Medical Equipments Market Report 2024 (Global Edition)

Global Medical Equipments Market Report 2024 Market Size Split by Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic Devices, D...

Medical Equipments Market Report Description

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Medical Equipments Market Insights Video

Competitive Landscape of the Medical Equipment Market

The Competitive Landscape of the Medical Equipment Market is characterized by intense competition among key players, driven by factors such as technological advancements, product innovation, and market expansion strategies. Key players in the market include multinational corporations, as well as small and medium-sized enterprises (SMEs), each vying for market share and competitive advantage

In May 2022, Stryker launched EasyFuseDynamic Compression System. It is a foot and ankle staple system which is designed to decrease surgical complexity, provide strong dynamic-compression implants, and reduce waste in the operating room.

(Source: https://www.stryker.com/us/en/about/news/2022/stryker-launches-easyfuse-dynamic-compression-system-for-high-de.html)

In January 2023 - Abbott received USFDA approval for Proclaim XR Spinal Cord Stimulation (SCS) system to treat painful Diabetic Peripheral Neuropathy (DPN).

(Source:https://abbott.mediaroom.com/2023-01-26-FDA-Approves-Abbotts-Spinal-Cord-Stimulation-for-People-Living-with-Painful-Diabetic-Peripheral-Neuropathy#:~:text=ABBOTT%20PARK%2C%20Ill.%2C%20Jan,a%20debilitating%20complication%20of%20diabetes.)

Top Companies Market Share in Medical Equipments Industry: (In no particular order of Rank)

• Stryker (U.S.)
• Johnson & Johnson Services Inc. (U.S.)
• Fresenius SE & Co. KGaA (Germany)
• Koninklijke Philips N.V. (Netherlands)
• Abbott (U.S.)
• General Electric Company (U.S.)
• Siemens Healthineers AG (Germany)
• BD (U.S.)
• Cardinal Health (U.S.)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Medical Equipment Market

Which Region Dominates the Medical Equipment Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America is the dominant region in the Medical Equipment Market primarily due to several factors. The region boasts a well-established healthcare infrastructure, high healthcare expenditure, and a large base of medical device manufacturers. Additionally, the presence of key market players, advanced technological innovations, and a strong focus on research and development contribute to the region's dominance. Moreover, the increasing prevalence of chronic diseases, rising geriatric population, and favorable government initiatives and regulations further drive the demand for medical equipment in North America. These factors, combined with the region's robust economy and high healthcare standards, make it a key market for medical equipment.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific stands out as the fastest-growing region in the Medical Equipment market due to several compelling reasons. The region is witnessing rapid urbanization and a growing middle class, leading to increased healthcare spending and a higher demand for medical equipment. Additionally, improving healthcare infrastructure, rising awareness about healthcare, and expanding access to medical services in rural areas are driving market growth. Moreover, the presence of a large patient population, particularly in countries like China and India, is fueling demand for medical equipment

The current report Scope analyzes Medical Equipments Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Medical Equipments Market

According to Cognitive Market Research, the global Medical Equipment market size was estimated at USD 63581.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 25432.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.North America is a key region in the Medical Equipment Market, driven by factors such as advanced healthcare infrastructure, technological advancements, and high healthcare spending. The Medical Equipment Market in North America is segmented based on type, end user, and application. The market includes a wide range of medical devices and equipment, such as diagnostic imaging devices, orthopedic devices, and surgical instruments. In conclusion, the North America Medical Equipment Market is poised for steady growth, driven by factors such as technological advancements, high healthcare expenditure, and a favorable regulatory environment.

• According to Cognitive Market Research, the US had a major share in the Medical Equipment market with a market size of USD 20066.23 million in 2024 and is projected to grow at a CAGR of 10.0% during the forecast period. The demand is amplified by the nation's technological advancements, high healthcare expenditure, and a favorable regulatory environment propels consistent growth.
• The Canada Medical Equipment market had a market share of USD 3051.90 million in 2024 and is projected to grow at a CAGR of 11.0% during the forecast period. Canada's robust high healthcare expenditure, and a favorable regulatory environment to increased usage of Medical Equipment.
• The Mexico Medical Equipment market is projected to witness growth at a CAGR of 10.7% during the forecast period with a market size of USD 2314.36 million in 2024.

Europe Medical Equipments Market

According to Cognitive Market Research, the global Medical Equipment market size was estimated at USD 63581.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 19074.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2031.Europe is a prominent region in the Medical Equipment Market, characterized by advanced healthcare infrastructure, high-quality healthcare services, and a strong regulatory framework. The Medical Equipment Market in Europe is segmented based on type, end user, and application. The market includes a wide range of medical devices and equipment, such as diagnostic imaging devices, surgical instruments, and patient monitoring devices. In conclusion, the Europe Medical Equipment Market is poised for significant growth, driven by factors such as technological advancements, increasing healthcare expenditure, and the growing aging population. The region's strong regulatory framework and focus on healthcare innovation create opportunities for market expansion and product development.

• The United Kingdom Medical Equipment market had a market share of USD 3204.49 million in 2024 and is projected to grow at a CAGR of 11.3% during the forecast period. In the UK, Medical Equipment sales witness an upswing due to the nation's invest in healthcare infrastructure and adopts new medical technologies.
• The France Medical Equipment market is projected to witness growth at a CAGR of 9.7% during the forecast period with a market size of USD 1754.84 million in 2024.
• According to Cognitive Market Research, the Germany Medical Equipment market size was valued at USD 3776.72 million in 2024 and is projected to grow at a CAGR of 10.7% during the forecast period. In Germany, Medical Equipment sales surge due to the nation's presence of leading healthcare organizations and research institutions.
• The Italy Medical Equipment market is projected to witness growth at a CAGR of 9.9% during the forecast period with a market size of USD 1640.39 million in 2024.
• The Russia Medical Equipment market is projected to witness growth at a CAGR of 9.5% during the forecast period with a market size of USD 2956.53 million in 2024.
• The Spain Medical Equipment market is projected to witness growth at a CAGR of 9.6% during the forecast period with a market size of USD 1564.10 million in 2024.
• The Luxembourg Medical Equipment market is projected to witness growth at a CAGR of 10.6% during the forecast period with a market size of USD 591.31 million in 2024.
• The Portugal Medical Equipment market is projected to witness growth at a CAGR of 10.3% during the forecast period with a market size of USD 400.56 million in 2024.
• The Greece Medical Equipment market is projected to witness growth at a CAGR of 10.8% during the forecast period with a market size of USD 228.89 million in 2024.
• Rest of Europe Medical Equipment market is projected to witness growth at a CAGR of 9.2% during the forecast period with a market size of USD 2956.53 million in 2024.

Asia Pacific Medical Equipments Market

According to Cognitive Market Research, the global Medical Equipment market size was estimated at USD 63581.2Million out of which Asia Pacific held the market ofaround23% of the global revenue with a market size of USD 14623.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.0% from 2024 to 2031.The Asia Pacific region is a rapidly growing market in the Medical Equipment Market, driven by factors such as increasing healthcare expenditure, rising prevalence of chronic diseases, and improving healthcare infrastructure. The Medical Equipment Market in Asia Pacific is segmented based on type, end user, and application. The market includes a wide range of medical devices and equipment, such as diagnostic imaging devices, surgical instruments, and patient monitoring devices. In conclusion, the Asia Pacific Medical Equipment Market presents lucrative opportunities for manufacturers and suppliers, fueled by factors such as increasing healthcare expenditure, rising prevalence of chronic diseases, and improving healthcare infrastructure. The region's diverse market landscape and growing healthcare needs create a favorable environment for market growth and innovation.

• According to Cognitive Market Research, the China Medical Equipment market size was valued at USD 6580.65 million in 2024 and is projected to grow at a CAGR of 13.5% during the forecast period. Medical Equipment sales surge in China due to the nation's increasing healthcare expenditure, rising prevalence of chronic diseases.
• The Japan Medical Equipment market is projected to witness growth at a CAGR of 12.5% during the forecast period with a market size of USD 2018.07 million in 2024.
• The India Medical Equipment market had a market share of USD 1754.84 million in 2024 and is projected to grow at a CAGR of 15.8% during the forecast period. The demand is augmented by India's improving healthcare infrastructure.
• The South Korea Medical Equipment market is projected to witness growth at a CAGR of 13.1% during the forecast period with a market size of USD 1462.37 million in 2024.
• The Australia Medical Equipment market is projected to witness growth at a CAGR of 13.7% during the forecast period with a market size of USD 760.43 million in 2024.
• The South East Asia Medical Equipment market is projected to witness growth at a CAGR of 15.0% during the forecast period with a market size of USD 1009.03 million in 2024.
• The Rest of Asia Pacific Medical Equipment market is projected to witness growth at a CAGR of 13.8% during the forecast period with a market size of USD 1038.28 million in 2024.

South America Medical Equipments Market

According to Cognitive Market Research, the global Medical Equipment market size was estimated at USD 63581.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 3179.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.4% from 2024 to 2031.Latin America is an emerging market in the Medical Equipment Market, driven by factors such as increasing healthcare expenditure, growing awareness of healthcare among the population, and improving healthcare infrastructure. The Medical Equipment Market in Latin America is segmented based on type, end user, and application. The market includes a wide range of medical devices and equipment, such as diagnostic imaging devices, surgical instruments, and patient monitoring devices. In conclusion, the Latin America Medical Equipment Market presents promising opportunities for manufacturers and suppliers, fueled by factors such as increasing healthcare expenditure, growing middle-class population, and improving healthcare infrastructure.

• According to Cognitive Market Research, the Brazil Medical Equipment market size was valued at USD 1360.64 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period. Medical Equipment sales flourish in Brazil due to the nation's increasing healthcare expenditure, growing middle-class population.
• The Argentina Medical Equipment market had a market share of USD 534.08 million in 2024 and is projected to grow at a CAGR of 12.3% during the forecast period. The demand is augmented by Argentina's improving healthcare infrastructure.
• The Colombia Medical Equipment market is projected to witness growth at a CAGR of 11.2% during the forecast period with a market size of USD 282.94 million in 2024.
• The Peru Medical Equipment market is projected to witness growth at a CAGR of 11.6% during the forecast period with a market size of USD 260.68 million in 2024.
• The Chile Medical Equipment market is projected to witness growth at a CAGR of 11.7% during the forecast period with a market size of USD 228.89 million in 2024.
• The Rest of Latin America Medical Equipment market is projected to witness growth at a CAGR of 10.5% during the forecast period with a market size of USD 511.83 million in 2024.

Middle East and Africa Medical Equipments Market

According to Cognitive Market Research, the global Medical Equipment market size was estimated at USD 63581.2 Million out of which Middle East and Africa held the major market ofaround 2% of the global revenue with a market size of USD 1271.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.7% from 2024 to 2031. The Middle East and Africa (MEA) region is a growing market in the Medical Equipment Market, driven by factors such as increasing healthcare expenditure, improving healthcare infrastructure, and a growing population. The Medical Equipment Market in the Middle East and Africa is segmented based on type, end user, and application. The market includes a wide range of medical devices and equipment, such as diagnostic imaging devices, surgical instruments, and patient monitoring devices. In conclusion, the Middle East and Africa Medical Equipment Market present promising opportunities for manufacturers and suppliers, fueled by factors such as increasing healthcare expenditure, growing middle-class population, and improving healthcare infrastructure.

• The GCC Countries Medical Equipment market is projected to witness growth at a CAGR of 12.5% during the forecast period with a market size of USD 544.26 million in 2024.Medical Equipment sales flourish due to the region's investing in healthcare infrastructure.
• The Egypt Medical Equipment market is projected to witness growth at a CAGR of 12.0% during the forecast period with a market size of USD 133.52 million in 2024.
• The South Africa Medical Equipment market is projected to witness growth at a CAGR of 12.7% during the forecast period with a market size of USD 200.92 million in 2024. Medical Equipment sales flourish in South Africa due to the region's adopting new technologies to improve healthcare access and quality.
• The Turkey Medical Equipment market is projected to witness growth at a CAGR of 11.2% during the forecast period with a market size of USD 109.36 million in 2024.
• The Nigeria Medical Equipment market is projected to witness growth at a CAGR of 10.8% during the forecast period with a market size of USD 133.52 million in 2024.
• The Rest of MEA Medical Equipment market is projected to witness growth at a CAGR of 10.7% during the forecast period with a market size of USD 150.05 million in 2024.

Medical Equipments Market Analysis

Medical Equipment Market Type Segment Analysis

According to Cognitive Market Research, the dominant category in the Medical Equipment Market is Orthopedic Devices, which includes a wide range of devices used in the treatment of musculoskeletal conditions and injuries. This category includes devices such as joint implants, bone plates, and spinal devices, which are essential in orthopedic surgeries and treatments. The dominance of orthopedic devices can be attributed to the high prevalence of orthopedic conditions, such as arthritis and fractures, which require surgical intervention and long-term management.

The fastest-growing category in the Medical Equipment Market is Diagnostic Imaging, which includes devices used to create images of the body's internal structures for diagnosis and treatment planning. This category includes devices such as X-ray machines, CT scanners, and MRI machines, which are essential in modern healthcare for diagnosing a wide range of conditions, from fractures to cancer. The growth of diagnostic imaging can be attributed to technological advancements, which have led to the development of more advanced imaging modalities with higher resolution and faster scanning times.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Medical Equipments Industry. Request a Free Sample PDF!

Medical Equipment Market End User Segment Analysis

According to Cognitive Market Research, the dominant category in the Medical Equipment Market is Hospitals & ASCs, which encompass a wide range of healthcare facilities that provide inpatient and outpatient services. Hospitals are the primary users of medical equipment, as they require a variety of devices and instruments to diagnose, treat, and monitor patients. ASCs, on the other hand, are specialized facilities that focus on performing surgical procedures on an outpatient basis. The dominance of Hospitals & ASCs can be attributed to the high volume of patients they serve and the wide range of medical services they provide.

The fastest-growing category in the Medical Equipment Market is Clinics, which include a variety of healthcare facilities that provide specialized medical services on an outpatient basis. Clinics can range from small, independent practices to large, multi-specialty clinics that offer a wide range of services. The growth of Clinics as an end user category can be attributed to several factors, including the increasing trend towards outpatient care, which is driven by the need to reduce healthcare costs and improve patient convenience. Additionally, the growing focus on preventive healthcare and early diagnosis is driving the demand for medical equipment in clinics, as they play a crucial role in providing primary and preventive care services.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Anushka Gore

Research Associate at Cognitive Market Research

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Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.

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