“Exploring the Dynamic Growth and Regulatory Evolution of the Global Medical Device Industry: A Comprehensive Analysis of Market Trends, Technological Advancements, and Emerging Opportunities in the Post-COVID-19 Era”
BOSTON, July 3, 2025 /PRNewswire/ — BCC Research announces the release of its “2024 Medical Devices Research Review,” which provides insights into the rapidly growing global market for medical devices. The report highlights projections of significant growth across many segments, driven by technological advances and increasing healthcare expenditures.
Key Highlights:
- Medical Devices Market:
- The market is projected to grow from $810.4 billion in 2024 to $1.3 trillion by the end of 2029.
- Compound Annual Growth Rate (CAGR): 9.8%.
- Elder Care Services and Assistive Devices Market:
- The market is projected to grow from $868.2 billion in 2024 to $1.1 trillion by the end of 2029.
- CAGR: 5.8%.
- Drug-Device Combinations Market:
- The market is projected to grow from $129.4 billion in 2024 to $199.8 billion by the end of 2029.
- CAGR: 9.1%.
Research Coverage and Insights:
The medical device industry has shown resilience and growth despite recent economic challenges. This sector is under public and governmental scrutiny, leading to numerous regulatory changes, especially in the largest market, the U.S. These changes aim to make healthcare more affordable and accessible. The industry is also expanding into new markets, particularly in emerging economies with diverse needs and opportunities.
Here are 9 key points:
1. Economic Resilience and Growth:
- The medical device industry has continued to grow despite challenging economic conditions.
- Increased public and governmental scrutiny has led to regulatory changes.
2. Regulatory Changes:
- The U.S. is leading the trend with changes to make healthcare more affordable.
- Stringent regulations in the developed markets of U.S. and Europe push manufacturers to innovate.
3. Emerging Markets:
- New markets in emerging economies present significant opportunities.
- These markets have varying needs, driving demand for diverse medical devices.
4. Technological Advances:
- There is a growing demand for state-of-the-art medical devices.
- Advanced devices are being developed with new materials and capabilities to meet stringent regulations.
5. Value-Based Healthcare:
- There is a shift towards value-based healthcare, where decisions are based on outcomes.
- This shift has increased scrutiny of device technology.
6. Leading Companies:
- Key companies include Medtronic, Abbott, Johnson & Johnson, Siemens Healthineers, and GE Healthcare.
- These companies are significant contributors to the market’s growth and innovation.
7. Market Outlook:
- The medical device industry is a multi-billion-dollar sector with a strong growth outlook.
- Devices are often more effective in the treatment and diagnosis of various conditions than drugs.
8. Home Healthcare:
- There is a growing demand for low-cost technology for home healthcare.
- The industry is developing devices that can be used by individuals with minimal healthcare experience.
9. Impact of COVID-19:
- The global pandemic has had both positive and negative impact on the industry.
- The market is adjusting to post-pandemic conditions, which warrants close investigation.
Research Summary:
The 2024 Medical Devices Research Review exemplifies the type of quantitative market data, analysis, and guidance that BCC Research has provided since 1971. This research review includes highlights and excerpts from the following reports published by BCC Research in 2024:
This Research Review provides a consolidated overview of key market insights from recent reports. For further context and detailed analysis, the full reports referenced in this review offer additional depth on each topic.
For further information on any of the reports or to make a purchase, contact [email protected].
About BCC Research
BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts’ goal is to help you make informed business decisions free of noise and hype.
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