Medical Device & Accessories Market By Type (Diagnostic Devices, and Therapeutic Devices), By Device Type, By Application, By End User - Global Industry Outlook, Key Companies (Medtronic Plc, Abbott Laboratories Inc, Johnson & Johnson Services and others), Trends and Forecast 2024-2033

The global medical devices and accessories market has been one of the fast-growing dynamic markets. These products under this category include diagnostic devices, therapeutic devices, and others. The key drivers driving the growth of this market include new medical technologies, together with the graying global population, coupled with rising healthcare expenditure. This has resulted in an increased demand for medical devices due to various types of chronic diseases that require effective and innovative health solutions. 

North America holds the largest market share in the global medical device market, due to the developed infrastructural facilities in the healthcare sector, coupled with the regional presence of major players operating in the market. The industry is also being influenced by wearable devices and minimally invasive procedures that have been invented. The innovative diagnostic apparatuses that ensure quality treatment, such as imaging systems for patient diagnosis and monitoring systems, are expanding the market.

However, the major problems in developing medical devices are related to the strict regulatory policies and high development costs. Notwithstanding the challenges, the global medical devices and accessories market shall grow at a robust pace over the forecast period, due to continuous innovations coupled with growing demand for superior healthcare solutions.

The US Medical Device & Accessories Market

The US Medical Device & Accessories market is projected to be valued at USD 600.6 million in 2024. It is expected to witness subsequent growth in the upcoming period as it holds USD 1,161.9 million in 2033 at a CAGR of 7.6. The US medical device and accessory market is marked by trends, continuous progress, and immense opportunities. Being one of the biggest markets globally, this one shows steady development as well as research activities.

As the US market of medical devices continues to expand, this has necessitated significant investments in research and development, ultimately leading to product innovations meeting market demands for medical devices. Multiple organizations are investing heavily in compact devices as well as enhanced therapies designed to meet this demand.

Future implementation of digital health technologies and telemedicine offers more opportunities in the US market, especially due to aging populations and chronic illnesses driving demand for better or enhanced medical devices and accessories. With regulatory support and favorable reimbursement policies as hallmarks of success for US market businesses, medical device makers may find more than ample opportunity in this lucrative arena for growth.

Key Takeaways

• Market Value: The global medical device & accessories market size is projected to be valued at USD 3,869.8 million by the end of 2033 from a base value of USD 1,919.8 million in 2024.
• Global Growth Rate: The market is growing at a CAGR of 7.6 percent over the forecasted period.
• The US Market Value: The US medical device & accessories market is projected to be valued at USD 600.6 million in 2024 and is expected to reach USD 1,161.9 million in 2033 at a CAGR of 7.6%.
• By Type Segment Analysis: Diagnostic devices are projected to dominate the global medical device market as they hold 63.1% of the market share in 2024.
• By Product Type Segment Analysis: Coronary Pressure Monitors are projected to dominate this market as they hold the highest market share in 2024.
• By End User Segment Analysis: It is expected that urology devices will hold a 24.1% market share by 2024 in terms of application.
• Regional Analysis: North America is projected to hold the highest market share for medical device & accessories sales globally at around 37.2% in 2024.

Use Cases

• Remote Patient Monitoring: Wearable heart monitors and glucose meters allow continuous patient monitoring, helping reduce hospital visits while improving chronic disease control.
• Diagnostic Imaging: Advanced imaging technologies such as MRI and CT scans enable more precise diagnoses, providing for more effective remedy planning and patient outcomes.
• Minimally Invasive Surgery: Robotic surgical devices and laparoscopic instruments offer minimally invasive surgical solutions that decrease recovery time and risks during operations.
• Telehealth: Devices supporting telehealth services, like digital stethoscopes and portable ultrasound machines, enable remote consultations and increase healthcare accessibility.

Market Dynamic

Trends

Technological Integration
AI and ML algorithms provide more accuracy in diagnosis, predictive analytics, and personalized treatment plans. IoT-enabled devices improve real-time monitoring and data collection, thus helping to manage patients' conditions better. For example, AI-driven imaging systems can detect anomalies more precisely; IoT-connected wearable devices monitor health continuously, thus enabling timely interventions.

Wearable Technology
Wearable technology includes fitness trackers, smartwatches, and health-monitoring bands, some of the devices spoofing the essential threads of medical appliances. Real-time tracking, hereby empowered, shall enable a person to manage heart rate, blood pressure, and Sugar levels. Driving interests in wearable technologies have been increasing consumer interest in health and wellness, advancements in sensing technology, and rising adoption of digital health solutions.

Growth Drivers

Aging Population
An increase in life span and an aging population across various regions are driving medical device sales worldwide. As older populations increase, they also witness an upsurge of age-related ailments like cardiovascular diseases, arthritis, diabetes, and respiratory conditions that plague these individuals - this in turn creates an acute need for walking aids, diagnostic, and treatment instruments tailored specifically for this demographic segment and their care providers.

Chronic Disease Prevalence
Chronic diseases have become prevalent across many societies, creating an increase in demand for medical devices. Chronic symptoms like diabetes, hypertension, and cardiovascular and respiratory conditions need consistent medical monitoring with blood glucose meters, blood pressure meters, and ECG machines being key in diagnosing diseases at their initial stages before regular checks to monitor disease progress are performed on them over time. Insulin pumps, inhalers, and pacemakers play key roles in disease control and monitoring respectively.

Growth Opportunities

Emerging Markets
Emerging markets are a fast-growing area of high growth potential for the medical device market. These regions include Asia, Latin America, and Africa, which are going through rapid economic growth, improving healthcare infrastructure, and growing awareness by people for health matters. Governments in these areas are highly focused on reforms in healthcare and broadening access to medical services, thus generating an enabling environment for the adoption of medical devices. Paralleling this increase in chronic disease prevalence is an increased number of middle-class individuals with higher disposable incomes are factors that are fueling demand for advanced medical devices.

Telemedicine and Remote Monitoring
Telemedicine and remote patient monitoring present immense growth potential in the medical device market. Coupling telemedicine platforms with remote monitoring devices allows health providers to deliver care to a vast number of underserved or remote patient segments more effectively than before. Devices like digital stethoscopes, portable ultrasound machines, and ECG monitors enable virtual consultation as well as ongoing health status tracking of each individual patient. COVID-19 further hastens the adoption of telemedicine with its emphasis on providing remote healthcare solutions among its many vital measures of healthcare measures taken against remote patient segments.

Restraints

Regulatory Challenges
Strict regulatory requirements for the approval and compliance of medical devices are one of the major challenges that medical device manufacturers face. It needs to meet standard rigorous requisites set and promulgated by regulatory bodies CreateTable U.S. FDA and the European Medicines Agency for the safety and efficacy of medical devices. Protracted, complicated procedures for approval can delay a product's launch time and increase development costs. Under these regulations for such, manufacturers shall bear an investment in lengthy clinical trials, quality assurance, and documentation. The regulatory landscape is very resource-intensive and demanding in terms of expertise, and speaking, small and medium-sized enterprise has to heavily endure these demands.

High Development Costs
The high costs associated with researching developing, and manufacturing advanced medical devices may be a key restraining factor for the market. This goes in line with innovative medical device development, requiring huge investments in R&D, prototyping, clinical trials, and compliance with various regulations. Moreover, the line of high-technology medical means producers require special equipment and materials in the process of manufacturing, which increases the production cost. All these financial barriers may not let many new players enter this field and limit small companies' possibilities of competing against big market leaders.

Research Scope and Analysis

By Type

Diagnostic devices are projected to dominate the global medical device market as they hold 63.1% of the market share in 2024 because they play a critical role in disease detection and diagnosis and further monitoring at an early stage. The devices belonging to this segment include imaging systems, MRI, CT scans, X-rays, ultrasounds, and diagnostic monitoring devices such as ECG, EEG, and pulse oximeters. Imaging systems give detailed images of internal body parts, which become very essential for diagnosis and treatment plans. MRI and CT scans are vastly used either in a hospital or diagnostic center because of their high precision and non-invasive nature. X-rays and ultrasounds have also found a place as basic tools in fields ranging from orthopedics to obstetrics.

Diagnostic monitoring devices assume special significance concerning continual patient monitoring, more so in critical care settings. The ECG and EEG yield the most important data regarding cardiac and cerebral activity, allowing timely interventions to be taken. Pulse oximeters, particularly those that measure blood oxygenation, assumed special pertinence with the COVID-19 pandemic. Also, advances in technology epitomized in portable diagnostic devices and wearable diagnostic tools have fueled the dominance of diagnostic devices. These tools are primarily brought into play to enhance patient convenience, increasing their usage in remote and home care settings. The rising prevalence of chronic diseases and with that, early diagnosis and preventive care has driven the demand for these devices, sealing their position in the market.

By Device Type

Coronary Pressure Monitors are projected to dominate the global medical device and accessories market as they hold the highest market share in 2024. It dominates the medical devices market because coronary pressure monitors play a vital role in diagnosing and managing deadly diseases that, in present times, cardiovascular illnesses have turned out to be. The invasive and non-invasive modes of such devices provide information of great import concerning coronary artery pressure to aid in assessing heart health. Endo arterial or invasive monitors, including coronary catheter pressure monitors, record indirectly with a high degree of accuracy from inside the arteries.

These devices therefore become very crucial, especially in procedures such as angioplasty and stenting, where the cardiologists need some guidance. The non-invasive monitoring devices, for example, Doppler ultrasound, provide relevant information in a non-invasive manner that is good for regular follow-up and long-term monitoring. The monitors are in high demand due to the high prevalence of various cardiovascular diseases all over the world. It is one of the highly rated heart diseases with regards to mortality and requires early diagnosis with a continuous monitoring system for its effective management. Improvements made to coronary pressure monitoring, such as better accuracy of the sensors and integration into digital health platforms, enhance their reusability and reliability.

Again, the growth of the aging population and other factors such as obesity, sedentary lifestyle, and others have increased the demand for cardiovascular monitoring devices. Therefore, coronary pressure monitors are credited with dominance in the market due to their critical role in heart health management and an increasing focus on preventive healthcare.

By Application

The urology segment is anticipated to dominate the medical device market in terms of application with 24.1% of the market share in 2024 because the prevalence of urological diseases is very high, and as a result, there have been considerable developments in urological medical devices.

Urology involves studying and treating diseases or disorders affecting the urinary tract and male reproductive system. Urologists utilize specialized medical devices, including catheters, endoscopes, lithotripters, and urodynamic systems. Urological catheters have become the go-to option for urinary retention or incontinence sufferers who want relief where catheters also improve quality of life. Endoscopic devices allow minimally invasive surgeries for kidney stones, bladder tumors, or prostate issues with shorter recovery times and reduced surgical risks compared with open surgery procedures requiring longer recovery times and greater risks.

High levels of urological diseases, including benign prostatic hyperplasia, urinary incontinence, and kidney stones are key drivers for advanced urological devices. Aging populations are especially prone to these issues and thus contribute to growth. Furthermore, new technologies in urology like laser treatments, robotic-assisted surgeries, and imaging techniques make treatments more accurate and precise; innovative urological devices may also increase patient outcomes while simultaneously decreasing healthcare expenditure costs, thus making urology one of the leading segments within the medical device market.

By End User

The hospitals segment is projected to dominate the medical devices market as they hold the highest market share in 2024. That raises the demand for a wide array of medical devices. Many types of medical devices, as mentioned earlier, will be needed in hospitals for diagnosis, treatment purposes, monitoring, and surgical purposes, which makes them one of the largest end-users in the market.

The utilization of diagnostic devices, such as imaging systems the MRI, CT scans, and X-rays, and diagnostic monitoring devices like the ECG, EEG, and pulse oximeters, is rather very expensive within a hospital set up in aid of the accurate diagnosis of various diseases and monitoring of patients. Therapeutic devices like surgical instruments, electrosurgical devices, and respiratory devices become very important in surgical and intensive care settings. This will increase the demand for innovative medical devices, as hospitals look forward to advanced medical technologies to enhance operational efficiency and results for patients. 

Again, the rising cases of chronic diseases, accidents, and surgical operations will largely drive demand for medical devices in hospitals. In addition, hospitals are better positioned with the investment capacity in high-cost equipment for medical care and a concentration on comprehensive patient care, making them the leading end-users of the medical device market. Advanced medical devices help better patient care and hence result in accelerated market growth when adopted by hospitals.

The Medical Device & Accessories Market Report is segmented on the basis of the following

By Type

• Diagnostic Devices
• Imaging Systems
• MRI
• CT
•  X-ray
• Ultrasound
• Diagnostic Monitoring Devices
• ECG
• EEG
• Pulse Oximeters
• In-vitro diagnostic Devices (IVD)
• Endoscopy Devices
• Molecular Diagnostic Devices
• Point-of-Care Testing Devices
• Therapeutic Devices
• Surgical Devices
• Robotic Surgery Devices
• Laparoscopic Instruments
• Electrosurgical Devices
• Drug Delivery Systems
• Infusion Pumps
• Insulin Pumps
• Respiratory Devices
• Ventilators
• Nebulizers
• Rehabilitation Devices
• Exoskeletons
• Orthopedic Implants
• Renal Therapy Devices
• By Device Type
• Coronary Pressure Monitors
• Invasive Monitors
• Non-invasive Monitors
• Catheters
• Cardiovascular Catheters
• Urological Catheters
• Intravenous Catheters
• Specialty Catheters
• Therapeutic Medical Guide
• Guidewires
• Stent Delivery Systems
• Embolic Protection Devices
•  Cochlear Implant
•  Cardiovascular Application
• Pacemakers
• Defibrillators
• Heart Valves
• Vascular Grafts
• Dental Implant
• Endosteal Implants
• Subperiosteal Implants
• Zygomatic Implants
• Nerve Stimulator
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Vagus Nerve Stimulators
• Diabetes Monitors
• Suture Needles

By Application

• Urology
• Wound Care
• Radiology
• Respiratory
• Infection Control
• Cardiology
• Others

By End User

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Others

Regional Analysis

North America is projected to dominate the global medical device and accessories market as it holds 37.2% of the market share in 2024. North America dominates the global medical device market, driven by advanced healthcare infrastructure, strong presence of key market players, and high healthcare expenditure. The United States is the largest market in North America, characterized by robust research and development activities, leading to continuous innovation in medical devices. The presence of major medical device companies, such as Medtronic, Johnson & Johnson, and GE Healthcare, further strengthens the market. These companies invest heavily in developing cutting-edge medical technologies and enhancing patient care and treatment outcomes.

Technological advancements, such as the integration of artificial intelligence, machine learning, and IoT in medical devices, drive the market in North America. The region also benefits from favorable regulatory policies and reimbursement frameworks, encouraging the adoption of advanced medical devices. Additionally, the aging population and the high prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and cancer, necessitate the use of advanced diagnostic and therapeutic devices. The demand for minimally invasive procedures and home healthcare solutions also contributes to the market's dominance.

Competitive Landscape

The medical device and accessories market is quite saturated and diverse across the globe, and there are many established major players that are working towards improving their market standing and dominance through several coming up with new and improved products and business strategies. Some of the key players in the market include Medtronic, Johnson & Johnson, GE Healthcare, Siemens Healthineers, Philips Healthcare, and so on hold major shares in this market. Such companies, therefore, undertake profound research and development to bring to market more adapted medical technologies and devices. 

For instance, Medtronic solving new inventions in cardiovascular and diabetes care devices provided benchmarks throughout the market. Johnson & Johnson has operations in medical equipment, cosmetics, baby products, surgical instruments, and orthopedic equipment which are beneficial in dominating its market niche. Joint ventures, alliances, mergers, and acquisitions are often observed among the players in the consumer electronics industry to diversify the portfolio or to increase the geographical coverage. The competition structure also welcomes new startups and regional players, especially in developing countries, where the need for cheaper medical equipment is felt strongly.

Some of the prominent players in the Global Medical Device & Accessories Market are:

• Medtronic Plc
• Abbott Laboratories Inc
• Johnson & Johnson Services
• 3M Company
• Stryker
• Philips
• General Electric
• Siemens Healthineers AG
• Becton, Dickinson, and Company
• Danaher
• Boston Scientific
• Other Key Players

Recent Developments

• January 2023: Medtronic announced the launch of its latest insulin pump, featuring advanced AI capabilities for better diabetes management. This new device leverages AI algorithms to predict insulin needs and automatically adjust dosages, enhancing glycemic control and reducing the burden on patients.
• February 2023: Johnson & Johnson acquired Auris Health, a company specializing in robotic technologies for minimally invasive surgeries. This acquisition aims to expand Johnson & Johnson’s surgical device portfolio and enhance its capabilities in precision surgery, particularly in the fields of lung and gastrointestinal surgeries.
• March 2023: Siemens Healthineers introduced a new MRI system with enhanced imaging capabilities, targeting improved diagnostic accuracy. The system features advanced software and hardware innovations that provide higher-resolution images, faster scanning times, and reduced patient discomfort, making it suitable for a wide range of diagnostic applications
• April 2023: GE Healthcare partnered with Microsoft to develop AI-driven solutions for radiology. This collaboration aims to integrate Microsoft’s Azure cloud computing and AI capabilities with GE Healthcare’s imaging technologies to streamline diagnostic workflows, enhance image analysis, and improve patient outcomes.
• May 2023: Philips Healthcare launched a next-generation portable ultrasound device, designed for improved point-of-care diagnostics. The device offers high-resolution imaging, portability, and ease of use, making it ideal for emergency settings, remote locations, and home care.
• June 2023: Abbott Laboratories received FDA approval for its latest continuous glucose monitoring system, offering real-time glucose data for better diabetes management. The new system provides users with continuous insights into their glucose levels, helping them make informed decisions about their diet, exercise, and insulin therapy.
• July 2023: Boston Scientific announced the expansion of its electrophysiology product line with the introduction of a new catheter ablation system. This system is designed to treat atrial fibrillation and other cardiac arrhythmias more effectively, offering enhanced precision and safety during ablation procedures.
• August 2023: Stryker Corporation acquired a leading manufacturer of orthopedic implants to strengthen its position in the orthopedic device market. The acquisition expands Stryker’s product offerings and capabilities in joint replacement, trauma, and spine surgeries, enhancing its competitive edge.
• September 2023: Baxter International launched a new line of infusion pumps with enhanced safety features and improved drug delivery accuracy. The new pumps are designed to minimize medication errors, provide precise dosing, and offer user-friendly interfaces for healthcare providers.