Medical Device Market is Expected 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 percent from 2018 to 2023. The major drivers for the growth of this market are healthcare expenditure, technological development, aging population and chronic diseases.

Browse 53 market data tables and 78 figures spread through 161 pages and in-depth TOC on “Global Medical Device 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.

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North America is expected to remain the largest market during the forecast period mainly due to a large target patient pool coupled with 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 to 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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This 161-page research report will enable companies to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit

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This report addresses the following key questions:

Q.1. What are some of the most promising, high-growth opportunities for the global medical device market by application (surgical and infection control devices, general medical devices, cardiovascular devices, orthopedic devices, home healthcare devices and other devices), by function (diagnostic and monitoring, therapeutic, surgical and others) and by region (North America, Europe, Asia Pacific and the Rest of the World)?

Q.2. Which products segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market and which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?

Q.11. What M&A activity has occurred in the last five years?

Source: Lucintel

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