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.