The medical devices market size was valued at USD 62.6 billion in 2021 and is poised to grow from USD 63.4 billion in 2022 to USD 134.56 billion in 2030 at a CAGR of 11.35% in the forecast period (2023 – 2030), according to SkyQuest’s Global Medical Devices Market report. The medical devices market is set to grow in the coming years due to several factors, including an increase in chronic diseases caused by changing lifestyles, a preference for home healthcare, and a rise in the geriatric population. Additionally, the market growth is driven by the growing demand for wearable electronics and wireless medical devices, rising awareness of the benefits of portable devices, and the proliferation of intelligent technologies. The increasing aging population and global prevalence of chronic disease, coupled with the demand for home-based monitoring equipment, are driving the market expansion. Moreover, the rising emphasis on health and fitness among adults globally has significantly increased the demand for fitness trackers. Wearables aid in evaluating athlete’s performances, physiological parameters, and body kinetics. Therefore, their adoption among professional athletes is expected to impact the market expansion positively.
The market can be segmented by type into therapeutic and diagnostic devices. The therapeutic devices segment dominated the medical devices market. This is due to the increasing prevalence of chronic diseases and the aging population, which has resulted in a higher demand for medical devices such as pacemakers, insulin pumps, and implantable defibrillators. In addition, advancements in technology have led to the development of more sophisticated therapeutic devices
The diagnostic devices segment is expected to be the fastest-growing medical device market segment. This growth is driven by increasing awareness and early diagnosis of diseases, rising demand for non-invasive diagnostic procedures, and the availability of advanced diagnostic technologies. In addition, the increasing use of point-of-care testing devices and the development of portable and handheld diagnostic devices are expected to boost this segment’s growth further.
North America dominates the global medical device market, owing to many leading medical device manufacturers, an increasing aging population, and a growing demand for healthcare services. The United States is the largest market in North America, with a high adoption rate of advanced medical devices, including wearable technology, patient monitoring devices, and imaging systems. Additionally, favorable reimbursement policies and a well-established healthcare infrastructure have contributed to the growth of the medical devices market in the region.
Asia Pacific is expected to witness the fastest growth rate in the global medical devices market, owing to the increasing demand for medical devices due to the growing prevalence of chronic diseases, improving healthcare infrastructure, and rising healthcare expenditure. Moreover, the APAC region has a large population base and a vast market for medical device manufacturers. China and India are the largest markets in the APAC region, with a high adoption rate of advanced medical devices.
A challenge in the market trends in the medical devices industry is the shift toward personalized medicine and patient-centric care. This involves developing customized medical devices and technologies tailored to individual patient needs and preferences. Another trend is the increasing use of digital and connected medical devices, which enable healthcare professionals to monitor patients remotely and improve treatment outcomes. The industry is also witnessing a growing emphasis on sustainability, with companies focusing on reducing their environmental impact and developing more eco-friendly products. There is also a trend toward collaboration and partnerships as companies leverage each other’s strengths and resources to drive innovation and growth.
Perhaps the ultimate challenge in the medical devices market is new technologies. Technology has the potential to propel and disrupt the medical devices industry, with new developments emerging unimagined. Treatment protocols will significantly evolve, enabled by technological advances such as 3D printing and augmented/virtual reality and the launch of several smart devices. Developments in areas such as AI will result in improved diagnosis and care options, driving down healthcare costs. Eventually, as time spent in the hospital is reduced, the focus will shift to preventative technologies, a promising area for the future.
Article by: Asst. Prof. Suwan Juntiwasarakij, Ph.D., Senior Editor