The global medical devices market was valued nearly at $384 billion in 2017. North America was the largest market for medical devices, accounting for around 43% of the global market in 2018. The USA is the largest country in terms of value in the medical devices market.
The medical equipment market in this report is segmented into in-vitro diagnostics, cardiovascular devices, diagnostic equipment, orthopedic devices, hospital supplies, ophthalmic devices, nephrology and urology devices, patient monitoring devices, dental equipment and supplies, wound care devices, diabetes care devices, surgical equipment, ENT devices, anesthesia and respiratory devices and neurology devices.
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Medical Devices Market Size
The medical devices market is expected to grow at a growth rate of around 5% to nearly $522 billion by 2022.Growth in the medical devices market in the historic period resulted from rapid growth in elderly population, strong economic growth in emerging markets and declining oil prices. Factors that negatively affected growth in the historic period were government regulations and skilled workforces’ shortages. Going forward, faster economic growth, advances in technology and busy and sedentary lifestyle risks will drive growth. Rise in interest rates could hinder the growth of this market in the future.
The global medical devices market is fragmented. Players in the market include Medtronic Inc., Johnson & Johnson, GE Healthcare, Cardinal Health, Inc. and Siemens Healthineers.
Medtronic was the largest company in the medical equipment market. Medtronic is a medical technology, services and solutions company and serves hospitals, physicians, clinicians and patients in approximately 160 countries worldwide. Medtronic was founded in 1949 and is headquartered in Dublin, Ireland.
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The medical devices market is segmented by type of product
By Type of Product- The Medical Devices market can be segmented by type of product into cardiovascular devices, in-vitro diagnostics, diagnostic imaging equipment, orthopedic devices, ophthalmic devices, hospital supplies, diabetes care devices, patient monitoring devices, nephrology and urology devices, anesthesia and respiratory devices, surgical equipment, wound care devices, dental equipment and supplies, ENT devices and neurology devices.The cardiovascular devices market was the largest segment of the medical devices market in 2018 at around 15%. The patient monitoring devices market is expected to be the fastest-growing segment.
By Geography- The Medical Devices market is segmented into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa, and China and the USA. Among these regions, North America is the largest market for medical devices, accounting for 42.6% of the global market. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, Asia Pacific and Africa will be the fastest growing regions in this market. These will be followed by the South America and Middle East where the markets.
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