The global medical devices market was valued at USD 827.88 billion in 2032 and is expected to grow at a CAGR of 5.34% during the forecast period. The report” Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Drug Delivery Devices, Diagnostic Devices, By Application, By End-user and Regional Forecast, 2022-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
A medical device is an instrument, apparatus, implant, machine, tool, in vitro reagent, or similar used to diagnose, prevent, help alleviate, treat, or cure disease or other conditions. Unlike pharmaceuticals or biologics, medical devices achieve their goals through physical, structural, or mechanical action rather than chemical or metabolic action within or on the body. Simple, low-risk (Class-I) devices such as tongue depressors, medical thermometers, disposable gloves, and bedpans are examples, as are complex, high-risk (Class-II) devices that are implanted and prolong life.
There is a growing prevalence of chronic disorders, including diabetes, cancer, and other infectious diseases, owing to the adoption of sedentary lifestyles and other factors. Also, healthcare agencies of various countries are focusing on increasing the diagnosis and treatment rates through the growing number of awareness programs. With the rising prevalence and awareness of such conditions among the population, the patient population requiring diagnostic procedures and tests is also increasing.
For instance, according to the International Diabetes Federation (IDF), an estimated 537 million people in 2021 suffered from diabetes, which is projected to rise to 643 million by 2030 and 783 million by 2045. Similarly, according to the American Cancer Society, the estimated number of new cancer cases in 2021 was 1.9 million.
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The outbreak of COVID-19 pandemic has resulted in decline of elective surgeries and emergency room visits in hospitals. Among the procedures considered to be less serious or which are not life-threatening, such as dental procedures, orthopedic surgeries witnessed a significant decline in the number of surgeries during the pandemic.
For instance, according to a 2021 article published by National Center for Biotechnology Information on the impact of COVID-19 pandemic on orthopedic surgery in Chile, there was a decline of 22.8% of orthopedic surgeries during the pandemic with 64% decrease observed in knee arthroplasty and 41% decrease in hip arthroplasty. The market players offering devices that were prominently used for procedures that were considered elective, such as orthopedic, dental procedures, and other surgeries along with diagnostic imaging equipment witnessed a significant decline in revenues in 2020 as compared to 2019.
For instance, Dentsply Sirona generated a net revenue of USD 3.34 billion in the financial year 2020 as compared to the revenue generated in 2019 i.e., USD 4.02 billion witnessing a decline of 17.1% owing to the decreased number of dental procedures and visits in the year during the pandemic. Similarly, Johnson & Johnson Services, Inc. generated a net revenue of USD 22.96 billion in the financial year 2020 witnessing a decline of 11.6% as compared to 2019, wherein the company generated a net revenue of USD 25.96 billion.
Medical Devices Market Report Highlights
The Global key players include Abbott, Fresenius SE & Co. KGaA, GE healthcare, Johnson & Johnson Services Inc., Medtronic, Siemens AG, Stryker, Boston Scientific Corporation, Becton, Dickinson, and Company & Bio-Rad Laboratories, Inc.
Medical Devices Market has been segmented by Type, By Application, By End-user and Regional Forecast, 2022-2032
Medical Devices, Type Outlook (Revenue - USD Billion, 2023 - 2030)
Medical Devices, Application Outlook (Revenue - USD Billion, 2023 - 2030)
Medical Devices, End-User Outlook (Revenue - USD Billion, 2023 - 2030)
Medical Devices, Region Outlook (Revenue - USD Billion, 2023 - 2030)