Big Data and Automation Trends in the Medical Device Industry

According to the U.S. Department of Commerce, the United States remains the largest medical device market in the world, with the market reaching $188.68 billion in 2024 and projected to grow to $314.96 billion by 2032. Current industry research estimates that global annual sales are forecasted to reach over $886 billion by 2032. The aging global population and advances in science continue to ensure demand that, in turn, will fuel sales.

The medical device excise tax that previously impacted the industry has been permanently repealed. The Further Consolidated Appropriations Act, 2020 (H.R. 1865), signed into law on December 20, 2019, officially repealed the 2.3% excise tax that was implemented from 2013-2015, which had resulted in 29,000 jobs lost along with a $34 million reduction in research and development.

The permanent repeal of this tax has attracted further investment, and combined with global growth fueled by an aging population and medical breakthroughs, signals a bright future for the expansion of the medical device industry.