Medical Device Technologies Global Market Report 2024

The medical device technologies market size has grown strongly in recent years. It will grow from $5.37 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.04%. The growth in the historic period can be attributed to advancements in material science, increasing incidences of chronic diseases, an aging population, and rising awareness.

The medical device technologies market size is expected to see strong growth in the next few years. It will grow to $9.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.88%. The growth projected for the forecast period can be attributed to a higher demand for diagnostic equipment, increased awareness for early diagnosis and treatment, and a rise in the use of monitoring devices. Major trends expected during this period include innovations in pharmacy, diagnostics, surgical products, and interventional procedures, which could significantly impact the medical and health industries.

The rising prevalence of chronic diseases is expected to drive the growth of the medical device technologies market. Chronic diseases are long-term health conditions that progress slowly and persist over an extended period. Medical device technologies play a crucial role in managing chronic diseases by providing timely and personalized interventions, improving patient outcomes, and enhancing the overall healthcare experience. For example, the National Institutes of Health reported that among the population aged 50 or above, the number of people with at least one chronic disease is expected to increase by 99.5% from 71.522 million in 2020 to 142.66 million. Hence, the increasing burden of chronic diseases is fueling the demand for medical device technologies.

Major companies in the medical device technologies market are focusing on developing medical devices with minimally invasive techniques to gain a competitive edge. Minimally invasive techniques involve medical procedures that cause minimal damage to the body compared to traditional open surgeries. For example, in November 2023, Medtronic plc introduced the Symplicity Spyral RDN system, a minimally invasive treatment for hypertension. This system is used during the Symplicity blood pressure procedure, which is the first catheter-based approach using radiofrequency (RF) energy to complement medications and lifestyle modifications in reducing blood pressure. The Symplicity Spyral RDN system has received FDA approval and is commercially available in more than 70 countries worldwide.

In December 2022, Johnson & Johnson, a US-based pharmaceutical and medical technologies corporation, acquired Abiomed Inc. for $16.6 billion. This acquisition is expected to accelerate the development of heart failure devices and complement J&J’s existing MedTech products, particularly in the imaging, catheter, and radiofrequency generator products under its Biosense Webster electrophysiology business. Abiomed Inc. is a US-based medical device technology company.

Major companies operating in the medical device technologies market report are Cardinal Health Inc., Johnson & Johnson, Siemens AG, F. Hoffmann-La Roche Ltd., Novartis AG, Thermo Fischer Scientific Inc., Abbott Laboratories Inc., Zenith Healthcare, 3M Company, Medtronic plc, Becton Dickinson and Company, KONINKLIJKE PHILIPS N.V., Stryker Corporation, GE HealthCare Technologies Inc., Baxter International Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Agilent Technologies Inc., Olympus Corporation, Intutive Surgical Inc., Terumo Corporation, Edwards Lifesciences Corporation, Smith & Nephew plc, Hologic Inc., BioMerieux Inc., Align Technology Inc., ResMed Inc., Dexcom Inc.

North America was the largest region in the medical device technologies market in 2023. The regions covered in the medical device technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical device technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical device technologies encompass a wide range of instruments, equipment, software, and devices used in the diagnosis, treatment, monitoring, and management of medical conditions. These technologies play a crucial role in improving patient outcomes, enhancing diagnostics, and enabling more effective treatments.

The main types of medical device technologies include molecular diagnostics, diagnostic imaging, non-invasive monitoring, drug delivery systems, mobility aid technologies, microfluidics and MEMS (Micro-Electro-Mechanical Systems), bio-implants, biomaterials, minimal or non-invasive surgery tools, and telemedicine. Molecular diagnostics (MDx) is particularly noteworthy, as it utilizes molecular biology techniques to diagnose diseases, assess risks, and determine the most suitable therapies for individual patients. These technologies find applications in various medical fields such as cardiology, orthopedics, oncology, neurology, and respiratory care. They are utilized by a wide range of healthcare providers, including hospitals, clinics, ambulatory surgical centers, diagnostics centers, research organizations, and others.

The medical device technologies market research report is one of a series of new reports that provides medical device technologies market statistics, including medical device technologies industry global market size, regional shares, competitors with a medical device technologies market share, detailed medical device technologies market segments, market trends and opportunities, and any further data you may need to thrive in the medical device technologies industry. This medical device technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical device technologies market consists of revenues earned by entities by providing services including diagnostic and therapeutic functions, patient monitoring and care, integration with digital technology, and advancements in medical treatment. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical device technologies market also consists of sales of blood pressure monitors, and telemedicine devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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