$51.1bn
$X.Xbn
102k
873
$XX.Xbn
Medical device manufacturing revenue has faltered over the past five years, stagnating at $51.2 billion over the five years to 2023. However, this stagnation is mainly due to supply chain disruptions and lower trade activity brought on by the pandemic. Revenue fell in 2020 and 2021, but has since recovered as supply chains have stabilized and the aging population has driven demand for healthcare. The healthcare system has been adjusting to meet the needs of this growing elderly population, with an increased interest in patient-centered, in-home care for individuals with chronic conditions. As a result, in 2023, revenue is expected to rise 2.3%.
Industry revenue has declined at a CAGR of 0.0 % over the past five years, to reach an estimated $51.1bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Medtronic Plc | 17,639.3 | 2,132.9 | 12.1 | |
Abbott Laboratories | 6,149.0 | 999.8 | 16.3 | |
General Electric Company | 5,212.3 | 930.2 | 17.8 |
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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 manufacturing revenue has been declining over the past five years. The decline is explained mainly by pandemic-related disruptions.
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. Medtronic's dominance is explained by the company’s broad range of offerings and its presence in various medic...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The industry is regulated by various government agencies like the FDA and the EMA. These regulations aim to ensure the safety, effectiveness and quality of medical devices an...
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 a crucial aspect of this, as...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Medical Device Manufacturing in the US industry in United States is $51.1bn in 2024.
There are 873 businesses in the Medical Device Manufacturing in the US industry in United States, which has grown at a CAGR of 0.4 % between 2019 and 2024.
The market size of the Medical Device Manufacturing in the US industry in United States has been declining at a CAGR of 0.0 % 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.