Overview


According to FutureWise analysis the market for medical devices in 2023 is US$ 595.42 billion, and is expected to reach US$ 1039.22 billion by 2031 at a CAGR of 7.21%.

An instrument, implant, or other device used to detect, treat, or prevent disease or other disorders is referred to as a medical device. Medical devices include surgical tools, artificial heart valves, pacemakers, joint replacements, diagnostic imaging devices like X-rays and ultrasounds, and personal protective equipment (PPE), including masks and gloves. These tools are essential to the course of treatment and help save patients' lives. These medical devices are divided into two categories: Class I medical devices and Class II medical devices, depending on the level of risk they potentially present to the patients. Bandages and exam gloves fall under the category of Class I medical equipment, whereas implantable pacemakers and artificial heart valves go under Class II. Medical devices must adhere to regulatory bodies' guidelines and receive approval before being marketed and sold. Medical devices are rigorously monitored and assessed by regulatory bodies, such as the U.S. FDA, before being given the go-ahead for commercialization.

Growth in the market is predicted to be fueled by the rising popularity of technologically advanced smart wearables, image-guided therapeutic systems, and continued trends toward accurate and real-time monitoring. The rapid use of medical devices in hospitals and other healthcare settings is also related to a growing understanding of their advantages, such as improved mobility. Additionally, the market has been fueled globally by rising health concerns, a rise in the prevalence of chronic diseases, and increasing healthcare costs. Further, advancements in brain monitoring technology and medical device technology, along with significant improvements in commercial aspects, have been positively projected as driving the growth of the global medical devices market.

FutureWise Market Research has published a report that provides an insightful analysis of medical devices market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the medical devices market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.

  • Medtronic Public Limited Company
  • Johnson and Johnson
  • Cardinal Health Inc.
  • Stryker Corporation
  • General Electric Company
  • Becton Dickinson and Company
  • Koninklijke Philips N.V.
  • Siemens AG

(Note: The list of the major players will be updated with the latest market scenario and trends)

Recent developments by key players in Medical Devices Market:

In May 2022- In India, Max Ventilator introduced multifunctional non-invasive ventilators with built-in oxygen therapy and a humidifier.

Global demand for medical devices is rising as chronic disease rates rise. Due to sedentary lifestyles and other factors, chronic diseases, such as diabetes, cancer, and other infectious diseases, are becoming more and more prevalent. Additionally, healthcare organizations from various countries are focusing on improving diagnostic and treatment rates through an increasing number of awareness programs. More patients are seeking diagnostic treatments and testing along with the prevalence and societal awareness of these disorders. The aging population, which is seeing an increase in joint fractures and eyesight impairment, is another element contributing to the rise in demand for orthopedic and ophthalmic surgeries. The need for medical devices is expected to expand further due to the increase in ailments, propelling market expansion. Moreover, the use of home healthcare services is also rapidly increasing in developed countries as a result of increased efforts by major players and healthcare organizations to develop and introduce cutting-edge and user-friendly medical equipment, such as portable and wearable gadgets, for the treatment of chronic diseases. The market is expanding as a result of the growing importance corporations place on developing novel goods and utilizing various business strategies, such as alliances and acquisitions, to preserve their market position. However, some of the more sophisticated gadgets include a number of extra components that need to be replaced occasionally, such as chips, batteries, sensors, and other accessories. This results in a noticeably higher cost of ownership for the patient. The use of these technologies in underdeveloped countries has also been hampered by medical device reimbursement. Due to the aforementioned challenges and inadequate reimbursement policies, the adoption of medical devices has been rather delayed in emerging countries thereby hindering the market growth.

By Function

  • Diagnostic and Monitoring
  • Therapeutic
  • Surgical
  • Other Devices

By Application

  • Surgical and Infection Control Devices
  • General Medical Devices
  • Cardiovascular Devices
  • Orthopedic Devices
  • Home Healthcare Devices
  • Other Devices

By End Use

  • Homecare Medical Device
  • Hospital and Ambulatory Care Medical Device

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

This market research report also emphasis on factors affecting the growth rate in various regions listed above. A deep-down analysis of region will also be provided in the final version of this market which is based on conclusion of primary interviews and secondary data point gathered during the process.

By region, the market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America registered highest share in the market in 2022 due to the existence of important players, the rising burden of chronic diseases, and high healthcare costs. Additionally, the market expansion is projected to be accelerated by the growing geriatric population. For instance, the United Nations Population Fund's statistics for 2022 suggest that 65% of Canada's population is between the age group of 15 and 64, making up a substantial portion of the country's population. According to the same source, 19% of Canadians will be 65 or older in 2022. In turn, this is expected to increase the demand for diagnostic imaging and surgical procedures, which will fuel the growth of medical devices and drive the market growth throughout the forecast period in the region.


  • Tier 1 players- established companies in the market with a major market share
  • Tier 2 players
  • Emerging players which are growing rapidly
  • New Entrants
  • Growth prospects
  • SWOT analysis
  • Key trends
  • Key data-points affecting market growth
  • To provide with an exhaustive analysis on the Medical Devices Market By Function, By Application, By End Use and By Region.
  • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
  • To evaluate and forecast micro-markets and the overall market
  • To predict the market size, in key regions— North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions
  • We have a flexible delivery model and you can suggest changes in the scope/table of content as per your requirement
  • The customization Mobility Care offered are free of charge with purchase of any license of the report
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Table of Contents


  • 1.   Market Introduction
    •   1. Objectives of the Study
        2. Market Definition
        3. Market Scope
         3.1 . Years Considered for the Study
         3.2 . Market Covered
        4. Currency
        5. Limitations
        6. Stakeholders
  • 2.   Research Methodology
    •   1. Research Data
         1.1 . Secondary Data
          1.1.1 . Key Data from Secondary Sources
         1.2 . Primary Data
          1.2.1. Key Data from Primary Sources
        2. Market Size Estimation
        3. Market Breakdown and Data Triangulation
        4. Assumptions for the Study
  • 3.   Executive Summary
    •   1. Market Outlook
        2. Segment Outlook
        3. Competitive Insights
  • 4.   Medical Devices Market Variables, Trends and Scope
    •   1. Market Lineage Outlook
        2. Penetration and Growth Prospect Mapping
        3. Industry Value Chain Analysis
        4. Cost Analysis Breakdown
        5. Technology Overview
        6. Regulatory Framework
         6.1. Reimbursement Framework
         6.2. Standards and Compliances

  • 5.   Market Overview
    •   1. Market Dynamics
         1.1. Market Driver Analysis
          1.1.1. Increasing focus of Medical Devices Companies on Brand Protection
          1.1.2. Untapped Opportunities in Emerging Regions
         1.2. Market Restraint Analysis
          1.2.1. High Cost Associated with Implementation of Predictive Analysis
         1.3. Industry Challenges
          1.3.1. Presence of Ambiguous Regulatory Framework
  • 6.   Medical Devices Market Analysis Tools
    •   1. Industry Analysis - Porter’s
         1.1. Supplier Power
         1.2. Buyer Power
         1.3. Substitution Threat
         1.4. Threat from New Entrants
         1.5. Competitive Rivalry
        2. Pestel Analysis
         2.1. Political Landscape
         2.2. Environmental Landscape
         2.3. Social Landscape
         2.4. Technology Landscape
         2.5. Legal Landscape
        3. Major Deals And Strategic Alliances Analysis
         3.1. Joint Ventures
         3.2. Mergers and Acquisitions
         3.3. Licensing and Partnership
         3.4. Technology Collaborations
         3.5. Strategic Divestments
        4. Market Entry Strategies
        5. Case Studies
  • 7.   Medical Devices Market, By Function Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Diagnostic and Monitoring
        2. Therapeutic
        3. Surgical
        4. Other Devices

  • 8.   Medical Devices Market, By Application Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Surgical and Infection Control Devices
        2. General Medical Devices
        3. Cardiovascular Devices
        4. Orthopedic Devices
        5. Home Healthcare Devices
        6. Other Devices

  • 9.   Medical Devices Market, By End Use Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Homecare Medical Device
        2. Hospital and Ambulatory Care Medical Device

  • 10.   North America Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. U.S.A
         2.2. Canada
         2.3. Mexico
        3. Market Size (USD Million) Forecast for North America 2023-2031

  • 11.   Latin America Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Regional Market Trends
        3. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         3.1. Brazil
         3.2. Venezuela
         3.3. Argentina
         3.4. Rest of Latin America
        4. Market Size (USD Million) Forecast for Latin America 2023-2031

  • 12.   Europe Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Germany
         2.2. U.K
         2.3. France
         2.4. Italy
         2.5. Spain
         2.6. Russia
         2.7. Poland
         2.8. Switzerland
         2.9. Rest of Western Europe
        3. Market Size (USD Million) Forecast for Europe 2023-2031

  • 13.   Asia Pacific Medical Devices Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Japan
         2.2. China
         2.3. Singapore
         2.4. India
         2.5. Australia and New Zealand
         2.6. ASEAN
         2.7. South Korea
         2.8. Rest of Asia Pacific
        3. Market Size (USD Million) Forecast for Asia Pacific 2023-2031

  • 14.   Middle East and Africa Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. GCC
         2.2. Israel
         2.3. South Africa
         2.4. Rest of MEA
        3. Market Size (USD Million) Forecast for MEA 2023-2031

  • 15.   Market Share Analysis and Competitive Landscape
    •   1. Global Landscape - Key Players, Revenue and Presence
        2. Global Share Analysis - Key Players (Tier 1, Tier 2, Tier 3)
        3. Global Emerging Companies
        4. North America - Market Share Analysis and Key Regional Players
        5. Europe - Market Share Analysis and Key Regional Players
        6. Asia Pacific - Market Share Analysis and Key Regional Players
        7. Global Key Player - Growth Matrix
  • 16.   Company Profiles (Competition Dashboard, Competitors Deep Dive, Product Connected Devices and Technology Portfolio, Financial Layouts)
    •   1. Medtronic Public Limited Company
         1.1. Company Overview
         1.2. Product Portfolio
         1.3. SWOT Analysis
         1.4. Financial Overview
         1.5. Strategic Overview
        2. Johnson and Johnson
         2.1. Company Overview
         2.2. Product Portfolio
         2.3. SWOT Analysis
         2.4. Financial Overview
         2.5. Strategic Overview
        3. Cardinal Health Inc.
         3.1. Company Overview
         3.2. Product Portfolio
         3.3. SWOT Analysis
         3.4. Financial Overview
         3.5. Strategic Overview
        4. Stryker Corporation
         4.1. Company Overview
         4.2. Product Portfolio
         4.3. SWOT Analysis
         4.4. Financial Overview
         4.5. Strategic Overview
        5. General Electric Company
         5.1. Company Overview
         5.2. Product Portfolio
         5.3. SWOT Analysis
         5.4. Financial Overview
         5.5. Strategic Overview
        6. Becton Dickinson and Company
         6.1. Company Overview
         6.2. Product Portfolio
         6.3. SWOT Analysis
         6.4. Financial Overview
         6.5. Strategic Overview
        7. Koninklijke Philips N.V.
         7.1. Company Overview
         7.2. Product Portfolio
         7.3. SWOT Analysis
         7.4. Financial Overview
         7.5. Strategic Overview
        8. Siemens AG
         8.1. Company Overview
         8.2. Product Portfolio
         8.3. SWOT Analysis
         8.4. Financial Overview
         8.5. Strategic Overview

  • 17.   Pre and Post COVID-19 Impact
    •   1. Positive influence on the healthcare industry
        2. The financial disruption of the manufacturing sector
        3. Impact of COVID-19 on emerging companies
        4. Significant mandates in the regulations initiated by healthcare
                  administrations
        5. The overall economic slowdown of the developing and developed nations

  • 18.   FutureWise SME Key Takeaway Points for Client
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