Medical Technology - Worldwide | Statista Market Forecast

The Medical Technology market market, which encompasses various markets, including Medical Devices, is anticipated to witness significant revenue growth in the coming years.
By 2024, the market is projected to reach a staggering US$597.00bn worldwide.
Among these markets, Medical Devices are expected to dominate, with a projected market volume of US$508.00bn by 2024.
Furthermore, the Medical Technology market market is expected to demonstrate a steady annual growth rate of 5.29% from 2024 to 2029.
As a result, the market volume is estimated to reach US$772.50bn by 2029.
In terms of global comparison, the United States is poised to generate the highest revenue in the Medical Technology market market.
It is projected to reach US$211.10bn by 2024.
This highlights the significant contribution of the United States to the overall market revenue.
The medical technology market in the United States is experiencing rapid growth due to increased investment in research and development.

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.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market is experiencing significant growth and development worldwide.

Customer preferences: Customers in the Medical Technology market worldwide are increasingly seeking innovative and advanced medical devices and technologies. They are looking for products that offer improved accuracy, efficiency, and patient comfort. Additionally, there is a growing demand for wearable medical devices that can monitor health conditions in real-time and provide personalized data to users. Customers also prioritize products that are cost-effective and provide value for money.

Trends in the market: One of the key trends in the Medical Technology market worldwide is the increasing adoption of telemedicine and remote patient monitoring technologies. This trend has been accelerated by the COVID-19 pandemic, as healthcare providers and patients seek alternative ways to deliver and receive care. Telemedicine allows for virtual consultations, remote diagnosis, and monitoring of patients, reducing the need for in-person visits and improving access to healthcare services, especially in rural and underserved areas. Another trend in the market is the rise of artificial intelligence (AI) and machine learning (ML) in medical technology. AI and ML algorithms are being used to analyze large amounts of medical data, improve diagnostic accuracy, and develop personalized treatment plans. These technologies have the potential to revolutionize healthcare by enabling early detection of diseases, predicting patient outcomes, and optimizing treatment strategies. The increasing focus on patient-centric care is also driving the adoption of medical technology worldwide. Healthcare providers are prioritizing patient satisfaction and outcomes, leading to the development of technologies that enhance patient experience and engagement. This includes the use of mobile apps for appointment scheduling, medication reminders, and health monitoring, as well as the integration of electronic health records (EHRs) to improve the coordination and continuity of care.

Local special circumstances: In different countries and regions, there are unique factors influencing the development of the Medical Technology market. For example, in developed countries with aging populations, there is a higher demand for medical devices and technologies that cater to the needs of elderly patients. In emerging economies, there is a growing middle class with increasing disposable income, driving the demand for affordable and accessible healthcare solutions. Regulatory frameworks and reimbursement policies also play a significant role in shaping the Medical Technology market. Countries with favorable regulations and reimbursement systems for medical devices and technologies tend to attract more investment and innovation in the sector. On the other hand, stringent regulations and reimbursement limitations can hinder market growth and adoption of new technologies.

Underlying macroeconomic factors: The growth of the Medical Technology market worldwide is also influenced by macroeconomic factors such as GDP growth, healthcare expenditure, and government initiatives. Countries with robust economies and higher healthcare spending tend to have a more developed and advanced Medical Technology market. Government initiatives to promote digital healthcare, improve healthcare infrastructure, and enhance healthcare access also contribute to market growth. In conclusion, the Medical Technology market is experiencing significant growth and development worldwide. Customer preferences for innovative and advanced medical devices, the adoption of telemedicine and AI, and the focus on patient-centric care are driving market trends. Local special circumstances and underlying macroeconomic factors further shape the market dynamics in different countries and regions.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.