinal Health
• Baxter International LLC
• Siemens Healthineers
• Abbott Laboratories
• Johnson & Johnson
• Becton, Dickinson, and Company
• 3M Company
• Danaher Corporation
• Agappe Diagnostics Ltd.
• Medtronic
• DePuy Synthes
• Fresenius Medical Care
• Other Prominent Players

Market Segmentation

The global medical equipment market segmentation focuses on Type, End-User, and Region. 

Based on the type, the medical equipment market has been segmented into –

• Ophthalmic Devices
• Diagnostic Imaging
• Wound Management
• Dental & Nephrology
• Orthopedic Devices
• MIS, Diabetes Care
• IVD
• Ventilators
• Cardiovascular Devices
• Others (Ent devices and neurology devices, etc.)

Based on the end-user, the medical equipment market has been segmented into –

• Clinics & Homes
• Hospitals & Ambulatory Surgical Centers

Based on region, the medical equipment market has been segmented into –

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America