Medical Technology - North America

North America

In 2024, the projected revenue in the Medical Technology market market in North America is estimated to reach a staggering US$238.40bn.
Among the various markets within this market, the largest one is Medical Devices, which is expected to achieve a market volume of US$201.10bn in the same year.
Looking ahead, the revenue is anticipated to exhibit a steady annual growth rate (CAGR 2024-2028) of 5.02%.
This growth trajectory would result in a market volume of US$290.00bn by 2028.
When compared globally, it is worth noting that the United States will be the primary contributor to this sector, generating the majority of revenue with an impressive US$215.80bn in 2024.
In North America, the medical technology market is experiencing a surge in demand for telemedicine solutions.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in North America is experiencing significant growth due to several factors. Customer preferences for advanced medical treatments, rising healthcare expenditure, and technological advancements are driving the market. Additionally, local special circumstances such as an aging population and the prevalence of chronic diseases contribute to the growth of the market. Furthermore, underlying macroeconomic factors such as a strong economy and government initiatives also play a role in the development of the Medical Technology market in North America. Customer preferences in North America are shifting towards advanced medical treatments and technologies. Patients are increasingly seeking minimally invasive procedures, personalized medicine, and remote monitoring solutions. This demand is driving the adoption of medical devices and technologies that can provide these advanced treatments and improve patient outcomes. Additionally, patients are also becoming more involved in their healthcare decisions and are seeking products and services that can enhance their overall well-being. The market is also being driven by rising healthcare expenditure in North America. Governments and private healthcare providers are investing heavily in medical technology to improve healthcare delivery and patient care. This includes investments in medical devices, diagnostic equipment, and digital health solutions. The increasing focus on preventive care and early detection of diseases is also driving the demand for medical technology in the region. Technological advancements are another key driver of the Medical Technology market in North America. Innovations in areas such as robotics, artificial intelligence, and telemedicine are revolutionizing the healthcare industry. These advancements are enabling healthcare providers to deliver more accurate diagnoses, perform complex surgeries with precision, and provide remote healthcare services. The integration of technology in healthcare is improving patient outcomes, reducing healthcare costs, and increasing accessibility to medical services. North America also faces local special circumstances that contribute to the growth of the Medical Technology market. The region has an aging population, which is driving the demand for medical devices and technologies that can address age-related health issues. Additionally, the prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is increasing, creating a need for advanced medical technologies for diagnosis, monitoring, and treatment. Underlying macroeconomic factors are also playing a role in the development of the Medical Technology market in North America. The region has a strong economy, which allows for increased healthcare spending and investments in medical technology. Furthermore, government initiatives and policies are promoting the adoption of medical technology to improve healthcare outcomes and reduce healthcare costs. In conclusion, the Medical Technology market in North America is experiencing significant growth due to customer preferences for advanced medical treatments, rising healthcare expenditure, and technological advancements. Local special circumstances such as an aging population and the prevalence of chronic diseases also contribute to the growth of the market. Additionally, underlying macroeconomic factors such as a strong economy and government initiatives are driving the development 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.