U.S. Medical Device Manufacturers Market Size to Reach USD 431.35 Bn by 2033

According to recent study by Nova one advisor, the U.S. medical device Manufacturers market size was valued at USD 257.50 billion in 2023 and is anticipated to reach around USD 431.35 billion by 2033, growing at a CAGR of 5.9% from 2024 to 2033.

The market is predicted to expand due to reasons such as an increasing senior population, widespread acceptance of minimally invasive procedures, an increase in sports and road accidents, and industry participants' expanding global reach. According to a USA Today story, the number of fatal car crashes in the United States has steadily climbed from 36,835 in 2018 to a projected 42,795 in 2022.

The COVID-19 pandemic, which is currently endemic in significant regions and countries, had a somewhat unfavorable influence on a few sectors in the United States that manufacture medical devices. Stryker's financial report for 2020 shows a small decrease in revenues of roughly 3.58% from its 2019 sales. Elective procedure shutdowns resulted in revenue losses for orthopedic enterprises. Furthermore, Medtronic, another large cardiology company, reported a sales decline of roughly USD 1.3 billion in fiscal 2020. However, the pandemic had a favorable impact on the medicine delivery devices sector because of the medical needs made possible by COVID-19 problems.

The US medical device makers market is predicted to increase significantly as industry players expand their geographic reach and divest from current operations. Expanding into new geographic areas through acquisitions and collaborations enables firms to enter varied markets, reach a larger client base, and stimulate innovation. For example, in February 2023, Abbott purchased Cardiovascular Systems, Inc. (CSI) as part of its strategic growth, bringing together two leading companies in the vital cardiovascular device business. The acquisition's equity value was assessed at USD 890 million.

Furthermore, in July 2023, 3M invested USD 468 million to develop its healthcare center in Brookings, South Dakota, in order to widen its geographical reach. This step indicates an aim to meet the region's healthcare needs, possibly by introducing new medical gadgets or improving existing ones. In addition, some players sold their current enterprises to strengthen their position in other industries. For example, in May 2023, MedTech company Baxter International, Inc. signed a definitive deal to sell its BioPharma Solutions (BPS) business to Advent International and Warburg Pincus. The cash deal was valued at USD 4.25 billion, with net after-tax proceeds of around USD 3.4 billion.

Get Sample Copy of Report@ https://www.novaoneadvisor.com/report/sample/8162

U.S. Medical Device?Manufacturers Market Report Highlights

• Drug delivery devices held a dominant market share of 28.12% in 2023. Factors responsible for the estimated share include patient convenience and compliance, rising prevalence of chronic diseases, technological advancements to improve disease management, and increasing geriatric population.
• In March 2023, a team of scientists at Northwestern University, U.S., developed a novel drug-delivery technology that is expected to have implications for the opioid epidemic and cancer treatment and to improve rehabilitation care.
• The growing strategic initiative by industry leaders is also driving market growth
• In 2023, Medtronic and DaVita Inc. announced the launch of a new company, Mozarc Medical. The company aims to create solutions for kidney health.
• Furthermore, in 2023, GE HealthCare signed a USD 44 million contract with the Biomedical Advanced Research and Development Authority. Within this contract, GE is expected to provide diagnostic and imaging solutions to treat traumatic injuries.

Why Are Medical Device Manufacturers Important?

Medical device manufacturers play a crucial role in healthcare by producing a wide range of devices used for diagnosis, treatment, monitoring, and prevention of various medical conditions. Their importance stems from several key factors. Firstly, medical devices contribute to improving patient outcomes and quality of life by providing healthcare professionals with tools and technologies to diagnose diseases accurately and efficiently, deliver effective treatments, and monitor patient progress. Secondly, medical device manufacturers drive innovation in healthcare by continuously developing new and improved devices that incorporate advanced technologies, leading to better treatment options and outcomes. Thirdly, these manufacturers contribute to the economy by creating jobs, generating revenue, and fostering growth in related industries such as research and development, engineering, and healthcare services. Additionally, they play a critical role in ensuring patient safety by adhering to rigorous regulatory standards and conducting thorough testing and quality assurance procedures to ensure the safety and efficacy of their products. Overall, medical device manufacturers are integral to the functioning of modern healthcare systems, helping to advance medical science, improve patient care, and promote public health.

U.S. Medical Device Manufacturers Market Trends

• Technological Advancements: Continuous advancements in technology, including robotics, artificial intelligence, and miniaturization, are driving innovation in medical devices. These advancements improve the precision, efficiency, and effectiveness of medical treatments, leading to better patient outcomes.
• Shift towards Minimally Invasive Procedures: There is a growing preference for minimally invasive procedures among patients and healthcare providers. This trend is fueling the demand for medical devices such as endoscopes, robotic surgical systems, and catheters designed to perform surgeries with smaller incisions, reduced pain, and faster recovery times.
• Focus on Remote Patient Monitoring: With the increasing emphasis on preventive healthcare and the rising prevalence of chronic diseases, there's a growing demand for medical devices that enable remote patient monitoring. Wearable devices, sensors, and mobile apps allow patients to track their health parameters and share real-time data with healthcare providers, facilitating proactive management of health conditions.
• Personalized Medicine: The shift towards personalized medicine is driving the development of medical devices tailored to individual patient needs. Technologies such as 3D printing and gene editing are enabling the production of custom implants, prosthetics, and medical devices that match the unique anatomical and genetic characteristics of patients, leading to more effective treatments and improved patient outcomes.
• Regulatory Compliance and Quality Standards: Stringent regulatory requirements and quality standards, such as those outlined by the U.S. Food and Drug Administration (FDA) and International Organization for Standardization (ISO), continue to shape the landscape of medical device manufacturing. Companies must invest in compliance efforts and quality management systems to ensure the safety, efficacy, and reliability of their products.
• Globalization and Market Expansion: U.S. medical device manufacturers are increasingly expanding their global footprint to tap into emerging markets and capitalize on opportunities for growth. This includes establishing partnerships, setting up manufacturing facilities, and navigating international regulatory frameworks to access new markets and diversify revenue streams.
• Consolidation and Collaboration: The industry has witnessed a trend of consolidation through mergers, acquisitions, and strategic partnerships. Companies are joining forces to enhance their product portfolios, leverage complementary technologies, and achieve economies of scale. Additionally, collaborations between industry players, healthcare providers, and research institutions are driving innovation and accelerating the development of breakthrough medical devices.

Immediate Delivery Available, Get Full Access@

https://www.novaoneadvisor.com/report/checkout/8162

Application Insights

The others segment led the market and accounted for 39.07% of the revenue in 2023. 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 is expected to register fastest-CAGR of 7.7% over the forecast period. Heart diseases are one of the leading cause 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 substantial 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.

Immediate Delivery Available | Buy This Premium Research

https://www.novaoneadvisor.com/report/checkout/8162

Recent Developments

• In September 2023, Abbott acquired Bigfoot Medical, a global leader in developing smart insulin management systems for people suffering with diabetes. Bigfoot manufactures Bigfoot Unity, an FDA approved connected insulin pen with 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 from 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 key products marketed by the acquired company are Contour Neurovascular System and the Neqstent Coil Assisted Flow Diverter.

Key Companies & Market Share Insights

Some of the key players operating in the market include Stryker, Medtronic, and Abbott.

• Stryker is a medical device manufacturing company that offers powered surgical instruments, joint replacement solutions, micro & spine implant systems, trauma products, orthobiologics, endoscopic products, emergency equipment, surgical navigation systems, and patient handling equipment. Stryker Osteosynthesis is a subsidiary of Stryker and operates in craniomaxillofacial & traumatological products. The company has a market presence in over 100 countries.
• Medtronic is a global healthcare products company that manufactures medical devices. It operates in various healthcare verticals, such as patient monitoring, renal care, and pulse oximetry. It also manufactures advanced energy-based surgical devices, gastrointestinal devices, brain monitoring equipment, and mechanical ventilation.
• Abbott is a healthcare and pharmaceutical company with four core business segments: pharmaceuticals, medical devices, nutrition, and diagnostics. The company has a presence in more than 150 countries through research, manufacturing, sales, and distribution facilities.
• Gelmetix and LOCI Orthopaedics are some of the emerging market participants in the U.S. medical device manufacturers market.
• Gelemetix focuses on the treatment of chronic lower back pain. The degeneration of intervertebral discs causes such pain. The company markets its polymer gel, which restores disc integrity.
• LOCI Orthopedics is a medical device company specializing in developing orthopedic devices and technologies. The company provides solutions for orthopedic extremities.

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

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 2033. For this study, Nova one advisor, Inc. has segmented the U.S. medical device manufacturers market.

Application

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

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2033
• Precise estimation?of the size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria?
• Companies landscape comparing criticality of inputs and factors of differentiation.
• Exclusive Matrix on companies' position and classification
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the market across US
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies

We can help! Our analysts can customize this market research report to meet your requirements.?Get in touch

Order the 150+ Pages Detailed Report @ https://www.novaoneadvisor.com/report/checkout/8162

Call: USA: +1 650 460 3308 | IND: +91 87933 22019 |Europe: +44 2080772818

Email: [email protected]

Web: https://www.novaoneadvisor.com/