Medical market shifts

In the March 2025 issue of ISMR, growth patterns, trends and the impact of new technologies in global medical device markets for sheet metal manufacturers come under the spotlight.

===

According to the latest study from BCC Research, the global market for medical device technologies is expected to grow from US$ 810.4 billion in 2024 to US$ 1.3 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 to 2029.

As healthcare systems worldwide continue to evolve, the demand for innovative, technology-oriented devices has surged. Rapidly ageing populations, technological advances (such as AI), the increasing prevalence of chronic diseases and the rising use of remote monitoring are shaping international medical device markets. Major healthcare device companies are characterised by their strong focus on innovation, extensive product portfolios and global market presence. These companies invest significantly in research and development to maintain their competitive edge.

The global medical industry depends upon custom sheet metal fabrication to create highly specific and precise equipment and tools. It requires accurate surgical tools, medical devices, supplies and equipment to perform specialised tasks. Strength, precision, cleanliness and durability are key properties for medical equipment and manufacturers must comply with strict standards. The requirements for materials, production quality and process documentation in these markets are high, creating a demanding environment for production technology and process planning.

Market trends and technologies

According to analyst Mordor Intelligence, the medical devices’ market size is estimated at US$ 681.57 billion in 2025, and is expected to reach US$ 955.49 billion by 2030, at a CAGR of 6.99% during the forecast period (2025-2030).

“The global medical devices market is experiencing significant growth driven by several megatrends affecting the healthcare technology industry. The ageing population worldwide is a primary factor, especially in high-income countries such as the United States (where 17% of the population was aged 65 years and above in 2023). This demographic shift is increasing the prevalence of chronic diseases, creating a higher demand for medical devices,” outlined the analyst.

This demographic transition is creating a substantial market opportunity for medical device manufacturers particularly in segments such as cardiology devices, orthopaedic devices and diagnostic imaging equipment. The growing geriatric population is also driving innovation in remote patient monitoring devices and wearable technologies, enabling better management of chronic conditions and improving the quality of life for older adults.

“Additionally, technological advancements in artificial intelligence, advanced algorithms and predictive analytics are revolutionising the medical device technology industry, enabling early detection and improved treatment outcomes for critically ill patients and those with chronic diseases. These innovations are paving the way for more personalised and value-based care, reshaping the landscape of medical diagnostics and treatment. Remote patient monitoring and connected care solutions are emerging as key trends in the medtech industry,” explained Mordor Intelligence.

Wearable medtech devices and miniaturised, self-contained medical equipment technologies are at the forefront of the remote monitoring trend, offering continuous health monitoring and immediate intervention capabilities.

“The rising prevalence of chronic diseases is another key driver that is fuelling the growth of the global medical devices market. Chronic conditions (such as cardiovascular diseases, cancer, respiratory disorders and diabetes) are becoming increasingly common worldwide, creating significant demand for advanced medical devices technologies for early detection, treatment and management,” added Mordor Intelligence.

Sheet metal for medical devices

The global medical industry depends upon custom sheet metal fabrication to create highly specific and precise equipment and tools. It requires accurate surgical tools, medical devices, supplies and equipment to perform specialised tasks. The medical device sector produces a wide variety of instruments used in healthcare including those used for in-vitro diagnostics; diagnostic imaging; dentistry; optometry; cardiology and hospital supply.

To read the rest of this article in the March 2025 issue of ISMR, see https://joom.ag/EKMd/p22