The future of the global medical device market is bright—and public and private hospitals are poised to capitalize on its success, say officials from In fact, the global medical device market is expected to grow at a compound annual growth rate of 4.5% from 2018 to 2023, reaching $409.5 billion, researchers reveal. officials cite increased healthcare expenditures, as well as technological developments, the aging population, and a rise in chronic diseases as the major drivers for the growth of the market.

What’s more, emerging trends which have a direct impact on the dynamics of the medical device industry include the changing medical technology landscape, software as a differentiator in medical devices, and the design and manufacturing of patient portables and smaller devices. Key companies in the medical device sector include Medtronic Public Limited Company, Johnson & Johnson, General Electric Company, Siemens AG, and Cardinal Health Inc., officials say.

On the basis of comprehensive research, the researchers forecast that the orthopedic device segment will show above-average growth during the forecast period. By function type, the global medical device market is segmented into diagnostic and monitoring equipment, therapeutic devices, surgical equipment, and more. The surgical segment is expected to remain the largest segment in the forecast period.

What’s more, North America is expected to remain the largest market during the forecast period—mainly due to a large target patient pool, coupled with high adoption rates for advanced treatments in this region.