Medical Devices Market Size
The global medical devices market size was valued at USD 488.98 bilion in 2021 and is projected to grow from USD 495.46 billion in 2022 to USD 718.92 bilion by 2029, at a CAGR of 5.5% during the forecast period. The global COVID-19pandemic has been unprecedented and staggering, with medical devices experiencing lower-than-anticipated demandacross all repions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of1.4% in 2020 as compared to 2019.
The growing prevalence of chronic diseases and the increasing emphasis of healthcare agencies toward early diagnosisand treatment are eading to an increasing number of patients undergoing diagnostic and surgical procedures.
Rise in the number of inpatient admissions and the increasing number of surgical and diagnostic procedures arefueling the demand for medical devices, including capital equipment and consumables in developed and emergingcountries.
This is further augmented by increasing investments from leading market players in the R&D for the development oftechnologically advanced equipment, with an aim to cater to the growing demand for innovative devices.
Increasing investment of medical technology companies in research & development and favorable scenarios providedby regulatory authorities for their approval is expected to boost the medical devices industry in the forecast period.