September 23, 2021

Medical Devices Market Revenue to Hit US$ 671.49 Billion by 2027

[250+ Pages] Medical Devices Market 2020-2027 (By Type: Cardiovascular Devices, Orthopedic Devices, Diagnostic Imaging, MIS, IVD, Diabetes Care, Wound Management, Dental, Nephrology, Ophthalmic Devices, and Others; By End User: Clinics, Hospitals & Ambulatory Surgical Centers, and Others) – Global Market Size, Trends Analysis, Segment Forecasts, COVID-19 Impact on Medical Industry, Regional Outlook

Based on our analysis, the global medical devices market revenue is projected to grow from USD 447.63 billion in 2019 to USD 671.49 billion in 2027 at a CAGR of 5.2% in the 2020-2027 period.

Medical Devices Market Size 2016 to 2027

A medical device refers to 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 providers in diagnosis and treatment of patients; in addition, assisting patients to improve their quality of life.

Report Highlights

  • North America captured the largest revenue share in 2019 and anticipated to continue its dominance over the upcoming years because of developed healthcare infrastructure
  • The Asia Pacific emerged as the fastest growing region during the forecast period owing to rising ageing population, increasing per capita income, and growing health concern among the people
  • The IVD device segment accounted for a value share of nearly 13% in the year 2019 owing to increasing prevalence of chronic disease and need for precise and efficient testing kit for such diseases
  • Based on end user, hospitals & ambulatory surgical centers led the global medical devices market in 2019 due to the increasing healthcare expenditure and rising development of the healthcare infrastructure

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 2030. Limited physical activity, extended working hours, and unhealthy food habits are the prominent cause for significant increase in chronic diseases such as cancer and diabetes. Furthermore, unhealthy lifestyles and eating habits also attracts other types of critical diseases that are further expected to flourish the demand for medical devices in the near future.

Moreover, the 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 examples 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.

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Regional Snapshots

North America emerged as a global leader in 2019 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 average, the consumers in 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 Companies & Market Share Insights

The global medical devices market is highly fragmented owing to the presence of large number of market players on global as well as regional level. Among these companies, Medtronic capture the largest market share with diverse product portfolio and strong brand name in the global market. Apart from this, most of the industry players invest prominently in the Research & Development (R&D) activity to develop new products and upgrade the existing product list. Furthermore, these market players largely focus on expanding their distributors across the globe that allows companies to expand their product offerings.

Some of the prominent players in the medical devices market include:

  • DePuy Synthes
  • Medtronics Plc
  • Fesenius Medical Care
  • GE Healthcare
  • Philips Healthcare
  • Ethicon LLC
  • Siemens Healthineers
  • Stryker
  • Cardinal Health
  • Baxter International Inc.
  • BD

Regional Segment of medical devices Market

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Key Points with Market Segmentation of Medical Devices Market 

Chapter 1. Introduction

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Medical Devices Market Variables and Scope

Chapter 5. COVID 19 Impact on Medical Devices Market

5.1. Covid-19: Medical Devices Industry Impact
5.2. Medical Devices Business Impact Assessment: Covid-19
5.2.1. Supply Chain Challenges/Disruption
5.2.2. Market Trends and Medical Devices Opportunities in the COVID-19 Landscape
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for Medical Devices Manufacturers to deal with Covid-19 Pandemic Scenario

Chapter 6. Medical Devices Market Dynamics Analysis and Trends

5.1. Covid-19: Medical Devices Industry Impact
5.2. Medical Devices Business Impact Assessment: Covid-19
5.2.1. Supply Chain Challenges/Disruption
5.2.2. Market Trends and Medical Devices Opportunities in the COVID-19 Landscape
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for Medical Devices Manufacturers to deal with Covid-19 Pandemic Scenario

Chapter 6. Medical Devices Market Dynamics Analysis and Trends

Chapter 8. Global Medical Devices Market, By Type

  • Cardiovascular Devices
  • Orthopedic Devices
  • Diagnostic Imaging
  • MIS
  • IVD
  • Diabetes Care
  • Wound Management
  • Dental
  • Nephrology
  • Ophthalmic Devices
  • Others

Chapter 9. Global Medical Devices Market, By End-User

  • Clinics
  • Hospitals & Ambulatory Surgical Centers
  • Others

Chapter 10. Global Medical Devices Market, Regional Estimates and Trend Forecast

Chapter 11. Company Profiles

11.1. DePuy Synthes
11.1.1. Company Overview, Business Information, Manufacturing Area
11.1.2. Product Portfolio Analysis
11.1.2.1. Product Details, Specification, Application
11.1.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.1.4. Recent Developments and Strategies
11.2. Medtronics Plc
11.2.1. Company Overview, Business Information, Manufacturing Area
11.2.2. Product Portfolio Analysis
11.2.2.1. Product Details, Specification, Application
11.2.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.2.4. Recent Developments and Strategies
11.3. Fesenius Medical Care
11.3.1. Company Overview, Business Information, Manufacturing Area
11.3.2. Product Portfolio Analysis
11.3.2.1. Product Details, Specification, Application
11.3.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.3.4. Recent Developments and Strategies
11.4. GE Healthcare
11.4.1. Company Overview, Business Information, Manufacturing Area
11.4.2. Product Portfolio Analysis
11.4.2.1. Product Details, Specification, Application
11.4.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.4.4. Recent Developments and Strategies
11.5. Philips Healthcare
11.5.1. Company Overview, Business Information, Manufacturing Area
11.5.2. Product Portfolio Analysis
11.5.2.1. Product Details, Specification, Application
11.5.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.5.4. Recent Developments and Strategies
11.6. Ethicon LLC
11.6.1. Company Overview, Business Information, Manufacturing Area
11.6.2. Product Portfolio Analysis
11.6.2.1. Product Details, Specification, Application
11.6.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.6.4. Recent Developments and Strategies
11.7. Siemens Healthineers
11.7.1. Company Overview, Business Information, Manufacturing Area
11.7.2. Product Portfolio Analysis
11.7.2.1. Product Details, Specification, Application
11.7.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.7.4. Recent Developments and Strategies
11.8. Stryker
11.8.1. Company Overview, Business Information, Manufacturing Area
11.8.2. Product Portfolio Analysis
11.8.2.1. Product Details, Specification, Application
11.8.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.8.4. Recent Developments and Strategies
11.9. Cardinal Health
11.9.1. Company Overview, Business Information, Manufacturing Area
11.9.2. Product Portfolio Analysis
11.9.2.1. Product Details, Specification, Application
11.9.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.9.4. Recent Developments and Strategies
11.10. Company 10
11.10.1. Company Overview, Business Information, Manufacturing Area
11.10.2. Product Portfolio Analysis
11.10.2.1. Product Details, Specification, Application
11.10.3. Revenue, Production Capacity, Price and Gross Margin (2015-2020)
11.10.4. Recent Developments and Strategies

Chapter 12. Research Methodology

Chapter 13. Appendix

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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