Global medical devices market to accrue USD 981.43 billion by 2032

As per the recent report published by Extrapolate, the global Medical Devices Market size was approximately valued at USD 528.76 billion in 2022 and is anticipated to reach USD 981.43 billion by 2032, with a CAGR of 6.38% between 2023 and 2032. This is primarily due to healthcare workers’ growing adoption of medical devices to treat patients.

More healthcare providers are using cutting-edge medical equipment every year to monitor patients’ vital indicators, run quicker scans, and deliver results. For instance, according to the National Library of Medicine, wearable technology was utilized by more than 31% of American adults in 2021.

Trending now: Powering medical devices with blood sugar becomes reality, ETH Zürich University turns blood sugar into electricity
The public research university in Switzerland, ETH Zürich, has developed an implantable fuel cell that generates electricity from excess blood glucose, potentially powering medical devices like insulin pumps, according to a press release from the university on March 28, 2023. The research team is led by Martin Fussenegger, the Professor of Biotechnology and Bioengineering.

The copper-based nanoparticle anode in the fuel cell, which is about the size of a small teabag, transforms glucose into gluconic acid and a proton, producing power. The technology can independently control blood sugar levels when used in conjunction with artificial beta cells. Users can change settings via an app thanks to the electrical energy generated, which is adequate to interface with external devices like smartphones.

The In-vitro diagnostics (IVD) segment continues to lead the market qwing to its accuracy
The market is expected to be led by the In-Vitro Diagnostics (IVD) segment in the upcoming years due to higher user reliability and greater accuracy rates for the devices. These devices are mostly utilized to collect, process, and analyze the specimen sample obtained from the patient’s body. Hence, the need for IVD devices is driven by the rising prevalence of chronic disease and the requirement for accurate and effective testing kits for illnesses like malaria, HIV/AIDS, diabetes, and cancer.

Growing demand in hospitals and ambulatory surgical centers segment amid rising healthcare costs to promote market
The market was dominated by hospitals and ambulatory surgical centers in 2022 as a result of the growth of the community and multispecialty hospitals. The significant expansion of the market is primarily driven by rising healthcare costs, expanding healthcare infrastructure, a strong focus on better patient outcomes, and alluring reimbursement policies.

Rising incidence of cardiovascular issues globally to fuel market propulsion
The primary reason fueling demand for medical equipment is the rising number of people suffering from cardiovascular disorders. For instance, it has been reported that 805,000 people in the United States had a heart attack each year, according to the CDC’s 2021 data. Furthermore, it has been predicted that by the year 2035, more than 130 million individuals in the United States would have some form of heart disease, according to American Heart Association estimates from 2021.

Growth in the market is predicted to be fueled by the rising popularity of technologically advanced smart wearables, image-guided therapeutic systems, and continued trends toward accurate and real-time monitoring.

Advanced healthcare infrastructure in North America to pioneer market dominance
North America accounted for the greatest revenue share in 2022, and it is predicted that it would maintain its dominance in the foreseeable future. The region’s rapid expansion is largely a result of its well-developed healthcare system and growing interest in living a healthy lifestyle. In terms of revenue, the largest and most prominent country in North America is the United States. The rapid adoption of new and cutting-edge medical technologies for improving the diagnosis and treatment of serious illnesses is likely to drive market expansion here.

Growing healthcare concerns amongst individuals in Asia Pacific to stimulate market growth opportunities
As a consequence of demographic dynamics, the Asia Pacific region is anticipated to experience the fastest growth during the projection period. The market in the region is primarily driven by the region’s aging population, rising per capita income, and rising health concerns among individuals. During the span of the forecast period, it is predicted that rising investments in the region’s healthcare infrastructure would further expand the market for medical devices.

Promising opportunities for new entrants in the market to explore innovation
A large number of market participants operate on both a global and regional level, leading to a highly fragmented aspect of the global medical devices market. Also, the majority of companies in this market are investing heavily in R&D to develop new products and enhance their current product lines. Also, these market participants place a lot of emphasis on growing their distributor networks worldwide, enabling businesses to diversify their product lines.

Market players in the medical devices market include

• Abbott
• BD
• Boston Scientific Corporation
• Cardinal Health
• FRESENIUS MEDICAL CARE AG & CO. KGAA
• GE HealthCare
• Johnson & Johnson Services, Inc.
• MEDTRONIC
• Siemens Healthcare GmbH
• Stryker

Global Market Research