Medical Technology Industry – Statistics & Facts

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  • Sep 27, 2021
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Medical Technology Sales Statistics Infographic

Medical technology is an important aspect of the healthcare industry. It mostly consists of medical equipment that facilitates the prevention, diagnosis, and treatment of diseases and disorders.

Health information technology (HIT), which is the sharing and analysis of health data via electronic health records is becoming an increasingly significant component of healthcare technology. Below listed are some of the medical technology sales statistics and different stats regarding the medical industry.

In-vitro Diagnostics Statistics

  • With a revenue of over 52 billion dollars, in-vitro diagnostics (IVD) was the most profitable segment of medical technology worldwide.
  • In-vitro diagnostics (IVD) remain #1 in the annual sales with $79.6 billion which equates to 13.4 percent industry share

Medtech Statistics

  • In 2020, the worldwide Medtech industry’s revenue was estimated to be approximately 384 billion USD.
  • The statistics above represent a 37 percent increase since 2011, with the industry expected to reach about 600 billion U.S. dollars by 2024.
  • In 2019, the Medtech industry spent over 31 billion dollars on research and development.
  • The value of Chinese Medtech exports has increased over the last ten years, reaching 28.7 billion U.S. dollars in 2019.
  • By 2024, the Medtech industry is expected to increase at a CAGR of 5.6 percent to $595 billion.

Sales Statistics

  • According to the medical technology sales statistics, the global medical device market will grow at a CAGR of 5.4 percent, reaching a value of $612.7 billion by 2025.
  • Globally, the telemedicine market is expected to grow from 45 billion dollars in 2019 to over 180 billion U.S. dollars by 2026.
  • Medtronic being the largest medtech company in 2017 with $29.7 billion, it is projected to reach $39.8 billion in 2024.

Top 10 Device Sectors by Sales

  • In vitro diagnostics
  • Cardiology
  • Diagnostic imaging
  • Orthopedics
  • Ophthalmic
  • General and plastic surgery
  • Endoscopy
  • Drug delivery
  • Dental
  • Diabetes care

Industries Statistics

  • With a revenue of more than 30 billion U.S. dollars in 2019, Medtronic Inc. was the world’s leading medical technology firm.
  • With 26 billion U.S. dollars, Johnson & Johnson, another American corporation, had the second-highest revenue.
  • Roche, a Swiss corporation, has the biggest market share in the IVD industry segment, albeit this is projected to decline slightly by 2024.

Devices Statistics

  • During the forecast period, the global medical devices market is estimated to grow at a CAGR of 5.4 percent, from $455.34 billion in 2021 to $657.98 billion in 2028.
  • In 2019, an estimated 21.0 percent of the adult population in the United States possessed a fitness tracker, according to multiple independent surveys conducted in the country.
  • Imports from the United States, China, and Germany account for 75-80% of the Indian medical device market.
  • There are around 6,500 medical device businesses United States alone.
  • Over the last decade, the utilization of advanced imaging equipment has increased by more than threefold, from 5 percent to 17 percent.
  • Neurology is the fastest-growing device specialty with sales to $15.8 billion and expanding at a CAGR rate of 9.1 percent

EMR and EHR Statistics

  • At up to $80 million each, hospital EMR systems are the second most expensive medical technology.
  • To incentivize EMR adoption, the government aims to pay out $27 billion through significant use.
  • E-prescribing systems are used by 94 percent of pharmacies and 53 percent of office-based physicians.
  • EHR systems that exceed Meaningful Use requirements are used by 44 percent of hospitals.

Medical Technology Statistics

  • The global medical technology sector is presently valued at around $336.2 billion.
  • In Europe, one medical technology patent is registered every 38 minutes.
  • 9 of the top 10 global medical technology firms are in Ireland.

Wrapping Up!

Medical technology is a sector that contains information about the products and services utilized in the healthcare industry. Assistive devices, digital health, implantable devices, and general medical equipment that prevents, diagnoses, or treats diseases and illnesses are all included in this area. Medtech is a multibillion-dollar industry for the firms who are involved in it, with operations taking place all over the world.

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Sam Wilson, Consultant