The medical device industry, commonly referred to as the medtech industry, plays a pivotal role within the broader healthcare sector. This industry undergoes continuous evolution due to ongoing advancements in technology, equipment, diagnostic tools, and medical devices. These innovations have the profound impact of extending and enhancing the lives of patients, promoting longevity and well-being. However, the medical device industry faces distinctive challenges, primarily characterized by stringent regulations across the globe, as discussed in the regulatory section of this report. Devices must undergo approval for reimbursement, and pricing negotiations often involve group purchasing organizations and governments. Companies operating in this sector must consistently invest in research and development to drive market success through innovation.
Despite these challenges, medical devices stand to benefit from serving an aging global population. Emerging market nations also prioritize medical devices as they expand their economies and healthcare expenditures. This has attracted numerous competitors, investors, and venture capitalists to the field.
The 13th edition of Kalorama Information’s Global Market for Medical Devices report offers insights into the latest market trends and forecasts. The competitive landscape has shifted for some companies due to the pandemic and mergers, while restructuring and divestitures of medical device units have also influenced results.
This report includes:
- An overview of medical devices and relevant regulations in 50 world markets.
- Market size estimates and forecasts up to 2028 for the global market, the United States market, and various country markets, including Brazil, Canada, China, Germany, India, Japan, and more.
- An index of leading device companies.
- Market analysis for specific categories of medical devices.
- Examination of market drivers and limiters.
- Company profiles of major device manufacturers.
The definition of a medical device is broad, encompassing products used in the treatment, diagnosis, or injury repair in patients that do not achieve their effects through chemical action or metabolism in the human body. These devices are subject to regulation. The market encompasses a wide array of items, from nuclear cameras and catheters to latex gloves. This report focuses on medical devices used for treatment, diagnosis, or monitoring of medical conditions. It excludes medical IT and services associated with many devices, such as laboratory service fees and patient monitoring services. The market is highly fragmented, with hundreds of companies participating worldwide, although the bulk of revenues are generated in specific categories:
- in vitro diagnostics (IVD),
- patient monitoring,
- wound care,
- minimally invasive surgical instruments
- and orthopedics being top areas.
Top companies in the industry vary in terms of their specialization, and consolidation trends are increasingly apparent. The top 15 companies continue to capture a growing share of the market each year, and rankings may shift due to significant acquisitions. While most companies operate in specific markets, major players like Medtronic, J&J, Siemens Healthineers, Danaher, and Philips are multi-billion-dollar entities active in several categories. In the United States alone, there are thousands of companies manufacturing medical devices, with many being private and having fewer than 50 employees.
In each edition, Kalorama Information examines 12-15 large, global companies that represent different categories of medical devices. The performance of these companies offers insights into the overall performance of the global device market, revealing trends in geographic sales distribution and research and development spending. The report features an Index of Bellwether Device Companies, including companies such as:
- Abbott Laboratories
- Becton Dickinson
- Boston Scientific
- Cardinal Health
- Danaher Corp.
- GE Healthcare
- Johnson & Johnson
- Siemens Healthineers
- Stryker Corp.
- Zimmer Biomet
Scope and Methodology
This report is based on a combination of secondary and primary data sources. Previous reports on medical devices by Kalorama Information, as well as company annual reports, trade publications, government data, Ministries of Health, and medical literature, served as foundational sources for estimates. The authors conducted personal interviews with executives at medical device companies to derive estimates for specific device markets. Further analysis involved statistical methods and various analytical practices to assess indicators for market size and forecasting. Over 50 countries were analyzed through comprehensive processes, including interviews and published documents. The primary focus of Kalorama Information’s research is to estimate manufacturer revenues for business planning, building on more than two decades of experience and numerous studies in the medical device field.