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Medical technology has changed fundamentally in recent years. New regulatory frameworks, rapid technological advances in AI and robotics as well as global demographic change have shifted the playing field. In this article, we therefore highlight not only the companies with the highest turnover worldwide and in Germany, but also emerging segments, regional dynamics and M&A trends. You will receive a comprehensive overview of market volumes, fields of innovation and strategic challenges - ideal for making well-founded investment and personnel decisions.
The global medical technology market grew from USD 405 billion in 2017 to USD 640.45 billion in 2024 - an increase of around 58% in seven years. Further growth to USD 1,146.95 billion is expected between 2024 and 2034, which corresponds to a CAGR of around 6.0%.
The “Emerging Medical Devices” segment comprises high-tech solutions such as 3D-printed implants, smart wearables and point-of-care diagnostics, which grew from USD 133.1 billion in 2023 to USD 136.6 billion in 2024. With a forecast increase to USD 223.9 billion by 2029 at a CAGR of 10.4%, this field is one of the most dynamic growth drivers.
North America accounts for over 35% of global medical technology sales, which is primarily due to high healthcare spending and an excellent infrastructure. Europe accounts for around 30% of the global market, driven by leading manufacturers of imaging systems and diagnostic solutions. However, the Asia-Pacific region is growing the fastest, with annual growth of 8% from 2023 to 2024, with China and India standing out thanks to massive investments in their healthcare systems and government support programs.
Medtronic: USD 31.2 billion
Johnson & Johnson MedTech: USD 27.4 billion
Siemens Healthineers: USD 22.8 billion
Medline Industries: USD 21.2 billion
Royal Philips: USD 18.7 billion
Stryker: USD 18.5 billion
GE HealthCare: USD 18.3 billion
Cardinal Health (Medical segment): USD 15.9 billion
Baxter: USD 15.1 billion
Abbott (medical devices): USD 14.7 billion
Siemens Healthineers also leads the field of German manufacturers internationally with USD 22.8 billion in sales and a market share of around 3.6 %. B. Braun Melsungen SE generated sales of EUR 8.755 billion (around USD 9.5 billion) in 2023 and has a particularly strong presence in the field of infusion and surgical products.
Artificial intelligence is revolutionizing medical imaging by making diagnoses faster and more accurate - FDA approvals for AI tools increased by 43% in 2023 Robotics and minimally invasive surgery are gaining in importance as automated assistance systems make procedures safer. In the digital health sector, networked wearables and telemedicine platforms enable continuous remote monitoring of patients. Additive manufacturing (3D printing) is driving patient-specific implants and is expected to grow at a CAGR of 18% between 2024 and 2034.
In 2024, the M&A volume in the medical technology sector reached USD 149 billion, an increase of 27% on the previous year. The takeover of Shockwave Medical by Johnson & Johnson for USD 13 billion was impressive evidence of the industry trend towards consolidation.
Since the EU MDR came into force in May 2021, stricter requirements for clinical evidence, quality management and market surveillance have applied; however, the EU Commission has extended the transition periods for high-risk products until the end of 2027 and for products in the medium and low risk classes until the end of 2028 in order to avoid product shortages. In the US, the FDA finalized guidance in December 2024 to expedite the approval of AI-enabled medical devices, allowing manufacturers to pursue updates without resubmission.
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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