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Statistics and trends in the medical device industry: a multi-billion dollar opportunity

Posted on by darion

SAN FRANCISCO, June 18, 2024 /PRNewswire/ — Horizon Databook Grand View Research examines the medical device industry in-depth, examining over 2,000 markets regionally and globally. Here are the 10 most important trends in the medical devices market:

  • Global orthopedic products market size was estimated at $60.4 billion in 2023 and is expected to grow at a CAGR of 4.3% from 2024 to 2030. The orthopedic implant segment led the market with the highest revenue share of 41.7% in 2023.
  • The Europe medical imaging market size was estimated at $12.0 billion in 2023 and is expected to grow at a CAGR of 5.1% from 2024 to 2030. The MRI segment dominated the market with a revenue share of 33.7% in 2023, and the UK was the largest regional market with over 30% revenue share.
  • The increase in demand for imaging equipment will result in a complementary increase in demand in the medical imaging services market. The United States will remain the largest revenue-generating market.
  • The medical device outsourcing market will record the highest CAGR of over 12.8% in 2024-2030, with Japan With Asia and the Pacific leader in terms of revenue
  • The home health care market across all healthcare segments will be a major growth driver in the next decade. The market will reach staggering levels $666.9 billion by 2030.
  • The telemedicine market has also emerged as one of the most promising and will continue to grow at a lucrative CAGR of 18% from 2024 to 2030.
  • Increasing adoption of technologies aimed at reducing side effects and controlling dosage is likely to accelerate the growth of the drug delivery device market.
  • The surgical blades market has also been identified as a sustainable segment, expected to grow at around 4% during 2024-2030.
  • The need for constant health care monitoring will help increase demand for this drug wearable technology market. Revenue growth calculated at CAGR is estimated at over 14.5% in 2024–2030.
  • 3D printing will revolutionize the medical device market, and the product innovation life cycle will be significantly shortened.

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