Market Overview:
The global medical device market is expected to reach USD 727.8 billion by 2030, registering a CAGR of 6.1% during the forecast period (2018-2030). The growth in this market can be attributed to the increasing incidence of chronic diseases, rising geriatric population, and technological advancements in medical devices. In terms of type, the in vitro diagnostic substance segment is expected to account for the largest share of the global medical device market during the forecast period. This can be attributed to factors such as growing awareness about early diagnosis and treatment of diseases and increasing demand for point-of-care testing.
Product Definition:
A medical device is any instrument, apparatus, implement, machine, implant, in vitro reagent or other similar article that is intended for use in the diagnosis of disease or other conditions; or in the cure; mitigation; treatment; or prevention of disease.
The importance of medical devices cannot be overstated. They are essential tools used by healthcare professionals to diagnose and treat patients. Medical devices include a wide range of products from simple items such as tongue depressors and bandages to sophisticated life-saving equipment such as heart pumps and x-ray machines.
In Vitro Diagnostic Substance:
In Vitro Diagnostic (IVD) substance is a combination of ingredients that are used in the manufacturing process of medical devices. These substances have been approved by the U.S. FDA as class II medical devices and can be regulated under federal law like any other IVDs such as reagents, kits & assay systems etc.
Electro-medical Apparatus:
These devices are used to diagnose and treat patients by providing electrical signals to the body parts. The treatment may comprise of using deep brain stimulation therapy for Parkinson’s disease, shingles vaccine or spinal cord injury rehabilitation program etc.
Application Insights:
The clinics use segment dominated the global medical device market in 2017. This is attributed to a rising number of primary healthcare centers and increase in the population that depends on family physicians for routine check-ups and treatment. Furthermore, an increasing number of patients seeking medical care at clinics is expected to boost product demand over the forecast period.
Hospital use accounted for a major share in the global market owing to growing investments by governments as well as private companies into hospital infrastructure development, equipment purchase, and staff training coupled with an increasing number of surgeries being performed at hospitals every day across the globe. For instance, according to WHO data published in 2018, there were approximately 665 million surgical procedures performed worldwide which resulted in around 2.5 million deaths annually due to cancer or other diseases/injuries caused by accidents or violence (DALYs).
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to increasing R&D investments by various companies and rising adoption of technologically advanced medical devices in this region. In addition, high healthcare expenditure levels are also contributing toward growth of this regional market.
Asia Pacific is anticipated to witness lucrative growth over the forecast period owing to improving healthcare infrastructure and growing awareness about early diagnosis & treatment options for various diseases, such as cancer and diabetes. Increasing disposable income levels in developing countries like India & China are further expected to boost demand for medical devices over the next eight years or so in Asia Pacific region as compared with other regions due to factors such as lower cost of usage along with a higher percentage of affordability than developed nations’ highest percentage among all regions at 23%.
Growth Factors:
- Increasing demand for minimally invasive surgeries: The global medical device market is expected to grow at a CAGR of 5.5% during the forecast period. This can be attributed to the increasing demand for minimally invasive surgeries, which are less risky and cause less pain and trauma as compared to traditional open surgery procedures.
- Rising prevalence of chronic diseases: The global prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disorders is rising rapidly, leading to an increase in the demand for medical devices such as diagnostic equipment and surgical instruments.
- Technological advancements: Medical device manufacturers are constantly innovating new technologies that make their products more efficient and user-friendly. This is helping them gain a larger share in the global market. For instance, in 2016 Abbott Laboratories launched its next-generation heart failure monitoring system called HeartMate 3 that utilizes artificial intelligence (AI) technology to help physicians better manage patients with heart failure symptoms.. 4 Emerging markets offer significant growth potential: The medical device market is growing rapidly in emerging markets such as China, India, Brazil, and Mexico due to the increasing awareness about healthcare among consumers coupled with rising disposable incomes.. 5 Increased funding from government & private organizations: Governments across the world are investing heavily in healthcare infrastructure development projects which is aiding the growth of th
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Device Market Research Report
By Type
In Vitro Diagnostic Substance, Electro-medical Apparatus, Irradiation Apparatus, Surgical and Medical Instruments, Surgical Appliances and Supplies, Dental Equipment and Supplies, Ophthalmic Goods
By Application
Clinics Use, Hospital Use, Household Use
By Companies
3M Health Care, Access Scientific, B. Braun, Baxter, Becton Dickinson &Co. (BD), Boston Scientific, CR Bard, Canon/Toshiba, Cardinal Health, CareFusion, Cook Medical, Dentsply, Fresenius, GE Healthcare, Haemonetics, Invacare, Johnson & Johnson, Medtronic, Nobel Biocare, Nobel Biotech, Paul Hartmann AG, PerkinElmer, Inc., Philips Healthcare, Siemens Healthcare, Smith & Nephew, plc, Abbott, Stryker Corporation, Teleflex, Inc., Terumo Corporation, Wright Medical
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
162
Number of Tables & Figures
114
Customization Available
Yes, the report can be customized as per your need.
Global Medical Device Market Report Segments:
The global Medical Device market is segmented on the basis of:
Types
In Vitro Diagnostic Substance, Electro-medical Apparatus, Irradiation Apparatus, Surgical and Medical Instruments, Surgical Appliances and Supplies, Dental Equipment and Supplies, Ophthalmic Goods
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Clinics Use, Hospital Use, Household Use
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- 3M Health Care
- Access Scientific
- B. Braun
- Baxter
- Becton Dickinson &Co. (BD)
- Boston Scientific
- CR Bard
- Canon/Toshiba
- Cardinal Health
- CareFusion
- Cook Medical
- Dentsply
- Fresenius
- GE Healthcare
- Haemonetics
- Invacare
- Johnson & Johnson
- Medtronic
- Nobel Biocare
- Nobel Biotech
- Paul Hartmann AG
- PerkinElmer, Inc.
- Philips Healthcare
- Siemens Healthcare
- Smith & Nephew, plc
- Abbott
- Stryker Corporation
- Teleflex, Inc.
- Terumo Corporation
- Wright Medical
Highlights of The Medical Device Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- In Vitro Diagnostic Substance
- Electro-medical Apparatus
- Irradiation Apparatus
- Surgical and Medical Instruments
- Surgical Appliances and Supplies
- Dental Equipment and Supplies
- Ophthalmic Goods
- By Application:
- Clinics Use
- Hospital Use
- Household Use
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Medical Device Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A medical device is any type of equipment or technology used to diagnose, treat, or prevent disease. Medical devices can be small, like a stethoscope, or large and complex, like a heart valve.
Some of the key players operating in the medical device market are 3M Health Care, Access Scientific, B. Braun, Baxter, Becton Dickinson &Co. (BD), Boston Scientific, CR Bard, Canon/Toshiba, Cardinal Health, CareFusion, Cook Medical, Dentsply, Fresenius, GE Healthcare, Haemonetics, Invacare, Johnson & Johnson, Medtronic, Nobel Biocare, Nobel Biotech, Paul Hartmann AG, PerkinElmer, Inc., Philips Healthcare, Siemens Healthcare, Smith & Nephew, plc, Abbott, Stryker Corporation, Teleflex, Inc., Terumo Corporation, Wright Medical.
The medical device market is expected to register a CAGR of 6.1%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Medical Device Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Medical Device Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Device Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Medical Device Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Medical Device Market Size & Forecast, 2018-2028
4.5.1 Medical Device Market Size and Y-o-Y Growth
4.5.2 Medical Device Market Absolute $ Opportunity
Chapter 5 Global Medical Device Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Medical Device Market Size Forecast by Type
5.2.1 In Vitro Diagnostic Substance
5.2.2 Electro-medical Apparatus
5.2.3 Irradiation Apparatus
5.2.4 Surgical and Medical Instruments
5.2.5 Surgical Appliances and Supplies
5.2.6 Dental Equipment and Supplies
5.2.7 Ophthalmic Goods
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Device Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Medical Device Market Size Forecast by Applications
6.2.1 Clinics Use
6.2.2 Hospital Use
6.2.3 Household Use
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Device Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Medical Device Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Medical Device Analysis and Forecast
9.1 Introduction
9.2 North America Medical Device Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Medical Device Market Size Forecast by Type
9.6.1 In Vitro Diagnostic Substance
9.6.2 Electro-medical Apparatus
9.6.3 Irradiation Apparatus
9.6.4 Surgical and Medical Instruments
9.6.5 Surgical Appliances and Supplies
9.6.6 Dental Equipment and Supplies
9.6.7 Ophthalmic Goods
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Medical Device Market Size Forecast by Applications
9.10.1 Clinics Use
9.10.2 Hospital Use
9.10.3 Household Use
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Medical Device Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Device Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Medical Device Market Size Forecast by Type
10.6.1 In Vitro Diagnostic Substance
10.6.2 Electro-medical Apparatus
10.6.3 Irradiation Apparatus
10.6.4 Surgical and Medical Instruments
10.6.5 Surgical Appliances and Supplies
10.6.6 Dental Equipment and Supplies
10.6.7 Ophthalmic Goods
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Medical Device Market Size Forecast by Applications
10.10.1 Clinics Use
10.10.2 Hospital Use
10.10.3 Household Use
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Medical Device Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Device Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Medical Device Market Size Forecast by Type
11.6.1 In Vitro Diagnostic Substance
11.6.2 Electro-medical Apparatus
11.6.3 Irradiation Apparatus
11.6.4 Surgical and Medical Instruments
11.6.5 Surgical Appliances and Supplies
11.6.6 Dental Equipment and Supplies
11.6.7 Ophthalmic Goods
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Medical Device Market Size Forecast by Applications
11.10.1 Clinics Use
11.10.2 Hospital Use
11.10.3 Household Use
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Medical Device Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Device Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Medical Device Market Size Forecast by Type
12.6.1 In Vitro Diagnostic Substance
12.6.2 Electro-medical Apparatus
12.6.3 Irradiation Apparatus
12.6.4 Surgical and Medical Instruments
12.6.5 Surgical Appliances and Supplies
12.6.6 Dental Equipment and Supplies
12.6.7 Ophthalmic Goods
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Medical Device Market Size Forecast by Applications
12.10.1 Clinics Use
12.10.2 Hospital Use
12.10.3 Household Use
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Medical Device Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Device Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Medical Device Market Size Forecast by Type
13.6.1 In Vitro Diagnostic Substance
13.6.2 Electro-medical Apparatus
13.6.3 Irradiation Apparatus
13.6.4 Surgical and Medical Instruments
13.6.5 Surgical Appliances and Supplies
13.6.6 Dental Equipment and Supplies
13.6.7 Ophthalmic Goods
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Medical Device Market Size Forecast by Applications
13.10.1 Clinics Use
13.10.2 Hospital Use
13.10.3 Household Use
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Medical Device Market: Competitive Dashboard
14.2 Global Medical Device Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 3M Health Care
14.3.2 Access Scientific
14.3.3 B. Braun
14.3.4 Baxter
14.3.5 Becton Dickinson &Co. (BD)
14.3.6 Boston Scientific
14.3.7 CR Bard
14.3.8 Canon/Toshiba
14.3.9 Cardinal Health
14.3.10 CareFusion
14.3.11 Cook Medical
14.3.12 Dentsply
14.3.13 Fresenius
14.3.14 GE Healthcare
14.3.15 Haemonetics
14.3.16 Invacare
14.3.17 Johnson & Johnson
14.3.18 Medtronic
14.3.19 Nobel Biocare
14.3.20 Nobel Biotech
14.3.21 Paul Hartmann AG
14.3.22 PerkinElmer, Inc.
14.3.23 Philips Healthcare
14.3.24 Siemens Healthcare
14.3.25 Smith & Nephew, plc
14.3.26 Abbott
14.3.27 Stryker Corporation
14.3.28 Teleflex, Inc.
14.3.29 Terumo Corporation
14.3.30 Wright Medical
