Medical Device Manufacturing in the US - Industry Market Research Report

Population pyramid: The inability to raise prices high enough will have a negative effect on industry profit

Medical device manufacturing revenue has been on a decline over the past five years, falling at a CAGR of 0.6% to an estimated $49.8 billion in 2023. This includes projected marginal growth of 0.2% in 2023 alone. The decline is mainly explained by the outbreak of COVID-19 in 2020, which led to supply chain disruptions and lower trade. The strengthening US dollar has also made US-manufactured goods more expensive abroad, contributing to the reduction in the value of exports. Conversely, the increasing size of the older population has benefited the industry. The healthcare system has been adjusting to meet the needs of this growing elderly population, with an increased interest in patient-centered, in-home care for individuals with chronic conditions.

This industry includes manufacturers of electromedical and electrotherapeutic apparatuses, such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiographs and electromedical endoscopic equipment. The industry also manufactures irradiation apparatuses and tubes for medical diagnostic, medical therapeutic, industrial, research, scientific evaluation and other applications.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.