The MedTech (medical technology) industry brings together a wide range of tools and innovations—both physical devices and digital solutions—all aimed at improving patient outcomes, streamlining healthcare delivery, and promoting greater access and equity in care.
A key part of this industry is medical devices. These are the physical tools used in healthcare, such as machines, instruments, implants, and equipment that help diagnose, treat, prevent, or manage diseases and health conditions.
While medical devices have been around for a long time, the COVID-19 pandemic in 2020 sparked a major shift. Like many industries, MedTech faced setbacks—supply chain disruptions, budget cuts, and stalled product development. But unlike most, the crisis also acted as a launchpad for rapid innovation. The urgent need for advanced healthcare tools pushed the industry forward—and that momentum is still going strong today, with even greater growth expected in the years ahead.
The overall forecast for the medical device market is overwhelmingly positive, with an expected global revenue of $136.6 billion in 2024 to reach $223.9 billion by 2029, at a compound annual growth rate (CAGR) of 10.4% from 2024 through 2029. The healthcare sectors expected to be most affected by growth in the medical device space in the near future include: