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Medical Devices Market Size, Share & Industry Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, In-vitro Diagnostics, Minimally Invasive Surgery, Wound Management, Diabetes Care, Ophthalmic Devices, Dental Devices, Nephrology, General Surgery, and Others), By End-User (Hospitals & ASCs, Clinics, and Others), and Regional Forecast, 2024-2032

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI100085



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The global medical devices market size was valued at USD 518.46 billion in 2023, and is projected to grow from USD 542.21 billion in 2024 to USD 886.80 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period.

The growing patient population suffering from chronic diseases such as cancer and diabetes, along with rising awareness regarding the treatment options among these patients, is leading to an increasing number of patients undergoing diagnostic and surgical procedures. The rising number of surgical procedures, including orthopedic, cardiac, neurological, and others globally, is expected to contribute to the growing medical devices market size.

  • According to a 2023 report published by Curvo Labs, there were around 7,138 knee revision surgeries in 2022 compared to 6,035 in 2021 in the U.S.

The rise in the number of inpatient admissions and the increasing number of surgical and diagnostic procedures is fueling demand for medical devices, including capital equipment and consumables, across developed and emerging countries.

Furthermore, increasing R&D investments by key market players to develop technologically advanced equipment, with an aim to cater to the growing demand for innovative devices, are enhancing market share.

Increasing investment of medical technology companies in research and development and favorable scenarios provided by regulatory authorities for their approval are expected to boost the medical devices industry in the forecast period.

  • For instance, according to the 2022 report of the U.S. FDA’s Center for Devices and Radiological Health (CDRH), breakthrough designations were granted to 166 devices in 2022, which was around 151 in 2020.

  • Additionally, as of June 2023, 109 devices were granted breakthrough designations by CDRH and the Center for Biologics Evaluation and Research (CBER).

The COVID-19 impact on the global market was negative due to the significant decrease in the number of elective surgical procedures and emergency room visits in hospitals. The overall demand for the devices decreased during the pandemic, resulting in a decline in revenues for these medical device companies.

Medical Devices Market Trends

Rising Shift Toward Wearable Devices Among the Population 

The growing emphasis on fitness among adults globally and the increasing focus of regional and national healthcare agencies on monitoring and diagnosis have been pivotal in creating a higher demand for fitness trackers. Despite these limitations of wearable devices, such as security concerns and data privacy, there is still a significantly high preference for fitness trackers and activity monitors owing to their easy usability and advantages.

Due to the outbreak of the COVID-19 pandemic and rising concerns about the health of the population, the demand for these devices fueled up in the market. For instance, according to a survey conducted by ValuePenguin in March 2022, 45% of the U.S. population wears a fitness tracker. Moreover, approximately 69% of Americans are comfortable wearing these devices if they get a discount on their health insurance.

Additionally, the introduction of advanced models with new features and reduced prices by market players has increased the customer pool for the devices.

  • In March 2022, BioIntelliSense, Inc., a continuous health monitoring and clinical intelligence company, launched the BioButton Rechargeable device with the aim of expanding its product portfolio.

All the factors mentioned above present a huge growth opportunity for new entrants and established players to focus on this segment and launch new wearable devices to meet the growing demand.

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Medical Devices Market Growth Factors

Growing Prevalence of Chronic Disorders Among Population to Boost the Demand for Medical Devices

The increasing prevalence of chronic diseases such as cancer, diabetes, and others is leading to a growing patient pool requiring therapies and treatment procedures. The increasing initiatives by various healthcare agencies, major companies operating in the market, and others to increase awareness regarding the various novel therapies and treatment options for patients are contributing to the rising product demand.

  • According to the Centers for Disease Control and Prevention, in 2021, there were around 38.4 million people with diabetes in the U.S.

  • Similarly, according to the American Cancer Society, the estimated number of new cancer cases in 2023 is around 2.0 million and 609,820 deaths in 2023, respectively.

Additionally, a rapid rise in the aging population is increasing the demand for ophthalmic and orthopedic procedures due to the increasing incidence of impaired vision and joint fractures.

  • According to the 2022 data published by the Population Reference Bureau (PRB), the number of Americans aged 65 and older is expected to increase from 58.0 million in 2022 to 82.0 million by 2050.  This represents a growth of around 47% during the period.

  • Similarly, according to 2022 data published by Versus Arthritis, around 10.0 million people in the U.K. suffer from osteoarthritis (OA), with an estimated 5.4 million having knee OA and 3.2 million having hip OA.

The factors mentioned above, coupled with growing per capita healthcare expenditure and improving reimbursement policies in developed and emerging countries, are leading to the rising number of patients undergoing diagnosis and treatment. This is fueling the growing demand for medical devices in these countries.


High Costs Associated with the Devices and Limited Reimbursement Policies in Emerging Countries to Hamper Market Growth 

The medical device industry has witnessed developments in the past decade in terms of the implementation of new technologies and design modifications. However, these devices' high cost, which includes a comparatively higher acquisition cost and subsequent maintenance costs, leads to an overall increased device cost and ownership. Some of the advanced devices are associated with various other components, such as chips, batteries, sensors, and some other accessories, which require periodic replacement.

Additionally, the treatment procedures involving high-tech devices, including surgical robots and others, are also higher, which is anticipated to limit the adoption of these devices in the market.

  • For instance, according to an article published by Medical Device + Diagnostic Industry (MD+DI), the cost of daVinci surgical robots ranges between USD 1.85 million and USD 2.3 million. Moreover, the total per year cost of this device's maintenance is around USD 125,000. The high cost of surgical robots is one of the significant factors for the stagnant adoption rate.

This leads to a comparatively higher cost of ownership for hospitals and surgical centers. Additionally, reimbursement for medical devices has also been a restricting factor in the adoption of these devices in emerging countries. Thus, the above factors, along with inadequate reimbursement policies, have been responsible for the comparatively limited adoption of medical devices in emerging countries.

Medical Devices Market Segmentation Analysis

By Type Analysis

Increasing Number of Clinical Diagnostic Tests Led to Dominance of In-vitro Diagnostics (IVD) Segment

Based on type, the market is segmented into orthopedic devices, cardiovascular devices, diagnostic imaging, in-vitro diagnostics, minimally invasive surgery, wound management, diabetes care, ophthalmic devices, dental devices, nephrology, general surgery, and others. 

The in-vitro diagnostics segment dominated the market in 2023, attributed to factors such as the rising prevalence of infectious diseases among the population and the growing number of tests among the patient population, among others. Along with this, there are increasing R&D activities among the key players operating in the market to develop and introduce novel test kits and products to meet the growing demand for such products among the population.

  • For instance, in December 2023, Sysmex Corporation launched its reagents for blood-based Amyloid Beta testing in Europe. These assay kits were launched in Japan as in-vitro diagnostic kits in June 2023.

The diabetes care segment is expected to grow at the highest CAGR during the forecast period. The rising prevalence of diabetes globally and the growing adoption of blood glucose monitors among the patient population owing to the increasing awareness about the devices are some of the significant factors contributing to the growth of the segment.

The rising number of surgeries, both general and minimally invasive, in developed and emerging countries is a significant factor contributing to the growth of minimally invasive surgery and general surgery segments.

Dental and ophthalmic segments are anticipated to grow during the forecast period. The increasing number of product approvals and launches by key players operating in the market in these segments is favoring growth globally.

  • In October 2023, Alcon launched TOTAL30 multifocal contact lenses for patients with presbyopia.

The nephrology segment is expected to grow at a considerable growth rate during the forecast period.  The increasing number of patient pools suffering from various kidney disorders and the rising number of dialysis treatments among the patients is anticipated to fuel the growth of the segment.

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By End-User Analysis

Increasing Number of Patient Visits to Hospitals & ASCs Supported the Dominance of the Hospitals & ASCs Segment

Based on end-user, the market is segmented into hospitals & ASCs, clinics, and others.

The hospitals & ASCs segment dominated the global medical devices market share in 2023. The dominance of the segment is attributed to the rising number of outpatient and inpatient visits for various surgical procedures and treatments at these facilities.

The rising healthcare expenditure among emerging countries is leading to a growing number of hospitals & ASCs in these countries, which is another significant factor contributing to the growth of the segment.

  • According to the 2023-2024 budget released by the Government of Hong Kong, the estimate for healthcare expenditure reached USD 104.40 billion, which is around 19.0% of the government’s recurrent expenditure. The government aims to strengthen healthcare services and infrastructure, including the expansion of public hospital beds, operation theaters, and others.

Clinics and other segments are expected to grow at a considerable CAGR during the forecast period. The increasing preference of the patients owing to the specialized care and efficient treatment options in the setting is a significant factor supporting the growth of the segment.


Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America Medical Devices Market Size, 2023 (USD Billion)

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The market size in North America stood at USD 197.83 billion in 2023. The presence of adequate and favorable reimbursement policies, a well-developed healthcare infrastructure, rapid adoption of advanced medical technologies, and key players in the region are some of the major factors contributing to the dominance of the region. Additionally, the region’s dominance is augmented by an increasing number of patients undergoing diagnosis and treatment owing to the rising incidence and prevalence of chronic conditions.

Europe is expected to grow at a steady CAGR owing to increasing healthcare expenditure, well-established infrastructure, and growing adoption of advanced diagnostic and treatment devices. A strong focus toward a shift of medical care in home care settings and the introduction of portable medical equipment by leading global and domestic players in the region is poised to drive the medical devices market growth during the forecast period.

Asia Pacific is expected to grow at the fastest CAGR due to the increasing prevalence of diseases such as cardiovascular disorders, infectious diseases, dental disorders, diabetes, and others, along with the growing focus of market players to expand its direct presence in emerging countries, including China, India and fulfill the demand for medical devices in this region. Additionally, the rising investment and findings by associations and governments provide opportunities for emerging players and contribute to the growth of the market in the region.

  • In April 2023, Siemens Healthineers expanded its MRI scanner manufacturing facility in India by introducing a new production line.

On the other hand, Latin America and the Middle East & Africa are expected to register a substantial CAGR during the forecast period due to rapidly developing healthcare infrastructure in Saudi Arabia, Brazil, and other countries, and the entry of global market players in these regions through direct or indirect presence.

List of Key Companies in Medical Devices Market

Major Players Focus on R&D Activities to Meet Rising Market Demands

The global market is fragmented, with several players such as Medtronic, Johnson & Johnson Services, Inc., GE Healthcare, and Stryker accounting for a significant medical devices market share in 2023. The rising R&D focus of these top players to develop and introduce technologically advanced devices to meet increasing market demands is a significant factor contributing to their market shares.

  • In November 2023, Medtronic received the U.S. FDA approval for its Symplicity Spyral renal denervation system for the treatment of hypertension.

Other major players operating in the market include Koninklijke Philips N.V., Siemens Healthineers AG, BD, Cardinal Health, among others. The robust efforts of these companies to expand their geographical footprint along with a vast global distribution network are favoring the growing market shares of these companies. 

  • In May 2023, Cardinal Health expanded its distribution footprint by opening a new distribution center in Canada with the aim of catering to the rising demand for medical and surgical products in the country.



  • January 2024 – GE Healthcare entered into an agreement to acquire MIM Software, one of the leading providers of medical imaging analysis and AI solutions. The company specializes in areas such as radiation oncology, molecular radiotherapy, diagnostic imaging, and urology in various healthcare settings.

  • January 2024 – Medtronic received the U.S. FDA approval for its Percept RC Deep Stimulation System with advanced BrainSense technology for personalized treatment of patients suffering from Parkinson’s Disease, and epilepsy, among others. 

  • January 2024 – BD collaborated with Techcyte, a leading provider of AI-based digital diagnostics, to offer an AI-based algorithm digital cervical cytology system for PAP testing.

  • November 2023 – Siemens Healthineers AG launched Acuson Maple, a versatile, powerful, and affordable ultrasound system that enables rapid diagnosis and assessment in all clinical settings.

  • November 2023 – Johnson & Johnson Services Inc. received regulatory approval in China for its MONARCH Platform, which is the first minimally invasive, robot-assisted technology for bronchoscopy.


An Infographic Representation of Medical Devices Market

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The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, products, and end-users. Besides this, it offers insights into the medical devices market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market growth in recent years.

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Growth Rate

CAGR of 6.3% from 2024-2032

Historical Period



Value (USD Billion)


By Type

  • Orthopedic Devices

  • Cardiovascular Devices

  • Diagnostic Imaging

  • IVD

  • MIS

  • Wound Management

  • Diabetes Care

  • Ophthalmic Devices

  • Dental Devices

  • Nephrology

  • General Surgery

  • Others

By End-User

  • Hospitals & ASCs

  • Clinics

  • Others

By Region

  • North America (By Type, End-User, and Country)

    • U.S. (By Type and End-User)

    • Canada (By Type and End-User)

  • Europe (By Type, End-User, and Country/Sub-region)

    • U.K. (By Type and End-User)

    • Germany (By Type and End-User)

    • France (By Type and End-User)

    • Italy (By Type and End-User)

    • Spain (By Type and End-User)

    • Rest of Europe (By Type and End-User)

  • Asia Pacific (By Type, End-User, and Country/Sub-region)

    • China (By Type and End-User)

    • Japan (By Type and End-User)

    • India (By Type and End-User)

    • Australia (By Type and End-User)

    • Rest of Asia Pacific (By Type and End-User)

  • Latin America (By Type, End-User, and Country/Sub-region)

    • Brazil (By Type and End-User)

    • Mexico (By Type and End-User)

    • Rest of Latin America (By Type and End-User)

  • Middle East & Africa (By Type, End-User, and Country/ Sub-region)

    • GCC (By Type and End-User)

    • South Africa (By Type and End-User)

    • Rest of Middle East & Africa (By Type and End-User)

Frequently Asked Questions

Fortune Business Insights says that the global market stood at USD 518.46 billion in 2023 and is projected to reach USD 886.80 billion by 2032.

In 2023, the North American market size stood at USD 197.83 billion.

The market will exhibit steady growth at a CAGR of 6.3% during the forecast period (2024-2032).

The rising prevalence of chronic disorders and the shift toward homecare settings among the general population are the key drivers of the market.

Medtronic, Johnson & Johnson Services, Inc., Abbott, and Stryker are the markets top players.

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