Market Insights Health Medical Technology Medical Devices

Other Medical Devices - United States

United States

The projected revenue for the Other Medical Devices market market in the United States is expected to reach €54.62bn by 2024.
This indicates a strong market performance in the country.
Furthermore, the market is anticipated to exhibit a compound annual growth rate (CAGR) of 4.05% from 2024 to 2029, leading to a market volume of €66.60bn by 2029.
It is worth noting that in global comparison, the in the United States is expected to generate the highest revenue in the Other Medical Devices market market, with €54.62bn projected for 2024.
This highlights the country's significant presence and influence in this particular market.
The United States has seen a surge in demand for innovative medical devices, driving growth in the Other Medical Devices market.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in United States is experiencing significant growth and development.

Customer preferences: Customers in the United States have a strong preference for technologically advanced and innovative medical devices. They are willing to invest in devices that offer improved patient outcomes and enhance the overall healthcare experience. Additionally, there is a growing demand for portable and user-friendly medical devices that can be easily integrated into the daily lives of patients.

Trends in the market: One of the key trends in the Other Medical Devices market in United States is the increasing adoption of wearable medical devices. These devices, such as smartwatches and fitness trackers, are gaining popularity among consumers as they provide real-time health monitoring and tracking capabilities. The demand for wearable medical devices is driven by the growing awareness of personal health and fitness, as well as the desire for convenience and accessibility. Another trend in the market is the rise of telemedicine and remote patient monitoring. With the advancements in technology, healthcare providers are now able to remotely monitor and manage patients' health conditions. This has led to the development of various medical devices that can be used at home, allowing patients to receive timely and personalized care without the need for frequent visits to healthcare facilities. The COVID-19 pandemic has further accelerated the adoption of telemedicine and remote patient monitoring, as it offers a safe and convenient alternative to in-person consultations.

Local special circumstances: The United States has a well-established healthcare infrastructure and a strong focus on technological advancements. The country is home to several leading medical device manufacturers and has a highly skilled workforce in the healthcare sector. This favorable environment provides a conducive platform for the development and commercialization of innovative medical devices. Additionally, the presence of a large aging population in the United States is driving the demand for medical devices that cater to the needs of elderly individuals, such as mobility aids and home healthcare devices.

Underlying macroeconomic factors: The United States has a robust economy and a high level of healthcare expenditure. The government and private healthcare insurers play a significant role in driving the demand for medical devices by providing coverage and reimbursement for these products. The favorable reimbursement policies and regulations in the United States encourage the adoption of medical devices, further fueling the growth of the market. Additionally, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular disorders, is contributing to the demand for medical devices that aid in disease management and monitoring. In conclusion, the Other Medical Devices market in United States is witnessing growth and development due to customer preferences for technologically advanced devices, the increasing adoption of wearable medical devices, the rise of telemedicine and remote patient monitoring, the presence of a favorable healthcare infrastructure, and underlying macroeconomic factors such as government support and the increasing prevalence of chronic diseases.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.