$57.3bn
$X.Xbn
102k
1,050
$XX.Xbn
Medical device manufacturers are benefiting from the aging population, as incidences of diseases like heart disease and arthritis are becoming more prevalent among US consumers. This demographic shift has especially supported cardiovascular, neurological and orthopedic medical device sales. Advancements in home medical devices have improved connectivity with healthcare providers' electronic systems, enhancing chronic disease management. Revenue has been climbing at a CAGR of 1.1% to an estimated $57.3 billion over the five years through 2024, including an expected jump of 5.7% in 2024 alone.
Industry revenue has grown at a CAGR of 1.1 % over the past five years, to reach an estimated $57.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Medtronic Plc | 16,811.6 | 2,600.4 | 15.5 | |
Abbott Laboratories | 8,796.9 | 1,379.6 | 15.7 | |
General Electric Company | 8,339.1 | 1,059.9 | 12.7 |
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Industry revenue is measured across several distinct product and services lines, including Electromedical cardiovascular devices, Electromedical surgical devices and Electromedical neuroscience devices. Electromedical cardiovascular devices is the largest segment of the Medical Device Manufacturing in the US.
Electromedical cardiovascular device manufacturers have benefited from the growing number of cardiovascular diseases
This industry includes manufacturers of electromedical and electrotherapeutic apparatuses, such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiographs and electromedical endoscopic equipment. The industry also manufactures irradiation apparatuses and tubes for medical diagnostic, medical therapeutic, industrial, research, scientific evaluation and other applications.
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NAICS 334510 - Medical Device Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Medical device manufacturers are expanding through acquisitions. By buying out competitors with sought-after patents, major manufacturers are driving demand and avoiding losi...
Learn about an industry's products and services, markets and trends in international trade.
Electromedical cardiovascular device manufacturers have benefited from the growing number of cardiovascular diseases. The leading risk factors for these diseases include high...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The West region has the most medical device manufacturers. This is largely explained by the availability of skilled labor and a large population in the area.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Competition is relatively high, with a large number of manufacturers competing. This competition can lead to pressure on manufacturers to lower prices and improve the value o...
Learn about the performance of the top companies in the industry.
Medtronic is the largest medical device manufacturer worldwide. The company's dominance is explained by its broad range of offerings and its presence in various medical devic...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The FDA and the EMA heavily regulate medical devices. These regulations aim to ensure their safety, effectiveness and quality to protect the public from potential harm.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit is greatly influenced by research and development (R&D) costs, as well as healthcare regulations and reimbursement policies. R&D costs are crucial to manage as it can ...
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Medical Device Manufacturing in the US industry in United States is $57.3bn in 2024.
There are 1,050 businesses in the Medical Device Manufacturing in the US industry in United States, which has grown at a CAGR of 3.9 % between 2019 and 2024.
The market size of the Medical Device Manufacturing in the US industry in United States has been growing at a CAGR of 1.1 % between 2019 and 2024.
Over the next five years, the Medical Device Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Medical Device Manufacturing market in United States are Medtronic Plc, Abbott Laboratories and General Electric Company
Fabricating medical diagnostic and therapeutic apparatuses and Research and development are part of the Medical Device Manufacturing in the US industry.
The company holding the most market share in United States is Medtronic Plc.
The level of competition is high and increasing in the Medical Device Manufacturing in the US industry in United States.