Medical Devices Market

The size of the global medical devices market was valued at USD 488.36 billion in 2023. This value is further estimated to be growing at a CAGR of 4.9% from 2024 to 2029 and will be worth USD 650.71 billion by 2029 from USD 512.28 billion in 2024.

Market Drivers 

The medical devices market growth is the increasing number of patients with chronic diseases. The reasons behind this are the aging population, and social and environmental factors. Also, diet-associated diseases like obesity, diabetes, cardiovascular and specific cancers are contributing to the rise in patient numbers. According to the study, the United States has a high level of diet-related conditions, and around 28 million Americans regularly consume cigarettes. Another factor influencing market growth is technological advancements. This can be attributed to the gaps in generating evidence which explains the sluggish health outcomes despite great development in efficient medical products. 

Market Restraints 

Stricter requirements for clinical evaluation are a key hindrance to the growth of the medical devices market. Like, enhanced clinical assessment requirements introduced by the European Union’s (EU) Medical Device Regulation (MDR) can be a potential restraint for manufacturers, especially as the quality and volume of clinical information or evidence that will be required to display device performance and safety to help the acceptability of the advantages. Additionally, the evaluation by the notified bodies of the producer’s clinical assessment report is subject to inspection by the applicable competent agency by a group of experts, makers may witness delays hampers the market growth.

Segment analysis

By Type

• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• IVD
• MIS
• Wound Management
• Diabetes Care
• Ophthalmic
• Dental
• Nephrology
• General Surgery
• Others

The orthopedic devices segment holds the maximum portion of the medical devices market share. The segment’s market share is increased by a high prevalence of orthopedic diseases, an increasingly aging population, a rising degenerative bone ailment, and escalating incidents of road accidents. The initial start of musculoskeletal disorders is a result of a stationary lifestyle and obesity is anticipated to influence market growth. Moreover, the expanding reach of robots in orthopedic processes is further assisting the segment’s progress.

By End-User

• Hospitals & ASCs
• Clinics
• Others

The hospitals and ambulatory surgical centers segment accounted for a notable share of the medical devices market in 2023, and the control of the segment is believed to continue throughout the forecast period.

Regional analysis

North America is the biggest medical devices market owing to the presence of adequate and beneficial reimbursement policies. The region’s market growth is also due to an established medical infrastructure and ecosystem, and swift adoption of modern healthcare technologies. On the other hand, Europe is projected to move forward with a stable growth rate during the forecast period.

Recent happenings

·        In February 2024, the US Food and Drug Administration (FDA) approved permission for Fresenius Medical Care’s 5008X Hemodialysis System which is the foremost high-volume hemodiafiltration treatment in the United States.

·        In November 2023, the FDA issued premarket authorization to Symplicity G3 RF Generator and Symplicity Spyral Multi-Electrode Renal Denervation Catheter by Medtronic.

RELATED REPORTS

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