Market Insights Health Medical Technology Medical Devices

Other Medical Devices - North America

North America

The projected revenue for the Other Medical Devices market market in North America is estimated to reach US$64.54bn in 2024.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 3.89%, which will lead to a market volume of US$78.12bn by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$58,900.00m in 2024.
The demand for innovative medical devices in North America is driving the growth of the Other Medical Devices market.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Medical Devices market in North America is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in the North American market for Other Medical Devices are driving the growth of the industry. Customers are increasingly seeking innovative and advanced medical devices that can improve patient outcomes and provide more efficient and effective healthcare solutions. This demand is fueling the development of new technologies and products in the market. Trends in the market are also playing a role in the growth of the Other Medical Devices market in North America. One of the key trends is the increasing adoption of digital health technologies. These technologies, such as remote patient monitoring devices and wearable health trackers, are revolutionizing the healthcare industry by providing real-time data and insights for both patients and healthcare providers. This trend is driving the demand for Other Medical Devices that can integrate with these digital health technologies. Another trend in the market is the focus on personalized medicine. As healthcare becomes more personalized and tailored to individual patients, there is a growing need for Other Medical Devices that can support this approach. This includes devices that can deliver targeted therapies, provide precise diagnostics, and enable personalized treatment plans. The market is responding to this trend by developing new and innovative devices that can meet these needs. Local special circumstances in North America are also contributing to the growth of the Other Medical Devices market. For example, the aging population in the region is driving the demand for medical devices that can support the healthcare needs of older adults. This includes devices for chronic disease management, mobility aids, and assistive technologies. Additionally, the presence of a well-established healthcare infrastructure and high healthcare expenditure in North America are creating a favorable environment for the growth of the Other Medical Devices market. Underlying macroeconomic factors are also playing a role in the development of the Other Medical Devices market in North America. Economic growth, technological advancements, and government initiatives to improve healthcare access and quality are all contributing to the growth of the market. These factors are creating opportunities for both domestic and international companies to invest in the North American market and drive innovation in the Other Medical Devices sector. In conclusion, the Other Medical Devices market in North America is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for innovative and advanced medical devices, the adoption of digital health technologies, the focus on personalized medicine, the aging population, and favorable macroeconomic conditions are all contributing to the positive trajectory of the market.

Methodology

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.