The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical equipment or devices which are used in the diagnosis, treatment and monitoring of medical conditions. The medical device industry includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies and other medical devices.
The global medical equipment market is expected to decline from $456.9 billion in 2019 to $442.5 billion in 2020 at a compound annual growth rate (CAGR) of -3.2%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of medical equipment or devices due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe.. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $603.6 billion in 2023.