Medical Devices Industry to Surpass $1.3 Trillion by 2029

“BCC Research Highlights a 9.8% CAGR for the Global Medical Devices Market, Driven by Technological Innovations, Aging Populations, and Increasing Healthcare Expenditures.”

/EIN News/ -- Boston, March 18, 2025 (GLOBE NEWSWIRE) -- According to the latest study from BCC Research, “Medical Devices Industry: Competitive Landscape” is projected to increase from 810.4 billion in 2024 to $1.3 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 through 2029.

The report covers the leading companies in the global medical device market, as well as their advanced technologies, product portfolios, recent developments, and the market shares of major players and their products. It provides market size data for 2023 and 2024 and market forecasts through 2029, while also exploring growth trends, drivers, restraints, and opportunities in the market.

The increasing demand for advanced medical devices is propelled by rising life expectancy and growing healthcare spending in emerging economies. Additionally, stricter regulations in mature markets such as the U.S. and Europe are forcing manufacturers to focus on innovation, use novel materials, target specific medical indications, and provide more comprehensive data.

The factors driving the market include:

Technological Advances: Innovations such as AI and wearable devices are making medical devices smarter and more efficient.

Rising Healthcare Expenditures: Increased global healthcare spending boosts demand for advanced medical technologies.

Growing Numbers of Surgical Procedures: More surgeries mean higher demand for surgical instruments and related devices.

Aging Population and Increasing Prevalence of Chronic Diseases: The world’s aging population means an increasing prevalence of chronic diseases, and drives the need for medical devices to manage and treat these conditions.

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Report Synopsis

Report Metric	Details
Base year considered	2023
Forecast period considered	2024-2029
Base year market size	$739.6 billion
Market size forecast	$1.3 trillion
Growth rate	CAGR of 9.8% for the forecast period of 2024-2029
Market drivers	Technological advances Rising healthcare expenditures Increasing Numbers of surgical procedures Growing prevalence of chronic diseases due to an aging population.

Interesting facts:

• New continuous glucose monitoring (CGM) systems such as Eversense have implantable sensors that stay in the body for 180 days without the need for frequent replacements.

• Nanomaterials enhance medical implants, such as heart valves and joint replacements, by making them more biocompatible and wear-resistant.

The report addresses the following questions:

1. What is the medical devices market’s size and growth rate?

• The global medical devices market reached $739.6 billion in 2023 and is expected to reach $1.3 trillion by the end of 2029. It is expected to grow at a CAGR of 9.8% from 2024 to 2029.

2. What are the factors driving the growth of the medical devices market?

• The market’s growth is primarily driven by technological advances, rising healthcare expenditures, the growing numbers of surgical procedures, and the rising prevalence of chronic diseases caused by an aging population.

3. Which region has the largest market share?

• North America holds the largest share of the market.

Market leaders include:

• Abbott
• Alcon Inc.
• Align Technology Inc.
• Baxter
• BD
• Boston Scientific Corp.
• Bruker
• Cardinal Health
• Danaher Corp.
• Dentsply Sirona
• GE Healthcare
• Intuitive Surgical
• Livanova Plc.
• Medtronic
• Smith & Nephew Plc
• Stryker
• Sysmex Corp.
• Terumo Corp.
• Wuxi Apptec
• Zimmer Biomet

Related reports:

Medical Devices: Technologies and Global Markets: This report covers the major players, new technologies, market trends, and regional opportunities. The market is segmented by device type, end user and region as well as country. Market estimates are provided for 2023 and 2024, with forecasts through 2029.

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