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Medical Devices Market Size 2025-2029

The medical devices market size is valued to increase by USD 223 billion, at a CAGR of 6.5% from 2024 to 2029. Increasing prevalence of diseases will drive the medical devices market.

Major Market Trends & Insights

North America dominated the market and accounted for a 37% growth during the forecast period.
By End-user - Hospitals and ASCs segment was valued at USD 380.90 billion in 2023
By Product Type - Diagnostic devices segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 64.11 billion
Market Future Opportunities: USD 223.00 billion
CAGR : 6.5%
North America: Largest market in 2023

Market Summary

The market encompasses a dynamic and evolving landscape, driven by the increasing prevalence of diseases and the emergence of innovative medical technologies. Core technologies, such as robotics, artificial intelligence, and nanotechnology, are revolutionizing healthcare delivery, while applications span from diagnostics and monitoring to therapy and surgery. Service types and product categories, including medical implants, diagnostic equipment, and therapeutic devices, continue to expand, driven by advancements in materials science and biotechnology. Regulatory bodies play a crucial role in shaping market dynamics, with stringent regulations ensuring safety and efficacy.
For instance, the US Food and Drug Administration (FDA) approved over 4,000 medical devices in 2020 alone. Despite these opportunities, challenges persist, including declining reimbursement and cost containment measures, which impact market growth. Overall, the market demonstrates a robust and continually evolving ecosystem, offering significant potential for innovation and growth.

What will be the Size of the Medical Devices Market during the forecast period?

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How is the Medical Devices Market Segmented and what are the key trends of market segmentation?

The medical devices industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Hospitals and ASCs
  Clinics
  Others


Product Type

  Diagnostic devices
  Therapeutic devices
  Monitoring devices
  Assistive and rehabilitation devices
  Others


Application

  Cardiovascular
  Orthopedic
  Diagnostic imaging
  Dental
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The hospitals and ascs segment is estimated to witness significant growth during the forecast period.

The market encompasses a diverse range of technologies and applications, with hospitals and Ambulatory Surgical Centers (ASCs) representing a significant and growing sector. Hospitals and ASCs are essential consumers of medical devices, requiring equipment for diagnosis, treatment, and patient monitoring. The market's expansion is fueled by increasing healthcare expenditures from both public and private entities. Approximately 45% of global medical device sales stem from hospitals and ASCs, with this figure projected to reach 48% by 2026. Simultaneously, the market's overall value is anticipated to surge by 12% in the next five years, reaching a total worth of USD675 billion.

Sensor technology, including wearable sensors, plays a pivotal role in this market, enabling remote patient monitoring and minimally invasive procedures. Quality control systems, diagnostic imaging, and medical implants, such as prosthetic limbs, are other key areas of growth. Advanced technologies like artificial intelligence, data analytics, and data encryption are revolutionizing medical devices, enhancing their capabilities and improving patient outcomes. Minimally invasive surgery, risk management, supply chain management, design controls, and patient monitoring are some of the market trends shaping the industry. Signal processing, clinical trials, device sterilization, electrical stimulation, surgical instruments, tissue engineering, regulatory compliance, material science, biocompatible materials, wireless communication, software validation, therapeutic devices, human factors engineering, machine learning, manufacturing processes, drug delivery systems, image processing, and additive manufacturing are all integral components of the market.

In summary, the market is a dynamic and evolving sector, driven by advancements in technology and increasing demand from hospitals and ASCs. With a projected growth of 12% and a total value of USD675 billion by 2026, this market offers significant opportunities for innovation and expansion.

This statistic depicts the projected percentage of global medical device revenue attributed to select major countries as of 2018. As of that year, some ** percent of medical device sales worldwide will occur in the United States.

The Home Medical Equipment Market Report is Segmented by Functionality (Therapeutic Equipment, and More), Therapeutic Area (Respiratory Care, Diabetes Care, and More), Connectivity (Smart Devices and Conventional Devices), Distribution Channel (Retail Medical Stores, and More), End-User (Chronic-Disease Home-Care, and More), and Geography (North America, and More). The Market Forecasts are Provided in Terms of Value (USD).

The global medical equipment maintenance market size was USD 43.03 billion in 2024 & is projected to grow from USD 46 billion in 2025 to USD 78.51 billion by 2033.
Report Scope:

In Medical Devices Market, Robotic surgeries have gained momentum in recent years, with multiple new device launches and approvals.

Global Refurbished Medical Equipment Market Size, Share, Growth, Trend & Refurbished Medical Equipment Market Forecast 2027 By Type, By Application, By Source, By Company, By Region, Forecast & Opportunities,

The Medical Equipment Calibration Market Report Segments the Industry Into by Equipment Type (Vital Sign Monitors, Ventilators, Fetal Monitors, and More), Type of Service (In-House Calibration Services, and More ), End User (Clinical Laboratories, Hospitals, and More), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, South America). The Market Forecasts are Provided in Terms of Value (USD).

This statistic shows the number of deals in the medical equipment industry worldwide in 2014 and 2015, by market segment. In 2015, there were 634 deals in the in vitro diagnostics segment and 491 deals in the healthcare IT segment.

To meet the growing demands of healthcare personnel, smart wearable devices are being incorporated into protective/clinical equipment with antimicrobial materials for better performance. The market is on an estimated growing trajectory with a 9.3% (CAGR) in the projection period 2025 to 2035 and would be arriving at USD 62,145.4 Million by 2035 to USD 25,539.2 Million by 2025.

Country-Wise Outlook

Competitive Outlook

Emergency Medical Equipment Market size was valued at USD 34.08 Billion in 2024 and is projected to reach USD 55 Billion by 2032, growing at a CAGR of 6.8% from 2026 to 2032.Rising Incidence of Accidents, Injuries, and Medical Emergencies: The escalating global rates of accidents and trauma are a primary catalyst for the emergency medical equipment market. According to the World Health Organization (WHO), road traffic crashes alone account for over 1.3 million deaths annually, highlighting the critical need for rapid-response equipment at the scene of an accident. Beyond road incidents, the increasing frequency of natural disasters, industrial accidents, and other large-scale medical emergencies further amplifies this demand.Growing Prevalence of Chronic Diseases Requiring Immediate Medical Intervention: The global burden of chronic diseases, such as cardiovascular diseases (CVDs), diabetes, and respiratory conditions, is a major driver for the emergency medical equipment sector.

Durable Medical Equipment Market is estimated to be USD 104.37 billion by 2030 and is anticipated to register a CAGR of 6.6% during the forecast period.

The global durable medical equipment (DME) market size reached USD 228.93 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 370.38 Billion by 2033, exhibiting a growth rate (CAGR) of 5.05% during 2025-2033.

IMARC Group provides an analysis of the key trends in each sub-segment of the global durable medical equipment (DME) market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on product and end use.

This statistic represents the projected market size of the U.S. medical device industry in 2015 and 2017. It is expected that by 2017, U.S. medical device companies will amount around *** billion U.S. dollars.

Size of the U.S. medical device industry

In 2014, the United States was the largest target market for medical devices, with an estimated global market share of around ** percent. In light of citizens’ increased access to health insurance, this industry is projected to grow at an annual rate of *** percent from 2012 through 2017. The most important company within the U.S. medical device industry remains Johnson & Johnson. The New Jersey company is not only known for its medical device and diagnostics products, but also for its pharmaceuticals and consumer products. Johnson & Johnson generated about **** billion U.S. dollars in revenue globally - with just under ** billion U.S. dollars originating from sales to customers in the United States in 2014. That year, the company raked in around **** billion U.S. dollars in revenue from its medical devices and diagnostics segment, the majority of which was derived from orthopedic device sales.

Johnson & Johnson also invests heavily in research and development, having spent almost *** billion U.S. dollars in 2014. Of the company’s total R&D expenditures, some *** percent went to the medical devices and diagnostics segment.

According to Cognitive Market Research, the global medical device technologies market size will be USD 489241.5 million in 2025. It will expand at a compound annual growth rate (CAGR) of 5.50% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 181019.36 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 141880.04 million.
APAC held a market share of around 23% of the global revenue with a market size of USD 117417.96 million in 2025 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2025 to 2033.
South America has a market share of more than 5% of the global revenue with a market size of USD 18591.18 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2025 to 2033.
Middle East had a market share of around 2% of the global revenue and was estimated at a market size of USD 19569.66 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.8% from 2025 to 2033.
Africa had a market share of around 1% of the global revenue and was estimated at a market size of USD 10763.31 million in 2025 and will grow at a compound annual growth rate (CAGR) of 5.8% from 2025 to 2033.
Orthopedic devices category is the fastest growing segment of the medical device technologies industry

Market Dynamics of Medical Device Technologies Market

Key Drivers for Medical Device Technologies Market

Continuous Innovation in Medical Device Technologies to Boost Market Growth

The medical device technologies market is experiencing significant growth, driven by continuous innovation across various segments, including diagnostic, therapeutic, and surgical devices. Advancements in minimally invasive technologies, wearable medical devices, and digital health solutions are key drivers in improving patient outcomes and operational efficiency. The integration of artificial intelligence (AI), 3D printing, and robotic-assisted surgery enhances precision and personalized care. Additionally, increasing healthcare demands, an ageing population, and rising chronic diseases propel the need for cutting-edge solutions. Regulatory support, along with rising investment in R&D, fosters continuous technological evolution, leading to better and more accessible healthcare. In January 2024, GE Healthcare agreed to acquire MIM Software, one of the leading providers of medical imaging analysis and AI solutions. The company specializes in areas such as radiation oncology, molecular radiotherapy, diagnostic imaging, and urology in various healthcare settings.

https://investor.gehealthcare.com/news-releases/news-release-details/ge-healthcare-announces-agreement-acquire-mim-software

Rising Shift toward Wearable Devices to Boost Market Growth

The medical device technologies market is experiencing significant growth, driven by a rising shift toward wearable devices. Wearable medical devices, such as smartwatches, fitness trackers, and health-monitoring gadgets, are gaining popularity due to their ability to offer continuous, real-time health data collection. Consumers increasingly demand personalized healthcare, and these devices provide an efficient way to monitor vital signs, manage chronic conditions, and track overall wellness. Technological advancements in sensors, connectivity (e.g., Bluetooth), and data analytics further enhance the functionality of wearable devices, fueling the market's growth and improving patient outcomes through better management and early detection of health issues.

Restraint Factor for the Medical Device Technologies Market

High Costs Associated with the Devices Will Limit Market Growth

The medical device technologies market faces a significant restraint due to the high costs associated with the devices. Advanced medical devices, such as diagnostic equipment, surgical instruments, and implantable devices, often require substantial investment in research, development, and regulatory compliance. The high manufacturing costs are passed on to consumers, making these technologies less affordable, especially in emerging markets. Additionally, the cost of maintaining and updating these devices, along with the need for specialized training, further compounds the financial burden for healthcare providers, limiting market adoption...

The Medical Device Packaging Market Report is Segmented by Material (Plastics, Paper and Paperboard, and More), Product Type (Pouches and Bags, and More), Application (Sterile Packaging, Non-Sterile Packaging, Active/Smart Packaging), End User (Hospitals and Clinics, Diagnostic and Imaging Centers, and More ), Packaging Level (Primary, Secondary, Tertiary), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

The Single-Use Medical Device Reprocessing Market Report is Segmented by Product Type (Cardiovascular Catheters, Electrophysiology Catheters, and More), Service Provider (Third-party/Commercial Reprocessors, In-house/Hospital Reprocessing Units), Application (Cardiology, and More), End User (Hospitals & Surgical Centers, and More), and Geography (North America, and More). The Market Forecasts are Provided in Terms of Value (USD).

The top medical technology companies globally include big name companies such as General Electric, Philips, and Medtronic. As of 2021, the leading medical technology company based on market share was Medtronic (U.S.). At that time, Medtronic held *** percent of the overall medical technology market. The company’s hold on medical technology is projected to increase slightly to *** percent by 2024. Medical technology industry The global medical technology industry includes different types of technology that are broadly categorized as medical devices, in vitro diagnostics and digital health solutions. The total medical technology revenue has been increasing in recent years and is expected to increase dramatically by the year 2024. Research and development in the industry is also gaining ground and has experienced some of the largest growth in spending from 2015 to 2016, with significant growth expected in the future. Company spotlight: Medtronic Among the various medical technology companies, Medtronic is among the top in many measures. Medtronic produces medical products and devices for cardiac and vascular disease, minimally invasive therapies, restorative therapies and diabetes. In 2017, Medtronic was the top medical technology company among those that produce cardiac devices. The company beat out other competitors such as Abbott and Boston Scientific by a significant percentage of the market share. Medtronic’s total revenue worldwide has been increasing significantly in recent years and in the company’s fiscal year 2022 had reached an all time high.

The global medical equipment maintenance market size was valued $47.57 B in 2023 and is expected to rise to $118.18 B by 2032 at a CAGR of 10.64%.

The Medical Equipment Maintenance Market report segments the industry into Service Type (Preventive Maintenance, Corrective Maintenance, Operational Maintenance), By Service Providers (Independent Service Organizations, Original Equipment Manufacturers), By End Use (Imaging Equipment, Endoscopic Devices, and more), By End User (Hospitals, Laboratories, and more), and Geography (North America, Europe, Asia-Pacific, and more).

Between 2007 and 2021, the revenue generated by the medical devices industry worldwide boomed. In 2007 the sales of medical devices generated revenue of *** billion euros, while by 2021 this figure reached *** billion euros. Revenue from medical devices was forecast to grow even further in the following years, reaching *** billion euros by 2024.