Global Medical Devices Market Poised for Rapid Growth

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Researched by Industrial Info Resources (Sugar Land, Texas)--The healthcare sector has been experiencing a significant transformation, as medical technologies are constantly evolving with time. This in turn is propelling the global market for medical devices/equipment/instruments, which play a crucial role in the treatment, diagnosis, and monitoring of various medical conditions.

The expansion of the medical devices market globally is driven by various factors such as the prevalence of chronic disorders or NCDs (non-communicable diseases). The primary categories of non-communicable diseases include cardiovascular disorders (like heart attacks and strokes), chronic respiratory ailments (such as chronic obstructive pulmonary disease and asthma), diabetes and cancers. NCDs impact people across all age ranges, but according to the World Health Organization (WHO), 17 million NCD-related fatalities occur in people before they reach age 70.

Another significant factor is the rise in the ageing population. The World Health Organization reported that in 2020, people aged 60 years and above exceeded the number of children under the age of five. The projection by WHO indicates that between 2015 and 2050, the population aged 60 years and older is expected to almost double, from 12% to 22%, leading to the demand for both ophthalmic and orthopaedic procedures among the elderly.

Industrial Info is tracking 757 active projects valued at more than US$26.96 billion for medical devices/equipment/instruments.

By region, North America (US$7.71 billion) and Europe (US$7.63) dominate the market for medical devices with a total investment of US$15.34 billion. Asia is investing US$6.31 billion, followed by South America contributing significantly US$4.32 billion worth of spending.

Of the total spending, around 52% is geared toward surgical & medical instruments & apparatus. Another 27% of the total spending focuses on biological products except diagnostic substances. Orthopaedic, prosthetic, & surgical supplies make up 10% of the total spending, and the rest of the spending is oriented toward other medical devices like electromedical and electrotherapeutical apparatus, pharmaceutical preparations, ophthalmic goods, X-ray apparatus, etc.

Grassroot projects account for a considerable amount of spend worth US$11.98 billion and plant expansion projects amount to US$11.50 billion. Around 45% of the projects are in the planning phase, 22% are in the engineering phase, and approximately 30% are under construction.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).