Medical equipment refers to a broad category of devices, instruments, tools and machines used in the diagnosis, treatment, monitoring and prevention of diseases, injuries and medical conditions. These devices range from simple tools like thermometers and stethoscopes to complex machines such magnetic resonance imaging (MRI) scanners and surgical robots. Medical equipment plays a crucial role in healthcare delivery by aiding healthcare professionals in providing accurate diagnoses, delivering effective treatments and ensuring patient safety and comfort. Additionally, medical equipment encompasses a wide array of products designed for use in various healthcare settings, including hospitals, clinics, diagnostic centers and homecare environments.
The medical equipment market consists of sales, by entities (organizations, sole traders and partnerships), of medical equipment such as diagnostic imaging equipment, surgical instruments, orthopedic devices, dental equipment and hospital supplies. The market is diverse, catering to the needs of hospitals, clinics, diagnostic centers, research institutions and homecare settings.
The global medical equipment market was valued at $480,840.4 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.0%.
Increasing Aging Populations
The increase in the size of the aging population drove the expansion of the medical equipment market during this historic period. Aging population refers to a demographic trend characterized by a higher proportion of elderly individuals within a population compared to younger age groups. The aging population factored into the utilization of various types of medical equipment across multiple healthcare settings to address age-related health issues, improve quality of life and promote independent living. According to the World Health Organization, a US-based specialized health agency, globally, 1 in 6 people will be 60 or older by 2030 and there will be a further doubling of individuals in this age group (2.1 billion) by 2050. Additionally, according to the UK Parliament's House of Commons Library, a UK-based information resource, by 2043, there will be a rise in the senior population in the UK, which will make up 24% of the total population (17.4 million people).
Innovative CT Scanners To Democratize Access To Quality Healthcare
Companies operating in the medical equipment market are developing innovative technological products, such as the advanced CT (computed tomography) scanners to enhance clinical confidence in diagnosing diseases and improve operational efficiency in healthcare settings. For instance, in April 2022, GE HealthCare Technologies Inc., a US-based medical technology company, launched the made-in-India revolution aspire CT system to enhance access to quality healthcare across India, including tier 2 and tier 3 cities. Additionally, it offers higher imaging intelligence for improved clinical confidence in diagnosing diseases, operational efficiency and an improved cooling rate. These features collectively aim to democratize the healthcare market, making quality healthcare more accessible beyond major cities and empowering clinicians with greater efficiency, better results and higher comfort.
The global medical equipment market is highly concentrated, with a large number of players operating in the market. The top ten competitors in the market made up to 32.4% of the total market in 2022.
Medical Equipment Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global medical equipment market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for medical equipment? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The medical equipment market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider medical equipment market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by type of expenditure, by product and by end user.
- Product Analysis- The product analysis section of the report describes the leading products in the medical equipment market, along with key features and differentiators for those products.
- Supply Chain- The supply chain section of the report defines and explains the key players in the medical equipment industry supply chain.
- Customer Information- The chapter covers recent customer trends/preferences in the global medical equipment market.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the medical equipment market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by type of expenditure, by product and by end user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for medical equipment providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: In-Vitro Diagnostics; Dental Equipment And Supplies; Ophthalmic Devices; Diagnostic Imaging Equipment; Cardiovascular Devices; Hospital Supplies; Surgical Equipment; Orthopedic Devices; Other Types
- 2) By Type Of Expenditure: Public; Private
- 3) By Product: Instruments/Equipment; Disposables
- 4) By End User: Hospitals and Clinics; Homecare; Diagnostic Centers; Other End Users
- Companies Mentioned: Medtronic Inc; Abbott Laboratories; Johnson & Johnson; Siemens AG; Becton Dickinson and Company (BD)
- Countries: Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; medical equipment indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.