U.S. Medical Device Manufacturers Market Size Is Predicted To Reach A Valuation Of $360.1 Billion By 2030: Grand View Research Inc.
U.S. Medical Device Manufacturers Market Growth & Trends
The U.S. medical device manufacturers market size is expected to reach USD 360.1 billion by 2030 and is projected to expand at a CAGR of 5.8%, according to a new report by Grand View Research, Inc. The regional market is significantly driven by the high healthcare expenditure of the country. The increasing geriatric population coupled with the rising prevalence of chronic diseases is also expected to augment the market growth over the forecast period.
The COVID-19 pandemic triggered a drastic rise in demand for medical consumables and patient aids, such as gloves, syringes, masks, PPE kits, infrared thermometers, pulse oximeter, testing kits, etc. This resulted in an immense opportunity for the existing players as well as new entrants. However, the pandemic also resulted in a massive reduction in elective procedures, such as bariatric surgeries, joint replacement surgeries, cosmetic surgeries, etc., thus restricting the growth of medical devices used in the aforementioned procedures. The market recovery can be expected from mid-2021 onwards with favorable government initiatives to re-launch elective procedures.
Growing investments in medical device R&D along with the high adoption rate of advanced technology in the U.S., create the perfect business environment for medical device manufacturers in the country, providing them with lucrative opportunities to accelerate their business operations. Increasing adoption of minimally invasive surgeries in the country is also driving the market. In addition, rising cases of accidental injuries coupled with diseases caused due to sedentary lifestyle will propel the market growth over the forecast period.
The U.S. has favorable reimbursement policies such as the U.S. Medicare system. Boston Scientific Corp., in association with the Centers for Medicare and Medicaid Services (CMS), offers reimbursement for all devices that fall under Ambulatory Payment Classifications (APCs), covered under C-codes. These favorable reimbursement structures are expected to fuel market growth; however, the ever-evolving nature of regulations may lead to abrupt amends, which may significantly impact the market.
Request a free sample copy or view report summary: U.S. Medical Device Manufacturers Market Report
U.S. Medical Device Manufacturers Market Report Highlights
Drug delivery devices held a dominant market share of 28.2% 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.
Access Press Release@
https://www.grandviewresearch.com/press-release/us-medical-device-manufacturers-market-analysis
U.S. Medical Device Manufacturers Market Segmentation
Grand View Research has segmented the U.S. medical device manufacturers market on the basis of type:
U.S. Medical Device Manufacturers Application Outlook (Revenue, USD Billion, 2018 - 2030)
Orthopedic Devices
Cardiovascular Devices
Neurology Devices
Drug Delivery Devices
Ophthalmic Devices
Nephrology & Urology Devices
Others
List of Key Players in U.S. Medical Device Manufacturers Market
Stryker
Cardinal Health
Eli Lily and Company
Intuitive Surgical
Edwards Lifesciences Corporation
BD
Danaher
3M
Abbott
Baxter
Braun SE
GE Healthcare
Johnson & Johnson Services, Inc.
Medtronic
Boston Scientific Corporation
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
U.S. Medical Device Manufacturers Market Size Is Predicted To Reach A Valuation Of $360.1 Billion By 2030: Grand View Research Inc.
U.S. Medical Device Manufacturers Market Growth & Trends
The U.S. medical device manufacturers market size is expected to reach USD 360.1 billion by 2030 and is projected to expand at a CAGR of 5.8%, according to a new report by Grand View Research, Inc. The regional market is significantly driven by the high healthcare expenditure of the country. The increasing geriatric population coupled with the rising prevalence of chronic diseases is also expected to augment the market growth over the forecast period.
The COVID-19 pandemic triggered a drastic rise in demand for medical consumables and patient aids, such as gloves, syringes, masks, PPE kits, infrared thermometers, pulse oximeter, testing kits, etc. This resulted in an immense opportunity for the existing players as well as new entrants. However, the pandemic also resulted in a massive reduction in elective procedures, such as bariatric surgeries, joint replacement surgeries, cosmetic surgeries, etc., thus restricting the growth of medical devices used in the aforementioned procedures. The market recovery can be expected from mid-2021 onwards with favorable government initiatives to re-launch elective procedures.
Growing investments in medical device R&D along with the high adoption rate of advanced technology in the U.S., create the perfect business environment for medical device manufacturers in the country, providing them with lucrative opportunities to accelerate their business operations. Increasing adoption of minimally invasive surgeries in the country is also driving the market. In addition, rising cases of accidental injuries coupled with diseases caused due to sedentary lifestyle will propel the market growth over the forecast period.
The U.S. has favorable reimbursement policies such as the U.S. Medicare system. Boston Scientific Corp., in association with the Centers for Medicare and Medicaid Services (CMS), offers reimbursement for all devices that fall under Ambulatory Payment Classifications (APCs), covered under C-codes. These favorable reimbursement structures are expected to fuel market growth; however, the ever-evolving nature of regulations may lead to abrupt amends, which may significantly impact the market.
Request a free sample copy or view report summary: U.S. Medical Device Manufacturers Market Report
U.S. Medical Device Manufacturers Market Report Highlights
Drug delivery devices held a dominant market share of 28.2% 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.
Access Press Release@ https://www.grandviewresearch.com/press-release/us-medical-device-manufacturers-market-analysis
U.S. Medical Device Manufacturers Market Segmentation
Grand View Research has segmented the U.S. medical device manufacturers market on the basis of type:
U.S. Medical Device Manufacturers Application Outlook (Revenue, USD Billion, 2018 - 2030)
Orthopedic Devices
Cardiovascular Devices
Neurology Devices
Drug Delivery Devices
Ophthalmic Devices
Nephrology & Urology Devices
Others
List of Key Players in U.S. Medical Device Manufacturers Market
Stryker
Cardinal Health
Eli Lily and Company
Intuitive Surgical
Edwards Lifesciences Corporation
BD
Danaher
3M
Abbott
Baxter
Braun SE
GE Healthcare
Johnson & Johnson Services, Inc.
Medtronic
Boston Scientific Corporation
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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