Global Medtech Sales Exceed $500 Billion as Chronic Diseases Shape Market’s Future
“Advances in Medtech can enhance patient treatment, improve outcomes, lower hospital admissions and fatalities, achieve cost savings, and alleviate the workload on healthcare staff, thus creating a market for medical devices that is forecast to grow and expand over the next five years.“
– Kalorama Information
The world market for Medtech is valued at over $500 billion in 2023, with growth forecast through 2028 as sales surpass $600 billion, according to the recent market research report The Global Market for Medical Devices, 13th Edition by Kalorama Information.
Medtech (i.e., medical devices) includes any instrument, apparatus, appliance, machine, contrivance, implant, or in vitro device as well as any accessories or related components that facilitate any or some of the following functions pertaining to a disease, injury, or condition of handicap: diagnosis, prevention or monitoring, treatment. This category encompasses a wide spectrum, ranging from commonplace medical supplies like latex gloves and syringes to sophisticated medical equipment, including advanced imaging tools and implantable devices such as cardiac defibrillators.
The Medtech industry is in a perpetual state of evolution, consistently advancing through the continuous development of new technologies, equipment, tests, and devices. These innovations in the medical device market have transformative effects, significantly contributing to life-changing outcomes that empower patients to lead longer, healthier, and more productive lives.
Though several factors will either support or inhibit the medical device market, the persistent increase in chronic disease ranks among the most notable developments driving innovation and growth. Chronic disease accounts for between 75% and 80% of all U.S. healthcare spending and drives spending in other nations. Some of the costliest chronic diseases to the health system include asthma, cancer, chronic obstructive pulmonary disorder (COPD), congestive heart failure (CHF), coronary artery disease (CAD), osteoarthritis, and diabetes. All of these are directly related to medical device sales.
With the recognition that technology can improve patient treatment and outcomes, reduce hospital admissions and fatalities, result in cost savings, and reduce the burden on healthcare personnel, increased use has led to an overabundance of patient data. New software applications that process data according to disease-specific algorithms and allow customizable measurement limits filter out normal data and reduce the incidence of alarms or warnings. Measurement histories and reports can be customized for a patient’s condition, making them more valuable and saving clinicians time reviewing the reports.
Notably, the prevalence of hypertension and diabetes are outpacing most other conditions and contribute to significant financial burden. These two conditions can be managed through the use of devices which could reduce the overall burden associated with these diseases.
Chronic diseases account for about 72% of all deaths or about 43 million deaths annually. Ischemic heart disease and cancer are the leading causes of death worldwide with more than 8.8 million deaths each annually.
By 2030, there will likely be 67.2 million deaths reported with chronic diseases accounting for 77% of total deaths, or 52 million. The rate of growth for chronic disease mortality from 2015-2030 is estimated at 1.3% compounded annually, compared to acute disease mortality with 0.6% growth over the same period.
For more information, purchase The Global Market for Medical Devices, 13th Edition.
About the Report
The 13th edition of Kalorama Information’s Global Market for Medical Devices consists of new market trends and forecasts. As part of its coverage, this report contains:
- an overview of medical devices and relevant regulation in 50 world markets;
- market size estimate and forecast to 2028 for the global market, the United States market and several country markets, including China, Japan, India, Brazil, Germany, Canada and other nations;
- an index of bellwether device companies;
- markets for specific categories of medical devices;
- a look at market drivers and limiters;
- and company profiles of major device concerns.
The report includes 2023 sales estimates and 2028 sales forecasts of more than 50 medical devices, including:
- 3D printing equipment, materials and software
- Anesthesia Monitors
- Blood Collection
- Blood Gas Analyzers
- Blood Pressure Monitors
- Cannula Respiratory
- Catheters
- Computed Tomography
- Contact Lenses
- Continuous Glucose Monitors
- Coronary Stents
- Cosmetic surgery implants
- CPAP Machines
- Defibrillators
- Dental Equipment/Devices (excluding x-ray)
- Dental Implants/Components
- Dental X-ray
- Dialysis Equipment & Supplies
- EKG/ECG Machines
- Electrosurgical Devices
- Endoscopes (excluding gastro)
- Gastric Banding/Bariatric
- Gastro Endoscopes
- Glucose Monitors (excluding CGM)
- Hernia Repair and Fixation Devices
- Hip implants
- Hypodermic Syringe
- Infusion Pumps
- Insulin Pumps
- Intraocular Lenses
- Knee implants
- Medical Beds
- Minimally Invasive Surgical Instruments
- MRI
- Neurostimulation
- Ophthalmic Imaging and Diagnostics
- Ophthalmic Lasers
- Ostomy Care Devices
- Oxygen Therapy Equip.
- Pacemakers
- Personal protective equipment (gloves, masks, gowns)
- Spine implants
- Sport, Extremity and Trauma
- Sterilization/disinfection equipment
- Stethoscopes
- Surgical Guidance Devices
- Surgical Robots
- Sutures, Staples, Staplers
- Traditional Surgical Instruments
- (scalpels, forceps, retractors, scissors)
- Ultrasound
- Vascular Closure Devices
- Wheelchairs
- Wound Care, Advanced
- X-Ray (excluding dental)
For more information or to purchase The Global Market for Medical Devices, 13th Edition, visit: https://kaloramainformation.com/product/the-global-market-for-medical-devices-13th-edition/.
About Kalorama Information
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Kalorama Information produces dozens of reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
Kalorama Information’s studies feature independent primary research conducted by experienced analysts. Researchers build their market analysis independently from published databases, validating data with inside industry contacts and extensive secondary research, so you can have confidence that you’re getting your information from the most trusted source in the industry!
