The global medical device market size was US$ 451.2 billion in 2021. The global medical device market is forecast to grow to US$ 730.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The medical industry is forecast to witness significant evolution due to the growing adoption of technologically advanced products. In addition, the growing number of launches in medical devices industry will contribute to the growth of the market.
The rising prevalence of chronic diseases will also contribute to the growth of the global medical device market. According to the report by American Heart Association, around 17.6 million deaths were reported due to cardiovascular diseases in 2016. This data is forecast to reach 23.6 million by 2030. Thus, it will surge the demand for healthcare and efficient medical devices.
Medical devices are highly used by healthcare professionals to gather data and then analyze it for recommending solutions. Thus, it benefits both patients and doctors. In addition, growing penetration of 3D printing in the healthcare industry will offer lucrative growth opportunities for the market.
Growing healthcare expenditure and increasing number of R&D activities will significantly surge the growth of the medical devices market. In addition, trending home healthcare will contribute to the growth of the global medical devices market.
COVID-19 Impact Analysis
Due to the emergence of the COVID-19 pandemic, the healthcare segment witnessed a sudden upsurge in the demand for efficient services. Thus, it soared the demand for medical devices in order to offer advanced services to the patients without wasting a second. Furthermore, the demand for high-tech products, such as respiratory ventilators and related equipment, took a pace. Various companies introduced smart ventilators to cater to the demand of the consumers and help the doctors. Due to this global health emergency, many jurisdictions declared to curb the spread of the virus and save the population. It hampered the manufacturing activities for a short time. Thus, it restricted the growth of the industry for a short time.
Regional Analysis
Asia-Pacific is forecast to hold the highest market share in the global medical devices market. The growth of the region is attributed to the rising prevalence of diseases and high healthcare expenditure. The growing deployment of advanced technology in the healthcare segment will also contribute to the growth of the industry during the study period.
Competitors in the Market
Market Segmentation
The global medical devices market segmentation focuses on Category, Application, Sector, End-User, and Region.
By Category Outlook
By Application Outlook
By Sector
By End-Users
By Region
