North America Medical Devices Market

North America Medical Devices Market Size (2023 to 2028)

The North America Medical Devices Market was worth USD 165.33 Billion in 2023 and is estimated to grow at a CAGR of 4.33% to reach USD 204.36 Billion by 2028.

The growing patient population suffering from chronic diseases across the North American region and an increasing number of surgeries performed yearly are majorly driving the North American medical devices market. The growing adoption of sedentary lifestyles and increasing consumption of drugs, alcohol and smoking are majorly causing chronic diseases in North America. The population suffering from chronic diseases such as cancer, cardiovascular disease, orthopedic disorders and diabetes is growing significantly in the North American region with each year passing. As a result, medical device manufacturing companies focus on developing various medical devices to prevent, diagnose, and detect the disease in the patient's body to provide a quality life. These medical devices are of many types, such as surgical instruments, software, Virto devices, appliances, and others.

The growing need for monitoring devices and increasing efforts by manufacturers to develop effective health monitoring devices are further fuelling the growth rate of the medical devices market in North America. Monitoring devices have gained popularity in recent years due to increasing adoption by the population for health monitoring. In addition, due to the rise in diabetes and blood pressure cases, people prefer to use glucose and blood pressure monitoring devices at home instead of visiting hospitals. Furthermore, the data stored in these health monitoring medical devices can be shown to the healthcare provider for further treatment.

The rising adoption of technological developments to develop novel medical devices for patient safety and treatment contributes to the medical devices market in North America. The growing R&D activities, an increasing number of product approvals, and a rising number of favorable reimbursement policies are favoring regional market growth. In addition, some advanced technologies such as artificial intelligence and sensors are used in medical devices, which helps improve the medical devices for increasing convenience in using the devices by healthcare providers and the population.

On the other end, the high costs of medical devices are majorly hampering the medical devices market growth in North America. In addition, the growing costs required for the maintenance of medical devices are another major factor inhibiting regional market growth. Furthermore, extended time for the approval of medical devices, the need for more skilled professionals to operate the advanced devices, and the increasing development of low-quality medical devices by third parties are showcasing negative impacts on the medical devices market growth in North America. In addition, data security for some medical devices operated through an internet connection also challenges the medical devices market growth.

This research report on the North American medical devices market has been segmented and sub-segmented into the following categories:

By Type:

• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• IVD
• MIS
• Wound Management
• Diabetes Care
• Ophthalmic
• Dental
• Nephrology
• General Surgery
• Others

Based on device type, orthopedic, IVD and MIS segments are expected to grow at a promising CAGR during the forecast period.

By End-User:

• Hospitals & ASCs
• Clinics
• Others

The hospitals and ASCs segment is expected to hold a major share of the North American market during the forecast period.

By Countries:

• United States
• Canada
• Rest of North America

Geographically, the North American region accounted for the largest share of the worldwide market in 2021 and is expected to register a healthy CAGR during the forecast period owing to the growing investments by the governments of North America and increasing healthcare expenditure by the population to stay healthy.

The U.S. medical devices market had a leading share of the North American market and is expected to witness a prominent growth rate during the forecast period owing to the presence of many manufacturing facilities in the U.S. There are nearly 940 medical device manufacturing facilities in the United States, as per a recent survey in 2022. As a result, manufacturers in this country are providing cost-effective medical devices to hospitals and patients to improve the quality of their health. In addition, several measures have been taken by the government to approve medical devices used for patient safety and healthcare.

The Canadian market is another promising regional market for medical devices in North America. It is expected to occupy a considerable share of the North American market in the coming years. Canadian government shows more support for the invention of medical devices by providing funds and helping in the fast development of medical devices for their population's wellness. Leading institutes in Canada, such as the Canadian Institutes for Health Research, Networks of Centres of Excellence, National Research Council, and the Natural Sciences, support more of developing medical devices. In addition, Health Canada plays a significant role in providing the approval and the license to health-related devices under the act of Food and Drugs. Additionally, increasing medical device jobs in Canada also helps the market growth.

KEY MARKET PARTICIPANTS:

Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation, Johnson & Johnson Services, Inc. are a few of the leading companies operating in the North America medical devices market.