Product Code: MDS060B
The global market for medical devices is expected to grow from $810.4 billion in 2024 and projected to reach $1.3 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 through 2029.
The global market for elder care services and assistive devices is expected to grow from $868.2 billion in 2024 and projected to reach $1.1 trillion by the end of 2029, at a CAGR of 5.8% from 2024 through 2029.
The global market for drug-device combinations is expected to grow from $129.4 billion in 2024 and projected to reach $199.8 billion by the end of 2029, at a CAGR of 9.1% from 2024 through 2029.
Research Review Scope
The medical device industry has grown despite the challenging economic conditions in recent years. The industry draws much attention and scrutiny from the public and government and is currently undergoing many changes due to increased focus on regulations. These changes can be seen across many countries. The U.S., the largest medical device market, is leading the trend with changes intended to make healthcare more affordable. Opportunities for the medical device industry are manifold with the appearance of new markets located mainly in emerging economies with varying needs.
Increasing healthcare expenditures and the growth of emerging economies have increased the demand for technologically superior medical devices. Additionally, the introduction of more stringent regulations, specifically in the developed markets of the U.S. and Europe, has forced medical device manufacturers to launch advanced devices that include new materials, a focus on in-depth indications, and the ability to produce additional new data.
Furthermore, technically sophisticated medical devices are needed for clinical research, as the market is highly competitive, and companies must continuously reinvent their product portfolios to enter new markets and place themselves as significant players in the healthcare system. There is a shift toward a value-based healthcare market where price and purchase decisions are based on outcomes. This has further resulted in increased scrutiny of the technology of devices, and consequently, the degree of competition has risen. Some of the major players in the medical devices market include Medtronic, Abbott, Johnson & Johnson Services Inc., Siemens Healthineers AG, GE Healthcare, Boston Scientific Corp., BD, Stryker, Cardinal Health, Koninklijke Philips N.V., Danaher Corp., Baxter, B. Braun SE, Alcon Vision LLC., Terumo Corp., Zimmer Biomet, and others.
The medical device industry is a multi-billion-dollar industry whose outlook is supposed to rise in the coming years. These devices treat and diagnose many patient conditions and work much better than drugs. Hospital care is growing, and the medical device industry is being looked at to provide low-cost technology for home healthcare. Now, the industry seeks healthcare medical devices that individuals with unskilled healthcare experience can use. The need for modern technology, equipment, and devices can be leveraged through medical device equipment as manufacturers seek to create better-quality healthcare solutions.
Today's market is worthy of close investigation as it deals with the fallout from COVID-19 and how the global medical devices market is after the post-COVID-19 pandemic. The global pandemic has impacted the medical device industry both positively and negatively.
The above reasons are compelling enough to analyze and research the medical device market, as the market has tremendous growth potential.
Research Reviews from BCC Research provide market professionals with concise market coverage within a specific research category. This 2024 Medical Devices Research Review provides a sampling of the type of quantitative market information, analysis, and guidance that BCC Research has been developing since its inception in 1971 to help its customers make informed business decisions. This Research Review includes highlights and excerpts from the following reports published by BCC Research in 2024:
- HLC062E Elder Care Services and Assistive Devices: Global Markets.
- PHM045F Global Markets for Drug-Device Combinations.
- MDS010C Medical Devices Industry: Competitive Landscape.
- HLC071E Infusion Pumps and Devices: Technologies and Global Markets.
- HLC170F Medical Devices: Technologies and Global Markets.
- HLC129B Microelectromechanical Systems (MEMS) in Global Medical Markets.
- HLC083D Ophthalmic Devices, Diagnostics and Surgical Equipment: Global Markets.
- HLC154C Surgical Equipment: Technologies and Global Markets.
- HLC192D Wearable Medical Devices: Technologies and Global Markets.
After you survey the excerpts in this Research Review, we encourage you to follow up on these topics by checking out the full market research reports associated with each topic. BCC Research looks forward to serving your market intelligence needs in the future.
Table of Contents
Chapter 1 Foreword
Chapter 2 Elder Care Services and Assistive Devices: Global Markets (HLC062E)
- Market Outlook
- Executive Summary
- Market Overview
- Market Dynamics
- Market Driver
- Market Restraint
- Market Opportunity
- Market Segmentation Analysis
- Key Market Trends
- Elder Care Services and Assistive Devices: Global Markets
- Global Market for Elder Care Services, by Service Type
- Institutional Care
- Home Healthcare
- Adult Day Services
- Global Market for Elder Care Assistive Devices, by Device Type
- Mobility Aids
- Daily Living Aids
- Access Aids
- Medical/Personal Monitoring Aids
- Others
- Global Market for Elder Care Services and Assistive Devices, by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Intelligence
- Global Company Ranking
- Strategic Analysis
- M&A and Venture Funding
- Sustainability in Elder Care Services and Assistive Devices: An ESG Perspective
- Healthcare and Active Aging
Chapter 3 Global Markets for Drug-Device Combinations (PHM045F)
- Market Outlook
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Challenges
- Market Opportunities
- Drug-Device Combinations Market, by Product Type
- Drug/Biologic-Device Combination Products
- Drug-Biologic Drug-Device Combination Products
- Drug, Device and Biologic Combination Products
- Drug-Device Combinations Market, by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Emerging Trends and Technologies
- AI in Drug-Device Combination
- Nanotechnology
- Computational Models and Simulation
- Human Organs-on-Chips: Revolutionizing Medical Research
- Implantable Drug Delivery Systems
- Wireless Implants
- Smart Drug Delivery Devices for 3D Printing
- Recent Approvals and Launch of Novel Drug-device Combination Products
- Competitive Landscape
- Company Share Analysis
- Mergers, Acquisitions and Collaborations
- Strategic Alliances
Chapter 4 Medical Devices Industry: Competitive Landscape (MDS010C)
- Market Outlook
- Scope of Report
- Market Summary
- Competitive Intelligence
- Overview
- Strategies of Major Medical Device Manufacturers
Chapter 5 Infusion Pumps and Devices: Technologies and Global Markets (HLC071E)
- Market Outlook
- Market Summary
- Market Dynamics
- Market Driver
- Market Restraint
- Market Opportunity
- Market Challenge
- Segmentation Breakdown
- Global Market for Infusion Pumps, by Product
- General Purpose Infusion Pumps
- Specialty Infusion Pumps
- Global Market for Infusion Pumps, by Application
- Diabetes Management
- Chemotherapy/Oncology
- Pain Management/Analgesia
- Nutrition
- Other Applications
- Global Market for Infusion Pumps, by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Intelligence
- Market Analysis
- Top Players
- Strategic Analysis
Chapter 6 Medical Devices: Technologies and Global Markets (HLC170F)
- Market Outlook
- Market Summary
- Market Dynamics
- Market Driver
- Market Restraint
- Market Opportunity
- Global Market for Medical Devices, by Device Type
- Drug Delivery Devices
- In Vitro Diagnostics
- Urology and Renal
- Orthopedics and Spine
- Imaging Devices
- Cardiovascular Devices
- Endoscopy
- Global Market for Medical Devices, by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Intelligence
- Global Analysis of Company Market Rank
- Agreements, Collaborations and Partnerships
- 2023 Device Approvals
- Start-ups in Medical Devices
Chapter 7 Microelectromechanical Systems (MEMS) in Global Medical Markets (HLC129B)
- Market Outlook
- MEMS Devices and Applications for the Medical Market
- Market Dynamics
- Market Driver
- Market Restraint
- Market Opportunity
- Global Market for MEMS Devices, by Product
- MEMS Sensors
- Microfluidics/Lab-on-a-Chip
- Drug Delivery Devices
- Global Market for MEMS Devices, by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Emerging Technologies and Developments
- Overview
- Emerging Trends
Chapter 8 Ophthalmic Devices, Diagnostics and Surgical Equipment: Global Markets (HLC083D)
- Market Outlook
- Market Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunity
- Market Challenges
- Market Breakdown by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
- Market Breakdown by Product
- Vision Care
- Surgical Devices
- Ophthalmic Microscope
- Market Analysis
Chapter 9 Surgical Equipment: Technologies and Global Markets (HLC154C)
- Market Outlook
- Market Summary
- Market Overview
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- Surgical Equipment and Technologies Market, by Usability
- Reusable Surgical Equipment
- Disposable Surgical Equipment
- Surgical Equipment and Technologies Market, by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Mergers and Acquisitions (M&A) and Collaborations
- Company Share Analysis
- Strategic Alliances
- Product Launches
Chapter 10 Wearable Medical Devices: Technologies & Global Markets (HLC192D)
- Market Outlook
- Market Summary
- Market Overview
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Segmentation Analysis
- Segmentation Breakdown
- Global Market for Wearable Medical Devices, by Product
- Trackers
- Smartwatches
- Patches
- Others
- Geographic Breakdown
- Global Market for Wearable Medical Devices, by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Intelligence
- Top Players
- Wearable Technology Funding Deals
- Key Strategies Adopted by Players
Chapter 11 Appendix
- Research Methodology
- Analyst's Credentials