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Discover the growth opportunities in the global medical device market

Medical Market Research

Opportunities for the global medical device market to reach $409.5 billion by 2023

According to a new market report published by Lucintel, the future of the global medical device market looks good with opportunities in public and private hospitals. The global medical device market is expected to reach an estimated $409.5 billion by 2023, and it is forecast to grow at a CAGR of 4.5% from 2018 to 2023.

The major drivers for the growth of this market are healthcare expenditure, technological development, aging population, and chronic diseases.

Browse 64 market data tables and 87 figures spread through 176 pages and in-depth TOC on “Global Biometric Market"

In this market, surgical and infection control, general medical, cardiovascular, orthopedic, and home healthcare are the segments by application type.

On the basis of comprehensive research, Lucintel forecasts that the orthopedic device segment will show above average growth during the forecast period.

By function type, the global medical device market is segmented into diagnostic and monitoring, therapeutic, surgical, and others. The surgical segment is expected to remain the largest segment in the forecast.


North America is expected to remain the largest market during the forecast period mainly due to a large target patient pool coupled with a high adoption rates for advanced treatments in this region.

APAC is expected to witness the highest growth over the forecast period due to growing health awareness and improved healthcare infrastructure along with increased spending capacity by the population in this region.

Emerging trends which have a direct impact on the dynamics of the industry include the changing medical technology landscape, software as a differentiator in medical devices, and design and manufacturing of patient portable and smaller devices. Medtronic Public Limited Company, Johnson & Johnson, General Electric Company, Siemens AG, and Cardinal Health Inc.

are among the major suppliers of medical devices.

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The study includes a forecast for the global medical device market by application, function, and region, as follows:

By Application [Value ($ Billion) from 2012 to 2023]:

  • Surgical and Infection Control Devices  
  • General Medical Devices                       
  • Cardiovascular Devices            
  • Orthopedic Devices                              
  • Home Healthcare Devices                      
  • Other Devices

By Function [Value ($Billion) from 2012-2023]:

  • Diagnostic and Monitoring
  • Therapeutic
  • Surgical
  • Other

By Region [Value ($ Billion) from 2012 to 2023]:

  • North America

−      United States

−      Canada

−      Mexico

  • Europe

−      Germany

−      France

−      United Kingdom

−      Italy

−      Spain

  • APAC

−      Japan

−      China

−      India

  • ROW

−      Brazil



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Lucintel – Global Management Consulting & Market Research FirmLucintel – Global Management...
Category: Market Research Publishers and RetailersCompany about: Lucintel, the premier global market research and management consulting firm creates your equation for growth - whether you need to understand market dynamics, identify new opportunities or increase your profitability. Lucintel team of trusted industry experts for materials and manufacturing industries have executed over hundreds of consulting projects for clients, ranging from small, emerging organizations up to multinational companies such as 3M, Audi, BASF, Cytec, DSM, Eastman, GE, H ...
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