Medical Devices Market to Surpass $756.59 Billion by 2031 | SkyQuest Technology

The global medical devices market is poised for significant growth, expanding from USD 481.92 billion in 2023 to USD 756.59 billion by 2031, at a CAGR of 5.8%. Key segments driving this growth include diagnostics imaging and diabetic care, serving crucial end-users such as hospitals, clinics, and homecare settings.

Westford, USA, Oct. 24, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Medical Devices market will attain a value of $756.59 Billion by 2031, with a CAGR of 5.8% over the forecast period (2024-2031). Medical devices are essential tools used in the healthcare sector to diagnose and monitor medical conditions. These tools include syringes, imaging systems, and other technology. The market growth is driven by a rise in the prevalence of chronic diseases. To meet the expectations of rising demand for new and easier techniques for various treatments, manufacturers are investing in R&D to develop cutting-edge devices.  

In addition, demand for capital equipment and consumables is on the rise in the developed and developing nations due to surge in surgical & diagnostic procedures and hospital admissions, thus driving the market forward. The medical devices market is anticipated to grow due to an increase in the funding from medical institutes and acceptance from regulatory bodies.  

Browse in-depth TOC on “Medical Devices Market” 

· Pages – 157 

· Tables – 59 

· Figures – 75 

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Medical Devices Market Overview: 

Medical Devices Market Segmental Analysis

The Global Medical Devices Market is segmented based on Device Type, Application Outlook and End User.

In terms of Device Type, the market is grouped into Drug Delivery System, Diagnostic Devices, Invasive Devices, Respiratory Devices, Electronic medical Devices and Others.

Based on the Application Outlook, the market is segmented into Cardiovascular Diseases, Diagnostic Imaging, Orthopedics, Oncology, Ophthalmology, General Surgery and Others.

In terms of End User, the market is grouped into Hospitals & Clinics, Ambulatory Surgical Centers, Homecare Settings and Others.

Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.

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Diagnosis Imaging Devices Segment Dominated in 2023 due to Rise in Prevalence of Chronic Diseases 

Advancements in imaging technologies, such as CT scanners and MRI systems, drive the growth of this segment forward. These advancements enable market players to enhance diagnostic capabilities and enable clearer & precise imaging. Moreover, rise in the prevalence of chronic diseases in an aging population increases the need for diagnosis imaging devices. Furthermore, the rise in the focus on early diagnosis and accurate treatment planning due to the need for improving outcome of the patients and reducing healthcare costs, driving the growth of the market. These technologies support medical supervisors in making informed and accurate decisions. 

Homecare Settings Segment to Compete Due to Rise in Rate of Aging Population. 

Surge in demand for homecare setting for diagnosis is driven by rise in an aging population. Homecare settings become easier and convenient for geriatrics and boost emotional wellbeing and mitigate anxiety linked to the fear of hospital. Moreover, the introduction of portable and user-friendly devices due to technological advancements drives this trend forward. It enables accurate diagnosis and monitoring at convenience. This enables effective management of healthcare. 

North America Dominated due to Strong Healthcare Infrastructure. 

North America accounted for the highest market share in 2023. This is due to the availability of cutting-edge medical devices and high-end medical facilities within the region. The U.S. of America in North America has been the largest market with a wide adoption of advancements, such as wearables technology and patient monitoring systems, in medical devices. In addition, high-end healthcare infrastructure has helped North America to maintain its leading position in the market. This strong infrastructure offers advancements in treatment and ensures efficient delivery of healthcare services. Furthermore, several medical institutes and companies invest in R&D to innovate in medical technology, thus driving the market forward within the region. 

Asia-Pacific has been a growing region in the medical devices industry. This is due to the rise in the prevalence of chronic diseases and constant improvements in healthcare facilities within the region. Asia-Pacific is the region with a larger population base, thus providing maximum growth to the market. In Asia-Pacific, China and India are the largest economies, thus utilizing advanced medical devices the most. 

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Medical Devices Market Insights:

Drivers: 

• Rise in the prevalence of chronic diseases 

• Aging population 

• Proliferation of smart technologies 

Restraints: 

• High cost of medical devices 

• Regulatory changes 

• Complex reimbursement policies 

Leading players in the Medical Devices Market 

• Abbott (USA)
• Fresenius SE & Co. KGaA (Germany)
• Johnson & Johnson Services Inc. (USA)
• Medtronic (Ireland)
• Siemens (Ireland)
• Stryker (USA)
• Boston Scientific Corporation (USA)
• GE Healthcare (USA)
• Becton, Dickinson and Company (USA)
• Bio-Rad Laboratories, Inc (USA)
• Cardinal Health (USA)
• Eli Lily and Company (USA)
• Intuitive Surgical (USA)
• Edwards Lifesciences Corporation (USA)
• Danaher (USA) 

Key Questions Covered in the Medical Devices Market Report 

• What factors are driving the market forward? 

• Which region has dominated the medical devices market? 

• What segments are covered in this report? 

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This report provides the following insights: 

Analysis of key drivers (rise in the prevalence of chronic diseases, aging population), restraints (regulatory compliance, complex reimbursement policies), opportunities (technological advancements), and challenges (high costs of development) influencing the growth of the medical devices market 

• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the medical devices market 

• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the medical devices market 

• Market Development: Comprehensive information on lucrative emerging regions 

• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market 

• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players. 

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