Out of medical device markets in the world, the United States is the largest. In 2017, it was estimated to make up 40 percent of the global market, with a whopping $156 billion. By 2023, this number is expected to grow upwards of $200 billion.
The medical device industry consists of technologies such as machines, instruments, and other devices for treating and diagnosing diseases, detecting, restoring, or modifying the human body for health purposes. The purpose of a medical device is not achieved by metabolic or immunological means.
Industry Outlook in the US
Consisting of almost 2 million jobs, the medical device industry is very large. The industry is also ruled by startups consisting of less than 50 employees. The medical device industry invests much more of its revenue into innovation, as opposed to many other industries. This is why there seems to always be groundbreaking technology in healthcare, as medical device manufacturers are always devoting their resources to research and development.
The medical device sector looks to be continuously growing, and it has ramped up its collaboration with telecommunications, software development, microelectronics,s, and so many other technologically-driven industries. Innovation has been fueling the medical device industry and has reshaped our healthcare as a whole.