How big is the Medical Equipment Market | Size, Share & Growth Forecast 2025

Q: What is the market size of the medical equipment market?

It was valued at USD 603.7 Billion in 2024 and is projected to reach USD 928.4 Billion by 2031.

Q: What is the CAGR of the medical equipment market?

The medical equipment market is expected to grow at a CAGR of 6.3% from 2025 to 2031.

Q: What drives the medical equipment market?

Rising chronic illnesses, increased surgeries, healthcare facility expansion, and medical technology innovation.

Q: What are common types of medical equipment?

Diagnostic devices, surgical tools, monitoring systems, therapeutic equipment, and mobility aids.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA7090

Publication Date: Jul 2025

How big is the Medical Equipment Market?

According to 6Wresearch internal database and industry insights, the Medical Equipment Market was valued at USD 603.7 Billion in 2024 and is projected to reach USD 928.4 Billion by 2031, growing at a compound annual growth rate (CAGR) of 6.3% during the forecast period of 2025–2031.

The market growth is fueled by rising healthcare needs, advancements in medical technology, increasing surgical procedures, and the global expansion of healthcare facilities.

Key Growth Drivers of the Medical Equipment Market

Growing prevalence of chronic and lifestyle-related diseases
Increase in surgical, diagnostic, and therapeutic procedures
Rapid technological innovations in imaging, monitoring, and treatment devices
Expansion of hospitals, diagnostic centers, and ambulatory care facilities
Government initiatives and healthcare infrastructure investments

Medical Equipment Market Trends

The medical equipment market is experiencing rising demand for portable and minimally invasive devices. Surgical procedures are turning towards robotics and automation. Diagnostic and monitoring systems integrated with AI and IoT are showing a way in which real-time data can be collected to achieve better patient outcomes. The importance of personalized medicine and home health technology devices also increases. Moreover, renewable and long-term utilizable equipment is making the headlines as instigated by climate crisis appeals or cost reduction.

Emerging Developments in the Medical Equipment Market

The Medical Equipment market is evolving with innovations such as smart infusion systems, robotic surgical platforms, and AI-driven diagnostic tools. Organizations are using 3D printing in customized implants and prosthesis. Wireless technology and edge computing are being employed to enhance exchange of data between medical devices in a faster manner. Regulatory bodies are implementing simple procedures of approving next generation devices. Besides, the development of wearable medical technologies fuels R&D and creates more opportunities to get continuous care and monitor someone remotely.