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Medical Devices Market Key Takeaways
• North America region has dominated the market with 40% of the total revenue share in 2023.
• By end-user, the hospitals and clinics segment has accounted for 88.5% of the total revenue share in 2023.
• The diagnostics centers segment is growing at a CAGR of 10.3% from 2024 to 2034.
The medical devices market revolves around the extensive applications of different types of instruments, machines, or appliances intended for healthcare purposes globally. These appliances include MRI machines, X-ray systems, CT Scan systems, radiotherapy units, mammography units, etc. These medical devices are very crucial in the diagnosis, treatment, and prognosis of a wide range of diseases occurring frequently among the large population. Healthcare professionals such as dentists, radiologists, ophthalmologists, surgeons, etc. routinely use these machines in their healthcare settings like hospitals, clinics, laboratories, and home care facilities.
In July 2024, the World Health Organization (WHO) established an online platform called Medical Devices Information System (MeDevIS), the first global open-access information platform for medical devices. According to the World Health Organization, about 10,000 medical devices are used for the protection, prevention, diagnostics, treatment, and rehabilitation of health issues worldwide. The diagnostic laboratory tests highly demand for pulse oximeters, digital thermometers, single-use syringes, and medical masks. Apart from this, the other medical equipment used in high demand are imaging radiology instruments, electrocardiograms, endoscopes, hemodialysis units, defibrillators, cardiac stents, and complex radiotherapy equipment.
U.S. Medical Devices Market size, Industry Report, 2034
The U.S. medical devices market was valued at USD 180.02 billion in 2024 and is anticipated to reach around USD 328.65 billion by 2034, growing at a CAGR of 6.2 % from 2024 to 2034.
North America dominated the medical devices market due to the emergence of smart technologies, the growing adoption of wearable devices, the prevalence of cardiological risks, and the high percentage of diabetic patients. There are high rates of patients diagnosed with sickle cell anemia, cancer, and neurological disorders which raises the need for high-performance medical appliances. A well-developed healthcare infrastructure, the rising healthcare expenses, and the growing health consciousness among people propel the market’s growth significantly.
In the United States, there is a rapid adoption of new and advanced medical technologies to enhance the quality of diagnosis and treatment procedures for treating complex health conditions which surges the market’s growth remarkably. The chronic conditions like coronary heart and stroke disorders along with respiratory illnesses like cardiovascular disorders and acute respiratory syndrome are increasing among the U.S. population which surges the need for more cardiopulmonary bypass surgeries and related medical devices.
According to the American Heart Association, the U.S. rate of heart failure patients is very high which again boosts the demand for medical devices to save lives of people. Additionally, the growing geriatric population in Canada is suffering from chronic conditions like orthopedic disorders, and respiratory and cardiopulmonary diseases which need medical diagnostics imaging and surgical procedures.
• In January 2024, Medtronic Plc announced the approval for the MiniMedTM 780G System with Simplera SynkTM, a continuous glucose monitor, and an advanced insulin delivery system that can automatically adjust insulin levels in diabetic patients after 5-minute intervals.
• In January 2024, Philips introduced AI-powered imaging solutions including MRI, CT systems, and next-generation ultrasound at the Indian Radiological and Imaging Association.
Asia Pacific is anticipated to be the fastest-growing region in the medical devices market during the forecast period due to several government initiatives to develop and optimize the medical devices industries in India. The continuously changing lifestyles of consumers, the growing population, and highly organized infrastructure are the major rationales behind the growth of the market. The increased rates of several kinds of diseases allow the emergence of well-equipped healthcare facilities and treatment solutions.
Moreover, the increasing geriatric population, the rising per capita income, and growing health concerns among people of all age groups drive the market’s expansion all across the region. The increasing investments in healthcare infrastructure in this region boost the demand for medical devices in healthcare settings. China and India are prominently contributing second and fifth positions in terms of revenue in the global market of the Asia Pacific region. In these countries, the local governments offer incentives for medical devices along with healthcare reforms.
• In March 2024, MeDevIS was launched by the WHO. MeDevIS is the better medical device information search engine platform which follows the naming systems wise the European Medical Device Nomenclature and the Global Medical Device Nomenclature.
• In August 2024, Medtronic announced the U.S. FDA approval for its SimpleraTM continuous glucose monitor system and the company has collaborated with a leading partnership of Abbott to continue efforts in making smart insulin delivery systems for diabetes patients.
• In May 2023, Medtronic Plc announced the introduction of the EcoPatch device based on microfluidic technology which is specifically designed for accurate, safe, and reliable insulin delivery in diabetic patients.
Medical Devices Market Scope
|
Report Highlights |
Details |
|
Market Size in 2023 |
USD 604.20 Billion |
|
Market Size in 2024 |
USD 640.45 Billion |
|
Market Size by 2034 |
USD 1,146.95 Billion |
|
Growth Rate from 2024 to 2034 |
CAGR of 6% |
|
Largest Market |
North America |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2034 |
|
Segments Covered |
Product, Therapeutic Application, End User, Region |
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Regional Scope |
Asia Pacific, North America, Europe, Latin America, Middle East and Africa |
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Major Trends in the Medical Devices Market
• Smart Wearable Devices Technology: The increased usage rates of smart wearable gadgets open favorable doors to monitor blood glucose levels, heart rates, and blood pressure, and to balance the insulin levels in the blood. These portable solutions can connect with small devices such as smartphones, showing low power consumption and small processor sizes. Complex portable devices require a graphical user interface, and wireless connectivity requires powerful processors and advanced operating systems, making them ideal. The rising adoption of image-guided therapy systems and smart wearable technology is anticipated to propel the growth of the medical devices market.
• Rising Adoption of Medical Devices in Healthcare: The rising adoption of medical appliances is seen in hospitals, medical centers, and healthcare research institutions due to their usefulness and convenience in health monitoring. The applications are not only limited to the on-site center services but also expanded to grow over remote services for people unable to leave their homes to get a better treatment plan. The increased awareness of sports fitness and the urge to live young and healthy has led to improvements in medical counseling and user-friendly discoveries. These devices are easy to carry, safe to use, and better to implement in day-to-day life to check health status.
• 3D Printing, IoT, and Regenerative Medicine: 3D-printed medical devices include orthopedic and cranial implants and surgical instruments with customized features that can be used to treat patients by identifying their physiology patterns and minimizing insertion pain. A growing aging population and the popular efforts of scientists towards regenerative medicine enable the replacement of defective organs, tissues, or cells with functional ones. The trending use of the Internet of Things (IoT) helps patients to connect with their physicians and in real-time tracking of appointments, medical bills, medicine purchase orders, etc. The healthcare information technology system allows for remote services by avoiding personal visits with the help of sensors, and connectivity tools.
Role of Artificial Intelligence in the Medical Devices Market
The AI algorithms help to analyze the medical images obtained from MRI and X-ray techniques. The insertion of AI in medical sectors is broadening the opportunities for accurate disease prediction, and precise clinical diagnosis. It helps in recommending personalized treatment plans to patients, and they can get alerts of any misfunctioning in their health through AI-powered wearable connectivity devices. The AI-powered miniature devices assist patients in caregivers to trace the correct status of pulse, oxygen saturation, brain activity, etc.
• In April 2024, IIT Madras announced the launch of India’s first mobile medical devices’ calibration facility by addressing the need for calibration accuracy of medical devices for the correct diagnosis and treatment.
What are implantable medical devices?
Implantable medical devices are placed into the human body either permanently or temporarily to support functions of specific organs or tissues, monitor physiological activities, or deliver medicines. Some implants are prosthetics and intended to replace damaged body parts. These devices could be made up of human tissues or exogenous materials, such as metals, plastics, and ceramics.
The functioning of active implantable medical devices depends on an electrical energy source other than that directly generated by the human body or gravity. These battery-powered devices are commonly used to support cardiac functions and are intended to remain inside the body after the surgical or medical implantation procedure.
Categories and classification of medical devices: UK case study
In the United Kingdom, medical devices have both a category and classification. In total, there are five categories of devices, which are determined according to their use:
• Non-invasive devices are not placed inside the body. Examples include walking sticks, artificial kidneys, and wheelchairs
• Invasive: these devices are inserted into orifices both in and on the body. Examples include contact lenses, examination gloves, enemas, and enemas
• Surgically invasive: these devices are either used during surgery or inserted. Examples include scalpels, catheters, and needles
• Active: devices that require an external source of power. Examples include ultrasound, x-ray equipment, and transcutaneous electrical nerve stimulation (TENS)
• Implantable: these devices are implanted in the body. Examples include orthopedic implants, intraocular lenses, and breast implants
In the United Kingdom, the four classes of General Medical devices reflect the inherent risk of a device. To categorize medical devices according to risk, the risk assessment considers but is not limited to consideration of its intended length of use, composition, and whether it is categorized as implanted or active.
• Class 1: examples include spectacles, stethoscopes, wheelchairs, and tongue depressors
• Class IIa: these include dental fillings, tracheotomy tubes, and surgical clamps
• Class IIb: examples include condoms, bone fixation plates, and lung ventilators
• Class III: examples include pacemakers, implanted cerebral stimulators, and heart valves
Overall, the WHO has several priorities it considers to be on its international agenda. The WHO cites a need to establish a uniform format for different countries to certify that medical devices produced and exported comply with domestic regulatory requirements.
This is important to minimize the risk of the production and use of substandard medical devices which are ineffective and unsafe. The WHO also cites the need for post-market surveillance and vigilance to ensure that medical devices continue to be safe and effective. With the worldwide increase in the use of medical devices, the WHO suggests that post-market surveillance and vigilance data will be instrumental in enhancing medical device safety.
Medical Devices Market Segmentation:
Product Insights
By product, the in-vitro diagnostics devices segment dominated the medical devices market due to their increased uses in the diagnosis of diseases and severe health conditions. The extensive use of diagnostics devices to prevent, treat, or cure diseases and to collect, prepare, and examine biological specimens from the patient’s body surges their demand in the market. Moreover, the rising incidence of chronic conditions and the need for precise and efficient testing kits for diseases like HIV/AIDS, malaria, cancer, and diabetes boost the demand for these medical appliances.
By product, the cardiovascular devices segment is anticipated to grow at the fastest rate in the medical devices market during the forecast period due to rapid technological advancements, the rising demand for minimally invasive procedures, and the rising incidence of cardiovascular conditions worldwide. The increased rates of heart conditions like stroke and cardiomyopathy contribute to cardio-related mortality cases. According to the Heart and Stroke Foundation of Canada, there are the highest rates of cardiovascular illnesses and cardiac arrest worldwide which surges the growth of this segment. The potential features of cardiovascular devices in the accurate detection and treatment of cardio disorders fuel the market’s expansion over the forecast period.
End User Insights
By the end user, the hospitals and ambulatory surgical centers segment dominated the medical devices market due to increasing healthcare expenditure, the rising developments in healthcare infrastructure, high emphasis on better patient outcomes, and attractive reimbursement policies. The increasing investments by countries in developing healthcare infrastructure are expected to reach high over the next five years. The importance of monitoring technologies in continuous patient monitoring and the excellence of telemedicine technologies in providing remote patient care boost the growth of the market globally.
By end user, the hospitals and clinics segment is expected to be the fastest-growing in the medical devices market during the forecast period due to the expansion of regional and super-specialty hospitals in developing as well as developed nations. The dependence of people on regular patient diagnosis and prominent treatments fuels the market’s expansion along with public awareness about personal care. The rising investments by hospitals and clinics in medical technologies to efficiently diagnose and treat disorders propel the growth of this segment. Medical devices are widely used by hospitals to achieve better patient outcomes and cut expenses.
Related Report
Wearable Medical Devices Market ; The global wearable medical devices market size was USD 33.90 billion in 2023, calculated at USD 42.68 billion in 2024 and is projected to surpass around USD 427.05 billion by 2034, expanding at a CAGR of 25.9% from 2024 to 2034.
3D Printing Medical Devices Market ; The global 3D printing medical devices market size is calculated at USD 4.74 billion in 2024 and is projected to surpass around USD 24.70 billion by 2034, growing at a CAGR of 17.95% from 2024 to 2034.
IoT Medical Devices Market ; The global IoT medical devices market size was USD 63.88 billion in 2023, calculated at USD 82.41 billion in 2024, and is expected to reach around USD 815.21 billion by 2033. The market is expanding at a solid CAGR of 29% over the forecast period 2024 to 2033.
Smart Medical Devices Market ; The global smart medical devices market size was valued at USD 46.80 billion in 2023 and is anticipated to reach around USD 152.30 billion by 2033, growing at a CAGR of 12.52% from 2024 to 2033.
Reprocessed Medical Devices Market : The global reprocessed medical devices market size was valued at USD 3.21 billion in 2024 and is predicted to reach around USD 15.64 billion by 2034, growing at a CAGR of 17.16% from 2024 to 2034.
Medical Devices Market Companies
• Fesenius Medical Care
• GE Healthcare
• Philips Healthcare
• Ethicon LLC
• Siemens Healthineers
• Stryker
• Cardinal Health
• Baxter International Inc.
• BD
Recent Developments
• In April 2024, Amkay Products, renowned for the manufacturing, assembling, and marketing of medical devices announced the launch of initial public offerings to raise Rs. 12.6 crore.
• In December 2023, MedTech Mitra, a supportive online platform was launched to assist medtech innovators with clinical evaluation, regulatory compliance, and product acceptance.
Segments Covered in the Report
By Product
• Monitoring Devices
o Cardiac Monitoring Devices
o Neuromonitoring Devices
o Respiratory Monitoring Device
o Multi-Parameter Monitoring Devices
o Hemodynamic Monitoring Devices
o Fetal and Neonatal Monitoring Devices
o Temperature Monitoring Devices
o Weight Monitoring Devices
• Diagnostic Devices
• Surgical ENT Devices
• Endoscopes
• Imaging Devices
• Diagnostic Molecular Devices
• Drug Delivery Devices
• Surgical Devices
• Bio Implants and Stimulation Devices
• Treatment Equipment
• Infusion Pumps
• Medical lasers and LASIK surgical machines
• Others
By Therapeutic Application
• Gastrointestinal surgery
• General Surgery
• Diagnostic Imaging
• Respiratory
• Orthopedics
• Cardiovascular
• Dental
• Neurology
• Ophthalmology
• Ear-Nose-Throat (ENT)
• Nephrology and Urology
• Others
By End User
• Hospitals & Clinics
• Diagnostic Centers
• Research laboratory
• Pharmaceutical Companies
By Regional Outlook
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
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