Global medical devices market to reach $827.88b by 2032

The rising prevalence of chronic diseases fuels sector growth.

The global medical devices market is projected to reach $827.88b in 2032 with a compound annual growth rate of 5.34% during the forecast period, according to Polaris Market Research.

In its latest report, it said the increasing prevalence of cardiovascular diseases, including stroke, heart failure, and cardiomyopathy, led to the increasing use of medical devices in hospitals and clinics across diverse geographies.

Other major factors driving the demand for medical devices are the aging global population, advancements in technology, and growth in home healthcare. 

Drug delivery devices are expected to see high adoption due to rising demand for targeted, efficient, and patient-friendly treatment methods.