The global medical device market is estimated at USD 518.46 billion in 2023, and is expected to grow to USD 542.21 billion in 2024, and USD 886.80 billion by 2032, at the CAGR of 6.3%.
A medical device can be defined as any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material or other similar or related article, intended by the manufacturer to be used, alone or in combination for a medical purpose (WHO)
Today, there are over two million different kinds of medical devices classified into more than 7000 generic devices groups. In addition to the conventional medical devices, and in-vitro diagnostics (IVDs), there is also a rise in digital health.
Digital health as a new form of medical technologies, include tools and services that use information and communication technologies (ICTs) to improve prevention, diagnosis, treatment, monitoring and management of health and lifestyle of patients.
There are many medical device companies (medtech) that develop, manufacture, and distribute these devices, technologies, equipment, diagnostic tests, health information systems that help in early disease detection and diagnosis, less-invasive procedures, and full treatment of diseases.
Medical devices are utilized for surgical procedures such as orthopedic, cardiac, neurological, and others.
Top Global Medical Devices Companies
Some top medical device companies have a larger share in the highly fragmented medical device market. Medtronic, Johnson and Johnson, GE Healthcare, Stryker, Beckton and Dickson, Boston Scientific, Siemens Healthineers AG, Cardinal Health, Koninklijke Philips N.V., and Abbott
Medtronic, with legal headquarters in Ireland, and operational headquarters in Minneapolis, Minnesota, has a revenue of $32.4 billion
Johnson & Johnson MedTech (Warsaw, Indiana, United States), with a revenue of $30.4 billion
Siemens Healthineers, based in Erlangen, Germany. It has a revenue of $23.4 billion
Medline Industries, headquartered in Northfield, Illinois, has a revenue of $23.2 billion
Fresenius Medical Care AG KGaA, based in Bad Homburg vor der Höhe, Germany, with a revenue of $21.1 billion
Stryker Corporation, based in Kalamazoo, Michigan. Has an annual revenue of $20.5 billion
Koninklijke Philips N.V. (lit. ’Royal Philips’), with the headquarters in Amsterdam. Philips has an annual revenue of $19.6 billion
GE HealthCare, headquartered in Chicago, Illinois, has an annual revenue of $19.6 billion
Becton Dickinson and Co, based in Franklin Lakes, New Jersey, with an annual revenue of &19.4 billion
The medical device segment of Abbott (Green Oaks, Illinois), generated an annual revenue of $16.9 billion
Cardinal Health (medical segment), based in Dublin, Ohio, has a revenue of $15.0 billion
Baxter, headquartered in Deerfield, Illinois, generated a revenue of $14.8 billion.
North America is the largest medical device industry globally. The US remains the largest medical device market, with about 47.2% share of the global market. In 2023, the market size is estimated at USD 180.22 billion.
In 2022, the Canadian medical device market (excluding in vitro diagnostics) is estimated at US$9.47 billion, which is about 2.3% of the global market.
Europe
Europe is the second-largest global medical device market, with a share of 26.1%, and estimated at €160 billion in 2023. It also had a positive trade balance of 11 billion EUR in 2023. The US, China, Japan and Mexico remains the main trading partner.
The five largest market in Europe is Germany, France, the United Kingdom, Italy, and Spain. Others countries that make up the top ten include Netherlands, Switzerland, Belgium, Poland, and Austria.
In Europe, there are over 37,000 medical technology companies, with most of them based in Germany, Italy, the UK, Poland, Sweden, and Switzerland.
Asian-Pacific Region
The Asian-pacific region is the fastest growing medical device market due to the large population, prevalence of chronic diseases, and improvement in the healthcare system.
The Asian-Pacific market is estimated at USD 111.93 billion in 2024, and is estimated to grow at a CAGR of 6.8%, to achieve a market size of USD 166.1 billion in 2029. China, India, Japan, Australia, Singapore, Malaysia, South Korea, and Thailand are the largest medical device markets in Asia.
China is the third-largest medical device market globally, with a market share of 6.6%.
LATAM region
Brazil has the largest medical device market in the LATAM region, followed by Mexico, Colombia, and Argentina.
Middle East
Turkey, Saudi Arabia and the United Arab Emirates are the largest medical device markets in the Middle East.
Africa
South Africa and Egypt are the main medical device markets in Africa. Africa depends mostly on imported medical technologies, with 90% of the total market dominated by imported products.
Market Segments
The major segments in the medical device industry include cardiovascular devices, orthopedic devices, ophthalmic devices, diagnostic imaging, in vitro diagnostic, diabetic care, minimally invasive surgery, dental devices, wound management, nephrology, and general surgery.
By market share, in-vitro diagnostic, cardiovascular devices, orthopedics devices, diagnostic imaging, ophthalmic devices, and dental devices have the largest shares of the market.
Other segments that are experiencing healthy growths are the general surgery and minimally invasive surgery segments. The diabetes care is also growing due to higher adoption of blood glucose monitors by patients.
