Medical Equipment and Diagnostic Equipment Market Size

Medical Equipment and Diagnostic Equipment Market size is estimated at USD 439.3 billion in 2024 and is expected to reach USD 696.4 billion by the end of 2030, expanding at a CAGR of 8.1% during the forecast period, i.e., 2025-2030. In 2025, the industry size of medical equipment and diagnostic equipment is evaluated at USD 471.6 billion. 

The rising demand from the healthcare industry globally is anticipated to drive the medical equipment and diagnostic equipment market during the forecast period. Another factor contributing to this rise includes an increase in non-transferable diseases, such as diabetes and cardiovascular-related diseases, whose management and treatment demand advanced medical equipment. Companies in the market are trying to introduce the latest technologies in robotic surgery as well as minimally invasive surgeries. For example, Baxter International, in June 2021, introduced a new digital health platform developed to support remote patient monitoring and further seal the position of connected healthcare devices in driving improved outcomes. The government's investment in enhancing healthcare infrastructure, especially in emerging markets, also supports this market growth.

The medical equipment and diagnostic equipment adoption is rising due to a greater tendency toward diagnosis of diseases at an early stage, personalized medicine, and prevention. New diagnostic tool innovations increasingly employ AI and machine learning to enhance accuracy and speed, such as when Roche introduced its new AI-enabled diagnostic oncology tool in September 2024, offering physicians real-time information that helps in better planning of treatments. Such advancements, combined with efforts by governments to increase funding for developing novel diagnostic technologies, are anticipated to boost the market during the forecast period.