Medical Devices Market Size Worth USD 63,423.6 Million | CAGR of 23.20% by 2027

Overview of the medical device market

Global medical device market is likely to cross a market size of over USD 63423.6 million by 2027 while registering a healthy CAGR of over 23.20% during the review period, according to Market Research Future (MRFR). Medical devices are used to diagnose, prevent or treat disease. There is a wide variety of medical devices available in the global market.

The global medical device market has witnessed massive growth in recent times owing to factors such as government financial assistance, good healthcare reforms, increasing adoption of radiotherapy in diagnosis and treatment, demand growing number of wearable medical devices, increasing use of IoT smart medical devices, aging population and increasing life expectancy. However, factors such as growing concerns over data security breaches and high costs associated with devices are likely to hinder the growth of the market.

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Medical Devices Market Segment Analysis

The medical device market is divided into segments based on end users, therapeutic application, product type and region.

Based on application, the medical devices market is divided into nephrology and urology, ophthalmology, dentistry, orthopedics, diagnostic imaging, surgery, otolaryngology (ENT), neurology, cardiovascular, respiratory, general surgery and others.

The medical device market is divided between end users in pharmaceutical companies, research laboratories, diagnostic centers, hospitals and clinics.

Medical Devices Market Regional Outlook

The global medical devices market is studied in five major regions: North America, South America, Europe, Asia-Pacific, Middle East & Africa.

The North American regional medical device market is expected to dominate globally. The growth of the regional market is driven by the rising incidence of chronic diseases, neurological disorders, diabetes, and cancer which drive the need for medical equipment for diagnosis and treatment. The most frequently used medical instruments for disease diagnosis include chromatograph, microscope, and spectroscope.

The European regional market is likely to secure the consignment position in the global medical device market. The growth of the regional market is driven by increasing government spending on the development of medical devices, a growing economy, and the presence of a large number of medical device manufacturing units. Additionally, the growing need for medical equipment to validate product quality is also likely to drive the growth of the regional market.

Growing demand for healthcare products is propelling the regional medical device market in Asia Pacific. Asia-Pacific is expected to be the fastest growing regional market owing to the growing elderly population with health conditions driving the expansion of the market.

The medical device market for the Middle East and Africa region is expected to grow gradually over the review period. This is due to the increase in the number of government initiatives in the health sector.

Medical Devices Market Competitive Analysis

Market players frequently use product approvals and developments to grow their business and customer base. The market has an extremely competitive landscape with a large number of players spread across the globe. The list of major players in the medical device market includes companies such as Angiodynamics Inc. (USA), Fresenius (Germany), Baxter International Inc. (USA), Becton Dickinson (USA), Accuray Inc. (USA), Abbott Laboratories (USA), Siemens (Germany), Johnson & Johnson (USA), Biotelemetry Inc. (USA), GE Healthcare (USA), Medtronic (Ireland), Stryker (USA), Abiomed Inc. (USA), Boston Scientific Corp. (USA), Bio Rad Laboratories Inc. (USA) and many others.

RECENT DEVELOPMENTS

a global provider of medical device manufacturing solutions and a portfolio company of Arcline Investment Management, Medical Manufacturing Technologies (MMT) has acquired R&D Engineering (R&D) from Biomerics to expand its catheter production and automation technologies. The agreement helps MMT strengthen its offerings in core technology areas and enhance its end-to-end service platform.

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PetVivo Holdings, Inc., an emerging biomedical device company focused on commercializing innovative medical therapies for companion animals, is pleased to announce that it has successfully signed a distribution agreement with VetCore, Inc, for SPRYNG™ by PetVivo, a therapeutic product with OsteoCushion™ technology. VetCore operates and owns a legal vet order/purchase platform with over 13,000 veterinary hospitals as customers.

Browse related reports on:

Global Wearable Medical Devices Market Research Report – Forecast to 2027

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