Medical device industry projected to grow 9.8% from 2024 through 2029

Medical Economics April 2, 2025
Todd Shryock

Key Takeaways

• The medical devices industry is projected to grow to $1.3 trillion by 2029, with a 9.8% CAGR.
• Technological advances, such as AI and wearables, enhance device efficiency and intelligence.
• Rising healthcare expenditures and surgical procedures increase demand for advanced medical technologies.
• An aging population and chronic disease prevalence drive the need for innovative medical devices.

Report shows industry hitting the $1.3 trillion mark by 2029

A study from BCC Research, Medical Devices Industry: Competitive Landscape, shows that the industry is projected to increase from $810.4 billion in 2024 to $1.3 trillion by the end of 2029. This is a compound annual growth rate of 9.8% for that period.

The report, which covers the leading companies in...

Today's Sponsors

Today's Sponsor