Medical Devices Market Definition
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 market by value in this report is defined as the revenues that enterprises gain from goods and/or services within the specified market and geography. It does not include revenues from intersegment sales and resales, either further along the supply chain or as part of other products. Only goods and services traded between entities or sold to end consumers are included. Whether specifically stated or not, the markets for goods include related services and the markets for services include related goods.
Medical Devices Market Size
The global medical devices market reached a value of nearly $456.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015. The market is expected to decline from $456.9 billion in 2019 to $442.5 billion in 2020 at a rate of -3.2%. The decline is mainly due to lockdowns imposed by the governments across the world that hindered the supply chain in the medical devices manufacturing industry. However, there is an unprecedented increase in the manufacturing of the ventilators that are used to treat COVID-19 patients. The market is then expected to recover and grow at a CAGR of 6.1% from 2021 and reach $603.5 billion in 2023.
Growth in the historic period resulted from a rise in the number of healthcare facilities, healthcare expenditure, technological advancements and rapid growth of the elderly population. Factors that negatively affected growth in the historic period were low healthcare awareness and low healthcare reimbursements.
Going forward beyond 2020, a rapid increase in the prevalence of infectious diseases, and increasing prevalence of chronic diseases will support the market growth. Factors that could hinder the growth of the medical devices market in the future include supply chain disruptions due to the COVID-19 pandemic, increase in interest rates, data security and regulatory challenges.
Medical Devices Market Drivers
The key drivers of the medical devices market include:
Increasing Prevalence Of Chronic Diseases – The rising prevalence of chronic diseases such as diabetes and cancer is expected to be a major driver of the medical devices market. According to the United Nations, the proportion of total global deaths due to chronic diseases is expected to increase to 70% and the global burden of chronic diseases is expected to reach about 60% by 2030. Extended working hours, limited physical activity, and unhealthy food habits are the major causes of chronic diseases such as diabetes and cancer. The high prevalence of chronic diseases also increases the vulnerability to other contagious infections such as coronavirus infection which severely attacks the patient’s lungs. This will further increase the demand for medical devices used in diagnosis, prognosis and treatment of a number of diseases, driving the medical devices market.
Medical Devices Market Restraints
The key restraints on the medical devices market include:
Data Security Issues – The expected increase in the adoption rates of remote patient monitoring devices will increase the threats posed by data security issues. Remote patient monitoring devices use the internet to send a patient’s data to a physician. The connectivity of the devices to the global networks makes them attractive targets for hacks and data thefts as the patients’ data is always private and mainly contains valuable and sensitive information about health conditions. in March 2020, hackers leaked medical questionnaires, copies of passports, driving licenses and national insurance numbers of more than 2,300 of the patients of Hammersmith Medicines Research, which is carrying out trials for COVID vaccine. Data security breaches and the concerns about transmission of sensitive data online are expected to restrain the growth of the medical devices market.
Medical Devices Market Trends
Major trends influencing the medical devices market include:
Expansion Of Medical Technologies
In the wake of the coronavirus pandemic, medical technologies such as wearables are becoming commonplace. The need to diagnose, treat and monitor patients without human contact has risen, to contain the spread of COVID-19, resulting in increased applications of medical technologies which will enable medical professionals to remotely treat their patients. Some such technologies are the applications of artificial intelligence (AI) in the care of people, wearable medical equipment, remote patient monitoring devices, electronic health records (EHR), etc. These medical technological solutions allow for contactless monitoring of patients, either in their homes or in hospitals, which is essential in containing COVID-19. For example, by maintaining the EHRs of a patient, doctors and patients alike are excused from handling traditional paperwork which is passed through many individuals involved in the treatment, and can easily view the data on their own devices.
Self-Diagnosis/Treatment Is Increasing
Use of medical devices for the home-based diagnosis and treatment of medical conditions is increasing. Technological developments in devices such as glucose monitors, insulin delivery devices, nebulizers and oxygen concentrators have enabled diagnosis and monitoring of many diseases at home. Remote control technology is also allowing healthcare professionals to support home-based treatments which is leading to increased preference for home and self-care treatment .
Opportunities And Recommendations In The Medical Devices Market
Opportunities – The top opportunities in the medical devices market segmented by type of device will arise in the in-vitro diagnostics market segment, which will gain $23.4 billion of global annual sales by 2023. The top opportunities in the medical devices market segmented by end user will arise in the hospitals and clinics segment, which will gain $130.0 billion of global annual sales by 2023. The top opportunities in the medical devices market segmented by type of healthcare expenditure will arise in the public healthcare expenditure segment, which will gain $81.7 billion of global annual sales by 2023. The medical devices market size will gain the most in the USA at $37.6 billion.
Recommendations – To take advantage of these opportunities, The Business Research Company recommends the market-trend-based strategies for the medical devices market include focusing on the development of wearables and mobile applications, focusing on hybrid imaging technology to develop innovative imaging equipment, focusing on developing devices with low ionizing radiation, investing in developing technologically advanced medical devices, and developing portable medical devices realizing the demand from the customers and consumers. Player-adopted strategies in the medical devices market include expanding product portfolio through strategic acquisitions and sustainable investments.
Medical Devices Market Segmentation
The medical devices market is segmented by type of device, by type of expenditure, by end-user and by geography.
By Type Of Device-
The medical devices market can be segmented by type of device into
- a) In-Vitro Diagnostics
- b) Dental Equipment And Supplies
- c) Ophthalmic Devices
- d) Diagnostic Imaging Equipment
- e) Cardiovascular Devices
- f) Hospital Supplies
- g) Surgical Equipment
- h) Orthopedic Devices
- i) Patient Monitoring Devices
- j) Diabetes Care Devices
- k) Nephrology And Urology Devices
- l) ENT Devices
- m) Anesthesia And Respiratory Devices
- n) Neurology Devices
- o) Wound Care Devices
The in-vitro diagnostics market was the largest segment of the medical devices market segmented by type of product, accounting for 12.7% share of the total market in 2019. Going forward, the hospital supplies market segment is expected to be the fastest growing segment in the medical devices market, at a CAGR of 11.1% during 2019-023.
Sub-Segmentation
By Type Of Device-
In-vitro diagnostics market is further segmented by type of device into
- a) Point-of-Care Diagnostics Devices And Equipment
- b) Immunochemistry Diagnostic Devices And Equipment
- c) Clinical Chemistry Diagnostics Devices And Equipment
- d) Molecular Diagnostics Devices And Equipment
- e) Microbiology Diagnostic Devices And Equipment
- f) Hematology Diagnostic Devices And Equipment
- g) Hemostasis Diagnostic Devices And Equipment
- h) Immunohematology Diagnostic Devices And Equipment
The point-of-care diagnostics devices and equipment market was the largest segment of the In-vitro diagnostics market segmented by type of device, accounting for 30.5% share of the total market in 2019. Going forward, the molecular diagnostics devices and equipment market segment is expected to be the fastest growing segment in the In-vitro diagnostics market, at a CAGR of 19.6% during 2019-023.
Dental equipment and supplies market is further segmented by type of device into
- a) General Dental Devices And Equipment
- b) Dental Surgical Devices And Equipment
- c) Dental Diagnostic Imaging Devices And Equipment
- Therapeutic Dental Equipment
The general dental devices and equipment market was the largest segment of the dental equipment and supplies market segmented by type of device, accounting for 63.9% share of the total market in 2019. Going forward, the dental diagnostic imaging devices and equipment market segment is expected to be the fastest growing segment in the dental equipment and supplies market, at a CAGR of 7.6% during 2019-023.
The ophthalmic devices market is further segmented by type of device into
- a) Vision Care Devices And Equipment
- b) Cataract Surgery Devices And Equipment
- c) Diagnostic And Monitoring Ophthalmic Devices And Equipment
- d) Refractive Surgery Devices And Equipment
The vision care devices and equipment market was the largest segment of the ophthalmic devices market segmented by type of device, accounting for 77.1% share of the total market in 2019. Going forward, the refractive surgery devices and equipment market segment is expected to be the fastest growing segment in the ophthalmic devices market, at a CAGR of 8.6% during 2019-023.
The diagnostic imaging equipment market is further segmented by type of device into
- a) X-Ray Systems Devices And Equipment
- b) Ultrasound Systems Devices And Equipment
- c) Computed Tomography (CT) Scanners Devices And Equipment
- d) Magnetic Resonance Imaging Systems Devices And Equipment
- e) Nuclear Imaging Devices And Equipment
- f) Cardiovascular Monitoring And Diagnostic Devices And Equipment
The X-ray systems devices and equipment market was the largest segment of the diagnostic imaging equipment market segmented by type of device, accounting for 28.6% share of the total market in 2019. Going forward, cardiovascular monitoring and diagnostic devices and equipment market segment is expected to be the fastest growing segment in the diagnostic imaging equipment market, at a CAGR of 7.4% during 2019-23.
The cardiovascular devices market is further segmented by type of device into
- a) Cardiovascular Surgery Devices And Equipment
- b) Cardiac Rhythm Management (CRM) Devices And Equipment
- c) Interventional Cardiology Devices And Equipment
- d) Peripheral Vascular Devices And Equipment
- e) Defibrillator Devices And Equipment
- f) Electrophysiology Devices And Equipment
- g) Prosthetic Heart Valve Devices And Equipment
- h) Cardiac Assist Devices And Equipment
The cardiovascular surgery devices and equipment market was the largest segment of the cardiovascular devices market segmented by type of device, accounting for 35.6% share of the total market in 2019. Going forward, the electrophysiology devices and equipment market segment is expected to be the fastest growing segment in the cardiovascular devices market, at a CAGR of 11.6% during 2019-23.
The surgical equipment market is further segmented by type of device into
- a) Surgical Sutures And Staples
- b) Handheld Surgical Devices And Equipment
- c) Electrosurgical Devices And Equipment
The surgical sutures and staples market was the largest segment of the surgical equipment market segmented by type of device, accounting for 46.5% share of the total market in 2019. Going forward, the electrosurgical devices and equipment market segment is expected to be the fastest growing segment in the surgical equipment market, at a CAGR of 6.9% during 2019-23.
The patient monitoring devices market is further segmented by type of device into
- a) Vital Parameter Monitoring Devices And Equipment
- b) Fetal And Neonatal Monitoring Devices
- c) Weight Monitoring And Body Temperature Monitoring Devices And Equipment
- d) Remote Patient Monitoring Devices And Equipment
- e) Patient Monitoring Devices
The vital parameter monitoring devices and equipment was the largest segment of the patient monitoring devices market segmented by type of device, accounting for 46.7% share of the total market in 2019. Going forward, the remote patient monitoring devices and equipment market segment is expected to be the fastest growing segment in the patient monitoring devices market, at a CAGR of 16.5% during 2019-23.
Sub-Sub Segmentation:
By Type Of Device-
The vital parameter monitoring devices and equipment market is further segmented by type of device into
- a) Multiparameter Monitoring Devices
- b) Cardiac Monitoring Devices
- c) Neuromonitoring Devices
- d) Respiratory Monitoring Devices
- e) Hemodynamic Monitoring Devices
The multiparameter monitoring devices market was the largest segment of the vital parameter monitoring devices and equipment market segmented by type of device, accounting for 34.9% share of the total market in 2019. Going forward, the respiratory monitoring devices market segment is expected to be the fastest growing segment in the patient monitoring devices market, at a CAGR of 14.5% during 2019-23.
The fetal and neonatal monitoring devices market is further segmented by type of device into
- a) Neonatal Monitoring Devices
- b) Fetal Monitoring Devices
The neonatal monitoring devices market was the largest segment of the fetal and neonatal monitoring devices market segmented by type of device, accounting for 69.3% share of the total market in 2019. Going forward, the fetal monitoring devices market segment is expected to be the fastest growing segment in the fetal and neonatal monitoring devices market, at a CAGR of 7.5% during 2019-23.
The weight monitoring and body temperature monitoring devices market is further segmented by type of device into
- a) Weight Monitoring Devices
- b) Temperature Monitoring Devices
The weight monitoring devices market was the largest segment of the weight monitoring and body temperature monitoring devices market segmented by type of device, accounting for 56.3% share of the total market in 2019. Going forward, the temperature monitoring devices market segment is expected to be the fastest growing segment in the weight monitoring and body temperature monitoring devices market, at a CAGR of 11.9% during 2019-23.
The remote patient monitoring devices and equipment market is further segmented by type of device into
- a) Vital Parameter Monitors And Others
- b) Cardiac Monitors
- c) Respiratory Monitors
- d) Hematological Monitors
The vital parameter monitors and others market was the largest segment of the remote patient monitoring devices and equipment market segmented by type of device, accounting for 40.7% share of the total market in 2019. Going forward, the respiratory monitors market segment is expected to be the fastest growing segment in the remote patient monitoring devices and equipment market, at a CAGR of 18.2% during 2019-23.
The orthopedic devices market is further segmented by type of device into
- a) Joint Reconstruction Devices And Equipment
- b) Spinal Surgery Devices And Equipment
- c) Trauma Fixation Devices And Equipment
- d) Orthobiologics Devices And Equipment
- e) Orthopedic Braces And Support Devices And Equipment
- f) Arthroscopy Devices And Equipment
- g) Craniomaxillofacial (CMF) Devices And Equipment
- h) Orthopedic Prosthetics
- i) Orthopedic Accessories
The joint reconstruction devices and equipment market was the largest segment of the orthopedic devices market segmented by type of device, accounting for 33.9% share of the total market in 2019. Going forward, the orthobiologics devices and equipment and craniomaxillofacial (CMF) devices and equipment market segments are expected to be the fastest growing segment in the patient monitoring devices market, at a CAGR of 6.3% during 2019-23.
The diabetes care devices market is further segmented by type of device into
- a) Insulin Pens, Syringes, Pumps And Injectors
- b) Blood Glucose Test Strips
- c) Blood Glucose Meters
- d) Continuous Glucose Monitoring Devices And Equipment
- e) Lancing Devices And Equipment
The insulin pens, syringes, pumps and injectors market was the largest segment of the diabetes care devices market segmented by type of device, accounting for 45.6% share of the total market in 2019. Going forward, the continuous glucose monitoring devices and equipment market segment is expected to be the fastest growing segment in the diabetes care devices market, at a CAGR of 18.3% during 2019-23.
Sub-Sub Segmentation:
By Type Of Device-
The insulin pens, syringes, pumps and injectors market is further segmented by type of device into
- a) Pens
- b) Injectors And Pumps
- c) Syringes
The pens market was the largest segment of the insulin pens, syringes, pumps and injectors market segmented by type of device, accounting for 47.8% share of the total market in 2019. Going forward, the pens market segment is expected to be the fastest growing segment in the insulin pens, syringes, pumps and injectors market, at a CAGR of 8.3% during 2019-23.
The blood glucose test strips market is further segmented by type of device into
- a) Glucose Dehydrogenase
- b) Glucose Oxidase
The glucose dehydrogenase market was the largest segment of the blood glucose test strips market segmented by type of device, accounting for 67.8% share of the total market in 2019. Going forward, the glucose dehydrogenase market segment is expected to be the fastest growing segment in the blood glucose test strips market, at a CAGR of 86.3% during 2019-23.
The nephrology and urology devices market is further segmented by type of device into
- a) Endoscopy Devices And Equipment
- b) Dialysis Devices And Equipment
- c) Benign Prostatic Hyperplasia (BPH) Treatment Devices And Equipment
- d) Urinary Stone Treatment Devices And Equipment
- e) Urinary Incontinence & Pelvic Organ Prolapse Devices And Equipment
The endoscopy devices and equipment market was the largest segment of the nephrology and urology devices market segmented by type of device, accounting for 44.3% share of the total market in 2019. Going forward, the urinary incontinence & pelvic organ prolapse devices and equipment market segment is expected to be the fastest growing segment in the nephrology and urology devices market, at a CAGR of 5.2% during 2019-23.
The ENT devices market is further segmented by type of device into
- a) Hearing Aid Devices And Equipment
- b) Nasal Splints
- c) ENT Surgical Devices And Equipment
- d) Hearing Diagnostic Devices And Equipment
- e) Voice Prosthesis Devices And Equipment
The hearing aid devices and equipment market was the largest segment of the ENT devices market segmented by type of device, accounting for 52.4% share of the total market in 2019. Going forward, the hearing aid devices and equipment market segment is expected to be the fastest growing segment in the nephrology and urology devices market, at a CAGR of 6.4% during 2019-23.
The anesthesia and respiratory devices market is further segmented by type of device into
- a) Respiratory Devices And Equipment (Therapeutic And Diagnostic)
- b) Anesthesia Machines
- c) Respiratory Disposables
- d) Anesthesia Disposables
The respiratory devices and equipment (therapeutic and diagnostic) market was the largest segment of the anesthesia and respiratory devices market segmented by type of device, accounting for 59.3% share of the total market in 2019. Going forward, the respiratory devices and equipment (therapeutic and diagnostic) market segment is expected to be the fastest growing segment in the anesthesia and respiratory devices market, at a CAGR of 10.3% during 2019-23.
The neurology devices market is further segmented by type of device into
- a) Neurostimulation Devices
- b) Neurosurgery Devices And Equipment
- c) Interventional Neurology Devices And Equipment
- d) Cerebrospinal Fluid Management (CSF) Devices And Equipment
The neurostimulation devices market was the largest segment of the neurology devices market segmented by type of device, accounting for 48.1% share of the total market in 2019, and going forward this segment is expected to be the fastest growing segment in the neurology devices market, at a CAGR of 10.3% during 2019-23.
Sub-Sub Segmentation:
By Type Of Device-
The neurostimulation devices market is further segmented by type of device into
- a) Implantable Neurostimulation Devices
- b) External Neurostimulation Devices
The implantable neurostimulation devices market was the largest segment of the insulin neurostimulation devices market segmented by type of device, accounting for 80.3% share of the total market in 2019 and Going forward, this segment in the neurostimulation devices market, at a CAGR of 12.1% during 2019-23.
The neurosurgery devices and equipment market is further segmented by type of device into
- a) Aneurysm Clips
- b) Neurosurgical Navigation Systems
- c) Stereotactic Systems
- d) Other Neurosurgery Devices
- e) Neurosurgical endoscopes
The aneurysm clips market was the largest segment of the neurosurgery devices and equipment market segmented by type of device, accounting for 41.1% share of the total market in 2019. Going forward, neurosurgical navigation systems market segment in the neurosurgery devices and equipment market, at a CAGR of 12.6% during 2019-23.
The interventional neurology devices and equipment market is further segmented by type of device into
- a) Angioplasty Devices
- b) Aneurysm Coiling & Embolization Devices
- c) Interventional Neurology Support Devices
- d) Neurothrombectomy Devices
The angioplasty devices market was the largest segment of the interventional neurology devices and equipment market segmented by type of device, accounting for 39.2% share of the total market in 2019. Going forward, neurothrombectomy devices market segment in the interventional neurology devices and equipment market, at a CAGR of 9.6% during 2019-23.
cerebrospinal fluid management (CSF) devices and equipment market is further segmented by type of device into
- a) Traditional Adhesive Dressings
- b) Advanced Wound Care Devices
- c) Traditional Gauze Dressings
- d) Negative-pressure Wound Therapy (NPWT)
The CSF shunts market was the largest segment of the cerebrospinal fluid management (CSF) devices and equipment market segmented by type of device, accounting for 52.4% share of the total market in 2019 and going forward, this segment in the cerebrospinal fluid management (CSF) devices and equipment market, at a CAGR of 6.8% during 2019-23.
The wound care devices market is further segmented by type of device into
- a) Traditional Adhesive Dressings
- b) Advanced Wound Care Devices
- c) Traditional Gauze Dressings
- d) Negative-pressure Wound Therapy (NPWT)
The traditional adhesive dressings market was the largest segment of the wound care devices market segmented by type of device, accounting for 47.1% share of the total market in 2019. Going forward negative-pressure wound therapy (NPWT) market segment is expected to be the fastest growing segment in the wound care devices market, at a CAGR of 7.0% during 2019-23.
By Type Of Product-
The hospital supplies market is further segmented by type of product into
- a) Disposable Hospital Supplies
- b) Operating Room Equipment
- c) Sterilization Equipment And Disinfectants
- d) Mobility Aids And Transportation Equipment
The disposable hospital supplies market was the largest segment of the hospital supplies market segmented by type of product, accounting for 66.0% share of the total market in 2019. Going forward, the sterilization equipment and disinfectants market segment is expected to be the fastest growing segment in the hospital supplies market, at a CAGR of 13.6% during 2019-23.
By Type Of Expenditure–
The medical devices market is segmented by type of expenditure into
- a) Public Expenditure
- b) Private Expenditure
Public healthcare expenditure was the largest segment of the medical devices market segmented by type of expenditure, accounting for a 51.5% share of the total market in 2019. Going forward, the public healthcare expenditure segment is also expected to be the fastest growing segment in the medical devices market, at a CAGR of 7.7% during 2019-2023.
By End-User -
The medical devices market can be segmented by end-user into
- a) Homecare
- b) Hospitals and Clinics
- c) Diagnostic Centers
Hospitals and clinics was the largest segment of the medical devices market segmented by end user, accounting for an 88.7% share of the total market in 2019. Going forward, the diagnostic centers segment is expected to be the fastest growing segment in the medical devices market, at a CAGR of 8.6% during 2019-2023.
By Geography- The medical devices market is segmented into
- o North America
- o Western Europe
- UK
- Germany
- France
- Italy
- Spain
- o Asia Pacific
- China
- Japan
- India
- Australia
- Indonesia
- South Korea
- o Eastern Europe
- o South America
- o Middle East
- o Africa
North America was the largest region in the global medical devices market, accounting for a 39.4% share of the total in 2019. It was followed by Asia-Pacific and Western Europe, and then the other regions. Going forward, the fastest-growing regions in the medical devices market will be Asia-Pacific and Eastern Europe, where growth will be at CAGRs of 9.7% and 9.2% respectively. These will be followed by Middle East and Africa, where the markets are expected to grow at CAGRs of 8.1% and 7.4% respectively during 2019-2023.
Medical Devices Competitive Landscape
Major Competitors are:
- • Medtronic Plc
- • Johnson & Johnson
- • Abbott Laboratories
- • Becton, Dickinson and Company
- • Siemens Healthineers AG
Other Competitors Include:
- • Koninklijke Philips N.V.
- • General Electric Company
- • Baxter International Inc.
- • Danaher Corporation
- • 3M Company
- • SCHILLER Healthcare India Pvt. Ltd.
- • Covidien Healthcare India Private Limited
- • Fisher & Paykel Healthcare Limited
- • Agappe Diagnostics Ltd
- • ARKRAY Healthcare Pvt. Ltd
- • Accord Medical Products Private Limited
- • Shinva Medical Instrument Company Limited
- • Shandong WeiGao Group Medical Polymer Company Limited
- • Lepu Medical Technology Company (Beijing) Co., Ltd
- • Yuwell - Jiangsu Yuyue Medical Equipment & Supply Co., Ltd
- • Shanghai Runda Medical Technology Co., Ltd.
- • Otsuka Medical Devices Co., Ltd
- • Terumo Corporation
- • NIPRO Corporation
- • Olympus Medical Systems Corporation
- • Canon Medical Systems Corporation
- • Hitachi Group
- • Nihon Koden Corporation
- • Sanko Manufacturing Co.,Ltd
- • Fukuda Denshi
- • Metran Co., Ltd
- • Draegerwerk AG
- • Getinge Group
- • Roche
- • Novartis
- • Essilor
- • ResMed, Inc.
- • Hamilton Medical AG
- • Chart Industries
- • Flexicare
- • Cerner
- • Hyland
- • Fresenius Medical Care
- • Themis Bioscience
- • SunMed
- • Beckman Coulter
- • Boston Scientific
- • St. Jude
- • Stryker Corporation
- • Masimo
- • Teleflex Inc
- • B. Braun Medical Inc.
- • Smiths Medical