The global medical devices market was valued at $434.2 billion in 2021 and is forecasted to reach $625.3 billion by 2027.
The market is expected to register a compound annual growth rate (CAGR) of 6.3% during the forecast period 2022-2027, according to a new report by Astute Analytica. In terms of volume, the market is expected to register a CAGR of 4.2% during the forecast period 2022-2027.
The medical device industry, which encompasses any instrument or machine used to assist patients, has been significantly transformed by the introduction of 3D printing in the healthcare industry. Also, the ongoing development of IoMT (Internet of Medical Things) to modernize healthcare, strengthen cybersecurity, device connectivity is another product of revenue and robotics are some of the key technological advancements that provide medical device companies with new potential.
Factors such as the surging incidence of chronic diseases, the emergence of new and hassle-free home monitoring medical devices, and the increasing geriatric population drives the growth in the global medical devices market over the forecast period.
Also, the increasing prevalence of cancer across the globe will foster medical device market growth. Moreover, technological advancements in the medical devices industry and IoMT (Internet of Medical Things) to modernize healthcare create a lucrative growth opportunity in the market.
However, the high cost of devices which includes a higher acquisition cost and subsequent maintenance cost, and reimbursement issues associated with the medical device industry inhibit the market growth.
Other market insights from the report include:
- Based on product, the other medical devices segment holds the highest share in 2021. Whereas patient monitoring devices are anticipated to grow at the highest CAGR during the forecast period due to their easy-to-use feature. It allows for contactless monitoring of patients, either in their homes or in hospitals.
- In terms of application, the cardiology segment held the largest share in the market in 2021 owing to the rising global prevalence of various coronary heart diseases, such as stroke and cardiomyopathy. Whereas the respiratory segment is expected to grow at the highest CAGR during the forecast period due to the rising chronic diseases which require a respiratory system.
- On the basis of end-users, the hospitals & surgical center segment is estimated to hold the largest share in 2021 due to the increasing healthcare expenditure and rising development of the healthcare infrastructure. Moreover, the household segment is anticipated to hold the highest CAGR owing to the rising trend of in-house health monitoring systems.