Market Insights Health Medical Technology

Medical Devices - United States

United States

The projected revenue in the Medical Devices market market in the United States is set to reach €167.80bn in 2024.
Among the various markets, Cardiology_Devices is the largest, with a projected market volume of €23.90bn in the same year.
Looking ahead, the market is expected to experience a steady growth rate of 5.45% annually (CAGR 2024-2029), resulting in a market volume of €218.80bn by 2029.
It is worth noting that the in the United States will generate the highest revenue compared to other countries, with an estimated €167.80bn in 2024.
The Medical Devices market market the in the United States holds a significant position globally.
The United States is experiencing a surge in demand for advanced medical devices, driven by a growing aging population and increasing healthcare investments.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in United States is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the United States have a strong preference for technologically advanced and innovative medical devices. They value products that are efficient, accurate, and easy to use. Additionally, there is a growing demand for personalized healthcare solutions, leading to an increased interest in wearable medical devices and remote patient monitoring systems. Customers also prioritize affordability and accessibility, which has driven the development of cost-effective medical devices that can be easily integrated into existing healthcare systems.

Trends in the market: One of the key trends in the Medical Devices market in United States is the increasing adoption of digital health technologies. This includes the use of telemedicine, artificial intelligence, and big data analytics to improve patient care and outcomes. These technologies enable healthcare providers to remotely monitor patients, make more accurate diagnoses, and provide personalized treatment plans. The COVID-19 pandemic has further accelerated the adoption of digital health technologies, as it has highlighted the need for remote healthcare solutions. Another trend in the market is the focus on minimally invasive procedures and devices. There is a growing demand for medical devices that can perform complex procedures with minimal disruption to the patient's body. This trend is driven by the desire to reduce patient recovery time, minimize scarring, and lower healthcare costs. Advances in technology have allowed for the development of smaller, more precise medical devices that can be used in minimally invasive surgeries.

Local special circumstances: The United States has a well-established healthcare system with a high level of healthcare expenditure. This provides a favorable environment for the development and adoption of medical devices. The country also has a large aging population, which is driving the demand for medical devices that can address age-related health issues. Additionally, the United States has a strong regulatory framework for medical devices, ensuring that products meet high safety and quality standards.

Underlying macroeconomic factors: The United States has a strong economy with a high level of disposable income. This allows individuals to invest in healthcare and purchase medical devices that can improve their quality of life. The country also has a well-developed healthcare infrastructure, including hospitals, clinics, and research institutions, which supports the growth of the Medical Devices market. Furthermore, the United States is home to many leading medical device manufacturers, who benefit from a skilled workforce and access to advanced technology. Overall, the Medical Devices market in United States is driven by customer preferences for advanced and innovative products, the adoption of digital health technologies, the focus on minimally invasive procedures, the local special circumstances of a well-established healthcare system and aging population, and the underlying macroeconomic factors of a strong economy and healthcare infrastructure.

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.