Global medical device market to reach USD 710.03B by 2030

The latest research report on medical device market 2024 covering the micro level of analysis by competitors and key business segments. The global medical device explores an inclusive study on various segments like growth drivers, opportunities, market size, shares, development, innovation, sales, and overall growth of major key players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing.

Major major players are:
DePuy Synthes, Medtronics Plc, Fresenius Medical Care, GE Healthcare, Philips Healthcare, Ethicon LLC, Siemens Healthineers, Stryker, Cardinal Health, Baxter International Inc., BD

Market size and overview:
In 2023, the Global Medical Device Market was valued at USD 481.67 Billion and is projected to reach a market size of USD 710.03 Billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 5.7%.

Industry overview:
Medical devices, which transmit signals corresponding to physical, chemical, or biological impulses from a patient’s body, play a crucial role in diagnosis, monitoring, and therapy. Technological advancements in the medical field enhance the accurate detection of various medical conditions, addressing the growing prevalence of chronic ailments such as arthritis, liver inflammation, cancer, renal diseases, diabetes, chronic pain, sciatica, and nerve disorders. Alarming statistics, like the projection that Type-2 diabetes in India may nearly double from 72 million in 2019 to 134 million by 2025, underscore the escalating demand for medical devices. However, the high costs and challenges related to reimbursement and regulatory constraints may hinder the industry’s growth.

Covid-19 impact on the industry:
The Covid-19 pandemic has had both positive and negative impacts on the medical device market. The disruption in the supply chain led to global shortages of essential medical devices, prompting countries to take measures such as importing or domestically producing these items. While the pandemic increased demand for certain medical devices, it also exposed challenges like counterfeiting and overpricing of imported equipment. Ventilators, in particular, saw a surge in demand for treating severe Covid-19 cases. Efforts to address shortages and enhance domestic production aim to ensure market stability despite the challenges posed by the pandemic.

Market drivers:
The market growth is fueled by the increasing trend of high healthcare spending and the dynamic healthcare landscape.

Elevated healthcare spending, linked to factors such as an aging population, higher per capita income, and improved quality of life, contributes to rising medical costs. To address accessibility and affordability issues, expanding healthcare spending is crucial. The growing elderly population worldwide, despite improvements in healthcare infrastructure, necessitates increased healthcare expenditures. This is anticipated to enhance access to medical devices, encouraging investment in research and development, and fostering market growth.

The demand for portable devices is on the rise, driven by a shift toward homecare settings. The prevalence of chronic diseases and efforts by healthcare authorities to promote home care have led to innovations in portable and wearable medical technologies. These devices cater to the needs of individuals managing chronic conditions at home, reducing the financial burden associated with prolonged hospital stays.

Market restraints:
The high cost of medical devices remains a significant impediment to the growth of the medical device market.

Despite technological advancements and design updates, the overall cost of devices, including purchase and maintenance expenses, has risen. Complex devices with multiple components, requiring regular replacements, contribute to the financial burden on patients. Limited reimbursement policies in developing nations further restrict the adoption of these devices.

Creating a networked ecosystem and designing suitable medical gadgets is a complex undertaking in the modern medical landscape.

The demand for compact, lightweight, and cost-effective medical equipment poses challenges, particularly in ensuring electromagnetic compatibility. The emergence of the Internet of Medical Things (IoMT) introduces the need for collaboration among various stakeholders in the IoMT ecosystem. Achieving seamless integration and cooperation among service providers becomes imperative, as challenges in catering to end-users may disrupt the system’s overall operation. Cognate Lifesciences