Discover trends, market shifts, and competitive outlooks for the medical equipment industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#How Has The Medical Equipment Market Size Shifted, And What Is the Outlook Through 2034?

In recent times, there has been a swift expansion in the size of the medical equipment market. It is projected to rise from $764.67 billion in 2024 to $842.49 billion in 2025, with a compound annual growth rate (CAGR) of 10.2%. Factors such as increased healthcare spending, robust economic development in emerging markets, expansion in the number of healthcare facilities, and a rise in the frequency of surgical procedures are credited for the growth witnessed in the historic period.

The market size for medical equipment is projected to experience substantial expansion in the upcoming years, with the growth expected to reach $1183.02 billion in 2029 at a compound annual growth rate (CAGR) of 8.9%. This growth may be ascribed to various factors including the aging population, a rising prevalence of chronic illnesses, and government backing. The anticipated period will see some significant trends such as the creation of new technological solutions, an emphasis on expanding medical equipment manufacturing facilities, an effort towards partnership and collaborations, a concentration on cardiovascular devices creation, and development of hybrid image technologies.

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What Are the Major Market Drivers Behind the Rising Adoption of Medical Equipment Market?

The escalating occurrence of cardiovascular ailments is anticipated to fuel the expansion of the medical equipment market. The term Cardiovascular disease (CVD) encompasses conditions impacting the heart or blood vessels. The diseases are frequently linked with the buildup of fatty substances in the arteries, known as atherosclerosis, and an increased possibility of blood clots. Various medical equipment is crucial for preventing, diagnosing, and treating cardiovascular diseases. To illustrate, the Centers for Disease Control and Prevention, a US-based governmental body, reported in May 2024 that heart disease was responsible for the demise of 702,880 individuals in 2022, corresponding to 1 in 5 deaths. Each year, around 805,000 people in the U.S. suffer a heart attack, with 605,000 being their first time and 200,000 happening to those with a history of a heart attack. Thus, the escalating occurrence of cardiovascular ailments is sure to boost the medical equipment market’s progress in the future.

Which Key Market Segments Comprise the Medical Equipment Market and Drive Its Revenue Growth?

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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Which Areas Are Leading Regions in the Medical Equipment Market Expansion Across the Globe?

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

What Are the Strategic Trends Steering theMedical Equipment Market Direction?

Key players in the medical equipment market, such as the Stryker Corporation, are focusing on innovation to boost their market profitability. For example, in May 2022, the US-based medical tech firm unveiled the EasyFuse Dynamic Compression System. This comprehensive super-elastic nitinol staple system aims to provide quick, straightforward fixation for high-demand foot and ankle applications. Designed to simplify surgical operations, it offers strong dynamic-compression implants, and reduces surgical waste. Notably, the EasyFuse System’s expansive staple bridge is designed to evenly spread forces and guarantee steady implant strength.

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How Is the Medical Equipment Market Conceptually Defined?

Medical equipment are devices that can be instrument, apparatus or machine that can be used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting or modifying the structure or function of the body for health purpose.

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