The US Medical Devices Market Size was USD 177.06 billion in 2021. The market is projected to grow from USD 174.69 billion in 2022 to USD 255.14 billion by 2029, exhibiting a CAGR of 5.4% during the forecast period. The increasing prevalence of a chronic lifestyle and the robust demand for advanced medical devices are likely to elevate the industry’s progress. Fortune Business Insights™ mentions this in its report titled “US Medical Devices Market, 2022-2029.”
Medical devices have witnessed significant developments in the last decade regarding implementing new technologies and modifications in design and other parameters. However, the overall cost of ownership of these devices is higher, which includes a comparatively higher acquisition cost and subsequent maintenance costs.
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Drivers and Restraints
Medical Devices are the software, instruments, machines and devices that help treat patients effectively. Increased strong RandD investments and strong pipeline deployments are expected to increase the market share of medical devices. For example, in September 2021, Boston Scientific Corporation made his $25.2 million investment to accelerate the manufacturing and development of minimally invasive medical technology at its Cork facility. In addition, increased investment by medical device manufacturers may increase the demand for medical devices. In addition, the growing interest in fitness by multiple adults in the United States is expected to drive the growth of the medical device market in the United States.
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.
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 upsurge the market growth.
Therefore, such a robust pipeline of advanced devices and high investments by medical device manufacturers is anticipated to fuel the adoption of these devices, further propelling the growth of the market.
Key Takeaways In U.S. Medical Devices Market
- The others segment is expected to lead this market during the forecast period.
- The market will exhibit a CAGR of 5.4% in the forecast period (2022-2029).
- The US market size was USD 177.06 billion in 2021 and is projected to reach USD 255.14 billion by 2029.
- Medtronic, Abbott Laboratories, Stryker, and Johnson and Johnson Services, Inc., are major players in the global market.
- Telemedicine technology is becoming increasingly important in the medical devices market, as it offers remote access to medical care and allows for better patient monitoring and management.
Segments
By type, the market is segmented into cardiovascular devices, in-vitro diagnostics, orthopaedic devices, diagnostic imaging, minimally invasive surgery, wound management, diabetes care, ophthalmic devices, nephrology, dentistry, and others. The in-vitro diagnostics segment is expected to grow due to strong demand for real-time diagnostics.
Based on end-users, the market is segmented into hospitals and ambulatory surgery centres (ASCs), clinics, and others. The hospital and ambulatory surgery centre (ASC) segment is expected to lead due to patient volume growth.
Report Coverage
The report provides an in-depth analysis of the top segments and the latest trends in the market. A comprehensive discussion of the drivers and restraints and the impact of COVID-19 on the market. In addition, regional developments and strategies of key market players are examined.
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Competitive Landscape
Major companies operating in the market are making acquisitions to improve their performance. For example, DaVita Inc. and Medtronic plc.. This strategy could improve the performance of both companies. Additionally, companies are adopting RandD strategies to increase resources, attract consumers, use resources effectively, and increase sales. In addition, key players are developing research and development, innovations, mergers, innovations, new product launches, and expansions to strengthen their market positions.
Key Industry Development
January 2022- Stryker entered an agreement to acquire Vocera Communications to expand its cardiovascular portfolio
List of Key Players Profiled in the Report:
- Medtronic (Ireland)
- Abbott (U.S.)
- Johnson and Johnson Services, Inc. (U.S.)
- Stryker (U.S.)
- BD (Becton, Dickinson, and Company) (U.S.)
- Boston Scientific Corporation (U.S.)
- Siemens Healthineers AG (Germany)
- F. Hoffmann-La Roche AG (Switzerland)
- Danaher (U.S.)
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COVID-19 Impact
The COVID-19 pandemic has significantly affected the development and deployment of medical 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 elective surgeries 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 high 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.
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