Pune, India, June 07, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the U.S. Medical Devices Market size was valued at USD 184.61 billion in 2022 and is projected to grow from USD 192.78 billion in 2023 to USD 291.04 billion by 2030, exhibiting a CAGR of 6.1% during the forecast period. The rise is due to an escalating prevalence of age-related disorders such as hypertension, cataracts, depression, osteoarthritis, diabetes, and dementia. The industry expansion is further driven by the rising cost burden of lifestyle and chronic diseases and the escalating emphasis of governments, healthcare providers, and healthcare agencies on the routine and timely treatment of patients. Fortune Business Insights™ provide this information in its research report, titled “U.S. Medical Devices Market, 2023-2030”.
Key Industry Development:
December 2022 – Boston Scientific Corporation announced a strategic investment for the acquisition of a majority stake in Acotec Scientific Holdings Limited. Acotec provides solutions for a range of interventional procedures.
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Key Takeaways:
- The rising prevalence of chronic diseases and the increasing number of surgical and diagnostic procedures across the U.S. are the key driving factors
- Medtronic, Abbott Laboratories, Johnson & Johnson Services, Inc., and Stryker are major players in the global market.
- rapid diagnostics, and product approvals in the U.S. are expected to drive the adoption of these products.
- Rising launches of advanced medical devices and their increased presence across the globe have further propelled market growth.
Discover the Leading Players Featured in the Report:
Leading Players in U.S Medical Device Market are, Medtronic (Ireland), Abbott (U.S.), Johnson & Johnson Services, Inc. (U.S.), Stryker (U.S.), BD (Becton, Dickinson, and Company) (U.S.), Boston Scientific Corporation (U.S.), Siemens Healthineers AG (Germany), F. Hoffmann-La Roche AG (Switzerland), Danaher (U.S.).
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.1% |
| 2030 Value Projection | USD 291.04 Billion |
| Base Year | 2022 |
| U.S Medical Devices Market Size in 2023 | USD 192.78 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 148 |
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Drivers and Restraints:
Surging R&D Investments to Propel Industry Expansion
One of the vital factors propelling the U.S. medical devices market growth is the rising investments by industry players in research and development activities and the presence of potential devices in the end stage of development.
However, the industry expansion could be affected by the high costs associated with the adoption of medical devices in small & mid-sized facilities. This is attributed to the overall cost of these devices, including maintenance and acquisition costs, being higher.
Segments:
Cardiovascular Devices Segment to Gain Notable Traction Impelled by Escalating Cardiovascular Surgeries
By type, the market for medical devices is fragmented into orthopaedic devices, in-vitro diagnostics, cardiovascular devices, Minimally Invasive Surgery (MIS) devices, diabetes care devices, dental, nephrology, ophthalmic devices, and others. Of these, the cardiovascular devices segment is expected to record considerable expansion over the study period. The surge can be attributed to the growing number of product launches and an increase in the number of cardiovascular surgeries.
Hospitals & ASCs to Register Appreciable Expansion Owing to Growing Number of Admissions
Based on end-user, the market for medical devices is subdivided into clinics, hospitals & ambulatory surgery centres, and others. The hospitals & Ambulatory Surgery Centers (ASCs) segment held the highest U.S. medical devices market share in 2022 and is estimated to record substantial growth throughout the estimated period. The rise can be attributed to the growing patient population with life-threatening and chronic diseases.
Report Coverage:
The report provides an analysis of the significant initiatives undertaken by leading industry participants for the consolidation of their market positions. These comprise acquisitions, merger agreements, and the rollout of new medical devices. Additional aspects of the report include the vital factors that are anticipated to propel market expansion throughout the estimated period.
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Competitive Landscape:
Leading Companies Ink Partnership Deals to Strengthen Industry Position
Major industry players enter into collaborations and partnership agreements for strengthening the positions of their businesses. Additional initiatives include the rollout of new solutions. Besides, market players are undertaking research activities and are focused on the development of new and superior products.
Other steps comprise growing participation in trade conferences. For instance, in January 2023, BD announced the rollout of a robotic track system. The solution automates lab specimen processing, which could help the reduction of manual labour and wait time for results.
FAQ’s
How big is the U.S. Medical Devices Market?
The U.S. Medical Devices Market size was USD 192.78 billion in 2023.
How fast is the U.S. Medical Devices Market growing?
The U.S Medical Devices Market will exhibit a CAGR of 6.1% during the forecast period, 2023-2030
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