Medical Devices Market Size, Share, Analysis and Projection, Application, and Region Global Forecast to 2030
Growing demand for medical devices in hospitals and clinics is driving revenue growth of the medical devices market
The global medical devices market size is expected to reach USD 864.49 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. The development of relatively cheaper diagnostics devices aiming toward reducing the overall medical costs of a patient is driving market revenue growth.
The rising prevalence of chronic diseases, technological advancements in medical devices, and a steady increase in the geriatric populations are factors driving market revenue growth. Around the world, the proportion of people aged 65 and up has risen, as has the length of life expectancy. This is expected to have a big impact on the healthcare system and, as a result, on the global medical device market’s growth. According to the World Ageing Population report, there were around 703 million people aged 65 and up in the world in 2019. Over the next three decades, the number of people aged 65 and up is expected to more than double, reaching 1.5 billion by 2050. As a result of the growing geriatric population, health and long-term care costs are expected to increase substantially. Hearing loss, cataracts, refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia are all common among the elderly. This is expected to boost medical device market revenue growth.
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The global pharma & healthcare market revenue growth is majorly driven by factors such as rising prevalence of chronic and acute diseases globally, rise in global geriatric population, growing awareness of health & wellness among consumers, and growing demand for advanced medications and therapeutics. Growing need for advanced, patient-centered healthcare services, increasing availability of advanced point-of-care diagnostics, increasing biotechnological and pharmaceutical research & development activities and clinical trials, and rise in public and private investments in the healthcare industry are some of the other major factors supporting market revenue growth. Market revenue growth is further driven by factors such as rising cases of the novel coronavirus disease, rising focus on development of rapid COVID-19 diagnostics including the RT-PCR test kits, increasing government intiatives towards manufacturing and distribution of COVID-19 vaccines, rising trends of telehealth and telemedicine, and growing need for remote patient care & monitoring solutions.
Leading Players in the Global Pharma & Healthcare Market:
Abbott, F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Siemens Healthcare GmbH, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Pvt. Ltd, Medtronic GmbH, Smith & Nephew PLC, and General Electric Company.
Regional Outlook of the Global Medical Devices Market:
Under this section of the report, the authors comprehensively analyze the key regional markets in the global Medical Devices market. This section accurately evaluates the revenue shares and year-on-year revenue growth rate of these regional markets. Key regional markets encompassed in the report include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Detailed Regional Market Segmentation
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some Key Highlights From the Report
- On 22 January 2021, the FDA approved Abbott’s i-STAT Alinity TBI plasma assay, a quick handheld traumatic brain injury (TBI) blood analyzer device. The device is to assist doctors in assessing people who have mild TBIs, such as concussions. The test is performed using Abbott’s handheld i-STAT Alinity platform, and results are available within 15 minutes of placing plasma in the test cartridge. According to the company, a negative test can be used to rule out the necessity for a head CT scan, while a positive test can be used to supplement CT scans and improve a clinician’s evaluation.
- The wound management segment revenue is expected to register a steady growth rate over the forecast period due to rising need for advanced wound care management due to increase in burnt and accident victims. Lack of proper wound management carries the risk of increasing a patient’s Disability-Adjusted Life Years (DALY). As the field of biotechnology progresses with introduction of novel wound devices, faster recovery rates, and bioactive therapies along with physiotherapies, modern wound management has the potential to minimize the burden of an injury or damage on a patient’s health. Aforementioned factors are driving this revenue growth of the segment.
- The dental devices segment revenue is expected to grow at a steady rate over the forecast period. The use of modern technologies in intraoral cameras to record photographs of the smile is an emerging trend of dental devices. Patients can use intraoral imaging to help them decide which cosmetic dental treatments will best improve their smile. As a result, 4D image scanners are being used more frequently to detect jaw motions.
- The market in Europe accounted for a moderate revenue share in 2021 as a result of the increasing geriatric population in this region. Rising healthcare insurance plans, well-established infrastructure, increased adoption of modern diagnostic and treatment devices, and significant focus on a transition of medical treatment to home care settings and the launch of portable medical equipment by prominent global and domestic players in the region are all factors that are propelling the market revenue growth in this region.
- Companies profiled in the global market report include Abbott, F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Siemens Healthcare GmbH, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Pvt. Ltd, Medtronic GmbH, Smith & Nephew PLC, and General Electric Company.
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