U.S. Medical Device Manufacturers Market Size, Share & Trends Analysis Report By Type (Diagnostic Imaging, Consumables, Patient Aids, Orthopedics), And Segment - Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The U.S. Medical Device Manufacturers market size was estimated at USD 206.53 billion in 2022 and is expected to surpass around USD 339.63 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 5.1% during the forecast period 2023 to 2032.

U.S. Medical Device Manufacturers Market 

Key Takeaways:

  • Diagnostic imaging accounted for the largest revenue share of over 38% in 2022. Factors responsible for this estimated share include the rising need for early diagnosis of disease coupled with growing technological advancements in diagnostic imaging devices
  • In August 2022, B. Braun Medical Inc. received 510(k) clearance from the FDA for the SpaceStation MRI. This allows space infusion pumps to continuously deliver medications to patients within the MRI suite
  • The growing geriatric population and rising prevalence of chronic diseases are also driving the segment growth
  • Key players are ramping up consumable medical devices production to fulfill the sudden upsurge in demand accelerated by COVID-19
  • In 2022, Abbott Laboratories shipped over 7 million rapid ID NOW test kits, 6 million molecular lab test kits, and more than 13 million ARCHITECT and Alinity i Covid-19 antibody test kits to customers across the U.S.
  • The South Dakota-based plant of 3M went through a new 120,000 square-foot expansion in 2022 for achieving the production of 95 million N95 respirators per month by the end of the year

U.S. Medical Device Manufacturers Market Report Scope

Report Coverage Details
Market Size in 2023 USD 217.06 Billion
Market Size by 2032 USD 339.63 Billion
Growth Rate From 2023 to 2032 CAGR of  5.1%
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Type
Market Analysis (Terms Used) Value (US$ Million/Billion) or (Volume/Units)
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Key Companies Profiled 3M Healthcare; Abbott; Baxter International, Inc.; B. Braun Melsungen AG; GE Healthcare; Johnson & Johnson Services, Inc.; Medtronic PLC; Boston Scientific Corp.

 

The rising prevalence of chronic diseases and the increasing geriatric population in the country are the key market drivers. The onset of chronic diseases is more commonly prevalent between the age group of 45 and 54 years. Consumable medical devices and patient aids, such as gloves, syringes, masks, PPE kits, infrared thermometers, pulse oximeter, and testing kits, observed a sudden upsurge in demand owing to the COVID-19 pandemic. The scenario set off lucrative opportunities for both existing players and new entrants.

However, medical devices used in elective procedures, such as bariatric surgeries, joint replacement surgeries, and cosmetic surgeries, experienced a decline in demand. The market recovery can be expected from mid-2021 onwards with favorable government initiatives to re-launch elective procedures. There has been a recent increase in demand for minimally invasive surgeries and this is consequently expected to drive the market for medical device suppliers. Minimally invasive surgeries involve smaller incisions, shorter hospital stay, rapid wound healing, lesser pain & surgical wounds, and lower risk of complications than open surgeries. They also aid in controlling healthcare costs.

According to the ASPS annual plastic surgery statistics report, there were more than 17.7 million surgical and minimally-invasive cosmetic procedures performed in the United States in 2018, a number that has risen steadily over the past five years. Such factors will boost the market over the forecast period. Since injectable pens are mostly used in diseases such as arthritis, diabetes, osteoporosis, growth hormone deficiency, and anaphylaxis, the increasing prevalence of these diseases is expected to drive the market for injectable devices. Favorable reimbursement policies, such as the U.S. Medicare system, have been playing an important role in the growth of the bronchoscopes market.

Some of the bronchial procedures for which reimbursements are available are bronchial or endobronchial biopsy, transbronchial lung biopsy, bronchoalveolar lavage, and rigid and flexible bronchoscopy. The favorable reimbursement structure is expected to fuel market growth. Other factors that boost market growth include rising cases of lifestyle-associated health conditions, accidents, and sports injuries. Growing demand for effective emergency care and increasing adoption of mobile surgery centers are also expected to drive the market during the forecast period.

Type Insights

The diagnostic imaging segment captured the largest market share of over 38% in 2022 owing to the high demand for accurate diagnostic methods and devices. Chronic diseases accounted for a significant share of the country’s healthcare expenditure, as they require long-term medical care. Healthcare organizations are therefore looking for options to reduce healthcare costs. In recent years, the category of imaging equipment has witnessed several new product launches and currently has a large number of devices in the pipeline.

The incidence of chronic diseases is increasing globally, and early diagnosis can be extremely crucial in determining treatment plans. The presence of state-of-the-art medical devices within the U.S. region attracts a lot of foreign patients, thereby sustaining the investment by hospitals and healthcare providers into the segment. Furthermore, an increase in the number of sports and trauma injuries is boosting demand for orthopedic devices, leading to market growth.

Favorable reimbursement structure leads to higher adoption of medical devices among patients in the U.S., leading to the growth of the market for medical device suppliers. For instance, CMS (Center for Medicare & Medicaid Services) announced the Primary Cares Initiative (PCI) in 2019. It is a set of new payment models to help primary care providers transition to performance-based risk.

Key Companies & Market Share Insights

New product launches, technological advancements, and capacity expansion are few strategic initiatives undertaken by key players to achieve competitive advantage. New technologies, such as 3D printing, can be used to increase production to meet the sudden upsurge in product demand due to the global coronavirus pandemic. The U.S. government is spending heavily to overcome the shortfalls in medical devices, such as pulse oximeter and N95 respirators.

For instance, General Motors received an order of $589.4 million to deliver 6,132 ventilators by mid-2022. GM collaborated with Ventec Life Systems to increase its production. In April 2018, Abbott and Alere amended the terms of their merger agreement for the former’s acquisition of the latter to expand Abbott’s global presence and leadership in diagnostics. Some of the key players in the U.S. medical device manufacturers market include:

  • 3M Healthcare
  • Abbott
  • Baxter International, Inc.
  • B. Braun Melsungen AG
  • GE Healthcare
  • Johnson & Johnson Services, Inc.
  • Medtronic PLC
  • Boston Scientific Corp.

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Medical Device Manufacturers market.

By Type 

  • Diagnostic Imaging
  • Consumables
  • Patient Aid
  • Orthopedics
  • Others

Frequently Asked Questions

The U.S. Medical Device Manufacturers market size was estimated at USD 206.53 billion in 2022 and is expected to surpass around USD 339.63 billion by 2032

The U.S. medical device manufacturers market is expected to grow at a compound annual growth rate of 5.1% from 2023 to 2032

Some key players operating in the U.S. medical device manufacturers market include 3M, Abbott Laboratories, Baxter International, Boston Scientific Corporation, B. Braun Melsungen, GE Healthcare, Johnson and Johnson, and Medtronic.

Key factors driving the U.S. medical device manufacturers market growth include rising cases of chronic disease, favorable reimbursement policies, and increasing adoption of mobile surgery centers.

Chapter 1 Methodology and Scope
                   1.1 Research Methodology
                       1.1.1 Information procurement
                   1.2 Information or Data Analysis
                   1.3 Research Scope and Assumptions
                   1.4 List to Data Sources
Chapter 2 Executive Summary
                   2.1 Market Summary
                   2.2 U.S. Medical Device Manufacturers Market Dynamics
Chapter 3 Market Variables, Trends & Scope
                   3.1 Market Segmentation
                   3.2 Market Driver Analysis
                       3.2.1 Growing geriatric population
                       3.2.2 High adoption of minimally invasive procedures
                       3.2.3 Increase in the number of sports and road accidents
                       3.2.4 Increasing geographic reach of market players
                   3.3 Market Restraint Analysis
                       3.3.1 Increase in the number of product recalls
                       3.3.2 Social and ethical issues
                       3.3.3 Slow approval procedures
Chapter 4 Business Environment Analysis Tools
                   4.1 SWOT Analysis; By factor (Political & Legal, Economic and Technological)
                   4.2 Porter’s five forces analysis
Chapter 5 Regulatory and Political Forces
                   5.1 Regulatory Landscape
                       5.1.1 List of Regulatory authorities by country
Chapter 6 U.S. Medical Device Manufacturers Market: Modality Business Analysis
                   6.1 U.S. Medical Device Manufacturers Market: Type Movement Analysis
                       6.1.1 Diagnostic Imaging
                          6.1.1.1 Diagnostic imaging market estimates and forecast, 2020 - 2032
                       6.1.2 Consumables
                          6.1.2.1 Consumables market estimates and forecast, 2020 - 2032
                       6.1.3 Patient Aids
                          6.1.3.1 Patient aids market estimates and forecast, 2020 - 2032
                       6.1.4 Orthopedics
                          6.1.4.1 Orthopedics market estimates and forecast, 2020 - 2032
                       6.1.5 Others
                          6.1.5.1 Others market estimates and forecast, 2020 - 2032
Chapter 7 Company Profiles
                   7.1 3M Healthcare
                       7.1.1 Company overview
                       7.1.2 Financial performance
                       7.1.3 Product benchmarking
                       7.1.4 Strategic initiatives
                   7.2 Abbott
                       7.2.1 Company overview
                       7.2.2 Financial performance
                       7.2.3 Product benchmarking
                       7.2.4 Strategic initiatives
                   7.3 Baxter International Inc.
                       7.3.1 Company overview
                       7.3.2 Financial performance
                       7.3.3 Product benchmarking
                       7.3.4 Strategic initiatives
                   7.4 B. Braun Melsungen AG
                       7.4.1 Company overview
                       7.4.2 Financial performance
                       7.4.3 Product benchmarking
                       7.4.4 Strategic initiatives
                   7.5 GE Healthcare
                       7.5.1 Company overview
                       7.5.2 Financial performance
                       7.5.3 Product benchmarking
                       7.5.4 Strategic initiatives
                   7.6 Johnson & Johnson Services, Inc.
                       7.6.1 Company overview
                       7.6.2 Financial performance
                       7.6.3 Product benchmarking
                       7.6.4 Strategic initiatives
                   7.7 Medtronic
                       7.7.1 Company overview
                       7.7.2 Financial performance
                       7.7.3 Product benchmarking
                       7.7.4 Strategic initiatives
                   7.8 Boston Scientific Corporation
                       7.8.1 Company overview
                       7.8.2 Financial performance
                       7.8.3 Product benchmarking
                       7.8.4 Strategic initiatives

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