The medical technology industry is a renowned part of the overall healthcare sector. In an online and interconnected world, health information technology (HIT) is an increasingly important part of the medtech branch. HIT involves the sharing and analysis of health data through electronic health records which should enable more coordinated and accurate care, although privacy concerns remain among some patients.
The overall industry has an annual size of over 611 billion U.S. dollars and will continue to grow over the next years. The largest segments within the industry, by revenue, are in vitro diagnostics (IVD), cardiology, medical imaging, and orthopedics. The area of digital health and telemedicine should continue its rise in use and importance, after seeing a huge increase in use and interest in response to the COVID-19 pandemic. These solutions have been marketed as a route to more efficient experiences for both the patient and the healthcare provider.
Total global medical technology growth per year from 2010 to 2022
Further details: Visit original statistic Total global medical technology growth per year from 2010 to 2022
Global medical devices’s revenue stood at approximately 611 billion euros in 2023. An increase of around 70 billion dollars since 2021 and the market was forecast to increase to around 773 billion euros by 2027. Research and development plays a significant role in the progress of medtech as companies continually pursue the most cutting-edge technologies in healthcare. For example, Abbot Laboratories spend over 2.7 billion U.S. dollars on R&D in 2023 alone.
Regional distribution of the global medtech industryDistribution of the global revenue of medical technology industry in 2021, by category
Further details: Visit original statistic Distribution of the global revenue of medical technology industry in 2021, by category
In vitro diagnostics (IVD) was the leading segment of medical technology globally, making up almost a fifth of the total market. In vitro refers to any tests that diagnose and detect diseases, infections, and other conditions. IVD can range from very simple devices that a person could use in their own homes to very complex instruments used in a laboratory. The IVD market was forecast to increase to over 188 billion U.S. dollars by 2030.
In vitro diagnosticsAnnual number of users of online doctor consultations worldwide from 2017 to 2028 (in million users)
Further details: Visit original statistic Annual number of users of online doctor consultations worldwide from 2017 to 2028 (in million users)
Digital health has become a more prominent presence in recent years, and the segment was forecast to continue growing. The digital health market was worth over 170 billion U.S. dollars in 2024. Telemedicine has been particularly important since the beginning of the COVID-19 pandemic, with patients hesitant to travel for non-urgent appointments. Other factors encouraging growth include higher traditional healthcare costs, high acceptance rates, and increased investment in new technologies.
Digital healthLeading medical technology companies worldwide based on revenue in 2023 (in billion U.S. dollars)
Further details: Visit original statistic Leading medical technology companies worldwide based on revenue in 2023 (in billion U.S. dollars)
In 2022, Abbott Laboratories was the leading medical technology company in the world, with a revenue of around 31.3 billion U.S. dollars. Abbott is a U.S. company currently headquartered in Chicago, with a focus on diagnostics, cardiovascular, and diabetes care. Medtronic was the second largest medtech company in the world, with a revenue of 31.2 billion U.S. dollars.
AbbottU.S. metro areas most active in digital health based on invested funding in 2022 (in million U.S. dollars)
Further details: Visit original statistic U.S. metro areas most active in digital health based on invested funding in 2022 (in million U.S. dollars)
The U.S. and Western Europe are the most established hubs of the medtech industry, generating the largest share of the global revenue. Consequently, most of the top medtech companies come from these two regions. Asia, and particularly China, are expected to become more prominent within the global industry in the future. In the past 10 years, the medtech industry China has increased very significantly in value.
Medtech companies in the U.S. and Europe
The medical technology category offers data on the products and services used in the healthcare sector. Encompassed within this division are assistive devices, digital health, implantable devices, and overall medical equipment that functions to prevent, diagnose, or treat diseases and illnesses. Among the most prominent medical technology products are, but not limited to, pacemakers, imaging instruments, dialysis machines and implants. Medtech is a multi-billion dollar industry for the companies involved in the industry, with operations taking place on a global scale.
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