Medical Industry Market to be driven by growing incidence of chronic diseases is expected to grow at a CAGR of 11.80% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Medical Industry Market” that contains information from 2019 to 2032. The medical industry market is estimated to register a CAGR of 11.80% during the forecast period of 2024 to 2032.

Market Highlights

The global medical industry market is accounted to register a CAGR of 11.80% during the forecast period and is estimated to reach USD 172.46 billion by 2032.

Technological developments, aging populations, increased rates of chronic illnesses, and rising healthcare costs worldwide have all contributed to the medical industry's constant rise. Additionally, it is anticipated that the medical industry market will continue to grow in the upcoming years due to the ongoing demand for cutting-edge medical services.

Key Players:

MRFR recognizes the following companies as the key players in the global medical industry market - Medtronic (Ireland), General Electric (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Becton, Dickinson and Company (US), Baxter International (US), Roche Diagnostics (Switzerland), Abbott Laboratories (US), Zimmer Biomet Holdings (US), Thermo Fisher Scientific (US), Stryker Corporation (US), Danaher Corporation (US), and Cardinal Health (US).

Segment Analysis

The global medical industry market has been segmented into type and end-user.

On the basis of type, the market is segmented into Therapeutic and Diagnostic. The therapeutic segment was attributed to holding the largest market share in 2023 because of improvements in technology, medical research, and the need for more therapies for a wider range of illnesses. This market category has grown as a result of aging populations, an increase in the frequency of chronic illnesses, and the introduction of novel treatments like gene editing and immunotherapy.

Based on end-user, the global medical industry market has been segmented into Hospitals and Clinics. The hospitals segment was expected to hold the largest market share in 2023. Hospitals play a key role in the healthcare industry, generate a sizable amount of income for the entire industry, and serve as a center for research, innovation, and technology. A large number of medical supplies manufacturers invest a substantial sum of money in marketing and financing to advertise their products in medical facilities.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Medical Industry Market Research Report

Regional Analysis

The global medical industry market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe medical industry market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The medical industry market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World medical industry market comprises the Middle East, Africa, and Latin America.

The largest market share for the medical industry was maintained by the North American regional sector. Rising healthcare costs and the country's increasing cancer rates are expected to drive the medical industry market expansion in the area. Additionally, the region's advanced hospitals and medical facilities should support its continuing dominance over the projection period.

Moreover, the Europe market has been persistently growing over the forecast period due to the growing utilization of advanced diagnosis and treatment, rising healthcare expenses, and a strong infrastructure. Over the course of the forecast period, the region's main domestic and foreign companies' launch of portable medical equipment combined with a strong emphasis on a shift in medical treatment to home care settings is likely to drive the medical industry market expansion.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period because of the increased incidence of chronic illnesses, the development of the healthcare system, and the rise in healthcare costs; there is an increasing need for the medical industry.

Furthermore, the rest of the world's medical industry market is divided into the Middle East, Africa, and Latin America. Due to the rising incidence of conditions like diabetes, infectious diseases, heart problems, and dental issues, as well as the growing emphasis of industry participants to increase their direct presence in developing nations and meet patient demand in these areas, the rest of the world is predicted to grow at a significant rate.

Key Findings of the Study

• The global medical industry market is expected to reach USD 172.46 billion by 2032, at a CAGR of 11.80% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the rise in the prevalence of chronic diseases and the creation of a modern healthcare system.


• Based on type, the therapeutic segment was attributed to holding the largest market in 2023, with an approximate market share of 57%.


• Medtronic (Ireland), General Electric (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Becton, Dickinson and Company (US), Baxter International (US), Roche Diagnostics (Switzerland), Abbott Laboratories (US), Zimmer Biomet Holdings (US), Thermo Fisher Scientific (US), Stryker Corporation (US), Danaher Corporation (US), and Cardinal Health (US) are the key market players.