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Medical Devices Market to Surge at 6.3% CAGR over 2024 to 2032; Growing Incidence of Chronic Conditions to Boost Market Growth

April 29, 2024 | Healthcare

The global medical devices market size was valued at USD 518.46 billion in 2023. The market is projected to grow from USD 542.21 billion in 2024 to USD 886.80 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period.


Fortune Business Insights™ presents this information in its report titled “Medical Devices Market Size, Share & Industry 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, 2024-2032”.


The rise in orthopedic, cardiac, neurological, and other surgeries globally contributes to the growing demand for medical devices, driving market expansion. Furthermore, the market observes a heightened demand for wearable devices to diagnose and monitor health, favored by their convenient usability.


Decreased elective surgeries and hospital visits amid the COVID-19 pandemic led to a downturn in medical device demand and revenue for companies.


Cardinal Health unveiled Kangaroo OMNI Enteral Feeding Pump in the U.S. to Offer Personalized Alternatives


In September 2023, Cardinal Health launched the Kangaroo OMNI enteral feeding pump in the U.S., aiming to provide personalized options for enteral feeding patients throughout their journey. The Kangaroo OMNI Enteral Feeding Pump offers a caregiver-friendly interface, water-resistant design, and compatibility with various accessories for user convenience. Additionally, it features screen content translation in 19 languages, ensuring accessibility across diverse language preferences.


Growing Shift Toward Wearable Devices to Stimulate Market Growth


Increased emphasis on fitness and healthcare monitoring globally boosts demand for fitness trackers, indicative of a broader trend favoring medical devices. Moreover, the COVID-19 outbreak amplifies health concerns, spurring demand for wearable devices such as fitness trackers. The high adoption rate of 45% and willingness among Americans to wear these devices, as per a ValuePenguin survey in March 2022, signal growth prospects for medical device manufacturers.


However, high acquisition and maintenance costs, especially for advanced devices such as surgical robots, impede widespread adoption, thereby hindering medical devices market growth.


Key Players are Focusing on Expanding Distribution Networks to Meet the Growing Demand for Medical Products


The global medical devices market is fragmented, with key players such as Medtronic and Johnson & Johnson holding significant shares in 2023. Their focus on R&D for advanced devices drives market growth. Major players such as Cardinal Health are expanding their distribution networks globally, as observed in Cardinal Health's new distribution center in Canada in May 2023, catering to rising demand for medical products.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/medical-devices-market-100085


List of Key Players Mentioned in the Report:



  • Medtronic (Ireland)

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

  • Koninklijke Philips N.V. (Netherlands)GE Healthcare (U.S.)

  • Siemens Healthineers AG (Germany)

  • Stryker (U.S.)

  • Abbott (U.S.)

  • BD (U.S.)

  • Cardinal Health (U.S.)


Key Industry Development:



  • January 2024: GE Healthcare's acquisition of MIM Software, a top player in medical imaging analysis and AI solutions, enhances its portfolio in radiation oncology, molecular radiotherapy, diagnostic imaging, and urology.


Further Report Findings



  • North America led the market and stood at USD 197.83 billion in 2023, propelled by the increasing number of patients seeking diagnosis and treatment, driven by the region's rising incidence and prevalence of chronic conditions.

  • The introduction of portable medical equipment by leading global and domestic players in Europe caters to the region's evolving healthcare needs, driving market expansion and innovation.

  • In terms of end-user, the market is fragmented into hospitals & ASCs, clinics, and others. The hospitals & ASCs segment held the key global medical devices market share in 2023, fueled by the increasing demand for various surgical procedures and treatments. This led to a rise in outpatient and inpatient visits to these facilities.


Table of Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Growth Rate



CAGR of 6.3% from 2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion)



Segmentation



By Type



  • Orthopedic Devices

  • Cardiovascular Devices

  • Diagnostic Imaging

  • IVD

  • MIS

  • Wound Management

  • Diabetes Care

  • Ophthalmic Devices

  • Dental Devices

  • Nephrology

  • General Surgery

  • Others



By End-User



  • Hospitals & ASCs

  • Clinics

  • Others



By Region



  • North America (By Type, End-User, and Country)


    • U.S. (By Type and End-User)

    • Canada (By Type and End-User)


  • Europe (By Type, End-User, and Country/Sub-region)


    • U.K. (By Type and End-User)

    • Germany (By Type and End-User)

    • France (By Type and End-User)

    • Italy (By Type and End-User)

    • Spain (By Type and End-User)

    • Rest of Europe (By Type and End-User)


  • Asia Pacific (By Type, End-User, and Country/Sub-region)



    • China (By Type and End-User)

    • Japan (By Type and End-User)

    • India (By Type and End-User)

    • Australia (By Type and End-User)

    • Rest of Asia Pacific (By Type and End-User)



  • Latin America (By Type, End-User, and Country/Sub-region)

    • Brazil (By Type and End-User)

    • Mexico (By Type and End-User)

    • Rest of Latin America (By Type and End-User)



  • Middle East & Africa (By Type, End-User, and Country/ Sub-region)

    • GCC (By Type and End-User)

    • South Africa (By Type and End-User)

    • Rest of Middle East & Africa (By Type and End-User)




Medical Devices Market
  • PDF
  • 2023
  • 2019-2022
  • 180

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