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The medical devices market encompasses a wide range of products that are used for the diagnosis, monitoring and treatment of medical conditions. These include durable medical equipment such as wheelchairs, walkers and hospital beds, implantable devices such as pacemakers, hip and knee replacements, surgical equipment, monitoring equipment, diagnostic imaging equipment and many others. Medical devices help improve patient care and treatment while reducing side effects and hospitalization periods. Rapid advancements in material sciences, miniaturization and computational capabilities allow the development of more targeted, effective and precise medical devices.
The global Medical Devices Market is estimated to be valued at US$ 3,253.3 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the medical devices market is the shift towards minimally invasive procedures. Minimally invasive procedures require smaller incisions and ports which help reduce post-operative pain, risks of complications and scarring while allowing for shorter recovery times. This has boosted demand for specialized minimally invasive medical devices such as robotic surgical systems, endoscopes, guidewires and catheterization equipment. Another key trend is the increasing focus on personalized medicine and companion diagnostics. Advances in genomics, data analytics and device miniaturization is enabling development of tailored medical devices that can be programmed as per an individual’s treatment needs and condition. This is expected to revolutionize patient care over the coming decade.
Porter’s Analysis
Threat of new entrants: The medical devices market has high initial capital requirements and stringent regulations which pose significant barriers for new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power as they don’t purchase high volumes. However, large hospitals and healthcare providers can negotiate on price and quality with major manufacturers.
Bargaining power of suppliers: A few large multinational corporations dominate the supply of key components and materials used in medical devices, giving them strong bargaining power over manufacturers.
Threat of new substitutes: New biomaterials and improvements in drugs and therapies could potentially replace certain medical devices in future, posing a moderate threat of substitutes.
Competitive rivalry: The medical devices market is highly competitive with the presence of large global players as well as regional mid-size players. Companies compete based on product quality, innovation, reliability and price.
Key Takeaways
The global medical devices market is expected to witness high growth during the forecast period of 2023 to 2030. The global Medical Devices Market is estimated to be valued at US$ 3,253.3 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2030.
North America currently dominates the market owing to the rising healthcare expenditure and technological advancements in the region. Europe and Asia Pacific are also promising markets and expected to grow at rapid pace during the forecast period. Asia Pacific is expected to exhibit the highest growth rate during the forecast period due to improving access to healthcare facilities, rising medical tourism and increasing expenditure on healthcare in developing countries such as China and India.
Key players: Key players operating in the medical devices market include Medtronic Plc, Johnson & Johnson, General Electric Co., Fresenius Medical Care AG & Co. KGaA, Philips Healthcare, Siemens AG, Becton, Dickinson and Co., Cardinal Health Inc., Stryker Corp. and Baxter International Inc. Medtronic Plc, Johnson & Johnson and General Electric Co. dominate the market, whereas regional mid-size players also have a strong presence across niche segments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
