Medical Devices Market to Record CAGR of 6.5% Over 2025-2032; Rising Incidence of Acute and Chronic Diseases to Fuel Market Growth

The global medical devices market size was valued at USD 542.21 billion in 2024 and is predicted to reach USD 572.31 billion in 2025. The market is anticipated to touch USD 886.68 billion by 2032, recording a CAGR of 6.5% over 2025-2032.

Fortune Business Insights™ presents this information in its latest report titled “Medical Devices Market Size, Share & Industry Analysis, By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging Devices, In-vitro Diagnostics (IVD), Minimally Invasive Surgery Devices, Wound Management, Diabetes Care Devices, Ophthalmic Devices, Dental Devices, Nephrology Devices, General Surgery, and Others), By End-User (Hospitals & ASCs, Clinics, and Others), and Regional Forecast, 2025-2032”.

The increasing inpatient admissions, along with the rising volume of surgical and diagnostic procedures, is driving the demand for products, such as consumables and capital equipment, in both developed and emerging markets. The market is expected to experience notable growth, propelled by advancements in technology and rising healthcare requirements.

The COVID-19 pandemic negatively impacted the global market primarily due to the sharp decline in elective surgeries and emergency room visits at hospitals. This led to a reduced demand for medical devices, causing revenue losses for companies in this sector.

Rising Incidence of Acute and Chronic Diseases to Fuel Market Growth

The increasing incidence of acute and chronic diseases, such as diabetes and cancer, is leading to a higher number of patients in need of therapies and treatments. Leading firms and healthcare organizations are actively promoting awareness of these innovative options, which is further driving demand. Additionally, the growing elderly population is contributing to a rise in age-related disorders, such as cataracts, glaucoma, hypertension, hearing loss, and arthritis. This trend, coupled with a focus on early diagnosis and treatment supported by various healthcare initiatives, is resulting in more admissions to both inpatient and outpatient facilities worldwide. The rising per capita healthcare spending and improved reimbursement policies in both developed and emerging markets are encouraging more patients to seek medical care, thereby fueling the global medical devices market growth.

However, the use of advanced treatment procedures that incorporate high-tech devices, such as surgical robots, comes with elevated costs and is expected to hinder the market adoption of these devices.

GE HealthCare Launched Voluson Signature 20 and 18 Ultrasound Systems Equipped with AI Technology

In April 2024, GE HealthCare unveiled the Voluson Signature 20 and 18 ultrasound systems equipped with artificial intelligence technology. This innovation is designed to optimize examination time for healthcare professionals.

Key Players to Develop and Launch Innovative Medical Devices to Strengthen Their Market Presence

The global market is characterized by fragmentation, with key players such as Medtronic, Johnson & Johnson Services, Inc., GE Healthcare, and Stryker commanding a notable share in 2024. The growing emphasis of these top companies on the development and launch of innovative medical devices is a major factor contributing to their strong presence in the market.

Notable Industry Development

• January 2024: GE Healthcare made a deal to buy MIM Software, a well-known company that offers medical imaging analysis and AI solutions. This firm works in different healthcare environments, such as radiation oncology, molecular radiotherapy, diagnostic imaging, and urology.

List of the Companies Profiled in the Report

• Medtronic (Ireland)


• Johnson & Johnson Services, Inc. (U.S.)


• Koninklijke Philips N.V. (Netherlands)


• F. Hoffmann-La Roche Ltd. (Switzerland)


• Boston Scientific Corporation (U.S.)


• Fresenius Medical Care AG (Germany)


• GE Healthcare (U.S.)


• Siemens Healthineers AG (Germany)


• Stryker (U.S.)


• Abbott (U.S.)


• BD (U.S.)


• Cardinal Health (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/medical-devices-market-100085

Further Report Findings

• In 2024, the North American market was worth USD 207.00 billion. This growth is mainly due to good reimbursement policies, a strong healthcare system, and quick adoption of new medical technologies. The U.S. has many leading companies, and Medicare offers helpful reimbursement for these devices, which is likely to boost market growth.


• The Asia Pacific region is projected to witness the fastest CAGR driven by the rising incidence of various diseases, including cardiovascular disorders, infectious diseases, dental issues, and diabetes. The growth is further supported by the increasing efforts of market players to strengthen their presence in emerging markets such as China and India, which aim to meet the region’s growing demand for medical devices.


• Based on type, the in-vitro diagnostics segment led the medical devices market share in 2024, driven by the rising prevalence of infectious diseases and the growing number of tests performed on patients.

Table of Segmentation