Medical Devices Develop the Advancements in Medical Tech

Samruddhi Yardi
Samruddhi Yardi

Updated · Dec 4, 2023


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According to Medical Devices Statistics, Medical devices are crucial tools in healthcare, encompassing diagnostic, therapeutic, monitoring, and assistive devices, along with software used for medical purposes. The global medical device market is valued at over $450 billion, driven by an aging population and technological advancements.

Regulatory bodies like the FDA oversee the safety of these devices. Recent innovations include wearables and AI-driven diagnostics. The COVID-19 pandemic heightened the demand for devices like ventilators. Major players in the industry include Medtronic and Johnson & Johnson. While medical devices have greatly improved patient outcomes, safety concerns, and regulatory hurdles persist.

Editor’s Choice

  • The medical devices market has exhibited exponential growth in recent years, with a clear upward trajectory in revenue at a compound annual growth rate (CAGR) of 3%.
  • In 2022, the market generated approximately $492 Billion in revenue.
  • The medical device market is expected to grow significantly, with revenue forecasted to reach $656 Billion in 2032.
  • The US dominates the global market with 39%.
  • Cardiovascular devices occupy the largest market currently, with about 16% market.
  • Abbott Laboratories and Medtronic are the top companies dealing with medical devices with annual revenues of about $31.23 billion and $31.27 billion.

Medical Devices Market Overview

Global Medical Device Market Size

  • The Medical Devices industry is poised for consistent growth in the coming years. Starting at $492 Billion in 2022, it is expected to steadily increase with projected revenues of $507 Billion in 2023 and $520 Billion in 2024.
  • The growth trajectory continues with estimates of $540 Billion in 2025 and $558 Billion in 2026.
  • In 2027, the industry is forecasted to reach $573 billion, followed by $583 Billion in 2028.
  • The upward rise continues into 2029 with a revenue of $601 Billion and through to 2030 with an expected $616 Billion.
  • Beyond that, the outlook remains robust, with revenue projections of $635 Billion in 2031 and $656 Billion in 2032.

Medical Devices Market Share- By-Products

  • Since 2022, Cardiology devices have occupied the top market share and are expected to remain the top player until the forecasted period.
  • In 2022, Cardiology devices held about 16.7% of the market share, followed by Ophthalmology devices with 16%.
  • Diagnostic imaging devices held the lowest market share of 3.3% in 2022.
  • 2023, saw shifts in these percentages, with Cardiology Devices decreasing to 8.7%, Diagnostic Devices increasing to 5%, Ophthalmic Devices rising to 7.7%, Orthopedic Devices remaining at 4%, and Other Medical Devices increasing to 4.7%.
  • In 2026, Cardiology Devices will be at 6.5%, Diagnostic Devices at 4.7%, Ophthalmic Devices at 5.6%, Orthopedic Devices at 3.9%, and Other Medical Devices at 5%.
  • In 2027, Cardiology Devices decreased to 6.2%, Diagnostic Devices were at 4.4%, Ophthalmic Devices represented 5.2%, Orthopedic Devices held 3.5%, and Other Medical Devices contributed 4.8%.
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In-Vitro Diagnostics Market Overview

  • In-vitro Diagnostics is expected to grow in the coming years. In 2022, the market revenue was 91.2 billion US dollars and is expected to reach 118 billion US dollars by 2030 at a CAGR of 3.2%.
  • Revenue is expected to increase to $95 billion in 2023 and $98.5 billion in 2024. It will continue to grow towards $101.9 billion in 2025 and $105.4 billion in 2026.
  •  In 2027, the industry is forecasted to reach $108.8 billion, followed by $112.1 billion in 2028.
  • The positive growth trend extends to 2029, with a projected revenue of $115.4 billion, and culminates in 2030 with an expected revenue of $118.6 billion.

Global Surgical Equipment Market Statistics

  • The worldwide surgical equipment market has grown significantly, with a value of $35.6 billion in 2022. It is anticipated to continue this upward trend, reaching approximately $59 billion by 2032 at an annual rate of 5.2%.
  • These numbers reflect the market’s robust performance and its potential for continued expansion over the coming decade, driven by advancements in surgical technology and a rising demand for surgical procedures on a global scale.
  • In 2020, the global market for implantable medical devices was $91,868.94 million. Predictions point to significant growth, with an expected value of $179,032.75 million by 2030.
  • In 2022, the global market for monitoring medical devices was valued at $42.3 billion. By 2027, it is expected to reach $65.4 billion at a CAGR of 9.1%.

Regional Analysis of the Medical Devices Market

  • North America- The market size for this region was recorded to be $165.33 billion in 2023 and is forecasted to steadily grow at a CAGR of 4.33% and reach up to $204.36 billion by 2028.
  • Latin America– The market size for this region was recorded to be $42.89 billion in 2023 and is forecasted to steadily grow at a CAGR of 5.79% and reach up to $56.84 billion by 2028. Brazil was the largest market share holder in 2021 at 39.8% and will remain at the top. Other fast-growing regions are Argentina and Mexico, at a rate of 11.2% and 10.5 % respectively.
  • Europe- The market size for this region was recorded to be $145.79 billion in 2023, and it will grow at a CAGR of 4.09% and reach up to $178.15 billion by 2028.
  • APAC- The market of this region was $111.93 billion in 2023 and will reach $157.19 billion in 2028 at a CAGR of 6.8%.
  • Middle East & Africa- The market is expected to reach $21,802.3 million in 2027 from $16,597.4 million in 2019, at a CAGR of 3.6%.
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Factors Impacting the Use of Medical Devices

  • In 2021, the United States had a 6.8% heart disease prevalence. This is 1.8% more than the total population.
  • Type 2 Diabetes affects 27,000 individuals, signifying its prevalence as a chronic health condition. Heart Disease, with 10,300 cases, underscores its significant impact on public health.
  • Stroke reported at 2,200 cases, is a sudden and serious medical event, with 405 reported deaths, emphasizing the importance of prevention and prompt medical care.
  • Myocardial Injuries, totaling 1,500 cases, and 350 deaths attributed to Coronary Diseases, highlighting the need for ongoing efforts to reduce mortality and improve public health outcomes.
medical devices

Key Players in the Medical Devices Industry

  • The top 15 players hold approximately 43.60% of the market share. Abbott secured the top spot with $31.27 billion in revenue, closely trailed by Medtronic at $31.23 billion.
  • Johnson & Johnson reported revenue of $27.43 billion, while Siemens Healthineers disclosed a figure of $21.13 billion.
  • Becton Dickinson’s revenue was $18.87 billion, followed by GE Healthcare and Stryker, earning revenues of $18.46 billion and $18.45 billion, respectively.
  •  Philips earned $16.5 billion in revenue.
  • Cardinal Health and Baxter generated $15.89 billion and $15.11 billion in revenue, respectively.
medical devices
Samruddhi Yardi

Samruddhi Yardi

Samruddhi Yardi has done her MBA in Marketing, and after working in sales for 2.5 years, she has shifted to the market research industry. As Samruddhi is a pharma graduate, she is working in the Healthcare domain as a Research associate. She also contributes to chemical, consumer goods, agriculture, and food & beverages.