The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s medical equipment market report forecasts the medical equipment market size to grow to $922.39 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.

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Medical Equipment Market Size Forecast
The global medical equipment market is expected to grow from $639.75 billion in 2022 to $695.05 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical equipment market is expected to grow to $922.39 billion in 2027 at a CAGR of 7.3%.

North America held the largest medical equipment market share.

Key Medical Equipment Market Driver ­– Rise In Sedentary Jobs, Busy Lifestyles, And Changing Consumer Preferences
According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally, by the year 2020. This is increasing the demand for medical devices used in the diagnosis, prognosis, and treatment of several diseases, thereby driving the demand for medical equipment. These factors are expected to increase the patient pool globally, thereby driving the market during the forecast period.

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Key Medical Equipment Market Trend – Integrating Medical Device Data With EMR
Device performance and patient data are available to healthcare service providers and are helping them to improve patient monitoring and overall care quality. Some companies are integrating medical device data with EMR (Electronic Medical Records) to improve transparency and collaboration. As consumer wearables are becoming more common, patient data volumes are increasing and companies are investing in deploying data management, warehousing, and security technologies. For example, Medtronic launched a tool to augment their cardiac devices to securely transfer device data to doctors and allow them to monitor the critical health indicators of their patients.

Medical Equipment Market Segment
1) By Type: In-Vitro Diagnostics, Dental Equipment And Supplies, Ophthalmic Devices, Diagnostic Imaging Equipment, Cardiovascular Devices, Hospital Supplies, Surgical Equipment, Orthopedic Devices, Patient Monitoring Devices, Diabetes Care Devices, Nephrology And Urology Devices, ENT Devices, Anesthesia And Respiratory Devices, Neurology Devices, Wound Care Devices
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By End User: Hospitals And Clinics, Homecare, Diagnostics Centers, Other End Users

Medical Equipment Market Major Players and Strategies
Major players in the medical equipment market are Medtronic Inc., Abbott Laboratories, Johnson & Johnson, Cardinal Health, Inc., Becton Dickinson, Siemens AG, STRYKER CORPORATION, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd., and Boston Scientific Corporation.

The Medical Equipment Global Market Report 2023 covers regional data on medical equipment market size, medical equipment market trends and drivers, opportunities, strategies, and medical equipment market competitor analysis. The countries covered in the medical equipment market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Medical equipment are devices that can be instrument, apparatus or machine that can be used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting or modifying the structure or function of the body for health purpose.

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