US MEDICAL DEVICE MARKET

 

KEY FINDINGS

• The aging population and increasing prevalence of chronic diseases are driving demand for medical devices. Technological advancements, such as minimally invasive procedures and telemedicine, are also contributing to market growth.

• The cardiovascular devices segment is the largest, accounting for over 20% of the market. The in-vitro diagnostics (IVD) segment is the fastest-growing, driven by the increasing demand for point-of-care testing devices.

• The home healthcare segment is also expected to see significant growth as patients increasingly prefer to receive care in their own homes.

• The high cost of medical devices is a major challenge for both patients and healthcare providers.

• Furthermore, extended time for the approval of medical devices, the need for more skilled professionals to operate the advanced devices, and the increasing development of low-quality medical devices by third parties are showcasing negative impacts on the medical devices market growth in the U.S. 

• Technological advancements will continue to play a major role in the development of new and innovative medical devices.

• The integration of artificial intelligence and other emerging technologies will further transform the medical device industry.

• Collaborations have led to recent advances including neuro-stimulators, stent technologies, biomarkers, robotic assistance and implantable electronic devices.  Industry is fueled by innovation and the ongoing quest for better ways of treating or diagnosing medical problems, the future growth of this sector remains positive.

• The growing R&D activities, an increasing number of product approvals, and a rising number of favorable reimbursement policies are favoring regional market growth.

• The rising adoption of technological developments to develop novel medical devices for patient safety and treatment contributes to the medical devices market in North America.

• In addition, due to the rise in diabetes and blood pressure cases, people prefer to use glucose and blood pressure monitoring devices at home instead of visiting hospitals. Furthermore, the data stored in these health monitoring medical devices can be shown to the healthcare provider for further treatment.

 

US MEDICAL DEVICE MARKET OVERVIEW

The US medical devices market stands as a towering giant in the global healthcare landscape, commanding a staggering share of over 40%. This thriving industry is renowned for its relentless drive for innovation, consistently delivering life-saving technologies that revolutionize patient care.

 

IVD devices play a pivotal role in analyzing and diagnosing a wide spectrum of diseases and conditions. This segment is poised for the fastest growth, driven by the increasing demand for point-of-care testing devices that provide rapid and convenient diagnostic solutions.

 

Medical imaging devices offer a profound glimpse into the human body, enabling healthcare professionals to visualize internal structures with unparalleled clarity. This segment reigns as the largest, accounting for over 20% of the total market.

 

Cardiovascular devices are the unsung heroes in the fight against heart and blood vessel diseases. This segment holds the second-largest position, accounting for over 15% of the total market.

 

Minimally invasive procedures are rapidly gaining traction, offering patients a plethora of benefits, including shorter hospital stays, reduced pain, and accelerated recovery times. The preference for home-based care is gaining momentum, driving demand for innovative home healthcare devices that empower patients to manage their health effectively within the comfort of their own homes.

 

 Artificial intelligence (AI) is poised to revolutionize medical devices, enhancing their diagnostic capabilities, optimizing treatment outcomes, and ushering in a new era of personalized healthcare.

 

The aging population, the increasing prevalence of chronic diseases, and the rising demand for minimally invasive procedures will continue to drive market expansion. Additionally, technological advancements, such as AI and the Internet of Things (IoT), are poised to further transform the market, propelling it towards a future of unparalleled innovation and patient-centric care.

 

INTRODUCTION

A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material, or another similar or related article, intended by the manufacturer to be used, alone or in combination for a medical purpose.

 

Medical devices are used to diagnose, prevent, mitigate, treat, or cure disease or other conditions, and, unlike a pharmaceutical or biologic, achieve its purpose by physical, structural, or mechanical action but not through chemical or metabolic action within or on the body.

 

The United States continues to be at the forefront of medical innovation thanks to the research and development that went into creating these cutting-edge technology. The U.S. accounts for more than 40% of the global MedTech market, making it the largest medical device market in the world.

 

The United States consistently outperforms imports of medical technology. The fundamental regulatory and policy decisions made by America set the stage for upcoming advancements.

 

To guarantee a bright future for patients and healthcare providers access to earlier and more accurate diagnoses, life-improving medications, and continuing innovation for the next breakthrough cures, a strong FDA, adequate Medicare reimbursement, among other regulations, must be in place.

 

US MEDICAL DEVICE MARKET SIZE AND FORECAST

 

The US medical device market is expected to gain market growth in the forecast period of 2024 to 2030. It is analyzed that the market is growing with a CAGR of XX.X% in the forecast period of 2024 to 2030 and is expected to reach USD XXXX million by 2030. 

 

US MEDICAL DEVICE MARKET TRENDS

Artificial intelligence (AI) is revolutionizing medical devices, enabling more accurate diagnosis, precise treatment planning, and enhanced robotic surgery. AI-powered diagnostic tools analyze medical data to detect diseases with unprecedented accuracy, while AI-driven treatment planning systems optimize surgical procedures for better outcomes. AI-assisted robotic surgery systems, with their dexterity and precision, are expanding the scope of minimally invasive procedures.

 

Internet of Things (IoT) is transforming medical devices by connecting them to the internet, enabling real-time patient monitoring and data collection. This continuous stream of data provides healthcare professionals with valuable insights, facilitating proactive care and early detection of potential health issues. The IoT is also paving the way for the development of innovative medical devices that can adapt to individual patient needs and deliver personalized care.

 

3D printing is revolutionizing medical device manufacturing, enabling the creation of customized implants and prosthetics tailored to each patient’s unique anatomy. This personalization ensures optimal fit and function, leading to improved patient comfort, mobility, and overall health outcomes. 3D printing is also expanding the possibilities for complex medical devices, such as intricate bone scaffolds and personalized surgical guides, further enhancing the precision of medical interventions.

 

Big data and analytics are transforming healthcare by enabling the analysis of vast amounts of patient data to identify trends, patterns, and insights. This data-driven approach is leading to the development of more effective treatment protocols, improved patient care pathways, and the personalization of medicine. Big data analytics is also empowering healthcare providers to make informed decisions, optimize resource allocation, and predict patient outcomes with greater accuracy. 

 

Virtual reality (VR) and augmented reality (AR) are transforming medical education, patient rehabilitation, and surgical planning. VR-based training simulations provide immersive experiences that enhance the skills and knowledge of healthcare professionals. AR overlays digital information onto real-world environments, assisting surgeons in visualizing anatomical structures and planning complex procedures with greater precision. AR is also being used to provide patients with immersive rehabilitation experiences, facilitating faster recovery and improved functional outcomes.

 

US MEDICAL DEVICE MARKET NEW PRODUCT LAUNCH

MiniMed 780G System (Medtronic)

This advanced insulin pump system from Medtronic boasts an automated closed-loop algorithm that automatically adjusts insulin delivery based on real-time glucose levels, significantly reducing the burden of managing diabetes for patients.

 

RelayPro Thoracic Stent-Graft System (Abbott)

This minimally invasive device from Abbott repairs aortic aneurysms through a small incision in the groin, reducing recovery time and complications compared to traditional open surgery.

 

Ventana PD-L1 (SP263) Assay (Roche)

This innovative test from Roche helps to determine the effectiveness of immunotherapy treatments for non-small cell lung cancer by measuring PD-L1 protein expression in tumor tissue, allowing for personalized treatment decisions.

 

US MEDICAL DEVICE MARKET RECENT PARTNERSHIPS

Abbott Laboratories and Dexcom Partner to Develop Next-Generation CGM Systems

Abbott Laboratories and Dexcom announced a partnership to develop and commercialize next-generation continuous glucose monitoring (CGM) systems for people with diabetes. The partnership will leverage the strengths of both companies, including Abbott’s expertise in sensor technology and Dexcom’s expertise in wireless technology and data analytics.

 

Medtronic and Verily Partner to Develop AI-Powered Insulin Delivery Systems

Medtronic and Verily, a subsidiary of Alphabet, announced a partnership to develop AI-powered insulin delivery systems for people with diabetes. The partnership will combine Medtronic’s expertise in insulin pump technology with Verily’s expertise in artificial intelligence and machine learning.

 

Johnson & Johnson and Microsoft Partner to Develop Digital Surgery Solutions

Johnson & Johnson and Microsoft announced a partnership to develop digital surgery solutions that will improve the accuracy and efficiency of surgical procedures. The partnership will leverage Microsoft’s expertise in cloud computing and artificial intelligence with Johnson & Johnson’s expertise in medical devices and surgical robotics.

 

Stryker and Google Cloud Partner to Develop AI-Powered Orthopedic Solutions

Stryker and Google Cloud announced a partnership to develop AI-powered orthopedic solutions that will improve patient outcomes. The partnership will leverage Google Cloud’s expertise in artificial intelligence and machine learning with Stryker’s expertise in orthopedic implants and surgical instruments.

 

US MEDICAL DEVICE MARKET SEGMENTATION

US Medical Device Market By Product Type

• Cardiovascular devices
• Orthopedic devices
• Diagnostic imaging devices
• In-vitro diagnostics
• Minimally invasive surgery (MIS) devices
• Wound management devices
• Diabetes care devices
• Ophthalmic devices
• Dental devices
• Neurological devices
• General surgery devices
• Other medical devices

 

US Medical Devices Market By End User

• Hospitals and clinics
• Ambulatory surgery centers (ASCs)
• Physicians’ offices
• Home healthcare providers
• Retail pharmacies
• Other healthcare providers

 

US Medical Device Market By  Region

• Northeast Region
• Midwest Region
• South Region
• West Region

 

US Medical Device Market By Patient Population

• Adults
• Children
• Seniors
• Pregnant women
• People with chronic diseases
• People with disabilities
• Other patient populations

 

US MEDICAL DEVICE MARKET COMPANY PROFILE

• 3M Healthcare
• Abbott
• Baxter International, Inc.
• B. Braun Melsungen AG
• GE Healthcare
• Johnson & Johnson Services, Inc.
• Medtronic PLC
• Boston Scientific Corp.
• General Motors
• GM

 

THIS US MEDICAL DEVICE MARKET REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. How many Medical Devices are manufactured per annum in the US? Who are the sub-component suppliers in this region?
2. Cost breakup of a US Medical Device Market and key vendor selection criteria
3. Where is the Medical Devices manufactured? What is the average margin per unit?
4. Market share of US Medical Device market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture US Medical Device market in-house
6. key predictions for next 5 years in US Medical Device market
7. Average B-2-B Medical Device market price in all segments
8. Latest trends in US Medical Device market, by every market segment
9. The market size (both volume and value) of the US Medical Device market in 2024-2030 and every year in between?
10. Production breakup of US Medical Device market, by suppliers and their OEM relationship
11. What are the latest trends in artificial intelligence (AI) and machine learning (ML) in the medical device industry?
12. How is the Internet of Things (IoT) being used to improve patient care and reduce healthcare costs?
13. What are the potential benefits and challenges of 3D printing for medical devices?
14. How is big data and analytics being used to improve the development and manufacturing of medical devices?
15. What are the potential applications of virtual reality (VR) and augmented reality (AR) in medical training and patient care?
16. How are wearable devices being used to track patient health and improve outcomes?
17. What are the latest developments in robot-assisted surgery?
18. How are minimally invasive surgical procedures being improved by new technologies?
19. What are the potential benefits and challenges of personalized medicine?
20. What are the future trends in medical device technology?