U.S. Medical Device Manufacturers Market Size to Hit US$ 265.1 BN by 2030

The U.S. Medical Device Manufacturers market size was valued at US$ 177.0 billion in 2021 and is expected to hit US$ 265.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.85% from 2022 to 2030.

The rising prevalence of chronic diseases and the increasing geriatric population in the country are the key market drivers. The onset of chronic diseases is more commonly prevalent between the age group of 45 and 54 years. Consumable medical devices and patient aids, such as gloves, syringes, masks, PPE kits, infrared thermometers, pulse oximeter, and testing kits, observed a sudden upsurge in demand owing to the COVID-19 pandemic. The scenario set off lucrative opportunities for both existing players and new entrants.

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However, medical devices used in elective procedures, such as bariatric surgeries, joint replacement surgeries, and cosmetic surgeries, experienced a decline in demand. The market recovery can be expected from mid-2021 onwards with favorable government initiatives to re-launch elective procedures. There has been a recent increase in demand for minimally invasive surgeries and this is consequently expected to drive the market for medical device suppliers. Minimally invasive surgeries involve smaller incisions, shorter hospital stay, rapid wound healing, lesser pain & surgical wounds, and lower risk of complications than open surgeries. They also aid in controlling healthcare costs.

According to the ASPS annual plastic surgery statistics report, there were more than 17.7 million surgical and minimally-invasive cosmetic procedures performed in the United States in 2018, a number that has risen steadily over the past five years. Such factors will boost the market over the forecast period. Since injectable pens are mostly used in diseases such as arthritis, diabetes, osteoporosis, growth hormone deficiency, and anaphylaxis, the increasing prevalence of these diseases is expected to drive the market for injectable devices. Favorable reimbursement policies, such as the U.S. Medicare system, have been playing an important role in the growth of the bronchoscopes market.

Some of the bronchial procedures for which reimbursements are available are bronchial or endobronchial biopsy, transbronchial lung biopsy, bronchoalveolar lavage, and rigid and flexible bronchoscopy. The favorable reimbursement structure is expected to fuel market growth. Other factors that boost market growth include rising cases of lifestyle-associated health conditions, accidents, and sports injuries. Growing demand for effective emergency care and increasing adoption of mobile surgery centers are also expected to drive the market during the forecast period.

Report Scope of the U.S. Medical Device Manufacturers Market

Type Insights

The diagnostic imaging segment captured the largest market share of over 32.9% in 2021 owing to the high demand for accurate diagnostic methods and devices. Chronic diseases accounted for a significant share of the country’s healthcare expenditure, as they require long-term medical care. Healthcare organizations are therefore looking for options to reduce healthcare costs. In recent years, the category of imaging equipment has witnessed several new product launches and currently has a large number of devices in the pipeline.

The incidence of chronic diseases is increasing globally, and early diagnosis can be extremely crucial in determining treatment plans. The presence of state-of-the-art medical devices within the U.S. region attracts a lot of foreign patients, thereby sustaining the investment by hospitals and healthcare providers into the segment. Furthermore, an increase in the number of sports and trauma injuries is boosting demand for orthopedic devices, leading to market growth.

Favorable reimbursement structure leads to higher adoption of medical devices among patients in the U.S., leading to the growth of the market for medical device suppliers. For instance, CMS (Center for Medicare & Medicaid Services) announced the Primary Cares Initiative (PCI) in 2019. It is a set of new payment models to help primary care providers transition to performance-based risk.

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Key Companies & Market Share Insights

New product launches, technological advancements, and capacity expansion are few strategic initiatives undertaken by key players to achieve competitive advantage. New technologies, such as 3D printing, can be used to increase production to meet the sudden upsurge in product demand due to the global coronavirus pandemic. The U.S. government is spending heavily to overcome the shortfalls in medical devices, such as pulse oximeter and N95 respirators.

For instance, General Motors received an order of $489.4 million to deliver 6,132 ventilators by mid-2020. GM collaborated with Ventec Life Systems to increase its production. In April 2017, Abbott and Alere amended the terms of their merger agreement for the former’s acquisition of the latter to expand Abbott’s global presence and leadership in diagnostics. Some of the key players in the U.S. medical device manufacturers market include:

• 3M Healthcare
• Abbott
• Baxter International, Inc.
• B. Braun Melsungen AG
• GE Healthcare
• Johnson & Johnson Services, Inc.
• Medtronic PLC
• Boston Scientific Corp.

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030

• By Type
  • Diagnostic Imaging
  • Consumables
  • Patient Aid
  • Orthopedics
  • Others

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Key Questions Answered in U.S. Medical Device Manufacturers Market Report

• What will be the sales/revenue generated by U.S. Medical Device Manufacturers across all regions during the forecast period?
• What are the opportunities in the U.S. Medical Device Manufacturers market?
• What are the major drivers, restraints, opportunities, and threats in the market?
• Which regional market is set to expand at the fastest CAGR during the forecast period?
• Which application is expected to generate the highest revenue U.S. in 2030?
• Which segment is projected to expand at the highest CAGR during the forecast period?
• What is the market position of different companies operating in the U.S. market?

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