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What key factors are powering the surge in the medical equipment market right now?

The size of the medical equipment market has experienced significant expansion in the past few years. It is projected to increase from $764.67 billion in 2024 to $842.49 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 10.2%. Factors contributing to the growth during the historic period include increased spending on healthcare, robust economic development in emerging markets, expansion in the number of healthcare facilities, and the rise in the volume of surgical procedures.

How fast Is the medical equipment market expected to grow, and what’s its future value?

The market for intraocular lenses is projected to experience a swift expansion in the coming years, with an estimated valuation of $8.72 billion by 2029 and a compound annual growth rate of 10.8%. The promising growth during the forecast period can be traced back to the concentration on up-and-coming markets, an increase in the elderly population, a surge in the number of cataract surgeries, need for high-quality IOLs, and a turn towards outpatient treatments. Significant trends for the forecast period involve a rise in cataract procedures, a transition to less invasive operations, a demand for improved visual results, regulatory updates and approvals, and advancements in surgical methods.

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What are the leading drivers of growth in the medical equipment market?

The surge in cardiovascular diseases is predicted to stimulate the expansion of the medical equipment market. The term cardiovascular disease (CVD) encompasses conditions impacting the heart or blood vessels, often related to fat accumulation in arteries (atherosclerosis) and increased clotting risk. Varied medical equipment is employed for the prevention, diagnosis, and treatment of these diseases. For example, the Centers for Disease Control and Prevention, a government agency based in the US, reported in May 2024 that heart disease led to 702,880 deaths, or 1 in every 5, in 2022. On an annual basis, around 805,000 people in the US suffer a heart attack. Of this figure, 605,000 are suffering their first while 200,000 are repeat incidents. Thus, the escalating occurrence of cardiovascular diseases is projected to propel the advancement of the medical equipment market in the future.

What are the key segments defining the medical equipment market?

The medical equipment market covered in this report is segmented –

1) By Type: In-Vitro Diagnostics, Dental Equipment And Supplies, Ophthalmic Devices, Diagnostic Imaging Equipment, Cardiovascular Devices, Hospital Supplies, Surgical Equipment, Orthopedic Devices, Patient Monitoring Devices, Others

2) By Type Of Expenditure: Public, Private

3) By Product: Instruments And Equipment, Disposables And Consumables

4) By End User: Hospitals And Clinics, Homecare And Diagnostic Centers, Other End Users

Subsegments:

1) By In-Vitro Diagnostics: Clinical Chemistry, Immunoassay, Molecular Diagnostics, Hematology, Microbiology

2) By Dental Equipment And Supplies: Dental Instruments, Dental Implants, Dental Chairs And Equipment, Orthodontic Supplies, Dental Consumables

3) By Ophthalmic Devices: Contact Lenses, Intraocular Lenses, Ophthalmic Lasers, Diagnostic Devices, Surgical Devices

4) By Diagnostic Imaging Equipment: X-Ray Systems, Ultrasound Systems, MRI Systems, CT Scanners, Nuclear Imaging Systems

5) By Cardiovascular Devices: Cardiac Rhythm Management Devices, Catheters, Heart Valves, Stents, Cardiac Assist Devices

6) By Hospital Supplies: Disposables, Sterilization Equipment, Surgical Masks And Gowns, IV Solutions And Administration Sets, Diagnostic Strips

7) By Surgical Equipment: Surgical Instruments, Electrosurgical Devices, Robotic Surgery Systems, Surgical Sutures And Staplers, Minimally Invasive Surgery Devices

8) By Orthopedic Devices: Joint Replacement Devices, Trauma Fixation Devices, Spinal Implants, Orthopedic Braces And Supports, Arthroscopy Devices

9) By Patient Monitoring Devices: Vital Signs Monitors, Remote Patient Monitoring Devices, Fetal And Neonatal Monitors, Cardiac Monitoring Devices, Multi-Parameter Monitors

10) By Others: Blood Glucose Meters, Insulin Delivery Devices, Continuous Glucose Monitoring Systems (CGMs), Lancets And Strips, Dialysis Equipment (Hemodialysis, Peritoneal Dialysis), Urinary Catheters, Stone Management Devices

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Who are the key players steering the development of the medical equipment market?

Major companies operating in the medical equipment market include 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-Lomza Sp. z o.o., P.H.U. Medical, ProVeterináre, 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.

What emerging trends are influencing the growth of the medical equipment market?

Leading companies in the medical equipment market are developing innovative products like the EasyFuse Dynamic Compression System to enhance their market profitability. The EasyFuse Dynamic Compression System serves as an exhaustive super-elastic nitinol staple system built to provide quick and straightforward fixation in high-demand foot and ankle applications. For example, in May 2022, Stryker Corporation, a medical technology firm based in the US, introduced the EasyFuse Dynamic Compression System. This system is constructed to simplify surgical operations, deliver powerful dynamic-compression implants, and reduce surgical waste. The EasyFuse system includes a notably wide staple bridge designed to uniformly allocate forces and maintain consistent implant strength.

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Which regions are most influential in expanding the medical equipment market?

North America was the largest region in the global medical equipment market in 2024. 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

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