This statistic shows a forecast of the total production value of the global medical device industry from 2015 to 2020. In 2018, medical device production worldwide is expected to reach a value of approximately *** billion U.S. dollars.

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Medical Devices Market Size 2025-2029

The medical devices market size is valued to increase by USD 223 billion, at a CAGR of 6.5% from 2024 to 2029. Increasing prevalence of diseases will drive the medical devices market.

Major Market Trends & Insights

North America dominated the market and accounted for a 37% growth during the forecast period.
By End-user - Hospitals and ASCs segment was valued at USD 380.90 billion in 2023
By Product Type - Diagnostic devices segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 64.11 billion
Market Future Opportunities: USD 223.00 billion
CAGR : 6.5%
North America: Largest market in 2023

Market Summary

The market encompasses a dynamic and evolving landscape, driven by the increasing prevalence of diseases and the emergence of innovative medical technologies. Core technologies, such as robotics, artificial intelligence, and nanotechnology, are revolutionizing healthcare delivery, while applications span from diagnostics and monitoring to therapy and surgery. Service types and product categories, including medical implants, diagnostic equipment, and therapeutic devices, continue to expand, driven by advancements in materials science and biotechnology. Regulatory bodies play a crucial role in shaping market dynamics, with stringent regulations ensuring safety and efficacy.
For instance, the US Food and Drug Administration (FDA) approved over 4,000 medical devices in 2020 alone. Despite these opportunities, challenges persist, including declining reimbursement and cost containment measures, which impact market growth. Overall, the market demonstrates a robust and continually evolving ecosystem, offering significant potential for innovation and growth.

What will be the Size of the Medical Devices Market during the forecast period?

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How is the Medical Devices Market Segmented and what are the key trends of market segmentation?

The medical devices industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Hospitals and ASCs
  Clinics
  Others


Product Type

  Diagnostic devices
  Therapeutic devices
  Monitoring devices
  Assistive and rehabilitation devices
  Others


Application

  Cardiovascular
  Orthopedic
  Diagnostic imaging
  Dental
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The hospitals and ascs segment is estimated to witness significant growth during the forecast period.

The market encompasses a diverse range of technologies and applications, with hospitals and Ambulatory Surgical Centers (ASCs) representing a significant and growing sector. Hospitals and ASCs are essential consumers of medical devices, requiring equipment for diagnosis, treatment, and patient monitoring. The market's expansion is fueled by increasing healthcare expenditures from both public and private entities. Approximately 45% of global medical device sales stem from hospitals and ASCs, with this figure projected to reach 48% by 2026. Simultaneously, the market's overall value is anticipated to surge by 12% in the next five years, reaching a total worth of USD675 billion.

Sensor technology, including wearable sensors, plays a pivotal role in this market, enabling remote patient monitoring and minimally invasive procedures. Quality control systems, diagnostic imaging, and medical implants, such as prosthetic limbs, are other key areas of growth. Advanced technologies like artificial intelligence, data analytics, and data encryption are revolutionizing medical devices, enhancing their capabilities and improving patient outcomes. Minimally invasive surgery, risk management, supply chain management, design controls, and patient monitoring are some of the market trends shaping the industry. Signal processing, clinical trials, device sterilization, electrical stimulation, surgical instruments, tissue engineering, regulatory compliance, material science, biocompatible materials, wireless communication, software validation, therapeutic devices, human factors engineering, machine learning, manufacturing processes, drug delivery systems, image processing, and additive manufacturing are all integral components of the market.

In summary, the market is a dynamic and evolving sector, driven by advancements in technology and increasing demand from hospitals and ASCs. With a projected growth of 12% and a total value of USD675 billion by 2026, this market offers significant opportunities for innovation and expansion.

3D Printing Medical Devices Market size, market analysis, Market Revenue, trends, Regional Outlook, competition and growth opportunities till 2027

The Medical Devices Market Report is Segmented by Technology Platform (Conventional Electro-Mechanical & Disposable Devices, Wearable & Remote Monitoring, and More), Therapeutic Application (Cardiology, Orthopedics, Neurology, and More), End User (Hospitals, Clinics, Ambulatory Surgical Centers, and More), and Geography (North America, Europe, and More). The Market Forecasts are Provided in Terms of Value (USD).

In 2023, the global wearable healthcare devices market was worth over 25 billion U.S. dollars. By 2029, the market was forecast to grow to over 76 billion U.S. dollars.

The global Medical Device Cleaning Market to reach USD 7.3 billion by 2025. The research report provides market size, segmentation & dynamics, analytical overview, growth factors, and vendor insights. The disinfection segment is expected to observe an incremental growth of over USD 1.5 billion by 2025.

The CAGR of IoT Medical Devices market is expected to be around 25% during 2020-25, says MarkNtel Advisors.

Medical Device And Accessories Market size was valued at USD 1.5 Billion in 2023 and is projected to reach USD 3.3 Billion by 2031, growing at a CAGR of 7.8% during the forecast period 2024-2031.

Global Medical Device And Accessories Market Drivers

The market drivers for the Medical Device And Accessories Market can be influenced by various factors. These may include:

Technological Advancements: The medical device and accessories market is primarily driven by rapid technological advancements. Innovations in materials, miniaturization, and electronic enhancements facilitate the development of sophisticated healthcare products. For instance, the integration of artificial intelligence (AI) and machine learning in imaging devices improves diagnostic accuracy and patient outcomes. Additionally, the rise of telemedicine has spurred demand for wearable devices that monitor health remotely, enhancing patient engagement and compliance. Companies continuously invest in R&D to create next-generation devices that provide better functionality, reliability, and user-friendliness, thereby fostering competitive differentiation and market growth.

Increasing Aging Population: The global increase in the aging population significantly drives the medical device and accessories market. As people age, they often experience chronic health conditions, necessitating advanced medical care and devices for management. The World Health Organization (WHO) projects that the number of individuals aged 65 and older will double from 2020 to 2050, leading to a rise in demand for orthopedic implants, cardiovascular devices, and monitoring tools. This demographic shift not only escalates healthcare costs but also propels innovations in geriatric care solutions, ensuring that healthcare systems evolve to accommodate the needs of an older population.

Global Medical Device And Accessories Market Restraints

Several factors can act as restraints or challenges for the Medical Device And Accessories Market. These may include:

Regulatory Challenges: The medical device and accessories market is heavily regulated, which can impede innovation and market entry for new products. Compliance with stringent regulations set by agencies like the FDA in the U.S. and the EMA in Europe can be time-consuming and costly. Manufacturers must undergo rigorous testing and approval processes, including pre-market submissions and post-market surveillance. These requirements can delay the introduction of new devices, limit the scope of development, and increase expenditure. Smaller companies, in particular, may struggle to navigate these complex regulatory landscapes, hindering their ability to compete with larger firms that have more resources.

High R&D Costs: Research and development (R&D) costs for medical devices are substantial, often requiring significant investment in technology, material testing, and clinical trials. The financial burden associated with R&D can deter new entrants and impede market expansion. For established companies, the need to continuously innovate to stay competitive can strain budgets. Many devices require years of research before gaining regulatory approval, further inflating costs. Additionally, the high failure rate in medical device development can lead to losses that discourage investment. Consequently, the high R&D costs can create barriers to entry and diminish the overall growth potential of the market.

The Implantable Medical Devices Market size was valued at USD 108.44 Billion in 2024 and is projected to reach USD 179.73 Billion by 2032, growing at a CAGR of 6.52% from 2026 to 2032.

Global Implantable Medical Devices Market Dynamics

The key market dynamics that are shaping the global implantable medical devices market include:

Key Market Drivers:

Aging Population: The aging population drives demand for implantable medical devices. According to the World Health Organization, the proportion of the global population over the age of 60 is anticipated to nearly double between 2015 and 2050, from 12% to 22%. This demographic change is increasing the prevalence of age-related illnesses, many of which require implanted devices.

Increasing Healthcare Expenditure: Global healthcare spending is increasing, leading to higher adoption of modern medical technologies. The Centers for Medicare & Medicaid Services predicted that national health spending in the United States would increase at an average annual rate of 5.4% between 2019 and 2028, reaching $6.2 trillion by 2028.

Technological Advancements: Technological advancements in implanted devices are improving patient outcomes. In 2020, the US Food and Drug Administration (FDA) authorized 59 innovative medical devices, many of which were implantable, demonstrating the field's rapid advancement.

Key Challenges:

Biocompatibility and Material Selection: To avoid unpleasant reactions like inflammation or rejection, implantable medical devices (IMDs) must be made from materials that are compatible with the human body. Biocompatibility testing and improvements in biomaterial science are continuing efforts to enhance safety and performance.

Patient Acceptance and Psychological Impact: Patients' acceptance of IMDs can vary depending on factors such as surgery, device visibility, and psychological effects. Educating patients and healthcare providers on the benefits and risks of IMDs is critical for making educated decisions and increasing patient acceptance rates.

Surgical Techniques and Implantation Procedures: IMD implantation involves precise surgical skills and techniques to reduce damage and infection risks while also ensuring the correct location within the body. Advances in minimally invasive surgery and robotic-assisted techniques are helping to resolve these challenges.

Cost and Affordability: The development and production of IMDs incur significant research, manufacturing, and regulatory expenditures, which might have an impact on patient affordability and accessibility. Balancing innovation with cost-effectiveness is an ongoing challenge.

Key Trends:

Wireless Connectivity and Remote Monitoring: Implantable Medical Devices (IMDs) with wireless connectivity can transmit real-time data to healthcare providers, which improves remote monitoring capabilities. This movement promotes proactive healthcare management, early intervention, and individualized therapy adjustments based on patient-specific information.

Smart Implants and Artificial Intelligence: Advances in AI are encouraging the creation of smart implants that can respond adaptively and regularly. These implants can automatically monitor physiological data, detect anomalies, and alter therapy, thereby enhancing treatment efficacy and patient outcomes.

Patient-Centric Design: There is a trend toward creating IMDs that prioritize patient comfort, aesthetics, and usability. User-friendly interfaces, ergonomic designs, and integrated patient feedback all help to increase therapy acceptance and adherence.

Global Market Expansion: The IMD market is growing due to rising healthcare costs, aging populations, and an increasing prevalence of chronic diseases. Emerging countries in Asia-Pacific and Latin America offer growth possibilities for IMD producers, driven by improved healthcare infrastructure and expanding patient.

The global medical device contract manufacturing market size was valued at USD 73.31 billion in 2020 and is expected to reach USD 132.4 billion by 2026, growing at a CAGR of 10%.

The Connected Medical Devices Market Report is Segmented by Connectivity Technology (Wi-Fi, BLE, NFC, Zigbee, Cellular, LPWAN, Satellite IoT), Device Type (Wearable, Implantable, Stationary, Disposable Sensors, Portable Tools), Application (Clinical Operations, Imaging, Medication Management, and More), End User (Hospitals, Home-Care, Patients, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

The revenue is forecast to experience significant growth in all segments in 2029. As part of the positive trend, the revenue achieves the maximum value across all two different segments by the end of the comparison period. Notably, the segment Medical Devices stands out with the highest value of 669.74 billion U.S. dollars. Find further statistics on other topics such as a comparison of the revenue in China and a comparison of the revenue in India. The Statista Market Insights cover a broad range of additional markets.

Market Overview:

The global wearable medical device market is expected to grow at a CAGR of 10.5% from 2022 to 2030. The growth in the market can be attributed to the increasing prevalence of chronic diseases, the growing geriatric population, and technological advancements in wearable medical devices. The global wearable medical device market is segmented by type into smart rings and watches, wearable diagnostic equipment, and wearable therapeutic equipment. The diagnostic equipment segment is expected to grow at the highest CAGR during the forecast period owing to the increasing demand for point-of-care diagnostics. By application, the adult segment accounted for the majority of the share in 2016 and is projected to maintain its dominance during the forecast period.

Product Definition:

A wearable medical device is a device that can be worn by a patient to collect data or deliver therapy. The data collected by the wearable medical device can be used to monitor the patient's health, diagnose an illness, or treat a condition.

Smart Rings and Watches:

Smart rings and watches are wearable medical devices that can be used to monitor vital signs such as heart rate, blood oxygen level, body temperature, etc. These products are gaining popularity owing to the increasing incidences of lifestyle diseases such as high blood pressure, diabetes, and obesity.

Wearable diagnostic equipment:

Wearable diagnostic equipment is a type of medical device that can be worn on the body and used to diagnose or monitor health conditions. These devices may include sensors that measure vital signs, heart rate, blood pressure, and other physical parameters. They may also include cameras or other sensors that can be used to capture images or data.

Wearable therapeutic equipment:

Wearable therapeutic equipment is a type of medical device that can be worn on the body and used to treat medical conditions. These devices may include sensors that measure vital signs, heart rate, blood pressure, and other physical parameters. They may also include actuators or motors that are used to deliver treatments such as massage therapy, heat therapy, Electrical Stimulation Therapy, or medication delivery.

Application Insights:

The application segment includes adults and children. The adult segment held the largest share of over 70.0% in 2019 owing to the increasing prevalence of chronic diseases such as diabetes, cardiac disorders, cancer, and respiratory problems among adults. Moreover, a rise in sports activities has led to an increase in injuries which is expected to boost demand for wearables for healthcare applications among adults during the forecast period. The growing popularity of smart jewelry among women aged between their 20s and 40s are expected to drive demand for these devices during the forecast period as these jewelry items are considered fashionable accessories along with being functional medical devices that can monitor various health parameters remotely via Bluetooth connectivity without exposing patients to additional risks or costs associated with hospitalization or surgical procedures.

Regional Analysis:

North America dominated the global wearable medical device market in terms of revenue share in 2020. The region is expected to continue its dominance over the forecast period owing to the increasing geriatric population, which requires constant monitoring and high-tech treatment. In addition, the growing adoption of Fitness Technology by consumers is anticipated to boost demand for smart wearable devices in this region. Asia Pacific is expected to witness lucrative growth over the forecast period due to rising disposable income coupled with improving healthcare infrastructure and awareness regarding advanced diagnostic technologies among patients; these factors are likely to drive regional market growth during the forecast period. Moreover, government initiatives promoting healthy lifestyles are also contributing toward industry expansion across this region.

Growth Factors:

• Increasing demand for wearable medical devices from the geriatric population.
• Rising prevalence of chronic diseases and disorders.
• Technological advancements in the field of wearable medical devices.
• Growing awareness about the benefits of using wearable medical devices.
• Increasing funding for research and development activities in the field of wearable medical devices.

Report Scope

The global medical device cleaning market is projected to expand at a substantial CAGR during the forecast period, 2020-2027. The growth of the market is attributed to increasing adoption of preventive measures to decrease rate of hospital-acquired infections.
Medical devices are required to be sterile to offer optimum safety to the patients and avoid the possibility of infections at the site of wounds and incisions. Moreover, cleaning of the surgical instruments is more crucial as compared to cleaning other devices. The surgical instruments are stained with blood, pus, tissue, organic materials, and others which may lead to further infections to others. Therefore, to cleaning these instruments disinfectants are utilized by healthcare workers.

Market Trends, Drivers, Restraints, and Opportunities:

• Increasing geriatric population is anticipated to drive the market growth during the forecast period.
• Growing number of advanced materials & methods for reprocessing of medical equipment is projected to propel the overall demand in the coming years.
• Strict regulations for reprocessing reusable medical equipment to reduce incidence of hospital-acquired infections are projected to bolster the market growth during the projected timeline.
• Rising number of hospitals & clinics is estimated to augment the market growth in the coming years.
• The market growth between 2019 and 2020 has been affected due to the adverse impact of the COVID-19 pandemic and the trend is expected to continue till mid-2021.
• Growing R&D activities by key players are estimated to generate lucrative market opportunities for the overall market growth over the forecast period.

Scope of the Report:

The global medical device PCB market size was valued at USD 8.4 billion in 2023 and is projected to expand at a CAGR of 7.1% from 2023 to 2033, reaching USD 18.1 billion by 2033. The increasing demand for advanced medical devices, technological advancements, and favorable government initiatives drive the growth of the market. Furthermore, the rising prevalence of chronic diseases, the expansion of healthcare infrastructure, and the growing adoption of minimally invasive surgical procedures contribute to this growth. Key market participants include PCBgogo, Sierra Circuits, Epec Engineered Technologies, MCL, PCBCart, Twisted Traces, EMSG Inc., MOKO Technology, NCAB Group, PCB Connect, Valtronic, EBICS, PCBWay, Bittele Electronics, TTM Technologies, Pramura, Altek Electronics, Rayming, Printed Circuits LLC, VSE, SFI Circuits, GS Swiss PCB AG, and Micro Systems Technologies Management. These companies are focusing on expanding their product portfolios, enhancing their manufacturing capabilities, and entering into strategic partnerships to gain a competitive edge in the market. Technological advancements, such as the integration of artificial intelligence and the Internet of Things (IoT), are expected to drive the development of next-generation medical devices, thereby offering significant growth opportunities for the medical device PCB market in the coming years. Get exclusive insights into the thriving Medical Device PCB market with our meticulously crafted report. Valued at USD 10.2 billion in 2020, this market is projected to expand at a remarkable CAGR of 7.2% over the forecast period (2022-2028), reaching a staggering USD 17.5 billion by 2028. Our comprehensive report provides an in-depth analysis of market dynamics, key trends, growth drivers, challenges, and competitive landscape.

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In 2023, the endoscopy equipment market in North America was worth around **** billion U.S. dollars, while the market in Europe was worth approximately **** billion U.S. dollars. By 2029, the market in North America was forecast to reach **** billion U.S. dollars.

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Medical device cleaning market is segmented into surgical instruments, endoscope. Market is estimated to grow at a significant CAGR during the forecast period, 2020-2030. Medical device cleaning market report by BIS Research provides deep market insight that will help your business to grow.

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