Medical devices are instruments used for diagnosis and treatment of diseases. They include products like imaging equipment, implantable devices, surgical equipment and many more. These devices help medical practitioners efficiently diagnose, treat and manage medical conditions.
The global Medical Devices Market is estimated to be valued at US$ 3,253.3 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of chronic diseases is a key driver propelling the growth of the medical devices market. Chronic conditions like cardiovascular diseases, diabetes and respiratory diseases are on the rise globally owing to changing lifestyles and expanding geriatric population. As per estimates by WHO, chronic diseases accounted for over 70% of all deaths worldwide in 2019. The treatment and management of chronic diseases requires extensive use of medical devices like pacemakers, ventilators, glucose monitoring devices etc. The rising disease burden has heightened the demand for innovative medical devices, which is favoring market growth over the forecast period.
SWOT Analysis
Strength: Medical devices have high growth potential due to increasing demand for diagnosis and treatment of various chronic diseases. The aging population globally also contributes to market growth.
Weakness: Initial capital requirement for R&D and manufacturing of medical devices is significant which can pose challenges for new entrants. Stringent government regulations also increase compliance costs.
Opportunity: Development of artificial intelligence, IoT and 3D printing would open new opportunities. Growing healthcare expenditure in emerging nations provides scope for market expansion.
Threats: Price control regulations and healthcare reforms can negatively impact profit margins. Intense competition among existing players can lead to pricing pressure.
Key Takeaways
The global medical devices market is expected to witness high growth over the forecast period. The global Medical Devices Market is estimated to be valued at US$ 3,253.3 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
The North America region currently dominates the market due to presence of majority key players and advanced healthcare facilities. The high per capita healthcare expenditure and adoption of advanced technologies has contributed to market leadership. The Asia Pacific region is expected to exhibit fastest growth owing to rising medical tourism, growing geriatric population and improving access to healthcare in major countries like China, India. The favorable government policies and initiatives have boosted domestic manufacturing of medical devices.
Key players operating in the medical devices are Medtronic Plc, Johnson & Johnson, General Electric Co., Fresenius Medical Care AG & Co. KGaA, Philips Healthcare, Siemens AG, Becton, Dickinson and Co., Cardinal Health Inc., Stryker Corp., Baxter International Inc. These players are focusing on new product launches and enhancing manufacturing capabilities to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it