World market for medical technology
Worldwide, medical technology, especially the medical devices sector, represents one of the strongest growing markets. According to the current forecast, the total global medical devices market is expected to grow from US$499 billion in 2022 to around US$719 billion in 2029. This represents a CAGR of 5.5% over the forecast period 2022-2029.
This is an enormous development, which is accompanied not least by high levels of innovation in the industry. The medical technology industry covers a wide range of products in various medical specialties. In the past 2022, minimally invasive medicine (11.8%), cardiology (11.4%) and respiratory/anesthesia (8.3%) received the highest market shares worldwide. Experts predict renewed growth of 7.5% in 2023.
Looking at the global market for medical technology by region, it can be seen that North America, especially the USA, has the largest market share at 39.1%. The regions Asia & Pacific and Europe are almost identically represented with 27% and 26% respectively.
In general, it should be emphasized that the growth of medical device-drug combination products is also increasing significantly. The global drug-device combination market was estimated at US$118.13 billion in 2021. Further future forecasts show that these could even grow at an average annual rate of 8.8% from 2022 to 2030.
