Selbyville, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) —
Medical Products Market size was valued at USD 25.2 billion in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2032, driven by advancements in medical technology, a rising prevalence of chronic diseases, growing health awareness, and the expansion of healthcare infrastructure.
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The increasing incidence of chronic diseases such as diabetes, cardiovascular issues, and respiratory disorders is a significant factor contributing to medical products market evolution. Lifestyle changes, poor dietary habits, and increased stress are driving these conditions. As the need for continuous monitoring and treatment of chronic diseases rises, so does the demand for medical products, fueling the market’s expansion.
Technological innovations in healthcare, such as minimally invasive procedures, advanced imaging techniques, and telemedicine, are revolutionizing medical care. These innovations are enhancing efficiency in healthcare delivery, drawing attention from healthcare providers and patients alike, and contributing to the expansion of the industry.
Medical products are essential in diagnosing, treating, and preventing various medical conditions. This category includes devices, instruments, surgical tools, and consumables, all aimed at improving patient care and ensuring effective medical interventions.
The medical products market is segmented by product type, including wheelchairs, medical beds, walkers, bathroom assistive products, and orthopedic devices. In 2023, wheelchairs led the market with revenue of approximately USD 6 billion. The aging global population, combined with rising mobility challenges due to conditions such as arthritis and osteoporosis, is significantly boosting demand for wheelchairs. Additionally, the increasing prevalence of disabilities due to accidents, injuries, and chronic illnesses is further driving demand.
By end-use, the market is classified into hospitals, ambulatory surgical centers, home healthcare, and others. The home healthcare segment dominated the market in 2023, with a 38.9% market share. Home healthcare is cost-effective and allows patients to manage their health from the comfort of their homes, a trend supported by advancements in portable medical devices.
In 2023, North America generated USD 8.5 billion in revenue in the medical products market and is expected to grow at a CAGR of 4.4% from 2024 to 2032. The region’s advanced healthcare infrastructure and high healthcare spending per capita are key factors driving the market’s development in North America.
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Major players in medical products market include Antano Group, Cardinal Health, Inc., Compass Health Brands, Gendron Inc., Getinge AB, GF Health Products Inc., Hill-Rom Holdings, Inc., INTCO MEDICAL TECHNOLOGY CO., LTD, Invacare Corporation, Malvestio Spa, Medline Industries Inc., Paramount Bed, Co, Ltd., Pride Mobility Products Ltd., Stryker Corporation, and Sunrise Medical among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Growing geriatric population base
3.2.1.2 Rising number of disabilities and road accidents
3.2.1.3 Technological advancements
3.2.1.4 Increasing investments in healthcare infrastructural development and healthcare facilities
3.2.2 Industry pitfalls & challenges
3.2.2.1 Stringent regulations
3.2.2.2 High cost of the devices
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Gap analysis
3.6 Porter’s analysis
3.7 PESTEL analysis
3.8 Future market trends
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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