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Medical technology has undergone fundamental changes in recent years. New regulatory frameworks, rapid technological advances in AI and robotics, and global demographic change have permanently altered the playing field. In this article, we therefore not only highlight the companies with the highest revenues worldwide and in Germany, but also emerging segments, regional dynamics, and M&A trends. You will gain a comprehensive overview of market volumes, areas of innovation, and strategic challenges. This overview is ideal for making informed investment and personnel decisions.
The global medical technology market has experienced strong growth in recent years: according to industry analyses, the market value in 2024 was around USD 640.5 billion. The global medtech market is now estimated to be worth around USD 678.9 billion in 2025. This reflects the continuing increase in demand for diagnostic, imaging, and interventional solutions.
Current long-term forecasts predict further significant growth to over USD 1.14 trillion by 2034. An average annual growth rate (CAGR) of around 6% is expected between 2025 and 2034.
In addition, some studies show an expected market volume of around USD 1.13 to 1.21 trillion for the period up to 2035. This depends on the underlying methodology and segment definition.
This sustained growth is primarily driven by technological innovations such as AI-supported diagnostics, minimally invasive procedures, and networked solutions in the field of medical technology, as well as by structural factors such as the aging global population and the expansion of digital health infrastructures.
The emerging medical devices segment encompasses high-tech solutions such as 3D-printed implants, smart wearables, IoT medical devices, and point-of-care diagnostics. These technologies are increasingly becoming an integral part of modern healthcare. While earlier estimates predicted a market volume of USD 136.6 billion for 2024, current market analyses focus on several specific growth paths.
The current figures underscore the continuing relevance of emerging medical devices as a dynamic growth driver in the global medical technology market, with the size of the individual sub-segments varying. Connected devices, smart implants, and custom-made products in particular are considered promising areas for innovation and investment.
In 2025, the global medical technology market will continue to show significant regional differences. Established healthcare systems and growing infrastructures will shape regional dynamics:
North America continues to be considered the dominant market. The region accounts for approximately 35–40% of global medical technology sales. This is the result of an analysis. The region is supported by high healthcare spending, a dense supply infrastructure, and leading technical innovation. This is particularly true in areas such as diagnostic imaging, interventional technology, and AI-supported solutions.
Europe accounts for a significant, albeit slightly lower, share of 25 to 28%. This is due to strong healthcare markets in Germany, France, and the United Kingdom, as well as a stable regulatory environment and high demand for diagnostic and surgical devices.
The Asia-Pacific region continues to develop into one of the most dynamic growth markets: analyses predict that it will account for 24 to 31 percent of the global market. Countries such as China and India are showing particularly high growth rates, for example through the expansion of healthcare systems, rising healthcare spending, and government support programs.
Regions such as Latin America, the Middle East, and Africa contribute only minor but growing shares to the global market. Investments in hospital infrastructure and access to medical technology are increasing in these regions.
Medtronic: $33.5 billion
Johnson & Johnson MedTech: $31.9 billion
Medline Industries: $25.5 billion
Siemens Healthineers: $24.15 billion
Stryker: $22.6 billion
GE HealthCare: $19.7 billion
Royal Philips: $19.46 billion
Abbott: $18.99 billion
Boston Scientific: $16.75 billion
BD (Becton Dickinson): $15.05 billion
In 2025, Siemens Healthineers remains Germany's largest medical technology group and is also one of the leading global players. According to current industry rankings, the company generated revenue of around USD 24.15 billion in fiscal year 2024/25. This represents a significant increase over previous years and underscores its strong market position. Siemens Healthineers is thus consolidating its role as the leader in the German medical technology sector, particularly in the areas of imaging systems, diagnostics, and therapy platforms.
B. Braun Melsungen SE is also continuing to expand its position among Germany's largest medical technology companies. For the 2024 fiscal year, the medical technology and pharmaceutical group reported sales of around €9.1 billion. This represents moderate growth compared to the previous year. B. Braun is particularly strong in this area. Braun has a strong presence in the field of infusion and surgical products as well as medical consumables.
Other major German players in the medical technology market include Abbott Laboratories Germany, Roche Diagnostics Germany, Fresenius Medical Care, and specialist providers Drägerwerk and Carl Zeiss Meditec, which are also among the companies with the highest sales in the German medtech sector. An industry-wide analysis of the top 100 companies in 2025 shows that small and medium-sized medical technology companies are continuing to grow. They include diagnostics specialists, therapy specialists, and component and system suppliers. All of this contributes to the diversity of the location.
In addition to the global market leaders, there are a number of companies that stand out in specific segments and shape the dynamics of the medical technology industry. One example is Ottobock, a leading provider of prosthetics, exoskeletons, and rehabilitative mobility solutions. The German family-owned company reported sales of around €1.22 billion in 2025 and is considered an innovation leader in the field of patient-centered mobility technologies.
Getinge AB is also internationally significant. The Swedish group is one of the leading manufacturers of solutions for hospitals and intensive care. Germany is one of the most strategically important markets for Getinge, contributing around 5.5% to the company's total sales. In 2025, these reached around USD 3.2–3.3 billion worldwide.
Aesculap AG deserves special attention in the field of surgical instruments and medical consumables. As part of the B. Braun Group, the division generated sales of around €2.3 billion in 2024. Thanks to its strong expertise in surgical instruments, therapy platforms, and medical consumables, Aesculap is one of Germany's most important specialist suppliers.
These “Honorable Mentions” show that, alongside the largest corporations, specialized companies also make a decisive contribution to ensuring that the medical technology industry in Germany and internationally remains innovative, diverse, and dynamic.
Technological innovations are and will remain a key driver of growth in medical technology. They are pushing the sector toward more precise, connected, and patient-centered care.
Artificial intelligence (AI) is no longer used solely in research, but has also become a reality in numerous clinical applications. Modern AI-supported diagnostic systems improve image evaluation in real time, reduce error rates, and significantly accelerate diagnosis. Regulatory data shows that over 1,000 AI/ML-based medical devices are listed in the US (as of July 2025). This underscores the broad acceptance and regulatory maturity of such solutions. Generative AI also expands functions such as automatic reporting and data interpretation, thereby contributing to increased efficiency in clinics.
The triumph of robotics and minimally invasive surgery continues: robot-assisted systems are being used in more and more areas of surgery, from orthopedic procedures to complex endoscopic procedures. For example, the Da Vinci system received new CE approvals for expanded areas of application, and innovative robots such as the GenesisX Endovascular Assistant received FDA approvals in 2025, underscoring the growing importance of robotic assistance systems.
In the field of digital health, connected wearables, remote monitoring platforms, and IoT medical devices are driving the trend toward outpatient care. The market for connected health devices is growing rapidly as more and more providers integrate smart sensors for monitoring vital signs, ECG, or glucose measurement into everyday devices. This enables continuous, data-driven care.
Additive manufacturing (3D printing) has evolved from a prototyping tool to an established production method for patient-specific implants, surgical instruments, and complex components. The 3D printing market in the healthcare sector will reach several billion USD by 2025 and become more integrated along the value chain, from research to clinical application.
In addition, smart implants and digital therapeutics (DTx) are emerging as further forward-looking fields. Smart implants transmit vital data directly from the body, while digital therapeutics (DTx) support chronic disease management using software-based therapeutic approaches. These technologies expand the definition of medical devices and contribute to a shift toward preventive and continuously connected care.
Consolidation will remain a key strategic issue in the medical technology sector beyond 2024. M&A volume was already strong in 2024. Among other things, Shockwave Medical was acquired by Johnson & Johnson for approximately USD 13.1 billion. The trend continued in 2025.
The year 2025 was marked by a series of significant acquisitions:
These transactions reflect the clear focus of established medtech companies on integrating innovative technologies and high-growth specialty segments. This activity will continue in early 2026, for example with Boston Scientific's planned major deal to acquire Penumbra for around US$15 billion. This will further strengthen the vascular and neurovascular therapies segment.
Despite an even more selective macroeconomic environment, analysts expect M&A activity in the medical technology sector to continue to increase as companies expand their strategic portfolios, integrate digital and interventional solutions, and focus on technological innovations.
The EU Medical Device Regulation (EU MDR) has been fully in force since May 2021 and continues to bring extensive changes and challenges for manufacturers and suppliers. To avoid supply bottlenecks, the transition periods have been extended again:
The prerequisite for the extension is that manufacturers can already demonstrate that they have taken steps to achieve MDR compliance. At the same time, the “sell-off period” for old stock is no longer applicable, meaning that products may remain on the market beyond the transition periods.
At the same time, the EU Commission is working on a targeted revision and simplification of the MDR and IVDR regulations in order to reduce bureaucratic hurdles and strengthen the industry's capacity for innovation. This includes proposals concerning the adaptation of classification rules. It also involves reducing detailed compliance requirements, particularly for software-based products. Another topic is the improvement of harmonized standards.
Another important regulatory component is the EU Artificial Intelligence Act (AI Act), which has been in force since August 2024 and also applies to medical devices with AI components. The AI Act introduces additional requirements for transparency, risk, and data management, which must be implemented in parallel with the MDR. However, there are still no legally binding, detailed guidelines on the specific application of the AI Act to AI medical technology systems. This continues to create uncertainty regarding approval and market launch.
The Food and Drug Administration (FDA) in the US is also focusing on modernizing the regulatory framework for digital and AI-based devices. In December 2024, the FDA finalized its Guidance on Predetermined Change Control Plans. This allows manufacturers to perform algorithmic updates within pre-approved safety parameters without having to resubmit a complete application. In addition, work is intensifying on life cycle-oriented approval models that take into account the continuous improvement and monitoring of software-intensive medical devices.
In practice, regulatory challenges remain: prolonged review times due to regulatory capacity bottlenecks, particularly for complex AI/software products, as well as growing requirements for post-market surveillance and cybersecurity. At the same time, industry associations, particularly in the field of imaging systems and implants, are calling for further adjustments to the MDR in order to better balance security of supply and innovation dynamics.
Demographic change offers great opportunities, as the ageing population is further increasing demand for diagnostic and therapeutic devices. The increasing individualization of medicine, e.g. through cell and gene therapies, creates additional sales opportunities. On the other hand, there is considerable cost pressure in healthcare systems, which makes it difficult to develop and launch new products. Bottlenecks in the supply chain and a shortage of specialists in research and development and regulatory affairs are also creating additional uncertainty.
Analysts forecast that the global medical technology market will grow to around USD 1.15 trillion by 2034, which corresponds to a CAGR of 6%. Digital health and AI are seen as key growth drivers that will enable new business models and care approaches.
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