Medical Devices Market size is set to grow by USD 194.3 billion from 2024-2028, Increasing prevalence of diseases to boost the market growth, Technavio
NEW YORK, July 11, 2024 /PRNewswire/ — The global medical devices market size is estimated to grow by USD 194.3 billion from 2024-2028, at a CAGR of 6.07%, according to Technavio. Key drivers include the increasing prevalence of diseases and the emergence of innovative medical technologies. However, declining reimbursement and cost containment measures pose challenges. Major players include Abbott Laboratories, B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Danaher Corp., and others.
Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report
| Forecast period | 2024-2028 |
| Base Year | 2023 |
| Historic Data | 2018 – 2022 |
| Segment Covered | End-user (Hospitals and ASCs, Clinics, and Others), Product (Therapeutic and surgical, PMDMID, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
| Region Covered | North America, Europe, Asia, and Rest of World (ROW) |
| Key companies profiled | Abbott Laboratories, B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Danaher Corp., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corp., Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc. |
Key Market Trends Fueling Growth
The medical devices market is experiencing significant growth due to the introduction of innovative technologies such as regenerative medicine, surgical robots, liquid biopsy, and wearable medical devices. Regenerative medicine, including therapies using stem cells, tissue engineering, and artificial organs, is gaining prominence for its potential to repair or replace damaged human cells, tissues, and organs. Surgical robots offer advantages like a 3D view of the operating field, reduced risk of infections, quick recovery, and precision in surgery. Liquid biopsy, an advanced diagnostic method in cancer diagnosis, is non-invasive and helps create personalized treatment plans by tracking cancer genetics in real-time. Wearable medical devices, used for pain management, patient assistance, and fetal monitoring, are driving market growth in various applications. Vendors are focusing on developing novel surgical robots and liquid biopsy technologies, while wearable medical devices continue to expand their reach in healthcare.
The medical devices market is experiencing significant growth due to the rising prevalence of chronic diseases like cancer and diabetes. Changing lifestyles and an ageing population are driving the demand for healthcare solutions, including wearable electronics and wireless medical devices. Smart technologies, such as fitness trackers, are popular among athletes and individuals seeking to monitor their health. Cancer cases and related deaths continue to increase, leading to a surge in demand for therapeutic and diagnostic devices. Hospitals are investing in capital equipment for surgical procedures, while home healthcare and medical clothing are gaining traction. The Medicines Agency and healthcare agencies are working to approve breakthrough designs for medical devices, from pacemakers and insulin pumps to implantable defibrillators. The economic burden of healthcare is driving innovation in areas like cardiovascular diseases, infectious diseases, and sedentary lifestyles. RunRepeat reports that elective surgeries, dental procedures, and orthopedic surgeries are common applications for medical devices. Overall, the market for medical devices is diverse, encompassing inpatient admissions, emergency room visits, and outpatient procedures.
Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!
Market Challenges
- The medical devices market is facing significant challenges due to increasing cost-containment measures implemented by governments and insurance providers in major markets, including the US, EU, and Japan. These measures include limiting reimbursements for certain procedures or treatments, shifting to population health management, and introducing new laws and regulations. For instance, the US Sunshine Act requires manufacturers to report annual spending on physicians and continuing education activities to the Centers for Medicare and Medicaid Services (CMS), impacting medical communications and clinical data collection activities. Non-compliance with these programs can result in severe financial penalties, legal conflicts, and damage to brand image. Governments are also introducing price controls, limiting access to or reimbursement for products, and reducing intellectual property protection. The misalignment of reimbursement rates and the value of medical technologies is a significant challenge, as reimbursement values are often based on procedure costs rather than technology or features. This can prevent the development of advanced technologies that reduce costs and improve outcomes in the long run. The industry is transitioning from a volume-based to a value-based model, requiring medical device companies to provide comprehensive evidence of the real-world value and positive outcomes of their products. Private insurers demand cost-effectiveness and clinical benefits data for new medical devices, and those that fail to provide such data often struggle to generate investor support or attain reimbursements. This shift poses a challenge for medical companies in fields such as cardiovascular and orthopedics, where reimbursements are vital for product sales. The declining reimbursements for certain procedures have restricted access to new and expensive implants for many end-users, requiring companies to allocate substantial resources for cost-effective trials to demonstrate the benefits of their devices to insurance providers. The refusal of payments by third-party payers is significantly affecting sales and overall profitability of vendors operating in the market. These cost-containment measures are expected to hinder the growth of the global medical devices market during the forecast period.
- The medical devices market encompasses a wide range of products, including insulin pumps and implantable defibrillators. These devices face challenges in areas like surgical procedures for cardiovascular diseases, cancer, and diabetes. Regulatory bodies like Medicines Agencies and healthcare agencies play a crucial role in approving diagnostic tools and medical equipment, such as capital equipment, consumables, and wearable devices. Elective surgeries and emergency room visits for chronic disorders like diabetes and infectious diseases pose challenges due to increasing inpatient admissions. The ageing population and sedentary lifestyles contribute to a rise in ophthalmic and orthopedic procedures, further increasing the demand for medical devices. The economic burden of these procedures and the need for home healthcare have led to the development of breakthrough designs for medical devices. Dental procedures, cardiovascular equipment, and surgical lights are also essential medical devices with growing demand. Companies like RunRepeat focus on supplying medical clothing, masks, gloves, and fetal monitors to meet the needs of healthcare providers.
For more insights on driver and challenges – Download a Sample Report
Segment Overview
This medical devices market report extensively covers market segmentation by
- End-user
- 1.1 Hospitals and ASCs
- 1.2 Clinics
- 1.3 Others
- Product
- 2.1 Therapeutic and surgical
- 2.2 PMDMID
- 2.3 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Hospitals and ASCs- The Medical Devices Market is a significant sector, experiencing consistent growth. Companies manufacture and sell various devices to diagnose, monitor, and treat medical conditions. These devices include cardiac monitors, insulin pumps, and imaging systems. Market size and growth are influenced by factors like technological advancements, aging population, and increasing healthcare expenditure. Companies focus on innovation, regulatory compliance, and cost-effectiveness to gain a competitive edge.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report
Research Analysis
The medical devices market is experiencing significant growth due to the rising prevalence of chronic diseases such as cardiovascular diseases, cancer, and diabetes. Changing lifestyles, including sedentary work and unhealthy diets, are contributing to an increase in chronic disorders. Wearable electronics, wireless medical technologies, and smart technologies are revolutionizing health monitoring, with applications ranging from fitness trackers for athletes to therapeutic and diagnostic devices for hospitals. Cancer cases and related deaths continue to rise, driving demand for innovative medical devices in cancer treatment and diagnosis. Hospitals are integrating advanced medical technologies, including pacemakers, insulin pumps, and implantable defibrillators, into surgical procedures. The ageing population and economic burden of healthcare are also fueling demand for home healthcare solutions, medical clothing, masks, and gloves. Infectious diseases and ophthalmic and orthopedic procedures are other areas of focus for medical device innovation.
Market Research Overview
The medical devices market is experiencing significant growth due to the rising prevalence of chronic diseases such as cardiovascular diseases, cancer, and diabetes. Changing lifestyles, including sedentary habits and unhealthy diets, are contributing to an increase in these conditions. Healthcare agencies and the Medicines Agency are working to address this trend through the development and approval of innovative medical devices. Wearable electronics, wireless medical technologies, and smart technologies are transforming healthcare by enabling remote health monitoring and early disease detection. Fitness trackers and other wearable devices are increasingly popular among athletes and the general population for monitoring health and fitness. Cancer cases and related deaths continue to be a major concern, with diagnostic and therapeutic devices playing a crucial role in improving patient outcomes. Pacemakers, insulin pumps, and implantable defibrillators are just a few examples of therapeutic devices that are making a significant impact on healthcare. Surgical procedures, including cardiovascular, ophthalmic, orthopedic, and dental procedures, are driving demand for capital equipment and consumables. Hospitals and home healthcare settings are the primary markets for these devices. Breakthrough designations and economic burden are key considerations for healthcare agencies when approving new medical devices. Elective surgeries and emergency room visits are major contributors to healthcare costs, making the development of cost-effective and efficient medical devices a priority. Medical clothing, masks, gloves, surgical lights, fetal monitors, and other medical devices are essential components of healthcare, supporting a wide range of medical procedures and applications. The aging population is also driving demand for medical devices in areas such as home healthcare and assisted living.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Hospitals And ASCs
- Clinics
- Others
- Product
- Therapeutic And Surgical
- PMDMID
- Others
- Geography
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
SOURCE Technavio
