Medical Equipment and Diagnostic Equipment Industry - Regional Synopsis
North America Market Analysis
North America is expected to lead the global medical equipment and diagnostic equipment market, holding a projected 46.5% share by 2030. The region's strong presence in healthcare innovation, coupled with high investments in research and development, drives market growth. Advanced technologies such as AI-powered diagnosis and robotic-assisted surgeries have seen high adoption in the U.S. Besides this, through different government initiatives such as the Inflation Reduction Act 2022, North America continues to maintain the lead by promising funds for research in medical areas.
In the U.S., the demand for medical equipment and diagnostic equipment is rising due to the increasing pervasiveness of chronic diseases within the U.S. economy. Furthermore, the demand for personalized medicine drives investment in diagnostic equipment. For example, Thermo Fisher Scientific introduced a new, high-throughput diagnostic platform in June 2024 that was able to detect several biomarkers at one time, thus accelerating the detection and diagnosis of a certain disease. With a robust health infrastructure, the U.S. has an emphasis on innovation, leading with leading-edge medical technology.
Canada is also witnessing a surge in medical equipment and diagnostic equipment adoption, especially with the range of digital health and diagnostics launched by companies. Furthermore, the friendly regulatory environment in Canada and further growing investments in healthcare technologies have propelled the country to maintain its position in the North America market.
Asia Pacific Market Statistics
Asia Pacific medical equipment and diagnostic equipment market is likely to witness expansion at a 9% CAGR during the forecast period. This is due to growing investments in healthcare infrastructure and building disposable incomes in major markets like India and China. The demand for both medical and diagnostic equipment is increasing in the region as its robust healthcare solutions are adept at affordability and accessibility. The governments are encouraging the local manufacturing of the apparatus to reduce dependency on the import, thus giving more leverage to the market.
In Asia Pacific, India is anticipated to register an increase in the adoption of medical equipment and diagnostic equipment due to government initiatives supporting healthcare infrastructure. For example, in February 2023, the government announced the expansion of its Make in India, “Make for the World” initiative to include medical devices, with tax breaks and funding for local manufacturers. This is expected to reduce dependence on imports and spur innovation in locally made medical equipment, further driving market expansion.
China is another major player in the medical equipment and diagnostic equipment market, witnessing growth driven by an increasing elderly population, along with immense governmental support for innovative healthcare. This move is part of the country's wider strategy aimed at establishing it as a global leader in medical technology, with huge government funding and policy support for health innovation. Additionally, significant investments in AI-driven diagnostics and advanced medical devices are propelling the country's healthcare sector forward.
