Medical devices industry statistics & trends: A multi-billion dollar opportunity - Grand View Research, Inc.

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Jun 18, 2024, 06:00 ET

SAN FRANCISCO, June 18, 2024 /PRNewswire/ -- Horizon Databook by Grand View Research, explores the medical devices industry in detail by exploring over 2,000 markets at regional and global levels. Here are the top 10 medical devices market trends:

The global orthopedic devices market size was estimated at USD 60.4 billion in 2023 and is projected to grow at a CAGR of 4.3% from 2024 to 2030. The orthopedic implants segment led the market with the largest revenue share of 41.7% in 2023.
The Europe medical imaging market size was estimated at USD 12.0 billion in 2023 and is projected to grow at a CAGR of 5.1% from 2024 to 2030. The magnetic resonance imaging segment dominated the market with a revenue share of 33.7% in 2023, and the UK was the largest regional market with over a 30% revenue share.
Growth in demand for imaging equipment will cause a complementary demand rise in the medical imaging services market. The U.S. will continue to be the largest revenue-contributing market.
The medical devices outsourcing market will register the highest CAGR of over 12.8% from 2024 to 2030, with Japan from Asia Pacific leading in terms of revenue
The home healthcare market across all healthcare segments will spearhead growth in the next decade. The market will reach a staggering US$ 666.9 billion by 2030.
The telemedicine market has also emerged as one of the most promising and will continue to grow at a lucrative CAGR of 18% from 2024 to 2030.
Increasing technology adoption to curb side effects and dosage control is likely to boost the drug delivery devices market growth.
The surgical blades market is also a identified as a steady segment with growth expected at around 4% from 2024 to 2030.
The need for constant healthcare monitoring will help drive the demand for the wearable technology market. Revenue growth in terms of CAGR is pegged at over 14.5% from 2024 to 2030.
3D printing will revolutionise the medical devices market with innovation to product lifecycle significantly shortened.

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SOURCE Grand View Research, Inc.