Medical Devices Market Size, Trends and Growth Analysis by 2027

In 2019, the medical devices market was valued at approximately US$ 483,285.8 million and is anticipated to grow to around US$ 767,684.9 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027.

The expansion of the medical device sector is primarily driven by the increasing demand within the medical device industry and the rising incidence of chronic illnesses. Nevertheless, the market faces challenges, particularly due to the high costs associated with product approvals, which can hinder growth.

Medical devices play a crucial role in preventing diseases, diagnosing medical conditions, and facilitating treatment and rehabilitation. The global medical device sector is characterized by ongoing innovations and technological advancements, which significantly contribute to the overall growth of the healthcare industry worldwide.

According to the International Trade Administration (ITA), the United States holds the title of the largest medical device market globally. In 2017, this market was valued at US$ 156 billion and is expected to reach US$ 208 billion by 2023. In 2018, US exports of medical devices surpassed US$ 43 billion. American medical device companies are renowned for their innovative and technologically sophisticated products. The US is home to over 6,500 medical device firms, predominantly small and medium-sized enterprises (SMEs).

The medical device market is also experiencing growth in emerging economies such as China and India. The ITA reports that China's medical device market reached US$ 78.81 billion in 2018, marking a 22% increase from the previous year. This trend indicates that the expanding medical device industry is likely to propel market growth further.

The medical devices market can be categorized by product type into several segments, including in vitro diagnostics (IVD), surgical devices, general medical devices, cardiovascular devices, orthopedic devices, infection control devices, ophthalmology, endoscopy, neurology, and others. In 2019, the in vitro diagnostics segment commanded the largest market share. However, the neurology segment is projected to experience the highest CAGR during the forecast period.

From a functional perspective, the market is divided into diagnostic and monitoring devices, therapeutic devices, surgical devices, and others. Additionally, the end-user segmentation includes homecare medical devices, hospital medical devices, ambulatory care medical devices, and other categories.

Key sources for this report include the World Health Organization (WHO), the Food and Drug Administration (FDA), the Australian Regulatory Guidelines for Medical Devices, the Center for Medical Device Evaluation, the Centers for Disease Control and Prevention (CDC), and the Canadian MedTech Manufacturers' Alliance, along with various company websites.