55 Interesting Medical Technology Statistics: 2024 Data on Companies & Usage

Medical technology plays a huge role in the medical advancements that we enjoy today. It has made the early and accurate diagnosis of diseases possible, for instance. We also have medical technology to thank for innovative products and devices that help people survive and enjoy life as normally as possible. Additionally, modern medical technology has allowed telemedicine, with connected devices helping users and medical practitioners to monitor their health.

Furthermore, medical technology’s significance became even more pronounced and recognized with the onset of the COVID-19 pandemic. As MedTech companies continuously bring innovative and groundbreaking products to global markets, it’s interesting to know where the industry stands right now. A good way to start is to check out these medical technology statistics. In this article, we will be drilling down into the latest data about the field from its adoption and usage to the concerns that individuals have about them. Hopefully, this will give you a better idea of where the industry is headed.

Medical Technology Industry Statistics

The COVID-19 pandemic has affected different industries in different ways. As such, one might assume that the global health crisis surely drove the medical technology industry growth. However, the statistics below might reveal a slightly different picture.

• The global medical devices market size was estimated to be worth $447.63 billion in 2019. It is expected to grow to around $671.49 billion by 2027. (Precedence Research, 2020)
• The market is expected to grow at a CAGR of 5.2% during the forecast period of 2020 to 2027. (Precedence Research, 2020)
• Meanwhile, the medical devices market is expected to recover and grow at a CAGR of 6.1% from 2021, reaching $603.5 billion in 2023. (Precedence Research, 2020)
• Analysis of the medical device market by country shows that the medical technology market size is dominated by North America, which accounts for about 39% of the pie. (Precedence Research, 2020)
• In line with this, about 70% of the world’s largest original MedTech equipment manufacturers by revenue are headquartered in the US. (Brandon Gaille, 2020)
• In 2019, the estimated total revenues of US and European medical technology companies amounted to $429.8 billion. (EY, 2020)
• During the first half of 2020, the revenues of US MedTech enterprises saw a decline of about 5%, as many medical technologists were negatively affected by COVID-19. (EY, 2020)
• Also in 2019, the non-imaging diagnostics segment recorded 12.2% revenue growth, while the therapeutic devices segment’s growth rate climbed to 12.5%. (EY, 2020)
• Furthermore, the US telemedicine market valuation is expected to reach $25.88 billion by 2027. (Market Study Report, 2021)
• Around 39% of senior executives in MedTech companies consider supply chain technology systems as a critical component of their operations. (Brandon Gaille, 2020)
• Additionally, 43% of senior executives report that digitization of the supply chain is vital in their organization’s future success. Another 43% believe that big data is also a critical part of the supply chain. (Brandon Gaille, 2020)
• Moreover, the MedTech industry, directly and indirectly, generates about two million jobs in the US. (Brandon Gaille, 2020)
• At least 85% of health executives acknowledge that technology has become an inextricable part of the human experience. (Accenture, 2020)

Research and Development

• In general, medical technology companies spend approximately 7% of their annual revenue on research and development projects. (Brandon Gaille, 2020)
• Altogether, the research and development investment of MedTech companies in the US and UK grew by 11.5% in 2019. (EY, 2020)
• 78% of health executives believe that the stakes for innovation have never been higher during and beyond COVID-19. (Accenture, 2020)
• As of August 2020, 448 COVID-19-related diagnostics were launched in the market or were currently in development, 219 of which were from the US and the rest were from UK manufacturers. (EY, 2020)
• There are at least 219 FDA-cleared COVID-19 tests as of 2020. (EY, 2020)
• Moreover, 31% of MedTech leaders said reducing costs is the primary goal for their digital investments. Meanwhile, 25% say they invest to gain insights into the execution of business strategy, while another 25% invest to increase demand for their products. On the other hand, 19% say the investments are for improving the efficiency of their R&D process. (Deloitte, 2020)

Data on Medical Technology Companies

The global medical technology market is dominated by a few large MedTech companies. For years, these companies have driven growth in their field. Take a look at these medical technology statistics to learn more about the key players in the industry.

• The top five medical technology companies worldwide in 2019 in terms of revenue are Medtronic Inc., US ($30.6 billion), Johnson & Johnson ($26 billion), GE Healthcare ($21.1 billion), Abbott ($20 billion), and Philips ($19 billion). (GetReskilled, 2020)
• In 2020, Medtronic reported revenue of $28.9 billion, which is slightly lower than its 2019 earnings. (Medtronic, 2020)
• Medtronic’s revenue per segment in 2020: cardiac and vascular group ($10.47 billion), minimally invasive therapies group ($8.35 billion), restorative therapies group ($7.73 billion), and diabetes group ($2.37 billion). (Medtronic, 2020)
• Meanwhile, Johnson & Johnson earned an estimated $22.96 billion in 2020, which is also lower than its 2019 revenue. (Johnson & Johnson, 2021)
• Johnson & Johnson’s medical devices and diagnostics 2020 revenue comes from the following segments: surgery ($8.23 billion), orthopedics ($7.76 billion), vision care ($3.92 billion), and interventional solutions ($3.05 billion). (Johnson & Johnson, 2021)
• General Electric, on the other hand, generated a revenue of $18.01 billion from its healthcare segment in 2020. (General Electric, 2021)
• Abbott Laboratories, on the other hand, got a total revenue of $11.79 billion from its medical devices segment and $10.8 billion from the diagnostics department in 2020. (Abbott Laboratories, 2021)
• The top large medical technology companies based on market capitalization growth in 2020 are Teladoc Health (139%), Novocure (105%), Align Technology (92%), Abiomed (90%), and West Pharmaceutical Services (88%). (Evaluate, 2021)

Medical Technology Usage Statistics

Medical technology is used in every hospital and healthcare facility worldwide. These technologies range from diagnostics equipment to personal devices and practice management tools. In this section, we take a look at some of the interesting medical technology usage statistics that are of great relevance today.

• The average American spends about $400 on each medical device he or she uses. (Brandon Gaille, 2020)
• In the US, at least 40 magnetic resonance units (MRI) are available for every one million people. (OECD, 2020)
• Germany recorded the highest number of MRI examinations in 2019, with 149.2 exams per 1,000 people. (OECD, 2020)
• Interestingly, at the beginning of 2020 (pre-COVID), 80% of physicians in the US were not using virtual health in their patient interactions. Six months later, when COVID hit, about 95% of physicians increased their use of virtual technology, with 58% of them increasing usage by over 50%. (EY, 2020)
• During the COVID-19 pandemic, there was a 15x to 20x increase in the reported virtual visit volume for telehealth providers. (Accenture, 2020)
• Because of this, it is estimated that in the future, 1 in 3 healthcare visits will be virtual. (Accenture, 2020)
• Furthermore, around 63% of hospitals use at least six SaaS applications, including electronic health records (EHR) and medical practice management software. (Imaginovation, n.d.)
• Additionally, more than 89% of hospitals have implemented in-patient or ambulatory EHR systems in 2020. (Definitive Healthcare, 2020)

Emerging Medical Technology Trends and Statistics

Significant medical technology innovations have helped cement the importance of medical technology in the modern world. New technologies and applications have helped transform MedTech companies from developers and suppliers of medical devices to value-based healthcare partners. Here are some medical technology statistics that give a glimpse of the latest and emerging tech and trends in the industry.

• The global internet-of-medical-things (IoMT) market accounted for $24.4 billion in 2019 and is expected to grow to $285.5 billion by 2029 at a CAGR of 28.0%. (PMI, 2020)
• Out of the MedTech companies that utilize IoMT, 43% are using data to drive business decisions while 39% are incorporating data as an added value to justify the pricing. Meanwhile, 31% are offering data distribution channels as a service. (Wolters Kluwer, 2019)
• At least 35% of consumers are willing to share data with medical device manufacturers. (Wolters Kluwer, 2019)
• Furthermore, 40% of patients are willing to share personal data for medical research. (Wolters Kluwer, 2019)
• In general, 56% of consumers will share their personal and health data to help with disease prevention, 45% to help the environment, 42% to help their community, 37% to help with problems such as crimes, and 35% to increase transparency. (EY, 2020)
• The global surgical robots market is projected to reach $14.4 billion by 2026 at a CAGR of 17.6%, from $6.4 billion in 2021. (ReportLinker, 2021)
• Based on product and service, the surgical robots market is segmented into robotic systems, instruments and accessories, and services. The instruments and accessories segment commanded the largest share of 53.8% of the market in 2020. This segment is also expected to grow at the highest CAGR of 18.2% during the forecast period. (Markets and Markets, 2021)
• Based on end-users, hospitals commanded the largest share at 85.5% of the market in 2020. (Markets and Markets, 2021)
• Meanwhile, North America dominated the surgical robots market, with a share of 63.6% in 2019. On the other hand, Asia Pacific is expected to register the highest CAGR of 18.5% during the forecast period. (Markets and Markets, 2021)
• Around 71% of health executives believe robotics will enable the next generation of services in the physical world. (Accenture, 2020)
• Furthermore, 69% of healthcare organizations are piloting or adopting AI. (Accenture, 2020)
• About half of medical technology executives named transformation of functions using digital and information technologies, cyber readiness, and economic issues as their highest priorities. Furthermore, 69% of them said cyber readiness will be their highest priority in the next five years. Half or more of the respondents also flagged transformation of functions using digital and information technologies (56%) and economic issues (50%) as areas of focus. (Deloitte, 2020)
• Furthermore, medical technology executives think they are most prepared to address emerging opportunities around customized treatments (81%), curative therapies (69%), and digital therapeutics (63%). However, only 38% said they are prepared for developments in nonpharmacological interventions, which include nontraditional technologies such as robotics, nanotechnology, or tissue engineering. (Deloitte, 2020)
• Around 90% of health executives believe that to compete in a post-digital world, organizations need to elevate their relationships with customers as partners. (Accenture, 2020)

Medical Technology Concerns

Just like in any industry, medical technology is not perfect. Even the biggest companies face issues and threats. These medical technology statistics show some of those concerns.

• Almost half (45%) of health executives say rapid advancements in new technologies and scientific innovations can disrupt their industries. (Accenture, 2020)
• A huge majority (88%) of medical technology executives rated advances in technology as a top challenge, followed by policy and regulatory activity, and changes in consumer attitudes, behaviors, and spending (63%). (Deloitte, 2020)
• Furthermore, 54% of health executives say their employees will be challenged to figure out how to work with robots. (Accenture, 2020)
• Moreover, 75% of medical device industry players believe that having a better supply chain ability is a concern for the market. (Brandon Gaille, n.d.)
• As supply chain costs account for 40% of the expenses found in the medical devices market today, improving performance in this area could boost profits for manufacturers by up to 20%. (Brandon Gaille, n.d.)
• Meanwhile, 70% of healthcare consumers are concerned about data privacy and commercial tracking associated with their online activities, behaviors, location, and interests. (Accenture, 2020)

How is sustainability influencing the medical technology sector?

As the medical technology industry continues to grow, the impact of sustainability is becoming more significant. Companies are increasingly focusing on sustainable practices, from designing eco-friendly products to minimizing waste throughout the product lifecycle. Here’s how sustainability is shaping the future of MedTech:

• Eco-Friendly Product Design: MedTech companies are exploring sustainable materials and energy-efficient production methods for medical devices. This shift aims to reduce the environmental impact of manufacturing processes while maintaining product quality and safety.
• Waste Reduction Initiatives: Many organizations are implementing initiatives to minimize waste, particularly hazardous and non-biodegradable waste generated by medical devices and disposables. By investing in reusable or recyclable components, the industry seeks to address environmental concerns associated with medical waste.
• Energy-Efficient Operations: As sustainability gains traction, MedTech companies are adopting energy-efficient practices in their operations. This includes transitioning to renewable energy sources for manufacturing facilities and optimizing processes to lower carbon emissions.
• Circular Economy Models: The medical technology sector is exploring circular economy principles, which involve repurposing materials and extending the lifespan of devices. For instance, companies are developing programs for the safe collection, refurbishing, and reuse of devices, which helps reduce resource consumption.
• Regulatory Pressures and Compliance: Increasingly, governments and regulatory bodies are enforcing environmental compliance standards for MedTech products. These regulations encourage companies to adopt greener practices and sustainable product lifecycle management to remain competitive and compliant.
• Corporate Social Responsibility (CSR): Sustainability is often part of broader CSR initiatives in the MedTech industry. Companies are investing in sustainable development goals (SDGs), including improving health outcomes and minimizing ecological impacts. Many are publicly committing to reducing emissions and waste as part of their corporate values.

Why are these medical technology statistics relevant?

As the world continues to battle the COVID-19 pandemic, healthcare and medical technology companies also continue to work together to bring helpful innovations to the world. Although the pandemic disrupted many industries and caused worldwide turmoil, it also helped push forward the large-scale adoption of technology trends in different industries. Because of this, the healthcare and medical technology industry is positioned to be more equipped in handling and providing solutions to combat chronic and infectious diseases in the near future.

In all, these medical technology statistics show us the extent of the medical technology market and what we can expect from the industry moving forward. More importantly, these facts and data give us an idea of the vital role the industry plays in healthcare.

Key Insights

• Market Growth: The global medical devices market is projected to grow significantly, from $447.63 billion in 2019 to approximately $671.49 billion by 2027, with a CAGR of 5.2% during 2020-2027.
• Impact of COVID-19: The pandemic affected MedTech companies’ revenues, with US enterprises seeing a decline of about 5% in early 2020. However, it also accelerated the adoption of virtual health technologies.
• Regional Dominance: North America leads the global medical technology market, with about 39% market share. Most of the top MedTech companies are headquartered in the US.
• Telemedicine: The US telemedicine market is expected to reach a valuation of $25.88 billion by 2027, reflecting the growing importance of remote healthcare solutions.
• Research and Development: MedTech companies invest around 7% of their annual revenue in R&D. The investment in R&D grew by 11.5% in 2019 for US and UK companies.
• Digital Transformation: A significant portion of MedTech executives emphasize the importance of supply chain digitization and big data for future success.
• Usage Statistics: By mid-2020, about 95% of US physicians increased their use of virtual health technologies due to COVID-19, with a 15-20x rise in telehealth provider visits.
• Emerging Trends: The IoMT market is projected to grow at a CAGR of 28.0%, reaching $285.5 billion by 2029. Surgical robotics and AI are also rapidly advancing within the industry.
• Consumer Willingness: Consumers are increasingly willing to share health data for various purposes, including disease prevention and medical research.
• Challenges: Rapid technological advancements, policy changes, and cybersecurity threats are major concerns for the MedTech industry. Supply chain efficiency remains a critical issue.

FAQ

1. What is the projected growth of the global medical devices market? The global medical devices market is expected to grow from $447.63 billion in 2019 to approximately $671.49 billion by 2027, with a CAGR of 5.2% during the forecast period of 2020-2027.
2. How did COVID-19 impact the revenues of MedTech companies? During the first half of 2020, US MedTech enterprises experienced a revenue decline of about 5% due to the negative effects of COVID-19. However, the pandemic also accelerated the adoption of virtual health technologies.
3. Which region dominates the global medical technology market? North America dominates the global medical technology market, accounting for about 39% of the market share. Most of the top MedTech companies are headquartered in the US.
4. What is the future outlook for the US telemedicine market? The US telemedicine market is expected to reach a valuation of $25.88 billion by 2027, driven by the growing importance and adoption of remote healthcare solutions.
5. How much do MedTech companies invest in research and development? On average, MedTech companies spend approximately 7% of their annual revenue on research and development projects. In 2019, the investment in R&D grew by 11.5% for US and UK companies.
6. What are the key areas of focus for digital transformation in the MedTech industry? MedTech executives consider supply chain digitization and the use of big data as critical components for future success. Around 43% of senior executives report that digitizing the supply chain is vital for their organization’s future, and another 43% believe big data is also crucial.
7. How has the usage of virtual health technologies changed due to COVID-19? By mid-2020, approximately 95% of US physicians increased their use of virtual health technologies, with 58% increasing usage by over 50%. This resulted in a 15-20x rise in the volume of telehealth visits.
8. What are some emerging trends in medical technology? Emerging trends in medical technology include the growth of the Internet of Medical Things (IoMT), which is expected to reach $285.5 billion by 2029, and the rise of surgical robotics, projected to reach $14.4 billion by 2026. Additionally, the adoption of AI and digital therapeutics is rapidly advancing within the industry.
9. How willing are consumers to share their health data? Consumers are increasingly willing to share their health data for various purposes. About 35% of consumers are willing to share data with medical device manufacturers, and 40% are willing to share personal data for medical research. Overall, 56% of consumers will share their data to help with disease prevention.
10. What are the major challenges faced by the MedTech industry? Major challenges faced by the MedTech industry include rapid technological advancements, policy and regulatory changes, cybersecurity threats, and supply chain efficiency. About 88% of medical technology executives rated advances in technology as a top challenge, followed by policy and regulatory activity and changes in consumer attitudes.

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By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.