Report Highlights
The global market for medical devices reached $739.6 billion in 2023. It is expected to grow from $810.4 billion in 2024 to $1.3 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 through 2029.
Report Includes
- 58 data tables and 58 additional tables
- An analysis of the current and future global markets and technologies for medical devices
- Analyses of global market trends, with market revenue data (sales figures) for 2021-2023, estimates for 2024, and projected CAGRs through 2029
- Estimates of the market size and revenue forecasts for the global medical device market, with market share analysis by device types and subtypes, end-user, and region
- Discussion of the market dynamics, opportunities, and challenges, as well as emerging technologies
- Discussion of key regulations of the industry and coverage of advancements and recent innovations in the medical device industry
- Overview of sustainability trends and ESG developments in the industry, with emphasis on the ESG practices of leading companies, their ESG rankings, and consumer attitudes
- Competitive intelligence, including companies’ market shares, recent M&A activity, and venture funding.
- Profiles of the leading companies, including Abbott, BD, Danaher Corp., Medtronic and F. Hoffmann-La Roche Ltd.
Report Scope
This report provides an in-depth analysis of the market for medical device technology, including market estimations and trends through 2029. Major players, competitive intelligence, innovative technologies, market dynamics, and regional opportunities are discussed in detail. The report examines recent developments and product portfolios of major players. The report covers drivers, restraints, opportunities, emerging technologies, and a regulatory scenario assessment. The report includes market projections for 2029 and market shares for key players.
The report’s scope extends to only those medical device technologies that generate the most global revenue. Dental device technologies and some imaging devices used in dentistry overlap with other devices that are already covered under the imaging device technologies segments, so these have been excluded.
Based on device type, the market is segmented into drug delivery devices, in vitro diagnostics (IVD), urology and renal, orthopedics and spine, imaging devices, cardiovascular devices, and endoscopy. The imaging devices are categorized into X-ray systems, ultrasound systems, computed tomography, magnetic resonance imaging, clinical/point of care, interventional radiology, nuclear medicine/positron emission tomography, and laser imaging. Based on type of in vitro device, the market is segmented into immunochemistry, clinical chemistry, molecular diagnostics, point-of-care tests, and hematology. Based on type of cardiovascular device, the market is segmented into defibrillators, pacemakers, ventricular-assist devices, loop recorders, and others. Based on type of end user, the market is segmented into hospitals and clinics, home healthcare, ambulatory surgical centers, and diagnostic centers.
The market is segmented by geographical region into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Also included in the geographic breakdown are detailed analyses of major countries such as the U.S., Germany, the U.K., Italy, France, Spain, Japan, China, India, Brazil, Mexico, and Gulf Cooperation Council (GCC) countries. For market estimates, data is provided for 2023 as the base year, with estimates for 2024 and a forecast value for 2029.
Report Synopsis
Report Metrics | Details | ||||||||||||||||
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Base year considered | 2023 | ||||||||||||||||
Forecast period considered | 2024-2029 | ||||||||||||||||
Base year market size | $739.6 Billion | ||||||||||||||||
Market size forecast | $1.3 Trillion | ||||||||||||||||
Growth rate | CAGR of 9.8% from 2024 to 2029 | ||||||||||||||||
Units considered | $ Millions | ||||||||||||||||
Segments covered | By Device Type, End-user, and Region | ||||||||||||||||
Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) | ||||||||||||||||
Countries covered | U.S., Canada, Mexico, Brazil, Germany, France, U.K., Spain, Italy, Japan, China, India, Australia and New Zealand (ANZ), and GCC countries | ||||||||||||||||
Key Market Drivers |
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Companies studied |
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Frequently Asked Questions (FAQs)
Analyst Credentials
Partha Sarathi Das– Associate Consultant-Life Science Research
Partha Sarathi has an experience of nearly a decade in multiple domains, including healthcare, life science, biotechnology, pharmaceuticals, and healthcare IT. His expertise is in designing research studies, gathering data, and performing analysis, ultimately providing clients with actionable insights and recommendations based on their unique business needs. Designs proposal and participates in client queries for quick delivery based on their unique business needs. Academically, Parthasarathi holds a master’s degree in Biotechnology and a bachelor’s degree in Industrial Biotechnology.
Consulting Editor’s Credentials
Jason Chen has been an analyst and consultant for the polymer, composite, fibre, textile and energy industries for 19 years. He works as a researcher, writer and/or editor for the American Composites Manufacturers Association (ACMA), China Textile Academy (CTA), China Chemical Fiber Association (CCFA), International Fiber Journal, Filtration News, Platts Emission Daily, Vision Systems Design, Pesticide and Toxic Chemical News and MobileTex. He has a degree in Civil Engineering, Chemicals and Advanced Materials from Shantou University.
Report Highlights
The global market for medical device technologies is valued at $639.1 billion in 2021 and is estimated to grow from $676.0 billion in 2022 to $953.4 billion in 2027 with a compound annual growth rate (CAGR)of 7.1% for the period of 2022-2027.
Report Highlights
The global market for medical device technologies should grow from $605.7 billion in 2020 to $796.9 billion by 2025 with a compound annual growth rate (CAGR) of 5.6% for the period of 2020-2025.
Report Highlights
The global market for medical devices technologies reached nearly $521.2 billion in 2017 and should reach $674.5 billion by 2022, at a compound annual growth rate (CAGR) of 5.3% for the period of 2017-2022.
Report Highlights
The global market for medical device technologies reached $458.3 billion in 2015. The market should reach $483.5 billion in 2016 and $634.5 billion by 2021, growing at a compound annual growth rate (CAGR) of 5.6% from 2016 to 2021.
Report Highlights
BCC Research estimates the global market for medical device technologies as $390.3 billion in 2012. This indication has reached $411.8 billion in 2013 and is expected to reach $538.7 billion in 2018, registering a compound annual growth (CAGR) of 5.5% over the next five years.
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