Medical devices is the hardware-led side of healthcare technology - implantable devices, surgical instruments, diagnostic imaging, monitoring systems, in vitro diagnostics, robotic surgery and consumer-medical hybrid devices like continuous glucose monitors and connected drug delivery. Global medical device industry revenue runs above $600B annually. The largest scale players (Medtronic, Johnson & Johnson MedTech, Abbott, Stryker, Boston Scientific) are diversified conglomerates with broad portfolios across cardiology, orthopaedics, neuromodulation and diabetes care. The category's most interesting tail through 2024-25 sits in robotic surgery (Intuitive's dominant da Vinci franchise and its newly-launched competitors), continuous glucose monitoring (Dexcom and Abbott Libre), and sleep and respiratory care.

The sector spans cardiovascular and structural heart devices, orthopaedic implants and surgical robotics, diagnostic and surgical imaging equipment, monitoring and respiratory care devices, in vitro diagnostics and lab equipment, continuous glucose monitors and insulin delivery, and connected device platforms.

Revenue comes from one-time device and equipment sales priced at hardware margin, recurring consumables and disposables revenue (the bulk of long-tail device economics), service contracts on imaging and capital equipment, growing software and data subscriptions tied to devices, and reimbursement under DRG and outpatient procedure codes that determine where hospitals and ASCs will invest.

Medical devices is part of Digital health.