Three Key Insights On The Medical Equipment Industry 2023-2032, By The Global Market Model

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Jun 02, 2023, 07:41 ET

The Business Research Company's flagship product, the Global Market Model is the world's largest database of market forecasts. Forecasts for over 5000 markets are updated every six months on the basis of economic, geopolitical, and sector-specific factors. The current forecast for the medical equipment industry was made in December 2022.

LONDON, June 2, 2023 /PRNewswire/ -- The Global Market Model's forecast provides accurate data on the global medical equipment industry which includes key opportunities in medical device industry, medical equipment industry segments, medical device industry growth rate, medical equipment industry trends, medical equipment manufacturing companies, medical equipment market drivers, and more across 60 geographies for the seven regions.

Three key insights on the industry:

1. Medical equipment industry revenue and its key drivers

The global medical equipment market was valued at $647.4 billion in 2022. The market accounted for 0.6% of the global GDP. The market is expected to grow at a compound annual growth rate (CAGR) of 8.1% during 2022 to 2032.

2. Medical equipment industry drivers

Technological advancements such as

3D printing
robotics
minimally invasive surgery technologies parts

3. Largest medical equipment segments and region

The in-vitro diagnostics market was the largest segment of the medical equipment market, accounting for 14.8% of the total in 2022. USA was the leading market in the medical equipment market, accounting for 29% of the total in 2022.

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In its most recent forecast for the medical equipment market, the Global Market Model has predicted consistent forecast growth (CAGR) over the next 10 years. Inflation, economic headwinds, the impact of the Russia-Ukraine war, and shortages of raw materials such as electronic components, metals, and plastics due to supply chain disruptions, which eventually led to higher medical equipment prices, were all factors considered in our previous forecast update. As a result, throughout this update cycle, our projections for this market are fairly comparable.

The Global Market Model also offers insights on the following industry indicators for the medical equipment market –