Medical Devices Market

Medical Devices Market Size, Share, Trends, Growth, and Industry Analysis, By Type of Device (In-Vitro Diagnostics, Dental Equipment), By Type of Expenditure (Public, Private), By End-User (Hospitals and Clinics, Homecare, Diagnostics Centers), Regional Insights and Forecast to 2032

Medical Devices | August 2022 | Report ID: EMR0019 | Pages: 256

global medical devices market size was USD 645 billion in 2022 and is predicted to reach USD 951 billion in 2031, exhibiting at a CAGR of 6.5%.during the forecast period. 


The global medical devices market consists of sales of medical devices or equipment and related services by entities (organizations, sole traders, and partnerships) that manufacture medical equipment or devices that are used in the diagnosis, treatment, and monitoring of medical conditions. The medical device market includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, dental devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies, and other medical devices.

Market Growth

However, a data security threat may hamper the market growth for medical devices as an internet connection is required for transferring patient’s data from remote devices to the physician. Hence, this increases the threat to data security. The rising trend for connected devices makes them attractive and thus increases the risk for data breaches or hacks. For instance, in March 2020, critical patient data, including medical questionnaires, copies of driving licences, passports, and national insurance numbers, were leaked for over 2,300 patients of Hammersmith Medicines Research.

The research firm was carrying out trials for the COVID-19 vaccine on these patients. Growth in the medical devices market during the historic period resulted from growth in the number of healthcare facilities, rapid growth in elderly population, economic growth in emerging markets, rapid technological advances, and increased healthcare expenditure. The market was restrained by low healthcare awareness and low healthcare reimbursements. Going forward, the increasing prevalence of chronic diseases, sudden emergence of severe infections will drive growth in the medical devices market. Factors that could hinder the growth of the market in the future include challenges due to regulatory changes, data security issues, and the COVID-19 pandemic.

COVID-19 Analysis

The COVID-19 (coronavirus) outbreak is disrupting supply chains all around the world, with the most aggravating effect on the medical device market. The COVID-19 pandemic has impacted the production scenario globally and changed the business environment for numerous organisations across the world. Most companies have extended their production capacity to meet the increasing demand for essential supplies of COVID-19, which has severely impacted the overall medical devices market around the world and directly influenced hospital capacities and the ability for patients to seek care for a number of diseases. According to the World Health Organization (WHO), during COVID-19, over 28.5 million elective surgeries across the world were cancelled, while 40% of global cancer surgeries were postponed. The coronavirus pandemic caused an unprecedented growth in the demand for medical products. The supply chain for COVID-19-relevant medical devices, such as personal protective equipment (PPE), ventilators, testing supplies, and other equipment, was unprepared to satisfy higher demand.



Report Attribute


Projected Market Value (2031)

645 Billion

Estimated Market Value (2022)

951 Billion

Base Year


Forecast Years

2024 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, End-user, Region

Segments Covered

By Type, By End-user, and Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.



Type Insights

In Vitro Diagnostics (IVD) devices are used for the diagnosis of diseases or conditions that include an analysis of the state of health for the purpose of mitigating, curing, treating, or preventing disease. These devices are largely used to collect, prepare, and examine the specimen collected from the patient’s body. Hence, the increasing prevalence of chronic disease and the need for precise and efficient testing kits for diseases such as malaria, HIV/AIDS, diabetes, and cancer boost the demand for IVD devices. For instance, in 2017, the World Health Organization (WHO) revealed that around 47% of new HIV cases were detected across the globe. In support of the above factors, the IVD segment accounted for a value share of nearly 14.5% in the year 2019. Furthermore, technological advancements in surgical robots, as well as their increasing use by healthcare providers, are expected to drive the Minimally Invasive Surgery (MIS) segment growth during the forecast period. However, the segments of orthopaedic and cardiovascular devices are anticipated to grow at a significant pace, owing to a globally increasing patient pool suffering from different cardiac-related and orthopaedic disorders.

End User Insights

Based on end-user, the market includes hospitals, ASCs, clinics, and others. The hospitals and ASCs segment held a dominant share in 2021 due to the increasing number of multispecialty and community hospitals, especially in emerging countries. Thus, the above factors and the growing emphasis of healthcare agencies and the government toward a routine diagnosis of patients and their timely treatment have resulted in raising awareness among the general population, thereby subsequently propelling the market's growth during the forecast period.

In 2020, the hospitals and clinics market were the largest segment of the medical devices market segmented by end-user, accounting for 88.7% of the total. Going forward, the diagnostic centers segment is expected to be the fastest growing segment in the medical devices market segmented by end-user.

Recent Developments

  • In February 2022, Siemens Healthineers and Universal Medical Imaging (China) reached an agreement to promote 5G remote imaging diagnosis for primary care in China’s regions.
  • In May 2022, BD launched a fully automatic, high-throughput infectious disease molecular diagnostic platform, the BD Cor System, in the US.
  • In November 2021, Siemens Healthineers introduced Magnetom Free Star, a cost-effective whole-body MRI scanner, designed to enable significantly better access to magnetic resonance imaging.

Competitive Analysis:

The global medical devices market is highly fragmented owing to the presence of a large number of market players on a global as well as regional level. Among these companies, Medtronic captures the largest market share with a diverse product portfolio and strong brand name in the global market. Apart from this, most of the industry players invest prominently in research and development (R&D) activities to develop new products and upgrade the existing product list. Furthermore, these market players largely focus on expanding their distributors across the globe, which allows companies to expand their product offerings.

Major Competitors in The Medical Devices Market Are:

  • Medtronic Plc
  • Johnson & Johnson
  • Abbott Laboratories
  • Becton, Dickinson and Company
  • Siemens Healthineers AG
  • 3M Company
  • Accord Medical Products Private Limited
  • Agappe Diagnostics Ltd
  • ARKRAY Healthcare Pvt. Ltd
  • B. Braun Medical Inc.
  • Baxter Healthcare
  • Beckman Coulter
  • Boston Scientific
  • Canon Medical Systems Corporation

Regional Analysis

North America captured the largest revenue share in 2021 and is anticipated to continue its dominance over the upcoming years. The significant growth of the region is primarily because of its developed healthcare infrastructure and the rising concern for a healthy life. The United States is the dominant country in North America, and rapid adoption of new and advanced medical technologies for enhancing the diagnosis and treatment procedures of critical diseases is likely to impel market growth in the region.

The market in Europe is anticipated to register a significant CAGR, owing to increasing healthcare expenditure, well-established infrastructure, and the increasing adoption of advanced diagnostic and treatment devices. A strong focus on a shift of medical care into home care settings and the introduction of portable medical device equipment by leading global and domestic players in the region are expected to drive the growth of the market during the forecast period.

Asia Pacific is expected to grow at a comparatively higher CAGR due to the increasing prevalence of diseases, such as cardiovascular disorders, diabetes, infectious diseases, and dental disorders, along with the increasing focus of market players to expand their direct presence in emerging countries, including China and India, and fulfil the demand of patients in this region.

Segments Covered in the Report

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

By End-user

  • Hospitals & Clinics
  • Diagnostic Centers
  • Research laboratory
  • Pharmaceutical companies
  • Other

Regional Outlook

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others


  • Norway
  • Netherlands
  • Sweden
  • United Kingdom
  • France
  • Germany
  • Others

North America

  • United States
  • Canada

Middle East and Africa

  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Others

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global medical devices market is growing at a compound annual growth rate (CAGR) of 6.5% during the forecast period 2024 to 2031.
North America holds highest market share in 2021.
Due to an ageing population, rising per capita income, and growing public health concern, Asia Pacific emerged as the fastest-growing region during the forecast period.
The major key players operating in the global medical devices market are DePuy Synthes, Medtronics Plc, Fesenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD, among others.

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