Medical Device Market Outlook 2024 - 2028

Global Medical Device Trends in 2024

Medical Device is part of Healthcare and includes a number of sub-sectors such as Diagnostic Imaging, Orthopedics, Eyewear and In Vitro Diagnostics. You may also be interested in Medical Supply, Maternal Health and Reproductive Health.

Global Medical Technology Density is projected to reach approximately 26,700 units by 2028, up from around 25,020 units in 2023, marking an average annual growth rate of 1%. Since 2019, the global supply has consistently increased at this rate. In 2023, the United States led the world in medical technology density with roughly 14,790 units. Following the U.S., Russia, Italy, and South Korea secured the second, third, and fourth positions, respectively. Notably, Luxembourg saw a significant year-on-year increase of 8.5%, whereas Latvia experienced a decline of 1.4% since 2019. On the other hand, European Medical Product Expenditure is forecasted to reach around €215 billion by 2028, up from approximately €189 billion in 2023, at an average annual growth rate of 2%. Since 2019, demand in Europe has surged by 4.6% annually. Germany topped the list for medical product expenditure in 2023, spending about €48.8 billion. France, the United Kingdom, and Poland followed in the second, third, and fourth spots, respectively. Croatia demonstrated a remarkable year-on-year growth of 19.4%, while Cyprus saw a significant decline of 12.6% since 2019.

Top 10 countries

In 2024 major markets in the Medical Device Industry were:

• China
• South Korea
• Poland
• Mexico
• United Kingdom
• Belgium
• Canada
• Indonesia
• Italy
• Denmark

World Medical Device Market Data and Forecasts

Global Medical Device Statistics

• Medical Product Expenditure 65 countries (Europe, Western Europe, Northern Europe...)
• Health Expenditure 229 countries (Europe, Western Europe, Northern Europe...)
• Prescription Glasses Import 190 countries (Africa, Sub-Saharan Africa, Asia...)
• Diagnostic Imaging Density 62 countries (Europe, Southern Europe, Northern Europe...)
• Prescription Glasses Export 171 countries (Latin America, Europe, Asia...)
• Diagnostic Reagent Import 190 countries (Africa, Sub-Saharan Africa, Latin America...)
• Dental Instrument And Supply Import 191 countries (Africa, Latin America, Sub-Saharan Africa...)
• Out Of Pocket Expenditure 218 countries (Europe, Western Europe, Northern Europe...)
• Measuring Equipment Import 186 countries (Africa, Sub-Saharan Africa, Asia...)
• Gross Domestic Product 249 countries (Europe, Northern Europe, Western Europe...)

Global Medical Device Industry Database