U.S. Medical Device Manufacturers Market Size, Share & Trends Analysis Report By Application (Orthopedic Devices, Cardiovascular Devices, Neurology Devices, Drug Delivery Devices, Ophthalmic Devices, Nephrology & Urology Devices),- Industry Analysis, Size, Share, Growth, Trends, and Forecast 2025-2034

U.S. Medical Device Manufacturers Market Size and Trends

The U.S. Medical Device Manufacturers Market size was exhibited at USD 271.57 billion in 2024 and is projected to hit around USD 486.34 billion by 2034, growing at a CAGR of 6.0% during the forecast period 2025 to 2034.

U.S. Medical Device Manufacturers Market Key Takeaways:

• The others segment led the market and accounted for 36.0% of the revenue in 2024.
• Cardiology devices are expected to register the fastest CAGR of 7.7% over the forecast period.

Report Scope of U.S. Medical Device Manufacturers Market

The market is expected to grow due to factors such as the growing geriatric population, high adoption of minimally invasive procedures, increasing number of sports and road accidents, and growing geographic reach of the market players. According to the USA Today news article, the number of fatal car crashes consistently rose from 36,835 in 2018 to an estimated 42,795 in 2022 within the U.S.

The COVID-19 pandemic, which is now endemic in major regions and countries, has negatively impacted some U.S. medical device manufacturing industries. According to Stryker’s financial report in 2020, the company witnessed a marginal revenue downfall, nearly 3.58% from its 2019 sales. Orthopedic companies witnessed revenue losses due to shutdowns related to elective procedures. Furthermore, another leading cardiovascular firm, Medtronic, reported a revenue decline of nearly USD 1.3 billion in fiscal year 2020. However, the pandemic had a positive impact on the drug delivery devices industry due to the medical necessities facilitated by COVID-19 complications.

The medical device manufacturers market in the U.S. is expected to witness significant growth due to the increasing geographic reach of market players and divestiture from existing businesses. Expanding into new geographic areas via acquisitions and collaborations allows manufacturers to tap into diverse markets, reach a broader customer base, and foster innovation. For instance, in February 2023, Abbott acquired Cardiovascular Systems, Inc. (CSI) as a part of its strategic expansion, which brought two significant players in the critical cardiovascular device industry. The equity value of the acquisition was estimated at USD 890 million.

Furthermore, in July 2023, 3M invested USD 468 million to expand its healthcare facility in Brookings, South Dakota, to broaden its geographic presence. This move suggested an intent to cater to the healthcare demands of the region, potentially introducing new medical devices or enhancing existing ones. In addition, specific players divested from their current businesses to improve their position in other industries. For instance, in May 2023, Baxter International, Inc., a MedTech player, entered into a definitive agreement to sell its BioPharma Solutions (BPS) business to Advent International and Warburg Pincus. The cash transaction was valued at USD 4.25 billion, with estimated net after-tax proceeds of about USD 3.4 billion.

U.S. Medical Device Manufacturers Market By Application Insights

The others segment led the market and accounted for 36.0% of the revenue in 2024. The segment primarily comprises devices used in IVD diagnostics, medical imaging, dental, ear-nose-and-throat (ENT), wound care, and general surgery. According to an article by Midwestern University Clinics, over 36 million U.S. citizens are currently edentulous, and an additional 120 million are missing at least one tooth. Projections for the next 15 years anticipate a substantial increase in prevalence, with over 200 million individuals predicted to experience partial tooth loss in the country.

This emphasizes the relevance of dental devices within the market. Furthermore, the ENT devices segment is driven by the increasing demand for advanced solutions in otolaryngology. Innovations & advancements are expected to enhance diagnostic precision and therapeutic interventions for ENT conditions.

Cardiology devices are expected to register the fastest CAGR of 7.7% over the forecast period. Heart diseases are one of the leading causes of mortality in the U.S. According to a CDC article published in May 2023, the high mortality, with one death due to cardiovascular disease every 33 seconds, creates a substantial market demand for innovative medical devices that can contribute to the prevention, early diagnosis, & effective treatment of heart-related conditions. The significant economic burden of heart disease, costing the U.S. about USD 239.9 billion annually, presents challenges and opportunities for growth in the medical device industry.

Some of the prominent players in the U.S. Medical Device Manufacturers Market include:

• Stryker
• Cardinal Health
• Eli Lily and Company
• Intuitive Surgical
• Edwards Lifesciences Corporation
• BD
• Danaher
• 3M
• Abbott
• Baxter
• B. Braun SE
• GE Healthcare
• Johnson & Johnson Services, Inc.
• Medtronic
• Boston Scientific Corporation

U.S. Medical Device Manufacturers Market Recent Developments

• In September 2023, Abbott acquired Bigfoot Medical, a global leader in developing intelligent insulin management systems for people with diabetes. Bigfoot manufactures Bigfoot Unity, an FDA-approved connected insulin pen with an integrated continuous glucose monitoring system.
  
  
• In June 2023, Eli Lily and Company acquired Sigilon Therapeutics, Inc. Sigilon develops functional cures for acute and chronic diseases. Moreover, both companies have worked together since 2018 to develop encapsulated cell therapies to treat type 1 diabetes.
  
  
• In May 2023, Stryker acquired Cerus Endovascular Ltd., a manufacturer of neurointerventional devices. Some of the critical products marketed by the acquired company are the Contour Neurovascular System and the Neqstent Coil Assisted Flow Diverter.

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 2021 to 2034. For this study, Nova one advisor, Inc. has segmented the U.S. Medical Device Manufacturers Market

By Application

• Orthopedic Devices
• Cardiovascular Devices
• Neurology Devices
• Drug Delivery Devices
• Ophthalmic Devices
• Nephrology & Urology Devices
• Others