Medical Devices Market to Grow at 5.9% CAGR over 2023 to 2030; Koninklijke Philips Launched New Solution to Strengthen Market Foothold

The global medical devices market size stood at USD 512.29 billion in 2022. The market value is slated to rise from USD 536.12 billion in 2023 to USD 799.67 billion by 2030 at a CAGR of 5.9% during 2023-2030. The surge is propelled by the surging prevalence of chronic diseases and growing emphasis toward early treatment and diagnosis. The market growth is further impelled by escalating investments in R&D activities for the development of technologically advanced equipment. Fortune Business Insights™ presents this information in its report titled “Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, In-vitro Diagnostics, Minimally Invasive Surgery, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, and Others); By End User (Hospitals & ASCs, Clinics, and Others), and Regional Forecast, 2023-2030”.

Market Growth Affected Due to Halt on Elective Procedures Amid COVID-19 Pandemic

The coronavirus pandemic resulted in a decline in elective surgeries. The period further recorded a decline in various procedures such as dental and orthopedic procedures. Besides, there was a decrease in the number of elective surgeries such as Germany, Canada, and the U.S.

Koninklijke Philips Rolled out New Solution to Strengthen Industry Landscape

In November 2022, Koninklijke Philips N.V. announced the rollout of Philips’ new Compact 5000 Series at RSNA (Radiological Society of North America). The launch intended to extend the availability of diagnostic quality related to premium cart-based ultrasound systems.

The improvement of patient experience and patient outcomes indicates the provision of best diagnostic tools and ensuring the availability of advanced technology.

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Surge in Industry Value Impelled by Shift toward Homecare Settings

The growing prevalence and treatment of patients suffering from chronic medical conditions is exerting pressure on the healthcare systems of numerous countries. This has led to a shift toward the adoption of homecare settings, driving the medical devices market growth.

However, the industry value could be affected by inadequate reimbursement policies in emerging countries and the high cost of devices.

Major Companies Enter into Partnership Agreements to Strengthen Industry Position

Leading market participants are focused on the adoption of an array of strategic initiatives for strengthening the positions of their businesses. These include collaborations, partnership agreements, and the launch of new medical devices. For instance, in November 2022, Boston Scientific Corporation entered into an agreement for the acquisition of Apollo Endosurgery, Inc.

Key Players Profiled:

• Medtronic (Ireland)


• Stryker (U.S.)


• Johnson & Johnson Services, Inc. (U.S.)


• Fresenius SE & Co. KGaA (Germany)


• Koninklijke Philips N.V. (Netherlands)


• Abbott (U.S.)


• General Electric Company (U.S.)


• Siemens Healthineers AG (Germany)


• BD (U.S.)


• Cardinal Health (U.S.)

Notable Industry Development

• January 2023 – Abbott secured the approval of the U.S. FDA for the latest-generation TAVI (transcatheter aortic valve implantation) system for the treatment of people with severe aortic stenosis.

Further Report Findings

• The North America medical devices market share is anticipated to depict appreciable growth over the estimated period. The surge is propelled by the increasing adoption of advanced technologies.


• The Europe market is slated to exhibit substantial expansion throughout the projected period. This is on account of the escalating adoption of advanced diagnostic devices.


• The Asia Pacific market is estimated to register considerable expansion over the study period. The surge is due to the increasing prevalence of cardiovascular diseases, infectious diseases, and others.


• On the basis of type, the market is subdivided into orthopedic devices, wound management, diagnostic imaging, MIS, cardiovascular imaging, In-Vitro Diagnostics (IVD), ophthalmic, diabetes care, general surgery, nephrology, dental, others. The IVD segment is expected to record substantial expansion over the projected period.


• Based on end user, the market is segmented into clinics, hospitals & ASCs, and others. The hospitals & ASCs segment is estimated to register considerable traction over the forecast period.

Table of Segmentation