The global medical devices market is experiencing significant growth, driven by the rapidly aging population worldwide. According to United Nations projections, the number of people aged 65 years or older is expected to reach 1.5 billion by 2050, representing 16% of the global population. This demographic shift is particularly pronounced in regions like Europe and North America, where the elderly population is projected to reach 26.9% by 2050. The increasing prevalence of age-related conditions, such as cardiovascular diseases, orthopedic disorders, and visual impairments among the elderly, is driving the demand for advanced medical devices technology for diagnosis, treatment, and monitoring.
The impact of the aging population on the medical devices market is evident in various regions. In Saudi Arabia, for instance, the number of people aged 60 or more is expected to increase five-fold between 2020-2050, from 2 million to 10.5 million. This demographic transition is creating a substantial market opportunity for medical device manufacturers, particularly in segments such as cardiology devices, orthopedic devices, and diagnostic imaging equipment. The growing geriatric population is also driving innovation in remote patient monitoring devices and wearable technologies, enabling better management of chronic conditions and improving the quality of life for older adults.