Global Medical Devices Market to Top $650B by 2028

The global medical devices market is expected to gain momentum by reaching $657.98 billion by 2028 from $455.34 billion in 2021 while exhibiting a compound annual growth rate (CAGR) of 5.4 percent between 2021 to 2028. In its report titled, “Medical Devices Market, 2021-2028,” Fortune Business Insights mentions that the market stood at $432.23 billion in 2020.
 
The increasing prevalence of chronic diseases and increasing focus of healthcare professionals on early diagnosis and treatment is promoting patients to undergo different types of diagnostic procedures surgical procedures. A report by the American Hospital Association (AHA) published in 2019 stated there were an estimated 36.2 million inpatient admissions in the United States in the year 2019. The rising number of inpatient admissions and the increasing number of surgical and diagnostic procedures is expected to promote the growth of the market for medical devices during the forecast period.
 
The market report for medical devices provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
 
The pandemic crippled the global economy. The manufacturing facilities saw a decline in their production capacity due to lockdown and stringent regulations imposed by governments amid pandemics to curb the spread of the virus. For instance, Johnson & Johnson Services Inc. reported that it generated a revenue of $23 billion in 2020, a decline of 11.6 percent as compared to 2019. Medtronic plc, another key manufacturer of medical devices, witnessed a decline in their revenues by 5.4 percent in FY2020 and a significant decline of 26 percent in Q4 2020 compared with 2019. 
 
By type, the market is segmented into orthopedic devices, cardiovascular devices, diagnostic imaging, in-vitro diagnostic, minimally invasive surgery,  wound management, diabetes care, ophthalmic devices, dental devices, nephrology, general surgery, and others. By end-user, it is trifurcated into hospitals and ASCs, clinics, and others.
 
Out of these segments, orthopedics held a 7.3 percent market share in 2020. This is attributable to the rising geriatric population worldwide.
 
Based on region, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world. 
 
The increasing geriatric population is promoting demand for ophthalmic and orthopedic devices, as these help in reducing impaired vision and hip fractures in the elderly population. It is estimated through national and regional databases that that around 303 million people in the world are suffering from knee osteoarthritis. These factors contribute to the market positively. Moreover, healthcare agencies worldwide are focusing on increasing the diagnosis and treatment rates through the growing number of awareness programs. This, along with growing per capita healthcare expenditure in developed and emerging countries, is expected to promote medical devices market growth.
 
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of favorable reimbursement policies, well-developed healthcare infrastructure in the region. Additionally, there is the rapid adoption of advanced medical technologies in the region is accelerating the regional market for medical devices. The region’s market stood at $168.76 billion in 2020.
 
Europe is expected to showcase significant medical devices market share in upcoming years, owing to the presence of well-established healthcare infrastructure. Additionally, the adoption of advanced diagnostic and treatment devices by healthcare experts in the region is positively promoting the regional market. 
 
This market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations and partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. A few the industry developments include:

• January 2021 – Smith & Nephew partnered with Movemedical, a U.S based company, to expand its inventory automation solutions and improve customer experience.
• January 2021 – Koninklijke Philips N.V. launched the abdominal aortic aneurysm (AAA) model, providing physicians a more patient-friendly solution compared to the current standard of care for managing AAA patients.