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Medical Devices Market in 2025 Hits USD 586.2 Billion as In Vitro Diagnostics and Hospitals Segment Dominate

The global medical devices market size is calculated at USD 586.2 billion in 2025 and is expected to reach around USD 1,022.50 billion by 2034, growing at a CAGR of 6.34% for the forecasted period.

Ottawa, July 04, 2025 (GLOBE NEWSWIRE) -- The global medical devices market size was valued at USD 551.3 billion in 2024 and is predicted to hit around USD 1,022.50 billion by 2034, a study published by Towards Healthcare a sister firm of Precedence Research.

Get a sneak peek into the latest trends and insights shaping the global medical device market: https://www.towardshealthcare.com/download-sample/5487

Key Highlights

  • North America held the largest share of the market in 2024.
  • Asia-Pacific is projected to host the fastest-growing medical devices market in the coming years.
  • By type, the in vitro diagnostics segment held a dominant presence in the market in 2024.
  • By type, the diabetes care segment is anticipated to grow with the highest CAGR in the market during the studied years.
  • By end-user, the hospitals & ASCs segment led the global market in 2024.
  • By end-user, the clinics segment is predicted to witness significant growth in the market over the forecast period.

Overview And Potential of the Market

The medical devices are the instruments, implants, and other devices that are used for diagnosis, prevention, monitoring, treatment, or alleviation of disease or injury. They are as simple as well as complex devices that are manufactured for the medical sector, as well as for the population for personal use through wearable devices.

The medical devices are manufactured for a wide spectrum of products, in vitro diagnostics like test kits, reagents, blood glucose meters, instruments, and equipment like syringes, catheters, X-ray machines, for implants like pacemakers, artificial joints, and software for medical diagnosis and treatment.

The most widely used medical devices are the hearing aids, insulin pumps, and various types of prosthetics. The primary purpose of a medical device is to achieve its effect through physical means, rather than through pharmacological, immunological, or metabolic action, according to the World Health Organization (WHO). 

Access detailed market metrics, forecasts, and segment-wise data in our comprehensive databook: https://www.towardshealthcare.com/download-databook/5487

What are the key drivers responsible for the growth of the medical devices market?

The key drivers responsible for the growth of the market are factors such as focus on preventive care, outsourcing of medical device manufacturing, growing demand for personalized healthcare, and minimally invasive procedures. These factors contribute to the growth of the market. The growing geriatric population and rising prevalence of chronic diseases increase the demand for glucose monitors, cardiac implants, and diagnostic tools, which fuels the growth of the market.

Technological advancements like innovation in medical technology, with ongoing research and development for the development of minimally invasive surgical tools and key healthcare solutions. Integration of digital health technologies like wearable devices for easy accessibility to healthcare options and offering convenience for chronic disease management is a key driver supporting the growth of the market.

What Are the Growing Trends Associated with The Medical Devices Market?

Aging Population

The growing population, particularly the geriatric demand for wearable devices for real-time monitoring and tracking of the condition, and the increasing demand for treatment for age-related conditions.

Rising Prevalence of Chronic Diseases

The growing prevalence of chronic diseases like diabetes and cardiovascular diseases, along with respiratory disorders, drives the demand for the market.

Technological Advancements

The integration of AI and machine learning in wearable technology and innovative medical devices for ensuring accurate diagnosis and personalized solutions is a growing trend.

Minimal Invasion Procedure

The growing preference of the surgeons, as well as the patients, for minimally invasive surgical procedures is a growing trend, which fuels the growth of the market.

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What are the key growth opportunities responsible for the growth of the medical devices market?

The key growth opportunity responsible for the growth of the market is the rising healthcare spending and increased investments in healthcare infrastructure development in both developing and developed regions, along with the services of medical devices is a great opportunity for the growth. Another growth opportunity is the growing government initiatives and supportive government policies, like tax incentives and subsidies for medical devices stimulate and contribute to the growth of the market. Integration of AI and ML in technological advancements for the development of smart medical devices for wearable technology for personalization drives the growth and expansion of the market.

What Is the Growing Challenge in The Medical Devices Market?

The key challenge responsible for limiting the growth of the market is the complex navigation procedure and regulatory hurdles associated with it, like complex and evolving regulations, stringent quality and safety standards, and long approval processes are the challenges for the approval of the medical devices which hinder the growth of the market. High development and manufacturing costs, and the procedure of the development is a challenge, high price of the product also affects the profitability and affordability of medical devices in the price-sensitive population and market; these factors hinder the growth of the market.

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Regional analysis

How Did North America Dominate the Medical Devices Market In 2024?

North America has seen significant growth and has dominated the market. The growth is driven by the agricultural manufacturing industry and industrial development in the region. The innovation in medical technology and advanced healthcare solutions, through wearable devices and increasing adoption by the population, especially the geriatric population, fuels the growth of the market. Key players like Edtronic, Johnson & Johnson, Abbott Laboratories, and Danaher Corporation also play a key role in the growth of the market, due to their support and investments by the manufacturers supporting the demand. These factors and key players play a major and crucial role in the growth and expansion of the market.

  • According to Volza's Global Export data, the World shipped out 321,790 Medical device shipments from November 2023 to October 2024 (TTM). These exports were handled by 16,767 exporters to 12,822 buyers.
  • According to Volza's Global Export data, globally, Costa Rica, the United States, and China are the top three exporters of Medical Devices. Costa Rica is the global leader in Medical Devices exports with 422,555 shipments, followed closely by the United States with 162,969 shipments, and China in third place with 134,030 shipments.

Key drivers fueling U.S. medical devices market growth: aging population and rising chronic diseases; rapid tech innovation AI, IoT, 3D printing, smart wearables; robust R&D investment and venture capital; supportive FDA pathways and regulatory incentives; increased healthcare spending and elective procedures demand; momentum in remote monitoring and minimally invasive interventions

Aging population and rising chronic diseases increase demand; strong public healthcare funding and favorable federal transfers; government investment in R&D, digital health, robotics, AI, telemedicine; expanding manufacturing via biomanufacturing strategy; reliance on imports with robust trade ties (especially with the U.S.) boosts diversity and scale.

What Made Asia Pacific Significantly Grow in the Medical Devices Market In 2024?

Asia Pacific is experiencing steady growth in the market and is expected to have significant growth I the market in the forecast period, driven by rapid growth in the medical devices sector, with a growing population and an aging population, and growing prevalence of chronic diseases, which require regular monitoring, demanding medical devices for monitoring. Government initiatives in the region supporting the development of healthcare infrastructure and access to medical devices play a crucial role in the growth of the market through policies and regulations. The change in lifestyle preferences and change in eating habits have led to unhealthy conditions, which lead to diseases, and this fuels the growth of the market and contributes to the expansion of the market in the country.

  • According to Volza's India Export data, India shipped out 16,918 Medical device shipments from November 2023 to October 2024 (TTM). These exports were handled by 270 Indian exporters to 1,170 buyers, showing a growth rate of 33% over the previous 12 months.

China’s medical devices market thrives due to aging demographics, chronic disease prevalence, and rising healthcare spending (~ US$39.8 bn in 2025, +7.1%), statista.com. Strong state backing via “Made in China 2025” boosts R&D, subsidies, tax breaks; digital-health and AI adoption soar; exports reached $11.4 bn in 2024.

India’s market grows via National Medical Devices Policy 2023 expanding infrastructure, regulatory streamlining, R&D, PLI incentives and medical-device parks; ₹500 cr support scheme boosts clinical trials and local manufacturing; ₹5,000 cr PRIP fosters innovation; telehealth, AI adoption and trade deals (India-UK FTA) further drive expansion.

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Segmental Insights

By type

How did product segment dominate the Medical Devices Market in 2024?

The in vitro diagnostics segment dominated the market in 2024. The IVDS are medical devices which is used for testing and diagnosis of biological samples like blood, tissue, or urine to assess and predict the patient's health status and condition, which fuels the demand for the market. The diagnoses are in a wide range of applications, from simple to complex sample diagnosis, which increases the demand. IVDs are used for the early detection, monitoring ongoing conditions, and informing treatment strategies. The most widely used IVDs are pregnancy tests, blood grouping tests, immunoassays, cancer diagnostics, genetic testing, and other tests, which fuel the growth and demand for the market. The safety and effectiveness of the device and regulations further support the growth.

The diabetes care segment is expected to experience the fastest growth in the medical devices market during the forecast period. The growth of the market is seen as driven by the growing diabetes population in regions due to changing eating habits and lifestyle of the consumers and patients, which demand smart and advanced medical devices for monitoring and detection, which fuels the growth of the market.

The major devices include blood glucose meters, continuous glucose monitors, insulin pumps, smart insulin pens, and automated insulin delivery systems or artificial pancreas, which aims to mimic a healthy pancreas, driving the growth of the market. The benefits offered by using medical devices increase the demand, like improved blood sugar control, increased flexibility and convenience, personalized diabetes management, and reduced risk of hypoglycemia and hyperglycemia, which further fuels the growth of the market.

By end use

How did product segment dominate the Medical Devices Market in 2024?

The hospitals & ASCs segment dominated the market in 2024. The medical devices play a crucial role in hospitals and ambulatory surgery centers, which help in accurate diagnosis, treatment, and monitoring of the patients' health and conditions. Commonly used devices are surgical equipment, diagnostic equipment, monitoring equipment, therapeutic equipment, sterile processing equipment, and other equipment that can adapt to different procedures, which fuels the growth of the market. The need for specialised and advanced smart diagnostic devices and kits for general and specialized monitoring systems boosts the growth and expansion of the market.

The clinics segment expects significant growth in the medical devices market during the forecast period. The growth of the market is seen as driven by the basic treatment demand and for diagnosis and treatment, and patient monitoring, including basic tools like stethoscopes and thermometers, to more advanced equipment like ultrasound machines and ECG machines, fueling the growth. The growing demand for effective patient care and the requirement of quality, accuracy, and ease of use make it more demanding for professionals to properly monitor and drive the growth and demand for the market, further contributing to the growth of the market.

Top 10 Companies and Their Contributions to the Medical Devices Market

Company Contribution & Offerings
Archimedic Specializes in medtech innovation, helping startups develop human-centered, regulatory-compliant medical devices.
Baxter International Delivers critical care and renal products globally, including infusion systems, IV solutions, and dialysis equipment.
Becton, Dickinson & Co. A global leader in medical technology, offering advanced injection devices, diagnostics, and biosafety solutions.
Cardinal Health Provides medical and surgical products, supply chain services, and essential hospital and laboratory devices.
Dr. Morepen Expands India's diagnostics market with affordable glucometers, nebulizers, and rapid testing devices.
Fresenius Medical Care The world’s largest provider of dialysis machines and services for patients with end-stage renal disease.
GE Healthcare Innovates in imaging technologies like MRI, CT, and ultrasound, enhancing diagnostic and patient monitoring capabilities.
Harsoria Healthcare Manufactures disposable medical devices, including IV cannulas and infusion sets, supporting critical care.
Johnson & Johnson Offers a wide portfolio from orthopedic implants to surgical systems and wound care solutions.
Medtronic A global leader in cardiac devices, diabetes management, and minimally invasive surgical tools.

Key Players in the Medical Devices Market

  • Archimedic
  • Baxter International
  • Becton, Dickinson & Company
  • Cardinal Health
  • Dr Morepan
  • Fresenius Medical Care
  • GE Healthcare
  • Harsoria Healthcare Pvt. Ltd.
  • Johnson & Johnson
  • Medtronic
  • Omnia Medical
  • Siemens Healthineers
  • SpineGuard
  • Stryker Corporation
  • University Medical Devices

Browse More Insights of Towards Healthcare:

The medical device industry is growing steadily across various segments. Here's a snapshot of key markets and how they're expected to grow over the next decade:

Recent Developments in the Medical Devices Market

  • March 2025 saw the launch of India’s first Flexible Hybrid Printed Electronics Research & Development Centre by Naxnova Technologies, a milestone moment for the country’s innovation landscape and a significant step forward in technological progress. With a rich history of over four decades in high-precision manufacturing, Naxnova is poised to transform industries by creating next-generation flexible circuits, smart sensors, and intelligent interfaces. This groundbreaking initiative will spark breakthroughs in advancements across sectors, including medical wearables, robotics, automotive, aerospace, and industrial consumer electronics.
  • In November 2024, a major step was taken to boost India's medical device sector when Union Minister Jagat Prakash Nadda introduced a new comprehensive scheme to strengthen the country's medical device industry. The launch event was attended by Anupriya Patel, Union Minister of State for Chemicals and Fertilizers and Health & Family Welfare, along with Secretary Arunish Chawla and representatives from the industry. The initiative focuses on key areas such as component manufacturing, skill development, support for clinical studies, infrastructure development, and industry promotion. 
  • In March 2025, Archimedic, a medical device development company offering Design, Regulatory, and Go-to-Market services, introduced OpenQMS. OpenQMS is a web-based platform that provides open access to help companies manage quality throughout the medical device development lifecycle.

Segments Covered in the Report

By Type

  • In Vitro Diagnostics
  • Diabetes Care
  • Dental Devices
  • Ophthalmic Devices
  • Nephrology
  • Orthopedic Devices
  • Cardiovascular Devices
  • Diagnostic Imaging
  • Minimally Invasive Surgery
  • Wound Management
  • General Surgery
  • Others

By End-User

  • Hospitals & ASCs
  • Clinics
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Sweden
    • Denmark
    • Norway
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa (MEA)
    • South Africa
    • UAE
    • Saudi Arabia
    • Kuwait

Unlock the complete market analysis, competitive landscape, and strategic outlook download the full report now: https://www.towardshealthcare.com/price/5487

You can place an order or ask any questions, please feel free to contact us at sales@towardshealthcare.com

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About Us

Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.

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