The U.S. medical device market was valued at $243.4 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.8%, reaching an estimated $360.1 billion by 2030. Another source offers a slightly different but equally optimistic projection, estimating the U.S. medical devices market will grow from $188.68 billion in 2024 to $314.96 billion by 2032, at a CAGR of 6.6%.
The medical device manufacturing sector is clearly on an upward trajectory, driven by several key trends and technological advancements. These factors are transforming the healthcare landscape and creating new opportunities for manufacturers to innovate and expand their offerings. Here’s a closer look at the primary drivers of this growth:
Rise of Robotic Surgeries
Robotic surgeries are revolutionizing the medical field, offering enhanced precision, reduced recovery times, and improved patient outcomes. The global market for robotic surgical systems and accessories is projected to hit $10 billion by the end of 2024, with an anticipated surge to $15.8 billion by 2030. This rapid expansion will drive increased demand for robotic surgical systems, specialized instruments, and associated components.
Robotic surgery, initially applied in urology and gynecology, has now expanded into other specialties like general surgery, orthopedics, and cardiac procedures. This diversification is creating new markets for specialized robotic instruments and systems tailored to different surgical disciplines. Moreover, the growth of robotic surgery is increasing demand for precision mechanical parts, advanced sensors and actuators, and high-performance computing systems—all critical components in these complex robotic systems.
Remote Patient Monitoring (RPM)
The rapid adoption of Remote Patient Monitoring (RPM) technologies is another significant driver of growth. The RPM market is projected to grow from USD 50.39 billion in 2024 to USD 203.68 billion by 2032 at a CAGR of 19.1% over the forecast period. This expansion is fueled by several factors, including the growing prevalence of chronic diseases, aging population demographics, and the shift towards home-based care.
RPM technologies cover a diverse range of devices, including cardiac monitoring devices, neurological monitoring devices, respiratory monitoring devices, and blood glucose monitoring devices. The diversity allows medical device companies to expand their product lines and cater to various healthcare needs.
Digital Therapeutics and At-Home Diagnostics
The global digital therapeutics market was estimated at USD 6.2 billion in 2023 and is expected to grow at a CAGR of 27.2% from 2024 to 2030. This growth is driven by the increasing prevalence of chronic disorders, the shift towards virtual care, and the rising demand for convenient and accessible healthcare services.
Specifically, the shift towards home-based healthcare solutions is driving the demand for digital therapeutics (DTx) and at-home diagnostics. These technologies empower patients to manage their health conditions independently, leading to a booming market for software-based medical devices, diagnostic tests, and AI-driven treatment platforms. For example, at-home diagnostic kits for genetic testing, hormone levels, or infectious diseases allow patients to conduct tests without visiting a clinic, offering greater convenience and accessibility.
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