Medical Technology - United States

United States

In 2024, the projected revenue in the Medical Technology market market in the United States is estimated to reach a staggering US$211.10bn.
Among the various markets in this market, Medical Devices stands as the largest, with a projected market volume of US$181.00bn in the same year.
Looking ahead, a steady annual growth rate (CAGR 2024-2029) of 4.83% is expected, resulting in a market volume of US$267.30bn by 2029.
It is worth noting that, in global comparison, the in the United States is anticipated to generate the highest revenue, reaching US$211.10bn in 2024.
In the United States, the medical technology market is seeing a significant rise in the adoption of telemedicine solutions due to increased demand for remote healthcare services.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in United States is experiencing significant growth and development.

Customer preferences: Customers in the United States have a strong preference for advanced medical technology solutions that offer improved patient outcomes and increased efficiency in healthcare delivery. They are increasingly seeking innovative medical devices and equipment that can enhance the quality of care and provide personalized treatment options. Additionally, there is a growing demand for telemedicine and remote patient monitoring solutions, as customers value the convenience and accessibility that these technologies offer.

Trends in the market: One of the key trends in the Medical Technology market in United States is the increasing adoption of digital health solutions. The integration of technology into healthcare has led to the development of various digital health tools such as wearable devices, mobile health applications, and electronic health records. These tools enable healthcare providers to collect and analyze patient data in real-time, leading to more accurate diagnoses and personalized treatment plans. Another trend in the market is the growing focus on minimally invasive procedures. Advancements in medical technology have made it possible to perform complex surgeries and treatments using minimally invasive techniques, which offer numerous benefits such as shorter hospital stays, reduced recovery time, and lower risk of complications. This trend is driving the demand for medical devices and equipment that support minimally invasive procedures, such as robotic surgical systems and advanced imaging technologies.

Local special circumstances: The United States has a well-established healthcare system with a high level of healthcare expenditure. The country has a large aging population, which is driving the demand for medical technology solutions that cater to the needs of elderly patients. Additionally, the United States has a strong focus on research and development in the healthcare sector, which has led to the development of cutting-edge medical technologies and devices.

Underlying macroeconomic factors: The Medical Technology market in United States is influenced by several macroeconomic factors. The country has a strong economy and a high level of disposable income, which enables individuals to afford expensive medical treatments and technologies. The United States also has a well-developed healthcare infrastructure, with a large number of hospitals, clinics, and healthcare professionals. This infrastructure supports the adoption and utilization of medical technology solutions. Furthermore, government policies and regulations play a significant role in shaping the Medical Technology market in United States. The country has a robust regulatory framework that ensures the safety and efficacy of medical devices and technologies. The Food and Drug Administration (FDA) regulates the approval and marketing of medical devices, which creates a favorable environment for innovation and investment in the sector. In conclusion, the Medical Technology market in United States is driven by customer preferences for advanced healthcare solutions, including digital health tools and minimally invasive procedures. The country's well-established healthcare system, high level of healthcare expenditure, and strong focus on research and development contribute to the growth and development of the market. Government policies and regulations also play a crucial role in shaping the market dynamics.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.