Medical Technology - NAFTA

NAFTA

The Medical Technology market market in the North American Free Trade Agreement (in North American Free Trade Agreement (NAFTA)) is anticipated to witness substantial growth, with projected revenue reaching US$238.40bn by 2024.
Among the different markets within this market, Medical Devices hold the largest share, with a projected market volume of US$201.10bn in the same year.
Over the following four years (2024-2028), the market is expected to exhibit a steady annual growth rate (CAGR) of 5.02%, resulting in a market volume of US$290.00bn by 2028.
In terms of global comparison, the United States is set to generate the highest revenue within the Medical Technology market market, with an estimated US$215.80bn in 2024.
In the NAFTA region, the medical technology market is experiencing a surge in demand for telemedicine solutions, especially in Mexico.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in NAFTA has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Technology market in NAFTA have been shifting towards more advanced and innovative products. Consumers are increasingly seeking medical devices and technologies that offer improved accuracy, efficiency, and convenience. This has led to a growing demand for products such as wearable devices, telehealth solutions, and minimally invasive surgical tools. Additionally, there is a rising focus on personalized healthcare, with patients seeking devices and technologies that are tailored to their specific needs and conditions. Trends in the market have also played a crucial role in the development of the Medical Technology market in NAFTA. One of the key trends is the increasing adoption of digital health solutions. This includes the use of electronic health records, telemedicine, and mobile health applications. These technologies enable healthcare providers to deliver more efficient and accessible care, while also empowering patients to take control of their own health. Another trend is the growing importance of data analytics in the healthcare industry. With the increasing amount of health data being generated, there is a need for advanced analytics tools to derive meaningful insights and improve decision-making. Local special circumstances in the NAFTA region have further fueled the growth of the Medical Technology market. The region has a well-developed healthcare infrastructure, with a large number of hospitals, clinics, and healthcare professionals. This provides a conducive environment for the adoption of new medical technologies and devices. Additionally, the region has a strong culture of innovation and entrepreneurship, which has led to the emergence of numerous startups and companies in the Medical Technology sector. Underlying macroeconomic factors have also contributed to the development of the Medical Technology market in NAFTA. The region has a large and aging population, which has increased the demand for healthcare services and technologies. Furthermore, the rising prevalence of chronic diseases, such as diabetes and cardiovascular diseases, has created a need for advanced medical devices and technologies. Additionally, favorable government policies and regulations have supported the growth of the Medical Technology market by promoting innovation, research, and development. Overall, the Medical Technology market in NAFTA is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for advanced and innovative products, along with the adoption of digital health solutions and data analytics, is driving the market forward. The well-developed healthcare infrastructure, culture of innovation, and favorable government policies in the NAFTA region are further supporting the growth of the market.

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.