Medical Devices Market Size (2024 - 2029)

Medical Devices Market Analysis

The Medical Devices Market size is estimated at USD 637.04 billion in 2024, and is expected to reach USD 893.07 billion by 2029, growing at a CAGR of 6.99% during the forecast period (2024-2029).

Factors such as the increasing prevalence of chronic disease, technological advancements in medical devices, and a consistent rise in the aging population are expected to boost the market's growth.

The senior population is more prone to age-related disorders that are less prevalent among younger people. For instance, in January 2023, an article published in the Journal of the American Heart Association reported that around 70% of individuals more than 70 years of age are likely to develop cardiovascular disorders, and more than two-thirds are associated with noncardiovascular morbidities. In December 2022, another article published in the International Journal of Medical Sciences mentioned that the incidence of cardiac dysrhythmias, including bradyarrhythmia and tachyarrhythmia, increases with advancing age. Thus, over 80% of pacemaker implementations were required in the United States to relieve the symptoms caused by bradycardia. Therefore, the senior population is at high risk of developing cardiovascular disorders (CVDs), which is expected to increase the demand for cardiac surgeries and devices that help monitor heart conditions regularly, propelling the market's growth.

The increasing burden of chronic diseases worldwide also drives the demand for effective and advanced treatment services involving various diagnostic and surgical procedures. Thus, the demand for medical devices is rising worldwide. For instance, in July 2023, data published by the Diabetes Canada Organization reported that, in Canada, around 5.88 million people, or about 15% of the population, had type 1 and type 2 diabetes in 2023. In addition, as per the same source, this number is anticipated to reach around 7.41 million diabetic cases in 2033. Similarly, an article published in the Journal of BMC Public Health in January 2024 mentioned that the prevalence of chronic obstructive pulmonary disease (COPD) was 12.64% among people over 40 years across the world. Thus, the expected increase in the number of people with diabetes and COPD may boost the demand for various medical devices to monitor the condition regularly.

The increasing focus on developing technologically advanced medical devices and increasing product launches contribute to market growth. For instance, in November 2023, Orthofix Medical launched the lateral lumbar interbody system waveform in the United States. It is incorporated with porous and wavelike structures to perform lateral lumbar interbody fusion procedures. This design enables the distribution of compressive loads and provides high porosity, which improves imaging characteristics and enhances graft packability. Additionally, in January 2023, Getinge launched a new Servo-c mechanical ventilator, which provides lung-protective therapeutic tools for pediatric and adult patients. Servo-C facilitates the accessibility to healthcare and is affordable for hospitals globally. It is developed to facilitate customized respiratory treatments that are safe and easy to use.

Therefore, the growing burden of chronic diseases, the growing geriatric population, and technological advancements in medical devices are anticipated to boost the market's growth over the forecast period. However, strict regulations and uncertainty in reimbursement are anticipated to impede the growth of the medical devices market over the forecast period.

Medical Devices Industry Segmentation

As per the scope of the report, a medical device is any type of instrument, apparatus, appliance, machine, implant, or any other related/similar article used for diagnosing, treatment, monitoring, prevention, or alleviation of diseases.

The medical devices market is segmented by type of device and geography. By type of device, the market is segmented into respiratory devices, cardiology devices, orthopedic devices , diagnostic imaging devices (radiology devices), endoscopy devices, ophthalmology devices, and other devices. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. For each segment, the market size is provided in terms of value (USD).