Medical Device Market - Forecast(2024 - 2030)

Report Code: HCR 24363 Report Format: PDF + Excel

Medical Device Market Overview

Medical Device Market size is estimated to reach $516.7 billion by 2026, growing at a CAGR of 5.81% over 2021-2026. Medical devices are crucial in the delivery of a variety of health-care services. Medical devices, broadly defined, are objects that are neither absorbed or metabolized by the body and are used for diagnosis, cure, mitigation, therapy, or prevention of disease. Medical gadgets include items like prostheses, biomedical engineering, disposable gloves, medical thermometers, in vitro diagnostics, and X-ray equipment, among others. They are distinct from medications in that they have a physical or mechanical impact on the body, or they are used to assess (or monitor) the body and its processes. As a result, the medical device sector is an integral part of the broader health-care system, and it plays a vital role in creating new medical technology that may help doctors diagnose and treat illnesses better, which is also boosting industry growth. During the forecast period 2021-2026, market expansion is poised to be fueled by medical device businesses, whether large and small, which is to play a role in the creation of innovative medical equipment. Small medical device businesses are largely focused on the development of novel medical technology, and their work is generally strictly concentrated on a single therapeutic area. However, the high initial capital investment and the requirement for high-quality compliance of these medical devices in a vast and heterogeneous market is new challenge in the front of Medical Device Market.

Report Coverage

The report: “Medical Device Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Medical Device Market.
By Device Type: Orthopaedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, Diabetes Care, Ophthalmic Devices, Dental, Nephrology, and Others.
By Function: Therapeutic, Surgical, Diagnostic, and Monitoring.
By Application: Medical Imaging, Remote Monitoring, Wearable, Self-Diagnosis and Preventive Care, Implants, Wound Care and Surgery, and Others.
By End-User: Hospitals, Ambulatory Surgical Centres and Others.
By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa).

Key Takeaways

  • In 2020, North America dominated the Medical Device Market.
  • Increase in the number of chronic illness treatments followed by the rise in the number of geriatric population are enhancing the growth of the Medical Device Market. 
  • Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Medical Device Market report.
  • Stringent laws regarding the manufacturing and its compliance to the various regions is set to create hurdles for the Medical Device Market.

    Medical Device Market Size, By Application, 2020 (%) 
    Medical Device Market Size
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Medical Device Segment Analysis – By Device Type

The Medical Device Market based on device type can be further segmented into Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, Diabetes Care, Ophthalmic Devices, Dental, Nephrology, and Others. The cardiovascular devices segment is the major segment generating revenue in 2020. This can be attributed to the fact that there is a growing prevalence and impact of cardiovascular diseases which were posing multiple challenges to the healthcare systems and professionals. Furthermore, with the introduction of cardiovascular stents and its rapid evolution from stainless steel towards novel biodegradable devices are driving the market.

On the other hand, the orthopedic devices segment is estimated to register the fastest CAGR of 6.5% for the period 2021-2026. The orthopedic device market is poised to outgrow with the escalating numbers for arthritis and osteoporosis and consistently rising demand for minimally invasive surgeries for the globally rising geriatric population. Also, there are growing prevalence’s of various bone related infirmities which requires joint reconstruction. All these surging factors requires smart medical procedures, customized implants, etc. which altogether in a way portrays to cater the market growth.

Medical Device Segment Analysis – By Application

The Medical Device Market based on application can be further segmented into Medical Imaging, Remote Monitoring, Wearable, Self-Diagnosis, and Preventive Care, Implants, Wound Care and Surgery, and Others. The medical imaging is to hold the market share owing to the presence of an accurate and an efficient medical imaging system technologies both in the developed and growing economies. But with the high disease burden and up surge in technological advancements such as Artificial Intelligence (AI), etc. there is a revolution in the medical imaging industry which has led to the growth of the segment holding the major segmental share. 

On the contrary, the self-diagnosis and preventive care segment is forecasted to register the fastest CAGR of 7.7% over 2021-2026. This is mainly owing to the fact that diagnosis becomes much easier as these kits claim to diagnose from prostate cancer to Alzheimer disease and menopause and hence, appealing to many. Furthermore, with Artificial Intelligence (AI) diagnostic apps soaring high in recent years, many consumers are inclining towards the home monitoring and portable instruments that are able self-diagnose. All these are to trigger to the growth of the self-diagnosis segment in the forecast period of 2021-2026.

Medical Device Segment Analysis – By Geography

North America dominated the Medical Device Market with major share of 45.2% in 2020. North America is the world's top producer of medical devices followed by the presence of well-developed medical infrastructure. Furthermore, with the adoption of various novel technologies and its continuous developments also pose an active reason to its growth. Apart from these, the region has also seen a surge up in the cases for multiple chronic illness especially amongst the geriatric population which has also in a way enhance the market share and hence its growth. 

However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 7.85% during the forecast period 2021-2026 owing to the fact that Asian countries such as Japan, China, and India are considered as the regions offering largest contract manufacturing of medical devices by the developed ones, thereby offering significant potential growth in the Medical Device industry. Apart from this, the region is also considered to be amongst the fastest growing economies followed by the increase in focus by the market players to expand its direct presence in these countries owing to the availability of raw materials at a low cost which is also to aid to the regional market growth.

Medical Device Market Drivers

Increasing Technological Advancement in Medical Devices

The significant driver boosting the Medical Device Market during the projected period 2021-2026 is technological advancements. The demand for wearable medical equipment has risen as a result of the corona virus pandemic, and in vitro diagnostic tests have also become more important as the focus shifts to no-human-contact therapies. The medical equipment industry has also been boosted by artificial intelligence and the need for home care monitoring devices. Electronic applications in large data management, such as Electronic Healthcare Records (EHR), have also aided medical treatment in data handling.

Medical Device Market Challenges

High Initial Capital And Stringent Rules

The major challenge in the Medical Device market is the high initial capital investment that is required by the manufacturers for high-quality treatment and compliance of these medical devices in a vast and heterogeneous market. Moreover, the stringent rules and regulations regarding the manufacturing following the regulations prior to distribution and sales in specific regions is the major problem. However, governments are trying to simplify regulations and paperwork, in order to resolve the challenges.

Medical Device Market Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Medical Device market. In 2020, Medical Device market share is fragmented by the top ten players present in the market. The Medical Device market top 10 companies are Medtronic, GE Healthcare, Ethicon LLC, Siemens Healthineers, Cardinal Health, Stryker, Baxter International Inc, Philips Healthcare, DePuy Synthesan, Fresenius Medical Care and others.

Acquisitions/Product Launches

  • In January 2021, Koninklijke Philips N.V. launched the abdominal aortic aneurysm(AAA) model, providing physicians a more patient-friendly solution compared to the current standard of care for managing AAA patients.
  • In May 2020: GE Healthcare a US-based American multinational is developing cybersecurity through artificial intelligence which can access and monitor medical devices, in order to prevent the data of patient healthcare and its information. 

Relevant Reports:

Report Code: HCR 1211

Report Code: HCR 0680

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1. Medical Device Market Overview
    1.1 Definitions and Scope
2. Medical Device Market Executive Summary
    2.1 Market Size and Key Trends
    2.2 Key trends by Device Type
    2.3 Key trends by End Users
    2.4 Key trends by Geography
3. Medical Device Market Landscape
    3.1 Market Share Analysis- Key Companies
    3.2 Product Benchmarking- Key Companies
    3.3 Financial Analysis - Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis
4. Medical Device Market - Startup companies Scenario Premium Premium
    4.1 Key startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Application Analysis
        4.1.4 Venture Capital and Funding Scenario
5. Medical Device Market - Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of successful ventures
6. Medical Device Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Customers
        6.3.3 Threat of New Entrants
        6.3.4 Rivalry Among Existing Players
        6.3.5 Threat of Substitutes
7. Medical Device Market Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Medical Device Market – By Device Type (Market Size -$Million/$Billion)
    8.1 Orthopaedic Devices
        8.1.1 Spinal Devices
   Spinal Rods
   Spinal Screws
   Spinal Plates
   Total Disc Replacement
   Motion Preservation Devices
        8.1.2 Trauma Fixation Devices
   Trauma Fixing Rods
   Trauma Fixing Screws
   Trauma Fixing Plates
        8.1.3 Foot and Ankle Devices
   Foot and Ankle Plates
   Foot and Ankle Screws
   Foot and Ankle Pins
   Unilateral Fixators
   Hybrid Fixators
   Ring Ankle Fixators
        8.1.4 Arthroscopic Devices
   Fluid Management Devices
   Radiofrequency Probe
        8.1.5 Bracing and Support Devices
   Soft Bracing
   Hinged Braces
   Knee Braces and Supports
   Ankle Braces and Supports
   Spinal Orthosis
   Upper Extremity Braces
    8.2 Diagnostic Imaging
        8.2.1 X-ray
        8.2.2 MRI
        8.2.3 Ultrasound
        8.2.4 CT
        8.2.5 Nuclear Imaging
    8.3 Cardiovascular Devices
        8.3.1 ECG (Electrocardiograph) Systems
        8.3.2 Event Monitors
        8.3.3 Holter Monitors
        8.3.4 Implantable Cardiac Monitor
        8.3.5 Others
    8.4 In Vitro Devices
    8.5 Diabetes Devices
    8.6 Ophthalmic Devices
    8.7 Dental
    8.8 Nephrology
    8.9 Others
9. Medical Device Market – By Functionality (Market Size -$Million/$Billion)
    9.1 Therapeutic
    9.2 Surgical
    9.3 Diagnostic and Monitoring
    9.4 Others
10. Medical Device Market- By Application (Market Size -$Million/$Billion)
    10.1 Medical Imaging
    10.2 Remote Monitoring
    10.3 Wearable
    10.4 Self-Diagnosis and Preventive Care
    10.5 Implants
    10.6 Wound Care
    10.7 Surgery
    10.8 Others
11. Medical Device Market- By End Users (Market Size -$Million/$Billion)
    11.1 Hospital
    11.2 Ambulatory Surgical Centers
    11.3 Others
12. Medical Device Market- By Geography (Market Size -$Million/$Billion)
    12.1 North America
        12.1.1 U.S.
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 U.K.
        12.2.2 Germany
        12.2.3 Italy
        12.2.4 France
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Australia
        12.3.3 Japan
        12.3.4 South Korea
        12.3.5 India
        12.3.6 Rest of Asia-Pacific
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Others
    12.5 Rest of the World
        12.5.1 Middle East
        12.5.2 Africa
13. Medical Device Market Entropy
14. Medical Device Market- Industry / Segment Competition landscape Premium Premium
    14.1 Market Share Analysis
        14.1.1 Market Share by Country- Key companies
        14.1.2 Market Share by Region- Key companies
        14.1.3 Market Share at Global Level- Key companies
        14.1.4 Competition Matrix
        14.1.5 Best Practices for Companies
15. Medical Device Market- Key Company List by Country Premium Premium
16. Medical Device Market Company Analysis
    16.1 Company Revenue, Products, M&A, Developments
    16.2 Company 1
    16.3 Company 2
    16.4 Company 3
    16.5 Company 4
    16.6 Company 5
    16.7 Company 6
    16.8 Company 7
    16.9 Company 8
    16.10 Company 9
    16.11 Company 10
"*Financials for private companies would be provided on a best efforts basis”.



1.US Medical Device Market Revenue, 2019-2024 ($M)
2.Canada Medical Device Market Revenue, 2019-2024 ($M)
3.Mexico Medical Device Market Revenue, 2019-2024 ($M)
4.Brazil Medical Device Market Revenue, 2019-2024 ($M)
5.Argentina Medical Device Market Revenue, 2019-2024 ($M)
6.Peru Medical Device Market Revenue, 2019-2024 ($M)
7.Colombia Medical Device Market Revenue, 2019-2024 ($M)
8.Chile Medical Device Market Revenue, 2019-2024 ($M)
9.Rest of South America Medical Device Market Revenue, 2019-2024 ($M)
10.UK Medical Device Market Revenue, 2019-2024 ($M)
11.Germany Medical Device Market Revenue, 2019-2024 ($M)
12.France Medical Device Market Revenue, 2019-2024 ($M)
13.Italy Medical Device Market Revenue, 2019-2024 ($M)
14.Spain Medical Device Market Revenue, 2019-2024 ($M)
15.Rest of Europe Medical Device Market Revenue, 2019-2024 ($M)
16.China Medical Device Market Revenue, 2019-2024 ($M)
17.India Medical Device Market Revenue, 2019-2024 ($M)
18.Japan Medical Device Market Revenue, 2019-2024 ($M)
19.South Korea Medical Device Market Revenue, 2019-2024 ($M)
20.South Africa Medical Device Market Revenue, 2019-2024 ($M)
21.North America Medical Device By Application
22.South America Medical Device By Application
23.Europe Medical Device By Application
24.APAC Medical Device By Application
25.MENA Medical Device By Application