Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.
Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.
Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.
Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.
Most recent update: Aug 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Mar 2024
Most recent update: Mar 2024
Source: Statista Market Insights
The Medical Technology market in NAFTA has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Technology market in NAFTA have been shifting towards more advanced and innovative products. Consumers are increasingly seeking medical devices and technologies that offer improved accuracy, efficiency, and convenience. This has led to a growing demand for products such as wearable devices, telehealth solutions, and minimally invasive surgical tools. Additionally, there is a rising focus on personalized healthcare, with patients seeking devices and technologies that are tailored to their specific needs and conditions. Trends in the market have also played a crucial role in the development of the Medical Technology market in NAFTA. One of the key trends is the increasing adoption of digital health solutions. This includes the use of electronic health records, telemedicine, and mobile health applications. These technologies enable healthcare providers to deliver more efficient and accessible care, while also empowering patients to take control of their own health. Another trend is the growing importance of data analytics in the healthcare industry. With the increasing amount of health data being generated, there is a need for advanced analytics tools to derive meaningful insights and improve decision-making. Local special circumstances in the NAFTA region have further fueled the growth of the Medical Technology market. The region has a well-developed healthcare infrastructure, with a large number of hospitals, clinics, and healthcare professionals. This provides a conducive environment for the adoption of new medical technologies and devices. Additionally, the region has a strong culture of innovation and entrepreneurship, which has led to the emergence of numerous startups and companies in the Medical Technology sector. Underlying macroeconomic factors have also contributed to the development of the Medical Technology market in NAFTA. The region has a large and aging population, which has increased the demand for healthcare services and technologies. Furthermore, the rising prevalence of chronic diseases, such as diabetes and cardiovascular diseases, has created a need for advanced medical devices and technologies. Additionally, favorable government policies and regulations have supported the growth of the Medical Technology market by promoting innovation, research, and development. Overall, the Medical Technology market in NAFTA is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for advanced and innovative products, along with the adoption of digital health solutions and data analytics, is driving the market forward. The well-developed healthcare infrastructure, culture of innovation, and favorable government policies in the NAFTA region are further supporting the growth of the market.
Most recent update: Aug 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights