According to Fortune Business Insights, in 2022 the Medical Devices market The global medical devices market was projected to grow from $495.46 billion in 2022 to $718.92 billion by 2029 at a CAGR of 5.5% in the forecast period, 2022-2029.
The Global Covid 19 pandemic did affect this industry experiencing a decrease in the demand for different devices and regions compared to different regions previous to this pandemic.
But, even though there was a reduction in some of the categories of medical devices, the surgical procedures and diagnoses are saving-the-numbers. In developing countries, there was an increase in consumables and capital equipment. The Medtech Industry is always changing and constantly updating due to continuous research and development of technologies, equipment, and devices and this is also a good sign for the industry as it is still and always trending to grow.
By 2022, there are still 15 companies that have the most portion of the medical devices market, even though there are hundreds of competitors and emerging companies and ventures.
These 15 companies are large, worldwide located, and have hundreds of employees. That being said, these 15 companies’ performances provide insights into the Medical Devices market, trends, research & development, sales and so many other important factors that can define and lead the path this important industry performed last year.
The top 5 of these companies and their market share are:
- Medtronic. $31.69B.
- Abbott. $30.01B.
- Johnson & Johnson. $27.06B.
- Siemens Healthineers. $20.95B.
- BD. $20.25B.
Following two years of fluctuations in demand for medical devices during the Covid-19 pandemic, experts in the medical devices market maintain their view that the global medical devices market will return to a stable level of growth in 2022, as it did.
Projections were that orthopedics and prosthetics will be the fastest-growing product area in 2022. For the major product categories within medical devices, forecast growth of between 3.0% and 5.2% y-o-y in 2022, which represents a return to pre-pandemic levels of stability across product categories in the medical devices market. Dental products and orthopedics and prosthetics will return to mid-single-digit growth, having recorded over 20% y-o-y growth in 2021 as a result of the limiting of elective surgeries of these two product categories in 2020. Also, for several countries that saw a limited impact from Covid-19 over 2020 and 2021, medical device projections are similar to pre-pandemic forecasts. This includes several markets in the Asia Pacific.
Supply chain diversification did continue in 2022, as developed markets continued to support an increase in domestic and regional production. This is a very relevant topic for us, Gauss Engineering Solutions, because, like many other companies, we are part of the supply chain ecosystem of the medical devices industry.
However, by 2022 supply chain management managed to recover and return almost to its pre-covid state; even with Russia’s invasion of Ukraine and other global situations that affected these processes.
Written by,
Gauss Engineering Solutions TEAM
January 2023