"Revolutionizing the Medical Device Industry: New Technological Processes and FDA Approvals Highlight AI and IoT Integration"
BOSTON, July 10, 2025 /PRNewswire/ -- According to the latest study from BCC Research, the "Global Markets for Emerging Medical Device Technologies" is expected to increase from $136.6 billion in 2024 to $223.9 billion by the end of 2029 at a compound annual growth rate (CAGR) of 10.4% 2024 through 2029.
The report analyzes the emerging medical device technology market, examining major players, innovations and regional opportunities and providing competitive insights. The market is segmented by device type, including in vitro diagnostics, cardiovascular, neurology, orthopedics, diabetic care, endoscopy and urology, and by end-users such as hospitals, clinics, home healthcare, ambulatory surgical centers, and diagnostic laboratories. Geographic regions covered include North America, Europe, Asia-Pacific, and the Rest of the World, with country-level analyses for the U.S., Germany, the U.K., Italy, France, Spain, Japan, China, India, Brazil, Mexico, and GCC countries.
This report is particularly relevant today because it focuses on new technology-oriented devices, which are crucial in the rapidly evolving digital world with the rise of artificial intelligence. Including up-to-date information at the country level, makes the report an essential resource for understanding the latest trends and opportunities in the medical device technology market.
The factors driving the market's growth include:
Health and Wellness Trends: Wearable health tech like smartwatches and fitness trackers provide real-time health data, promoting proactive health management.
AI/ML in Medical Devices: AI and ML enhance diagnostic accuracy and treatment outcomes by analyzing large data sets to detect patterns and predict health issues.
Chronic Disease Management: Technologies like remote monitoring and telehealth help manage chronic diseases, improving patient outcomes and reducing healthcare costs.
Improving Public Health: Public health technologies, including telehealth and mobile apps, help track disease outbreaks and enable the implementation of more effective health strategies.
Demand for Disease Diagnosis: Advances in diagnostic tools and medical imaging meet the rising demand for early and accurate disease detection.
Patient Education: Mobile apps and online portals educate patients, leading to better health outcomes and higher patient satisfaction.
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Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $133.1 billion |
Market size forecast | $223.9 billion |
Growth rate | CAGR of 10.4% for the forecast period of 2024-2029 |
Segments covered | Device Types, End Users |
Regions covered | North America, Europe, Asia-Pacific, Rest of the World (includes GCC, Africa and Latin America) |
Countries covered | U.S., Canada, Mexico, Spain, Italy, Germany, U.K., France, Poland, Greece, Russia, China, India, Japan, Australia, New Zealand, Thailand, Singapore, Vietnam, Brazil |
Market drivers | • Emerging Health and Wellness Trends • Increasing Use of AI/ML in Medical Devices • Technology and Services Supporting Chronic Disease Management • Need for Improved Public Health • Rise in Disease Diagnosis Demand • Increased Patient Education |
Interesting facts:
- AI is a boon to the market, especially in modern medical devices and how they are used for patient care. It is an emerging field that will likely take over many functions of medical devices that physicians and doctors are using for patient care.
- Traditional in vitro diagnostic devices are now focused on becoming more technology oriented.
- Positron Emission Tomography (PET) is frequently utilized for diagnosing diseases or any body parts. Patients often prefer PET/CT scans over ultrasound systems.
Emerging startups:
- Pumpinheart has developed a lab-based model used for treating heart failure.
- Plio Surgical is focusing in developing a minimally invasive implant for colorectal surgeries.
- Tympulse is focusing on novel regenerative materials for the ENT surgical market.
- LEP Biomedical has developed technology for eliminating inflammation and fibrosis in eye surgeries.
The report addresses the following questions:
- What is the projected size and growth rate of the global market for medical device technology?
- The global market for emerging medical devices was valued at $133.1 billion in 2023. The IVD devices segment was valued at $27.8 billion in 2023, and this segment is projected to grow at a CAGR of 10.9% during the forecast period. - What market segments are covered in the report?
- The global market for medical device technology is segmented based on device type and end-user. - Which device type segment will be dominant through 2029?
- The IVD segment is anticipated to dominate the market through 2029. - Which device type market is growing the fastest?
- Cardiovascular devices and neurological devices are the fastest-growing device types.
Market leaders include:
- 3M
- ABBOTT
- BD
- BAXTER
- BOSTON SCIENTIFIC CORP.
- DANAHER CORP.
- F. HOFFMANN-LA ROCHE LTD.
- GE HEALTHCARE
- JOHNSON & JOHNSON SERVICES INC.
- KONINKLIJKE PHILIPS N.V.
- MEDTRONIC
- QUIDELORTHO CORP.
- SIEMENS HEALTHINEERS AG
- STRYKER
- THERMO FISHER SCIENTIFIC INC.
Related reports:
In Vitro Diagnostics: Technologies and Global Markets: The global in vitro diagnostics market is analyzed across the regions of North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Country-specific analyses cover the U.S., Germany, the U.K., Italy, France, Spain, Japan, China, India, Australia and New Zealand, Argentina, Brazil, South Africa, Mexico, and the GCC countries. The report provides market data for 2023, with estimates for 2024 and forecasts through 2029.
Global Markets and Technologies for Advanced Drug Delivery Systems: This report studies the global market for advanced drug delivery systems (ADDS). It includes historical data and future projections on sales by technology, administration route, and application. The report covers ADDS technologies such as immediate-release and extended-release, as well as their market revenues. Applications include oncology, respiratory, and cardiovascular.
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