global market
Global Market Medical Supply Devices

The global medical devices market was valued at US$ 550 billion in 2021 and is expected to reach US$ 850 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.5% during the forecast period 2022 to 2030.

America, captured the largest revenue share in the year 2021 and anticipated to continue its dominance over the upcoming years. The significant growth of the region is majorly because of developed healthcare infrastructure and rising concern for healthy life. The United States is the major dominating country adoption of new and advanced medical technologies for enhancing the diagnosis and treatment procedure of critical disease is likely to impel the market growth in the region.

Increasing investment in Research & Development (R&D) activity by medical technology companies for the development of new and advanced medical devices and easy approval for those devices by the regulatory authorities expected to impel the market growth fro medical devices over the upcoming years. For instance, according to the U.S. Food and Drug Administration (USFDA) database, there were nearly 54 and 27 new medical devices approved and cleared by the institute in the year 2018 and 2019 respectively. Increasing demand for innovative therapies along with the technological advancements in the medical devices to overcome the unmet requirements in the healthcare sector considered as the prime factor supporting the growth of medical devices during the forthcoming years.

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