Definition: The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.
Additional information: Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.
The Medical Devices industry has grown steadily in recent years. Demand for innovative products leads to increased investment in R&D and the development of medical technologies. However, complex regulatory processes, reimbursement restrictions, and the costly process of developing advanced technologies are increasing the challenges for this industry. All the markets of Medical Devices have been affected negatively by the COVID-19 pandemic, mainly due to fewer new patients, barriers to healthcare access, and postponed treatments.
Cardiology Devices holds the top position among all markets in Medical Technologies, followed by Diagnostic Imaging Devices. Overall in Medical Devices and in each market, revenues are highest in the US.
Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.
Modeling approach / Market size:
Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.