Global medical device market was valued at US$ 509.81 billion in 2020 and is expected to reach US$ 972.54 billion by 2029,">
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Find Out What are the Important Factors Boosting the Demand of Medical Devices Market 2021 - 2029 - A Report by Absolute Markets Insights

Published On 22 Jun 2021 04:00 AM


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Global medical device market was valued at US$ 509.81 billion in 2020 and is expected to reach US$ 972.54 billion by 2029, growing at an estimated CAGR of 7.6% over the forecast period. Sedentary lifestyle and increasing levels of green house gases have been one of the major reasons behind reducing life expectancy and continuously deteriorating immunity of human beings. These factors have resulted in rising number of healthcare facilities, and increased amount of healthcare expenditure, which are directly contributing to the growth of medical devices market.

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At present, the medical devices market is being driven majority by surging prevalence of chronic diseases like cancer, hypertension and diabetes. People suffering from these diseases are more prone to get infected with the dreadful coronavirus and this is likely to take up the demand for medical devices used for diagnosing any sort of disease.

While the medical devices market was mainly driven by technological advancements in the field of medical science, this same reason could cause a dent in its growth. Extensive use of electronic medical devices has made the humanity largely dependent on them. The involvement of medical devices in rendering any treatment starts from diagnosis and remains till monitoring and end results. The sale of remote patient monitoring devices has also brought in the risk of hacking as these devices use the internet to transfer patient’s data to a medical expert or physician. In recent past, there have several ransomware attacks on leading medical institutions.

Post-Covid situation is expected to be very different as in order to stay protected from any upcoming infection, the people are likely to continue use of face masks, gloves and adopt more hygienic lifestyle and this clearly indicates that the medical devices market will continue its dream run.

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The detailed research study provides qualitative and quantitative analysis of medical devices market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Key Findings of the Report:

  • Due to the COVID-19 pandemic, the demand for disposable masks, eye gear and  hand sanitizers has increased as these equipments are key to stay safe
  • Rise of cardiovascular diseases and diabetes has led to increased demand for cardiac monitoring devices and insulin pens, and this is why patient monitoring devices have the highest CAGR in the medical devices market
  • As the demand for medical equipments like X-RAY equipment, Ultrasound machines remains the highest, the maximum amount of revenue for this industry is generated from the sale of these devices.
  • Along with diagnostic centres, testing laboratories are key to determine cause of any disease and to do so several devices is required. This ultimately contributes in the growth of the market
  • The major players operating in the Medical Device market include Johnson & Johnson, Medtronic, Stryker, Philips, Siemens Healthineers and 3M Company amongst others.

Medical Devices Market

By Type

  •   Electronics and Equipment – Highest Share
    •  Diagnostic Imaging – Highest Share
    •  X-Ray Equipment
    •  Ultrasound Systems
    •  Computed Tomography (CT) Scanners
    •  Magnetic Resonance Imaging Systems
    • Others
  • Patient Monitoring – Highest CAGR
    • Cardiac Monitoring Devices
    • Respiratory Monitoring Devices
    • Others
    • Diabetic Care Devices
      • Insulin Pens
      • Blood Glucose Meters
      • Blood Glucose Test Strips
      • Continuous Glucose Monitoring Device
      • Others
    • Orthopedic Devices
      • Prosthetics
      • Braces
      • Fixation Devices
      • Others
    • Dental Diagnostics and Operative Devices
    • Others
    • Disposables and Consumables – Highest CAGR
      • Wound Management Products
      • Drug Delivery Products
      • Diagnostic and Laboratory Disposables
      • Dialysis Disposables
      • Incontinence Products
      • Respiratory Supplies
      • Sterilization Supplies
      • Non-woven Disposables
      • Disposable Masks
      • Disposable Eye Gear
      • Disposable Gloves
      • Hand Sanitizers
        • Gel Sanitizers
        • Foam Sanitizers
        • Liquid Sanitizers
        • Other Sanitizers
      • Others
    • Surgical Instruments
      • Surgical Sutures and Staplers
      • Handheld Surgical Devices
        • Forceps and Spatulas
        • Retractors
        • Dilators
        • Graspers
        • Auxiliary Instruments
        • Cutter Instruments
        • Others
  • Electrosurgical Devices
    • Others
  • IVD Reagents
    • Antibodies
    • Monoclonal
    • Polyclonal
  • Oligonucleotides
  • Nucleic Acid Probes
  • Purified Proteins or Peptides
  • Other Reagents
  • Implants
    • Orthopedic Implants
      • ENT Implants
      • Breast Implants
      • Dental Implants
      • Cardiology related implants
      • Others
      • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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Press Release Provided By: Absolute Markets Inisghts