What Has Been the Progress and Growth of the Medical Equipment Market in Recent Years?
The medical equipment market has seen considerable growth due to a variety of factors.
• The expanding scale of the medical equipment market has been swift and remarkable in the past few years. Predictions show a growth spike from $764.67 billion in 2024 to $842.49 billion in 2025, making the compound annual growth rate (CAGR) an impressive 10.2%.
This historical growth is the result of various factors including a surge in healthcare spending, robust economic development in new markets, an increase in healthcare facilities, and a rise in the frequency of surgical procedures.
What are the Forecasted Growth and Key Factors of the Medical Equipment Market?
The medical equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the medical equipment market is forecasted to witness a substantial rise in the coming years. The market is projected to expand to around $1183.02 billion in 2029, with a compound annual growth rate (CAGR) of 8.9%.
This anticipated growth during the forecast period is attributable to factors such as an expanding elderly population, increasing incidences of chronic ailments, and the support of the government. The key trends during the forecast period include the development of novel technological solutions, the broadening of medical equipment manufacturing facilities, the establishment of partnerships and collaborations, the specialization in cardiovascular device manufacturing, and the concentration on hybrid imaging technologies.
What Are The Leading Drivers Of Growth In The Medical Equipment Market?
The surge in cases of cardiovascular illnesses is projected to stimulate the expansion of the medical equipment sector. Cardiovascular disease (CVD) is essentially a broad term encompassing conditions impacting the heart or blood vessels. This is often associated with the buildup of fatty substances in the arteries known as atherosclerosis and a heightened possibility of blood clots. The prevention, diagnosis, and treatment of cardiovascular diseases necessitate a variety of medical equipment. In May 2024, for example, the Centers for Disease Control and Prevention, a government agency in the United States, reported that heart disease claimed 702,880 lives in 2022, accounting for one in five deaths. Every year, approximately 805,000 Americans experience a heart attack. Of these, there are 605,000 first-time attacks, whilst 200,000 happen to people who have previously had one. Hence, the surge in cardiovascular illness cases is projected to stimulate the expansion of the medical equipment market in the future.
How Is the Medical Equipment Market segmented?
The medical equipment market covered in this report is segmented –
1) By Type: In-Vitro Diagnostics, Dental Equipment And Supplies, Ophthalmic Devices, Diagnostic Imaging Equipment, Cardiovascular Devices, Hospital Supplies, Surgical Equipment, Orthopedic Devices, Patient Monitoring Devices, Others
2) By Type Of Expenditure: Public, Private
3) By Product: Instruments And Equipment, Disposables And Consumables
4) By End User: Hospitals And Clinics, Homecare And Diagnostic Centers, Other End Users
Subsegments:
1) By In-Vitro Diagnostics: Clinical Chemistry, Immunoassay, Molecular Diagnostics, Hematology, Microbiology
2) By Dental Equipment And Supplies: Dental Instruments, Dental Implants, Dental Chairs And Equipment, Orthodontic Supplies, Dental Consumables
3) By Ophthalmic Devices: Contact Lenses, Intraocular Lenses, Ophthalmic Lasers, Diagnostic Devices, Surgical Devices
4) By Diagnostic Imaging Equipment: X-Ray Systems, Ultrasound Systems, MRI Systems, CT Scanners, Nuclear Imaging Systems
5) By Cardiovascular Devices: Cardiac Rhythm Management Devices, Catheters, Heart Valves, Stents, Cardiac Assist Devices
6) By Hospital Supplies: Disposables, Sterilization Equipment, Surgical Masks And Gowns, IV Solutions And Administration Sets, Diagnostic Strips
7) By Surgical Equipment: Surgical Instruments, Electrosurgical Devices, Robotic Surgery Systems, Surgical Sutures And Staplers, Minimally Invasive Surgery Devices
8) By Orthopedic Devices: Joint Replacement Devices, Trauma Fixation Devices, Spinal Implants, Orthopedic Braces And Supports, Arthroscopy Devices
9) By Patient Monitoring Devices: Vital Signs Monitors, Remote Patient Monitoring Devices, Fetal And Neonatal Monitors, Cardiac Monitoring Devices, Multi-Parameter Monitors
10) By Others: Blood Glucose Meters, Insulin Delivery Devices, Continuous Glucose Monitoring Systems (CGMs), Lancets And Strips, Dialysis Equipment (Hemodialysis, Peritoneal Dialysis), Urinary Catheters, Stone Management Devices
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What New Trends Are Influencing the Medical Equipment Market?
In the medical equipment market, substantial businesses are focusing on innovating new items, such as the EasyFuse Dynamic Compression System, in an effort to enhance their market profitability. The EasyFuse Dynamic Compression System is a comprehensive staple system, created from super-elastic nitinol, which is designed for rapid and straightforward fixation in high-demand foot and ankle applications. Stryker Corporation, a medical technology firm based in the US, released the EasyFuse Dynamic Compression System in May 2022. This system is designed to streamline surgical procedures, provide robust dynamic-compression implants, and lessen surgical waste. The EasyFuse system also includes an unusually wide staple bridge which is prepared to distribute forces evenly and ensure a consistently robust implant.
Who Are the Key Players in the Medical Equipment Market?
Major companies operating in the medical equipment market include:
• Medtronic Inc
• Abbott Laboratories
• Johnson & Johnson
• Siemens AG
• Becton Dickinson and Company(BD)
• STRYKER CORPORATION
• Cardinal Health
• Danaher Corporation
• Boston Scientific Corporation
• Koninklijke Philips N.V.
• SCHILLER Healthcare India Pvt. Ltd
• GE Healthcare
• Covidien Healthcare India Private Limited
• Philips Healthcare India
• Fisher & Paykel Healthcare India Private Limited
• Smiths Medical India Pvt Ltd
• Agappe Diagnostics Ltd
• ARKRAY Healthcare Pvt. Ltd
• Accord Medical Products Private Limited
• Shinva Medical Instrument Company Limited
• Shandong WeiGao Group Medical Polymer Company Limited
• Lepu Medical Technology Company (Beijing) Co. Ltd
• Yuwell - Jiangsu Yuyue Medical Equipment & Supply Co. Ltd
• Shanghai Runda Medical Technology Co. Ltd
• Terumo Corporation
• Olympus Medical Systems Corporation
• Canon Medical Systems Corporation
• Hitachi Group
• Nihon Koden Corporation
• Sanko Manufacturing Co. Ltd
• Fukuda Denshi
• Metran Co. Ltd
• Clarity Medical
• Welcare Industries S.P.A
• F.L. Medical S.r.l
• Empire MEDICAL UK LTD
• Europlaz Technologies Ltd
• Alfa-Med LLC
• Medplant LLC
• Medical-Lomza Sp. z o.o.
• P.H.U. Medical
• ProVeterináre
• Panop CZ
• Baxter
• SunMed
• Beckman Coulter
• Draegerwerk AG
• Getinge Group
• Masimo
• Teleflex Inc
• Nipro Medical Ltda
• LINET Brazil
• Fotoptica Ltda
• Leistung Engineering Pvt. Ltd
• Saudi Mais Co. for Medical Products (SMMP)
• Life Pulse Medical Co
• Watan
• AlKawashef
• 3BY Ltd
• Qatari German Medical Devices Co
• Israeli Hospitals Ltd
• CAPS Medical
• Amana Healthcare (Pty) Ltd
• CapeRay
• TiTaMED (Pty) Ltd
• Sinapi Biomedical
• Egyptian Medical And Environment Group
• ResMed Inc.
What Is The Most Dominant Region In The Medical Equipment Market?
North America was the largest region in the global medical equipment market in 2024. Asia-Pacific was the second largest region in the global medical equipment market. The regions covered in the medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
