Other Medical Devices - NAFTA

NAFTA

Highlights

The revenue in the market Other Medical Devices market in the North American Free Trade Agreement (in North American Free Trade Agreement (NAFTA)) is predicted to achieve a staggering US$64.54bn by the year 2024.
Looking ahead, the revenue is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 3.90%, culminating in a market volume of US$78.12bn by the year 2029.
In comparison to other countries, the United States is expected to generate the highest revenue, reaching US$58.90bn in 2024.
The demand for innovative medical devices in the NAFTA region is driving the growth of the Other Medical Devices market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Medical Devices market in NAFTA is witnessing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to the overall growth of the market.

Customer preferences: Customers in the NAFTA region are increasingly seeking out innovative and technologically advanced medical devices. They are looking for devices that are both effective and convenient to use. Additionally, customers are placing a strong emphasis on safety and reliability when it comes to medical devices. As a result, manufacturers in the region are focusing on developing products that meet these customer preferences.

Trends in the market: One of the key trends in the Other Medical Devices market in NAFTA is the increasing adoption of wearable medical devices. These devices, such as smartwatches and fitness trackers, are becoming more popular among consumers as they provide real-time monitoring of various health parameters. This trend is driven by the growing awareness of personal health and fitness, as well as the increasing prevalence of chronic diseases in the region. Another trend in the market is the rise of telemedicine. With advancements in technology, healthcare providers are now able to remotely monitor and treat patients using various medical devices. This trend is particularly relevant in remote or underserved areas where access to healthcare facilities may be limited. Telemedicine not only improves access to healthcare but also reduces healthcare costs, making it an attractive option for both patients and healthcare providers.

Local special circumstances: The NAFTA region consists of three countries - the United States, Canada, and Mexico - each with its own unique healthcare system and regulations. These local special circumstances play a significant role in shaping the Other Medical Devices market in NAFTA. For example, the United States has a highly developed healthcare system and a large aging population, which drives the demand for medical devices. Canada, on the other hand, has a publicly funded healthcare system, which influences the purchasing decisions of medical devices. Mexico has a growing middle class and an increasing focus on healthcare, which presents opportunities for medical device manufacturers.

Underlying macroeconomic factors: Several macroeconomic factors are contributing to the growth of the Other Medical Devices market in NAFTA. These include favorable government policies, increasing healthcare expenditure, and advancements in technology. Governments in the region are implementing policies to encourage the adoption of innovative medical devices and improve healthcare outcomes. Furthermore, the increasing healthcare expenditure in the region is driving the demand for medical devices. Lastly, advancements in technology, such as artificial intelligence and Internet of Things, are revolutionizing the healthcare industry and creating new opportunities for medical device manufacturers. In conclusion, the Other Medical Devices market in NAFTA is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for innovative and technologically advanced medical devices, the rise of wearable devices and telemedicine, the unique healthcare systems in each country, and favorable government policies and advancements in technology are all contributing to the growth of the market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.