Medical devices are instruments and equipment for disease diagnosis and treatment in clinical and home healthcare settings. From simple tongue depressors and stethoscopes to advanced robotic surgical suites and portable ultrasounds, medical devices save lives, reduce suffering, and change medical practice. The integration of informatics and digital technologies is transforming the medical devices industry.
The global Medical Devices Market is estimated to be valued at US$ 3,253.3 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of digital transformation strategies in the medical devices industry is accelerating market growth. Technologies like IoT, AI, and cloud computing are enabling connected devices that generate and share medical data to improve patient monitoring and care. Device manufacturers are embedding more sensors and digital capabilities in products to gain real-world evidence on clinical outcomes. This data-driven approach helps optimize device design and performance over the lifetime. The shift to smart, internet-connected medical technologies is a major trend driving the medical devices market expansion over the forecast period.
Segment Analysis
The global medical devices market is dominated by devices segment which accounts for more than 35% share of the total market. Within devices segment, diagnostic imaging devices sub-segment holds the largest share and expected towitness high growth. Factors such as growing geriatric population, increasing burden of chronic diseases, technological advancements are contributing to the growth of diagnostic imaging devices sub-segment.
Key Takeaways
The global medical devices market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing healthcare spending and demand for advanced medical technologies. The global Medical Devices Market is estimated to be valued at US$ 3,253.3 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Regional analysis shows that North America accounts for the largest share currently however Asia Pacific region is emerging as the fastest growing market for medical devices. Factors such as strong economic growth, rising affluence, growing medical tourism are driving the medical devices market in Asia Pacific region. China and India are expected to be the major contributor to the growth of APAC medical devices market.
Key players operating in the medical devices market are Medtronic Plc, Johnson & Johnson, General Electric Co., Fresenius Medical Care AG & Co. KGaA, Philips Healthcare, Siemens AG, Becton, Dickinson and Co., Cardinal Health Inc., Stryker Corp., Baxter International Inc. The market is witnessing increasing mergers and acquisitions as key players focus on expanding their product portfolio and geographical presence. Strategic partnerships are also expected to be crucial for companies to gain technology expertise and enter new markets.
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