Medical device industry projected to grow 9.8% from 2024 through 2029

Medical device market on the rise: ©Yanina - stock.adobe.com

A study from BCC Research, Medical Devices Industry: Competitive Landscape, shows that the industry is projected to increase from $810.4 billion in 2024 to $1.3 trillion by the end of 2029. This is a compound annual growth rate of 9.8% for that period.

The report, which covers the leading companies in the market, found that the increasing demand for advanced medical devices is propelled by rising life expectancy and growing health care spending in emerging economies. Additionally, stricter regulations in mature markets such as the U.S. and Europe are forcing manufacturers to focus on innovation, use novel materials, target specific medical indications, and provide more comprehensive data.

According to the report, the factors driving the market include:

Technological Advances: Innovations such as AI and wearable devices are making medical devices smarter and more efficient.

Rising Healthcare Expenditures: Increased global healthcare spending boosts demand for advanced medical technologies.

Growing Numbers of Surgical Procedures: More surgeries mean higher demand for surgical instruments and related devices.

Aging Population and Increasing Prevalence of Chronic Diseases: The world’s aging population means an increasing prevalence of chronic diseases, and drives the need for medical devices to manage and treat these conditions.

The report identified the following companies as market leaders:

• Abbott
• Alcon Inc.
• Align Technology Inc.
• Baxter
• BD
• Boston Scientific Corp.
• Bruker
• Cardinal Health
• Danaher Corp.
• Dentsply Sirona
• GE Healthcare
• Intuitive Surgical
• Livanova Plc.
• Medtronic
• Smith & Nephew Plc
• Stryker
• Sysmex Corp.
• Terumo Corp.
• Wuxi Apptec
• Zimmer Biomet

For more information on the report, click here.