Global Medical Devices Market To Surge To $1.3 Trillion, Driven By Advances In AI

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Boston, Dec. 18, 2024 (GLOBE NEWSWIRE) -- According to the latest study from BCC Research the " Global Market for Medical Device Technologies” is expected to grow from $810.4 billion in 2024 to $1.3 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 through 2029.

This report is relevant due to the rapid advances in technology and the integration of AI in medical devices. As healthcare systems worldwide continue to evolve post-pandemic, the demand for innovative, technology-oriented devices has surged, prompting the need for examine market trends and developments. This report covers not only the current landscape but also anticipates future shifts in this dynamic market.

The report analyzes the medical device technology market, focusing on trends and market estimate through 2029. It evaluates the positioning of the major players and their product portfolios while assessing regulatory scenarios and emerging technologies. The market is segmented by device type, including drug delivery devices, in vitro diagnostics (IVD), urology and renal devices, orthopedics and spine, imaging devices, cardiovascular devices, and endoscopy. Imaging devices encompass X-rays, ultrasound and computed tomography. IVDs are categorized into immunochemistry, clinical chemistry and molecular diagnostics. The report also segments the market by end-users, such as hospitals, home healthcare, and diagnostic centers, while providing analysis of the markets North America, Europe, Asia-Pacific, and the Rest of the World, with specific focus on the U.S., Germany, the U.K. and Japan.

Click here for more details on the "Global Market for Medical Devices” report.

The following factors are driving the global market for medical devices:

Aging Population: More elderly people means a higher demand for devices to diagnose and manage age-related health issues.

AI Integration: AI enhances diagnostic accuracy and speeds up data analysis.

Chronic Diseases: Increasing cases of diabetes, cancer, and heart disease drive the need for advanced monitoring and treatment devices.

Public Health Improvement: Better healthcare infrastructure and access boost the demand for essential medical tools.

Enhanced Diagnosis: Technological advances make diagnostic devices more precise, faster, and less invasive.

Patient Education: Informed patients seek out the best medical technologies for managing their health.

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Report Synopsis

Metric	Details
Base year considered	2023
Forecast period	2024-2029
Base year market size	$739.6 billion
Market size forecast	$1.3 trillion
Growth rate	CAGR of 9.8% from 2024 to the end of 2029
Segments covered	Device type, end user, region
Regions covered	North America, Europe, Asia-Pacific, Rest of the World (RoW)
Countries covered	U.S., Canada, Mexico, Brazil, Germany, France, U.K., Spain, Italy, Japan, China, India, Australia, New Zealand and GCC countries
Market drivers	Rise in the aging population and a corresponding need for diagnostic procedures Increasing use of AI in medical devices Rising incidence of chronic diseases Need for improving public health Improving disease diagnosis Increased patient education

Interesting facts:

• AI in Medical Devices: AI is revolutionizing modern medical devices, enhancing patient care by taking over many functions traditionally performed by healthcare professionals.

• Continued Demand for Traditional Diagnostics: Despite advances in technology, there remains a strong demand for traditional in vitro diagnostic devices.

• Preference for PET Scans: Patients increasingly prefer Positron Emission Tomography (PET) scans over ultrasound systems for diagnosing diseases and assessing their bodies.

The report addresses the following questions:

What is the projected size and growth rate of the global medical device technology market?

• The market is projected to grow from $739.6 billion in 2023 to $1.3 trillion by the end of 2029, at a CAGR of 9.8% during the forecast period.

What segments are covered in the report?

• The report segments the market based on device type, end user and region.

Which device type will dominate the market in 2029?

• The drug delivery device segment is anticipated to dominate the market over the forecast period.

Which device type shows the fastest growth?

• Imaging devices and cardiovascular devices are the fastest-growing segments.

Leading companies in the market include:

• 3M
• ABBOTT
• BD
• BAYER AG
• BAXTER
• BOSTON SCIENTIFIC CORP.
• DANAHER CORP.
• F. HOFFMANN-LA ROCHE LTD.
• GE HEALTHCARE
• JOHNSON & JOHNSON.
• KONINKLIJKE PHILIPS N.V.
• MEDTRONIC
• QUIDELORTHO CORP.
• SIEMENS HEALTHNIEERS AG
• STRYKER
• THERMO FISHER SCIENTIFIC INC.

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