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The global medical device market size is anticipated to increase from USD 528.88 billion in 2024 to reach USD 857.39 billion by 2035, growing at a CAGR of 4.49% during the forecast period.
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Medical devices have become an integral part of the healthcare industry as these devices improve the accessibility of healthcare services given to the patients remotely. These devices feature smart sensors and technologies (such as artificial intelligence) that help in the collection of information about vital health parameters of a patient. The information collected from these medical devices helps in designing treatment plans for patients with chronic diseases. With the increase in the population suffering from chronic diseases, such as diabetes and cancer, there has been a surge in the demand for advanced medical devices that enable disease diagnosis and treatment without visiting healthcare centers.
Notably, software-based medical devices (including, but not limited to glucose monitoring devices, neurovascular devices, implantable devices, imaging devices, neurostimulator devices and cardiovascular devices) have completely revolutionized the treatment regimen, making healthcare services more accessible and affordable. For instance, portable handled ultrasound scanners have played a significant role in remote disease diagnosis, empowering patients and clinicians with accurate information in real time. This supports the doctors to prepare customized treatment plan based on the patient’s individual requirement. The growth has been further bolstered by the growing trend of homecare, which has been possible owing to the availability of medical devices such as at home testing kits, remote patient monitoring devices, and wearable medical devices.
Driven by the ongoing demand for advanced medical devices, several industry stakeholders are showing keen interest in this field aiming for technological advancements to make these devices more accessible. However, the primary focus will remain on wearable devices with smart sensors, IoT sensors and 5G technology that enable faster data transmission for quick analysis by healthcare experts. Recently, in August 2024, Abbott announced partnership with Medtronic for integration of continuous glucose monitoring system (CGM) with the latter company’s automated insulin delivery and smart insulin pen systems. The integration will allow the automatic adjustment of insulin dosage in patients, so as to keep glucose level in range. Similarly, various players are emphasizing advanced remote patient monitoring medical devices that aid in disease monitoring at home. Driven by the ongoing efforts and increasing partnerships between industry leaders for driving innovations, we believe that the global medical device market will expand at a substantial pace during the forecast period.
The market report provide in-depth information about the leading companies who are currently active across various segments of the industry as mentioned in the table below.
| Key Report Attributes | Details | |
| Historical Trend | Since 2019 | |
| Forecast Period | Till 2035 | |
| Market Size 2035 | $857.39 Billion | |
| CAGR (Till 2035) | 4.49% | |
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| Key Companies Profiled |
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| PowerPoint Presentation (Complimentary) |
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| Customization Scope | 15% Free Customization | |
| Excel Data Packs (Complimentary) |
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One of the key objectives of the medical device market report was to estimate the current market size, opportunity and the market growth potential, over the forecast period, till 2035. We have provided informed estimates on the likely evolution of the market for the forecast period.
The medical device market analysis also features the likely distribution of the current and forecasted opportunity within the market across various segments, such as distribution by type of device (respiratory devices, cardiology devices, orthopedic devices, diagnostic imaging devices, endoscopy devices, ophthalmology devices, diabetes care devices and other devices), type of application (medical imaging, remote patient monitoring, self-diagnosis, preventive care, wound care, surgery, and other applications), end users (hospitals, clinics, homecare, ambulatory surgery centers and diagnostic centers) and geographical regions (North America, Europe, Asia Pacific, Middle East and North Africa, and Latin America) and leading players.
In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three medical device market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of industry’s evolution.
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. The financial figures mentioned in this market report are in USD, unless otherwise specified.
Based on the type of device, the global medical device market size is segmented across respiratory devices, cardiology devices, orthopedic devices, diagnostic imaging devices, in-vitro diagnostic devices, endoscopy devices, ophthalmology devices, diabetes care devices and other devices. According to our projections, currently in-vitro diagnostic devices account for the highest share (15%) of the market. The dominance is primarily due to the growing prevalence of chronic diseases that demand precise diagnostic devices for determining disease progression and management. In vitro diagnostics devices have been designed specifically for diagnosing diseases, such as cancer progression, diabetes, malaria and HIV / AIDS.
However, during the forecast period, diabetes care will grow at a higher CAGR driven by the rising requirement for minimally invasive devices for monitoring blood glucose level and insulin delivery for disease management. Furthermore, the growing incidence of diabetes across the globe has further contributed to the demand for diabetes care devices during the forecast period. According to the International Diabetes Federation, there were 537 million adults living with diabetes in 2021 and this number is expected to rise to 643 million by 2030.
The global medical device industry is segmented across various types of applications, such as medical imaging, remote patient monitoring, self-diagnosis, preventive care, wound care, surgery, and other applications. Among these, presently medical imaging accounts for the highest medical device market share. This segment includes devices such as ultrasound scanners, MRI machines, CT scanners and X-ray machines amongst others. These are expensive, high-value devices which cost anywhere between $200,000 to $1 million for an MRI machine.
However, in the long run, self-diagnostics and preventive care will show lucrative growth potential and is expected to grow at a higher CAGR during the forecast period. This is likely to be the result of availability of devices that provide the convenience of disease monitoring from home. Moreover, medical devices, such as handheld ultrasound scanners and glucose monitoring devices aid in easy diagnosis, allowing patients to manage their dosage according to the collected information.
This segment highlights the distribution of global market across different end users, such as hospitals, clinics, homecare, ambulatory surgery centers and diagnostic centers. It is worth mentioning here that presently hospitals segment accounts for the highest medical device market share (~30%). This largest share is mainly attributed to the favorable reimbursement policies, increasing healthcare expenditure and availability of advanced healthcare infrastructure for disease management. However, in the long run, clinics segment is anticipated to grow during the forecast period. This lucrative growth potential is primarily due to the increasing preferences for specialized care services for disease management and increasing medical device technology advancements in clinics to support the treatment of patients.
The global medical device market is distributed across different geographical regions such as North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America. Currently, North America hold the largest share of the market driven by the rising adoption of advanced medical devices and the growing incidence of chronic conditions in this region. As per Advanced Medical Technology Association, the US alone holds more than 40% share of the market. Furthermore, the developed healthcare infrastructure and increasing R&D activities of industry stakeholders established in this region to develop medical device technologies has contributed to the growth of this region.
However, in Asia-Pacific, the market for medical devices is estimated to grow at a higher CAGR during the forecast period. This can be attributed to the growing health concerns, increasing geriatric population with chronic conditions and rising investment by government and industry stakeholders for improving healthcare infrastructure. In November 2024, Australian government allocated funds for installation of new MRI and CT scanners at Wollongong Hospital by 2025. Additionally, in developing countries like India, small device developers are working towards making diagnostics accessible and affordable by developing low-cost medical devices. One such company, India based Fischer Medical Ventures is developing indigenous MRI system, CT scanner and X-ray machines, at half the price of currently available devices.
The “Global Medical Device Market: Industry Trends and Global Forecast, till 2035” market report features an extensive study of the current market landscape, market size and future opportunities for medical device developers, during the given forecast period. Key takeaways of the medical device industry report have been briefly discussed below.
The medical device industry has the presence of several large companies who currently hold the required technical expertise. Notably, the industry stakeholders are focusing on sustained innovations, seamless connectivity, acquisition and strategic mergers to maintain a competitive edge in the market. In November 2024, Boston Scientific acquired Axonics, a medical technology company focused on development of devices for the treatment of bowel and urinary dysfunction. As stated by Meghan Scanlon, Senior Vice President and President, Urology, Boston Scientific, “ The addition of the Axonics product portfolio enables us to expand into sacral neuromodulation, a high-growth adjacency for our Urology business, while bringing a comprehensive portfolio of products to patients around the world who are seeking tailored treatment options based on their life stage and incontinence severity.”
Moreover, global industry stakeholders, such as Medtronic, Siemens Healthineers and Philips are emphasizing digital health advancements, such as wearable technology, artificial intelligence, medical robotics technologies and augmented reality for precision, preventive treatment and disease management. The medical device industry has also seen the launch of several startups and spinouts, that are working on development of innovative medical devices. Proov, founded in 2018, is a femtech company that has developed progesterone test strips for rapid diagnostics. Several other startups have been engaged in development of innovative devices such as prosthetics and medical exoskeletons.
The global medical device industry is likely to be propelled by the growing geriatric population with chronic conditions, such as diabetes, cardiovascular diseases and osteoarthritis. It is worth noting here that chronic disease requires long-term management that further raises the demand for medical devices, such as glucose monitoring devices, mobility aids, care robots and medical exoskeletons. These devices help in monitoring / supporting vital health that are essential for managing chronic conditions with precise treatment. A number of medical devices are finding application in the sports medicine market. In addition, there has been incorporation of advancements in medical devices, including medical robots, Software as a Medical Device (SaMD), self-administered devices, diagnostic devices and 3D-printed implants.
Collectively, the medical devices have eased outpatient monitoring, disease management and early diagnosis. This will drive the medical device market growth during the forecast period.
Some medical devices transmit data to healthcare systems through internet connectivity that is prone to cyber-attacks. Patient data threat is one of the major concerns that needs to be addressed for widespread adoption of medical devices. A number of companies / stakeholders are collaborating to strengthen cybersecurity in medical devices. In November 2024, Medcrypt, BioT, Extra Security, RTI and Stratigos Security collaborated to engage in joint marketing and raise awareness about cybersecurity in medical devices amongst the device developers.
Furthermore, medical devices require approval from the regulatory authorities such as the USFDA and European Union (EU) to ensure the safety and efficacy for human use. This also includes conducting human factors and usability engineering on various classes of medical devices under development. The need for compliance with the regulatory guidelines by the device developers may hinder market growth during the forecast period. Additionally, the high cost of medical devices and lack of accessibility of novel devices globally may limit the adoption, thereby restraining market growth.
Despite the challenges, the global medical device industry will continue to witness an upward trajectory owing to the increasing preferences of advanced wearable technologies for disease management. Easy-to-use and affordable wearable medical devices features biosensors that allow the patients to record vital health parameters at home settings and transmit the details to the healthcare systems via contactless technology for analysis. This real-time analysis helps clinicians in taking appropriate measures to prevent emergencies, allowing patients to access early treatment. Additionally, the growing shift towards point-of-care diagnostics and at-home care diagnostics has further offered lucrative opportunities to industry stakeholders for driving innovations in medical diagnostics devices.
Moreover, the growing patient population requiring complex, surgical interventions for the treatment has resulted in the need for surgical robots that can support the surgeons for conducting minimally invasive surgeries. In addition, the primary focus of the MedTech industry will remain on bringing technological innovations in the various medical devices, such as seamless connectivity, AI integration and better patient compliance.
The global market for medical devices is currently valued at USD 528.88 billion and is expected to reach USD 857.39 billion by 2035. The unprecedented growth is expected to be driven by the growing preferences for remote patient monitoring and personalized medicine. There have been ongoing efforts of the medical device manufacturers to increase the adoption of medical devices that support precision medicine. There exists the pressing need for making medical devices accessible to the population residing at remote and underserved locations, where there is a shortage of the healthcare staff and necessary resources.
In June 2024, GE HealthCare launched various precision medicine tools, namely, MINItrace Magni, Omni Legend 21 cm, Clarify DL, so as to improve access to the worldwide population. As stated by Jean-Luc Procaccini, President and Chief Executive Officer, Molecular Imaging and Computed Tomography, GE HealthCare, “It’s not enough to develop cutting-edge solutions if they aren’t also made more accessible to clinicians and patients around the world. While there is still much work to be done, we are proud to offer a variety of technologies that can evolve with healthcare system needs and help support a patient’s entire care journey-from the systems required to create the radiotracers used to diagnose and monitor disease, to the imaging equipment used for a noninvasive look at a patient’s anatomy and treatment monitoring, to the software optimized to measure lesion size and dose.”
Examples of key medical device companies (which have also been profiled in this market report; the complete list of companies is available in the full report) include Abbott, Boston Scientific, BD, Bio-Rad Laboratories, Cardinal Health, Danaher, Eli Lily, Edwards Lifesciences, Fresenius, GE Healthcare, Intuitive Surgical, Johnson & Johnson, Medtronic, Siemens Healthineers and Stryker. This market report includes an easily searchable excel database of all the companies developing medical devices.
Several recent developments have taken place in the market, some of which have been outlined below. These developments, even though they took place post the release of our medical device industry analysis report, substantiate the overall market trends that we have outlined in our analyses.