Medical Equipment Global Market Report 2024

The medical equipment market size has grown strongly in recent years. It will grow from $709.55 billion in 2023 to $775.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth observed in the historical period can be ascribed to a rise in healthcare spending, robust economic expansion in emerging markets, an increase in the number of healthcare facilities, and a higher volume of surgical procedures.

The medical equipment market size is expected to see strong growth in the next few years. It will grow to $1077.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to the rapid expansion of the elderly population, a rising prevalence of chronic diseases, and government support. Key trends in the forecast period involve the development of new technological solutions, emphasis on expanding facilities for manufacturing medical equipment, a focus on partnerships and collaborations, concentration on cardiovascular devices manufacturing, and attention to hybrid imaging technologies.

The growth of the medical equipment market is anticipated to be propelled by the escalating prevalence of cardiovascular diseases. Cardiovascular disease (CVD) is a comprehensive term encompassing conditions affecting the heart or blood vessels, often associated with the buildup of fatty substances such as atherosclerosis and an increased risk of blood clots. Various medical equipment is necessary for the prevention, diagnosis, and treatment of cardiovascular diseases. For instance, in 2021, heart disease accounted for approximately 695,000 deaths in the United States, as reported by the Centers for Disease Control and Prevention, representing 1 in 5 deaths. Consequently, the increasing incidence of cardiovascular diseases is expected to drive the expansion of the medical equipment market.

The surge in sedentary jobs, hectic lifestyles, and evolving consumer preferences are influencing the disease landscape globally, particularly the rise of non-communicable diseases such as cancer, diabetes, and cardiovascular diseases. Prolonged working hours, reduced physical activity, and unhealthy dietary habits are significant contributors to chronic diseases such as diabetes, leading to a heightened demand for medical devices for diagnosis, prognosis, and treatment. In January 2023, a report from the National Library of Medicine projected a 99.5% increase in individuals aged 50 years and older with one or more chronic illnesses by 2050 in the United States, reaching 142.66 million, compared to 71.522 million in 2020. These factors are anticipated to expand the global patient pool, driving the medical equipment market in the forecast period.

Leading companies in the medical equipment market are actively innovating new products to enhance their market profitability, such as the EasyFuse Dynamic Compression System. This system, introduced by Stryker Corporation in May 2022, is a comprehensive super-elastic nitinol staple system designed for quick and easy fixation in high-demand applications of the foot and ankle. Engineered to simplify surgical procedures, the EasyFuse system provides robust dynamic-compression implants while minimizing surgical waste. It features an exceptionally broad staple bridge for even force distribution and consistent implant strength.

Healthcare service providers have access to device performance and patient data, aiding in enhanced patient monitoring and overall care quality. Some companies are integrating medical device data with Electronic Medical Records (EMR) to improve transparency and collaboration. With the increasing prevalence of consumer wearables, patient data volumes are on the rise, prompting companies to invest in data management, warehousing, and security technologies. For instance, Medtronic Plc launched a tool to enhance their cardiac devices, securely transferring device data to doctors for monitoring critical health indicators in their patients.

Major companies operating in the medical equipment market report are Medtronic Inc., Abbott Laboratories, Johnson & Johnson, Siemens AG, Becton Dickinson and Company(BD), STRYKER CORPORATION, Cardinal Health, Danaher Corporation, Boston Scientific Corporation, Koninklijke Philips N.V., SCHILLER Healthcare India Pvt. Ltd., GE Healthcare, Covidien Healthcare India Private Limited, Philips Healthcare India, Fisher & Paykel Healthcare India Private Limited, Smiths Medical India Pvt Ltd., Agappe Diagnostics Ltd., ARKRAY Healthcare Pvt. Ltd., Accord Medical Products Private Limited, Shinva Medical Instrument Company Limited, Shandong WeiGao Group Medical Polymer Company Limited, Lepu Medical Technology Company (Beijing) Co., Ltd., Yuwell - Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Shanghai Runda Medical Technology Co., Ltd., Terumo Corporation, Olympus Medical Systems Corporation, Canon Medical Systems Corporation, Hitachi Group, Nihon Koden Corporation, Sanko Manufacturing Co.,Ltd., Fukuda Denshi, Metran Co. Ltd., Clarity Medical, Welcare Industries S.P.A, F.L. Medical S.r.l, Empire MEDICAL UK Ltd., Europlaz Technologies Ltd., Alfa-Med LLC, Medplant LLC, Medical-Łomża Sp. z o.o., P.H.U. Medical, ProVeterináře, Panop CZ, Baxter, SunMed, Beckman Coulter, Draegerwerk AG, Getinge Group, Masimo, Teleflex Inc., Nipro Medical Ltda, LINET Brazil, Fotoptica Ltda, Leistung Engineering Pvt. Ltd., Saudi Mais Co. for Medical Products (SMMP), Life Pulse Medical Co, Watan, AlKawashef, 3BY Ltd., Qatari German Medical Devices Co, Israeli Hospitals Ltd., CAPS Medical, Amana Healthcare (Pty) Ltd., CapeRay, TiTaMED (Pty) Ltd., Sinapi Biomedical, Egyptian Medical And Environment Group, ResMed Inc.

North America was the largest region in the global medical equipment market in 2023. Asia-Pacific was the second largest region in the global medical equipment market. The regions covered in the medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the medical equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The medical equipment market consists of sales of devices used in the diagnosis, treatment and monitoring of medical conditions. The market includes diagnostic devices, imaging devices, surgical devices and patient monitoring devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The primary categories of medical equipment include in-vitro diagnostics, dental supplies and equipment, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices, and wound care devices. In-vitro diagnostics involve tests conducted on samples such as blood or tissue extracted from the human body. These diagnostics identify diseases or conditions and play a crucial role in monitoring overall health for the purpose of curing, treating, or preventing diseases. Expenditures in this field can be both public and private, with products ranging from Instruments Or Equipment to disposables. The end users include hospitals and clinics, homecare services, diagnostic centers, and others.

The medical equipment market research report is one of a series of new reports that provides medical equipment market statistics, including medical equipment industry global market size, regional shares, competitors with a medical equipment market share, detailed medical equipment market segments, market trends and opportunities, and any further data you may need to thrive in the medical equipment industry. This medical equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.