Medical Device Technologies Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Medical Devices Market is Segmented by Type of Device (Respiratory Devices, Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices (Radiology Devices), Endoscopy Devices, Ophthalmology Devices, Neurology Devices, In Vitro Diagnostics (IVD) and Other Devices) and Geography.

Market Snapshot

Medical Device
Study Period:

2018 - 2026

Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

North America


5.7 %

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Market Overview

The medical devices market is estimated to witness a CAGR of around 5.7% over the forecast period. Certain factors that are driving the market growth include the rising prevalence of chronic diseases and related increases in disability-adjusted life years, technological advancements in medical devices, and a consistent increase in the aging population.

Globally, the disease burden is shifting from infectious diseases to chronic conditions, with a corresponding escalation in the burden of cancer. Chronic diseases, such as heart disease, cancer, diabetes, stroke, and arthritis, are long-lasting in their effects. Cancer and cardiovascular diseases are the two most common causes of mortality. According to the World Health Organisation (WHO), globally, chronic diseases kill more than 38 million people each year. Moreover, cardiovascular diseases account for most of the chronic disease-related deaths in 2016 (17.5 million people annually), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million). These four groups account for 82% of all chronic disorder deaths. The rise in the incidences of chronic diseases has increased the demand for medical devices. The other factors, such as investment in R&D and the need for preventive healthcare, are driving the medical devices market.

However, strict FDA regulations are bound to be present in the field of healthcare. The regulatory framework for medical devices is not standardized in many countries across the world. The other factors, such as uncertainty in reimbursement and an increase in the cost of services, are also hindering the growth of the market studied.

Scope of the Report

As per the scope of the report, Medical device is any type of instrument, apparatus, appliance, machine, implant, or any other related/similar article, which is used for diagnosing, treatment monitoring, prevention, or alleviation of diseases. The medical devices market is segmented by Type of the device and geography.

Type of Device
Respiratory Devices
Cardiology Devices
Orthopedic Devices
Diagnostic Imaging Devices (Radiology Devices)
Endoscopy Devices
Ophthalmology Devices
Neurology Devices
In Vitro Diagnostics (IVD)
Other Devices
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Middle-East & Africa
South Africa
Rest of Middle-East & Africa
South America
Rest of South America

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Key Market Trends

Cardiology Devices Segment is Expected to Hold a Major Market Share in the Medical Device Market

According to the American Heart Association Research, approximately 2,300 Americans die due to cardiovascular diseases each day, an average of one death every 38 seconds. Lifestyle-related changes, eating habits, and stress lead to several heart diseases and this is the foremost cause of deaths across the world and the need for cardiac devices for treatment. In addition, as per the World Heart Federation, coronary heart disease is now the leading cause of death worldwide. An estimated 3.8 million men and 3.4 million women die each year from coronary heart disease. In addition, 80% of the deaths occur in low- and middle-income countries.

Moreover, innovations are leading the early part of the 21st century, and the effect on cardiovascular devices has been specifically significant. Keeping up and determining the relevance of these inventions and their role in patient care is a relentless challenge and opportunity for providers, as well as scientists. Thus, the high prevalence of cardiovascular diseases across the world cardiology devices segment is expected to show growth over the forecast period.

Global medial key trend 1.png

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North America Dominates the Market and is Expected to Continue the Same during the Forecast Period

The primary growth driver of the medical devices market is a higher investment of the yearly revenues into product innovation and constant improvement of existing technologies. Mobile health and telemedicine have been growing in the United States, with an increasing rate of adoption.

According to the Centers for Disease Control and Prevention, in the year 2017, coronary heart disease is the most common type of heart disease, killing approximately 365,914 people in the United States. Moreover, about 18.2 million adults age 20 and older have coronary heart disease (CAD), 2 in 10 deaths from Coronary heart disease happen in adults less than 65 years old.

Furthermore, continuous R&D, to develop technologies that benefit the human race, is one of the major driving factors for the US medical devices market. The US bio-implant market is also driven by advanced technologies, including 3D printing, nanotechnology, and laser technology.

Medical Device Market2

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Competitive Landscape

The medical devices market is fragmented competitive and consists of a number of major players. Companies, like Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthineers(Siemens AG), Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare, among others, hold the substantial share in the market studied.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Geriatric Population across the World

      2. 4.2.2 Rising Prevalence of Chronic Diseases and Related Increase in Disability-adjusted Life Years

    3. 4.3 Market Restraints

      1. 4.3.1 Strict Regulatory Polices and Uncertainty in Reimbursement

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 Type of Device

      1. 5.1.1 Respiratory Devices

      2. 5.1.2 Cardiology Devices

      3. 5.1.3 Orthopedic Devices

      4. 5.1.4 Diagnostic Imaging Devices (Radiology Devices)

      5. 5.1.5 Endoscopy Devices

      6. 5.1.6 Ophthalmology Devices

      7. 5.1.7 Neurology Devices

      8. 5.1.8 In Vitro Diagnostics (IVD)

      9. 5.1.9 Other Devices

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

        3. Mexico

      2. 5.2.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Spain

        6. Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. South Korea

        6. Rest of Asia-Pacific

      4. 5.2.4 Middle-East & Africa

        1. GCC

        2. South Africa

        3. Rest of Middle-East & Africa

      5. 5.2.5 South America

        1. Brazil

        2. Argentina

        3. Rest of South America


    1. 6.1 Company Profiles

      1. 6.1.1 Abbott Laboratories Inc

      2. 6.1.2 Boston Scientific Corporation

      3. 6.1.3 F. Hoffmann-La Roche Ltd

      4. 6.1.4 GE Healthcare (GE Company)

      5. 6.1.5 Johnson & Johnson

      6. 6.1.6 Medtronic PLC

      7. 6.1.7 Koninklinje Philips NV

      8. 6.1.8 Siemens Healthineers (Siemens AG)

      9. 6.1.9 Smith & Nephew PLC

      10. 6.1.10 Stryker Corporation

    2. *List Not Exhaustive

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Medical Devices Market market is studied from 2018 - 2026.

The Medical Devices Market is growing at a CAGR of 5.7% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

  • Abbott Laboratories Inc
  • F. Hoffmann-La Roche Ltd
  • Stryker Corporation
  • Siemens Healthineers (Siemens AG
  • Koninklinje Philips NV

Are the major companies operating in Medical Devices Market.

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