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The U.S. medical devices market size was valued at USD 184.61 billion in 2022 and is anticipated to grow from USD 192.78 billion in 2023 to USD 291.04 billion by 2030, exhibiting a CAGR of 6.1% during the forecast period.
The U.S. has witnessed substantial growth in the geriatric population over the years. A demographic research projection published by the University of Washington in July 2021 since the beginning of the 21st century assumed that every other person born in the U.S. will live up to 100 years. The rising geriatric population is leading to the increasing prevalence of age-related disorders such as cataracts, chronic obstructive pulmonary disease, hypertension, osteoarthritis, diabetes, depression, and dementia.
The growing prevalence and increasing cost burden of chronic and lifestyle diseases have led growing emphasis of healthcare agencies, government, and healthcare providers on the timely and routine treatment of patients. Thus, through awareness programs and campaigns, several national and regional healthcare agencies have actively promoted the diagnosis and treatment of common diseases.
This factor increased awareness among the geriatric population toward products and services for diagnosis and treatment, which is presenting a large patient pool undergoing treatment. Further, high treatment rates are driving the demand for these devices in hospitals, clinics, and other healthcare settings.
Additionally, to cater to the growing demand for advanced devices, medical devices companies are now investing in R&D to introduce healthcare devices with various advanced capabilities, such as AI intelligence, 3D imaging, wearable heart rate trackers, and others. Thus, rising launches of such advanced devices and their increased presence across the globe have further propelled market growth.
Declining Elective Surgeries Restrained the Market amid the COVID-19 Pandemic
The COVID-19 pandemic has significantly affected the development and deployment of these devices in the U.S. The restrictions imposed during the pandemic led to the postponement or cancellation of non-essential and elective procedures such as dental, orthopedic, and ophthalmic surgeries.
Medical device manufacturers providing medical equipment for elective procedures such as diagnostic imaging and dental procedures witnessed a considerable decline in revenues for 2020 as compared to 2019.
However, the increasing patient pool for COVID-19 diagnosis led to increasing adoption of COVID-19 tests compared to decreasing routine IVD tests such as diabetes and cancer screening in 2020. Furthermore, after the pandemic, routine tests regained substantial growth coupled with high demand for COVID-19 tests. Thus, these cumulative factors propelled the in-vitro diagnostics segment share in 2021.
Similarly, leading industry players in the manufacturing of in-vitro diagnostic devices and devices in other segments, such as beds, gloves, masks, respirators, and other hospital supplies, witnessed high demand for these products in 2020 and 2021.
Moreover, in 2021, to re-establish the country's manufacturing potency, the U.S. government focused on building strong supply chains across the globe. Similarly, high product approvals, the introduction of technologically advanced devices, and the rising demand for home healthcare devices propelled the market growth in 2021.
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Rising Remote Monitoring Preference by Healthcare Providers in the U.S. Propelled Industry Growth
A growing number of adults and children participating in leisure and competitive sports activities such as cycling, running, and other sports have splurged the demand for activity trackers. Similarly, the rising focus on diagnosis and real-time monitoring of patients by regional and national healthcare agencies has been pivotal in the higher demand for wearable devices.
This factor presents enormous opportunities for new entrants, domestic players, and established global market players to focus on this segment and introduce new devices to cater to the ever-increasing demand. Thus, the population's sheer size and the country's potential market aids entrants in providing remote monitoring devices at competitive pricing.
Robust Pipeline and Increasing Investments in R&D by Industry Players to Propel Market Growth
Major industry players are actively investing in the research and development of advanced devices. The presence of potential devices in the end stage of development is expected to boost the demand for these devices.
The U.S. medical device manufacturers with a strong emphasis on R&D are shifting their strategies to introduce devices enhanced with new technologies. Thus, rising investments in R&D and breakthrough technologies to accelerate the manufacturing of these devices are expected to propel the market growth.
Therefore, such a robust pipeline of advanced devices and high investments by the manufacturers is anticipated to fuel the adoption of these devices, further propelling the market growth.
High Cost of Devices to Limit their Adoption in Small & Mid-sized Facilities
Medical devices have witnessed significant developments in the last decade by integrating new technologies, modifications in design, and updating other parameters. However, these devices' overall cost is higher, including acquisition and maintenance costs. Along with capital-intensive devices, some advanced healthcare devices are associated with various components, including cameras, batteries, chips, sensors, and other accessories that need periodic replacement.
Moreover, the increasing utilization of medical devices with current costs imposes an economic burden on small & mid-sized healthcare facilities such as health clinics, Ambulatory Surgical Centers (ASCs), and imaging centers. Compared to independent hospitals, rising costs in these facilities will further restrain the U.S. medical devices market growth.
Thus, such high medical device costs limit the adoption of these devices, further hampering the demand for these devices and the growth of this industry.
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Increasing Cardiovascular Surgeries to Drive the Cardiovascular Devices Segment
Based on type, the market is segmented into orthopedic devices, cardiovascular devices, in-vitro diagnostics, diagnostic imaging devices, Minimally Invasive Surgery (MIS) devices, wound management devices, diabetes care devices, ophthalmic devices, nephrology, dental, and others.
Among types, the cardiovascular devices segment is projected to register a comparatively higher CAGR owing to the rising prevalence of cardiovascular diseases in the U.S., the rising number of cardiovascular surgeries, and product launches by the U.S. medical device manufacturers.
In addition, the orthopedic segment is anticipated to grow significantly due to rising patient pool suffering from orthopedic disorders, mainly arthritis and an increasing number of joint replacement procedures in the U.S.
Moreover, the increasing uptake of real-time diagnostic tests to diagnose chronic diseases, such as diabetes and cancer, contributes to the segment growth. Similarly, growing R&D investments by industry players to launch new IVD products, such as disease-specific markers and tests, further propelled the segment share.
The other segment accounted for the largest market share in 2022. The dominance is attributed to the rising burden of chronic diseases in the country coupled with increasing demand for rehabilitation and palliative care devices in homecare settings in the U.S. In September 2021, OMRON Healthcare Co., Ltd. announced that cumulative global sales of its home-use blood pressure monitors reached more than 300.0 million units since releasing its first electronic blood pressure monitor nearly 50 years ago.
Rising Number of Admissions to Drive the Growth of the Hospitals & Ambulatory Surgery Centers (ASCs) Segment
Based on end user, the market is segmented into hospitals & Ambulatory Surgery Centers (ASCs), clinics, and others.
The hospitals & Ambulatory Surgery Centers (ASCs) segment accounted for the highest U.S. medical devices market share in 2022. The increasing patient population with chronic and life-threatening diseases resulting in a higher hospitalization rate in the U.S. is primarily responsible for the growing demand and adoption of healthcare devices in these settings.
The others segment is projected to grow at a substantial CAGR during the forecast period. The increasing healthcare expenditure in the U.S. leading to the rising number of healthcare facilities, such as nursing homes, long-term care centers, and others, offering treatment for different diseases, is expected to increase the demand and adoption of these devices and will subsequently drive the growth of these segments during the forecast period.
Mergers and Acquisitions by Key Players to Propel Market Progress
The market is fragmented, with leading players such as Medtronic, Johnson & Johnson Services, Inc., and Abbott accounting for less than 25% share in 2022. The focus of top market players is adopting strategies such as joint ventures, expansion, collaborations, and acquisitions to develop novel devices for patients suffering from chronic diseases.
Other prominent market players are Stryker Corporation, Boston Scientific Corporation, Siemens Healthineers AG, Roche, GE Healthcare, Danaher, Fresenius Medical Care AG & Co. KgaA, and BD. A significant rise in the prevalence of chronic diseases, extensive device approvals, and favorable reimbursement scenarios for high-end instruments is projected to propel the number of emerging players in the U.S. medical devices industry by 2030.
An Infographic Representation of U.S. Medical Devices Market
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The market report provides a detailed market analysis and focuses on crucial aspects such as manufacturers, products, and end users. Additionally, it offers insights into market trends, key industry developments such as collaboration, partnerships, & acquisitions, and the impact of COVID-19 on the market. In addition to the above-mentioned factors, the report includes the factors that have contributed to the market growth in recent years with a regional analysis of different segments.
CAGR of 6.1% from 2023-2030
Value (USD Billion)
Type and End-User
By End User
Fortune Business Insights says that the U.S. market size was USD 184.61 billion in 2022 and is projected to reach USD 291.04 billion by 2030.
The market will exhibit a CAGR of 6.1% in the forecast period (2023-2030).
The rising prevalence of chronic diseases and increasing number of surgical and diagnostic procedures across the U.S. are the key factors driving the growth of the market.
Medtronic, Abbott Laboratories, Johnson & Johnson Services, Inc., and Stryker are major players in the global market.
Factors such as technological advancements, rapid diagnostics, and product approvals in the U.S. are expected to drive the adoption of these products.
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