medical devices Market

The medical devices market was valued at US$ 483,285.8 million in 2019 and is projected to reach US$ 767,684.9 million by 2027; it is expected to grow at a CAGR of 6.1% during 2020-2027.

The growth of the medical device market is mainly attributed to the growing medical device industry, and rising prevalence of chronic disease. However, the challenges in medical device industry like expensive product approvals restrains the growth of the market.

Medical devices are essential for disease prevention, medical diagnosis, as well as for treatment and rehabilitation of medical condition. The global medical device industry witnesses continuous innovations and technological advancements, which in turn drives the growth of healthcare sector worldwide.

As per the International Trade Administration (ITA), the US Department of Commerce is the largest medical device market in the world. It was worth US$ 156 billion in 2017 and is projected to reach US$ 208 billion by 2023. The US exports of medical devices in 2018 exceeded US$ 43 billion. The US medical device companies are highly recognized globally for their innovations and technologically advanced products. There are more than 6,500 medical device companies in the US, which are mostly small and medium sized enterprises (SMEs).

The medical device market is also growing in developing countries such as China and India. As per the US Department of Commerce's International Trade Administration, China's medical device market reached US$ 78.81 billion in 2018, an increase of 22% from 2017. Thus, growing medical device industry is likely to drive the market growth.

Based on product type, the medical devices market is segmented into in vitro diagnostics (IVD), surgical device, general medical devices, cardiovascular devices, orthopedic, infection control devices, ophthalmology, endoscopy, neurology, and others. The in vitro diagnostics segment held the largest share of the market in 2019. However, the market for neurology segment is estimated to grow at the highest CAGR in the market during the forecast period.

Based on function, the market is segmented into diagnostic and monitoring, therapeutics, surgical, and others. Based on end user, the market is segmented into homecare medical devices, hospital medical devices, ambulatory care medical devices, and others.

The World Health Organization (WHO), Food and Drug Administration (FDA), Australian Regulatory Guidelines for Medical Devices, Center for Medical Device Evaluation, Centers for Disease Control and Prevention (CDC), and Canadian MedTech Manufacturers' Alliance along with company websites, are a few of the major primary and secondary sources referred for preparing this report.