Market Key Trends:
One of the primary trends witnessed in the medical devices market is the increased focus on development of minimally invasive devices. Minimally invasive surgeries cause lesser trauma to patients, involve smaller incisions, shorter hospital stays, and quicker recovery times compared to conventional open surgeries. Many traditional open surgical procedures are now being performed using minimally invasive techniques involving advanced visualization and micro-instrumentation technologies. This has boosted the demand for various specialized minimally invasive devices including robot-assisted surgical systems. Another notable trend is increased adoption of 3D printing technology by medical device companies. 3D printing allows for rapid prototyping and customized production of implants, prosthetics and other medical equipment, addressing complex clinical needs. It aids in pre-surgical planning, reduces waste, and lowers production costs. This innovative manufacturing approach is transforming the medical devices landscape and enabling personalized patient care.
The global Medical Devices Market is estimated to be valued at US$ 3,253.3 Mn in 2023 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.
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Threat of new entrants: The medical devices market requires high R&D investments and regulatory approvals which act as a barrier for new entrants.
Bargaining power of buyers: Individual consumers have low bargaining power however large hospitals and institutions can negotiate on price and contracts.
Bargaining power of suppliers: Key raw material and component suppliers have some bargaining power due to their technical expertise however established medical device players can choose from multiple suppliers.
Threat of new substitutes: Though some alternative treatment options exist, medical devices have limited threat from substitutes due to clinical efficacy and regulated nature.
Competitive rivalry: The global medical devices market is highly competitive with major multinational players and price competition is intense.
The global medical devices market is expected to witness high growth.
North America dominates the market currently owing to presence of major players and faster adoption of advanced medical technologies. Asia Pacific is expected to fastest growing region supported by growing medical infrastructure and demand.
Regional analysis focused on the United States which contributes over 40% of revenue aided by availability of reimbursements and high healthcare spending. Germany and Japan also have sizable market share in the European and Asian regions respectively.
Key players operating in the medical devices market are Medtronic Plc, Johnson & Johnson, General Electric Co., Fresenius Medical Care AG & Co., Philips Healthcare, Siemens AG, Becton, Dickinson and Co., Cardinal Health Inc., Stryker Corp., Baxter International Inc. Medtronic and Johnson & Johnson are market leaders with strong product portfolio and global presence.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it