MEDICAL DEVICES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Medical Device Technologies Market Analysis:

The Medical Devices Market is anticipated to expand from USD 595.42 billion in 2023 to USD 834.72 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 6.99% during the forecast period (2023–2028).

The COVID-19 pandemic had a significant impact on the overall medical devices market, with various segments experiencing wide-ranging effects. The pandemic resulted in the postponement and cancellation of non-essential and elective procedures. For example, according to an article published in a healthcare journal in August 2022 titled “COVID-19 impact on diagnostic imaging procedures in UAE,” radiological procedures decreased by approximately 80% during the pandemic compared to pre-COVID times. This decline in radiological procedures further reduced the demand for medical devices, which affected the market’s growth during the COVID-19 pandemic.

However, the studied market supplying hospital equipment for the management of COVID-19, such as personal protective equipment (PPE), ventilators, and general hospital supplies, experienced a surge in sales to meet the overwhelming demand. For instance, ventilators, a crucial equipment for COVID-19 patients in critical conditions, were in high demand during the pandemic. In March 2020, Medtronic increased the production of ventilators by more than 40% to date. This impacted the growth of medical devices during the pandemic.

Factors such as the rising prevalence of chronic and related increases in disability-adjusted life years, technological advancements in medical devices, and a consistent increase in the aging population are driving market growth.

The geriatric population is more susceptible to age-related diseases that are less common among younger individuals. For example, according to a research study published in December 2021, the overall self-reported prevalence of diagnosed cardiovascular diseases (CVDs) in people aged 45 years and above was 29.4%. As per the same source, this prevalence rate increased with age, from 22% in the 45–54 age group to 38% in the 70+ age group, indicating that the geriatric population is at high risk of developing CVDs. This finding is expected to increase the demand for cardiac surgeries and devices that help in regularly monitoring heart conditions, thereby propelling the market’s growth.

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