Medical devices market to grow by USD 177.95B from 2022-27

The medical devices market size is expected to grow by USD 177.95 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 5.87% during the forecast period, according to Technavio Research. The market is segmented by product (Therapeutic and surgical, PMDMID, and others), end-user (Hospitals and ASCs, clinics, and others), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 39% to the growth of the global market during the forecast period. The main revenue contributor in the region is the US, followed by Canada. In addition, the US is the world’s largest consumer of medical equipment, of which EU countries and Japan are the largest export markets of medical equipment from the country. The medical device market in the country has grown due to favorable return policies, increased spending, and healthcare initiatives, increased public awareness of chronic diseases, and an increased number of product approvals. In addition, the US has a competitive advantage in several areas where the medical device industry relies on, such as microelectronics, instrumentation, biotechnology, and software development. Hence, these factors are expected to drive market growth during the forecast period.

Company profile:
Abbott Laboratories, B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Danaher Corp., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, General Electric Co., Johnson and Johnson, Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corp., Olympus Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc.

Medical devices market: Segmentation analysis
The market share growth by the therapeutic and surgical segment will be significant during the forecast period. Regenerative therapy is a field of medicine that focuses on developing techniques for the regeneration, repair, or replacement of damaged or diseased cells, organs, and tissues. In addition, surgical tools are specially designed equipment or devices used in surgery to carry out certain operations or have an effect that is desirable.

Medical devices market: Driver & trend:

• Early detection of diseases
• Increasing initiatives and awareness by public and private organizations
• Technological advances and new product launches

Technavio