Medical Equipment Global Market Opportunities and Strategies to 2033

This report describes and explains the medical equipment market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global medical equipment market reached a value of nearly $680.9 billion in 2023, having grown at a compound annual growth rate (CAGR) of 7.2% since 2018. The market is expected to grow from $680.9 billion in 2023 to $1.08 trillion in 2028 at a rate of 9.8%. The market is then expected to grow at a CAGR of 8.9% from 2028 and reach $1.66 trillion in 2033.

Growth in the historic period resulted from increase in the size of the aging population, rise in healthcare expenditures, increased number of surgical procedures and growth in the adoption of telemedicine. Factors that high development costs.

Going forward, strong economic growth, government initiatives in healthcare, rising prevalence of chronic diseases and growing medical tourism industry will drive the growth. Factor that could hinder the export restrictions.

The medical equipment market is segmented by type into into in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices and other types. The other types market was the largest segment of the medical equipment market segmented by type, accounting for 39.2% or $267.1 billion of the total in 2023. Going forward, the in-vitro diagnostics segment is expected to be the fastest growing segment in the medical equipment market segmented by type, at a CAGR of 13.5% during 2023-2028.

The medical equipment market is segmented by type of expenditure into public and private. The public market was the largest segment of the medical equipment market segmented by type of expenditure, accounting for 68.6% or $515 billion of the total in 2023. Going forward, the private segment is expected to be the fastest growing segment in the medical equipment market segmented by type of expenditure, at a CAGR of 10% during 2023-2028.

The medical equipment market is segmented by product into instruments/equipment and disposables. The instruments/equipment market was the largest segment of the medical equipment market segmented by product, accounting for 72.9% or $496.6 billion of the total in 2023. Going forward, the disposables segment is expected to be the fastest growing segment in the medical equipment market segmented by product, at a CAGR of 10.2% during 2023-2028.

The medical equipment market is segmented by end user into hospitals and clinics, homecare, diagnostic centers other end users. The hospitals and clinics market was the largest segment of the medical equipment market segmented by end user, accounting for 53.2% or $362.1 billion of the total in 2023. Going forward, the homecare segment is expected to be the fastest growing segment in the medical equipment market segmented by end user, at a CAGR of 10.6% during 2023-2028.

North America was the largest region in the medical equipment market, accounting for 34.4% or $234.3 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the medical equipment market will be Middle East and South America where growth will be at CAGRs of 22.8% and 12.8% respectively. These will be followed by Asia Pacific and Western Europe where the markets are expected to grow at CAGRs of 9.4% and 9.2% respectively.

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. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Medtronic Inc was the largest competitor with a 4.6% share of the market, followed by Abbott Laboratories with 4.6%, Johnson & Johnson with 4.4%, Siemens AG with 3.2%, Becton Dickinson and Company (BD) with 3.1%, STRYKER CORPORATION with 3%, EssilorLuxottica with 2.6%, Cardinal Health with 2.6%, Danaher Corporation with 2.3% and Boston Scientific Corporation with 2.1%.

The top opportunities in the medical equipment market segmented by type will arise in the other types segment, which will gain $168.8 billion of global annual sales by 2028. The top opportunities in the medical equipment market by type of expenditure will arise in the public segment, which will gain $274.4 billion of global annual sales by 2028. The top opportunities in the medical equipment market by product will arise in the instruments/equipment segment, which will gain $289.9 billion of global annual sales by 2028. The top opportunities in the medical equipment market by end user will arise in the hospitals and clinics segment, which will gain $217.8 billion of global annual sales by 2028. The medical equipment market size will gain the most in USA at $86 billion.

Market-trend-based strategies for the medical equipment market include focus on innovative CT scanners to democratize access to quality healthcare, innovative medical solutions for microbial identification, AI-enabled MRI systems redefining diagnostic accuracy and patient experience, innovative multifunctional non-invasive ventilators with built-in oxygen therapy and humidifier and strategic partnerships and collaborations to drive medical equipment development.

Player-adopted strategies in the medical equipment market include focus on expanding manufacturing capabilities globally across different countries and regions, investments in R&D and launch of new products, expanding product offerings through strategic acquisitions, collaborating with stakeholders to expand manufacturing capabilities and strengthening its business operations through the launch of new products and solutions.

To take advantage of the opportunities, the analyst recommends medical equipment companies to focus on technological innovation for enhanced healthcare, focus on technological advancements in microbial identification, focus on ai-enabled MRI systems for enhanced diagnostic capabilities, focus on multifunctional non-invasive ventilators for enhanced patient care, focus on in-vitro diagnostics and ophthalmic devices segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for market expansion, provide competitively priced offerings, continue to use B2B promotions and focus on hospitals and clinics and homecare segments.