Demand for medical device technologies was valued at US$ 470.32 Billion in 2021, and is likely to flourish at a Y-o-Y expansion rate of 4.6% in 2022, reaching US$ 491.95 Billion. From 2022-2032, the industry is poised to experience a CAGR of 3%, anticipated to close at a valuation of US$ 663 Billion. These procedures cause minimal complications, reduce the risk of infections, cause less pain, and have faster recovery time. Such advantages have increased their adoption, and in turn boost growth prospects of the medical device technologies market.
In recent times, minimally invasive diagnostic and surgical procedures are making use of robotic technology along with medical imaging modalities such as 3D/4D visualization to provide accuracy and rapid diagnosis. Advancements in 3D/4D imaging have led to the developments in computer-assisted detection (CAD) and image analysis applications.
Technological innovations such as mHealth devices, continuous glucose monitoring systems, and insulin delivery systems will continue to influence the medical device technologies market growth. Additionally, advancements in the ophthalmology segment are majorly observed in platforms such as implantable miniature telescopes, smart adapters, and premium intraocular lenses (IOLs).
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Medical Device Technologies Market Analysis by Device Type
Sales of diabetes care devices are anticipated to expand the fastest, registering a positive CAGR of 6.0% during the forecast period. On the other hand,
Growth in sales of diabetes care devices is attributable to the rising incidence of lifestyles diseases such as diabetes among a wide range of population worldwide. According to the W.H.O and the International Diabetes Federation (IDF) statistics, more than 400 million people were suffering from diabetes in 2014. Usage of diagnostic imaging techniques such as MRI, X-ray and CT scan provides painless diagnosis of chronic conditions. This factor is a key driver behind the expansion in sales of diagnostic imaging devices.
Medical Device Technologies Market: Regional Insights
North America is expected to remain at the forefront of the medical device technologies market. The region is anticipated to account for nearly two-fifth of the global market value. However, Asia-Pacific is poised to offer significant growth opportunities, expanding at a CAGR of 6.6% during the forecast period.
North America’s market growth remains driven by increasing prevalence of cardiovascular diseases and the implementation of the Cancer Moonshot initiative to address the rapidly increasing incidences of cancer. It is reported that over 1.5 million people experience heart attacks and strokes every year in the U.S, while direct medical costs for cancer treatment amounted to US$ 84.7 Bn in 2014.
According to the IDF, in 2014, about 213 million people in the Asia-Pacific were diabetic, comprising 60% of the world’s total diabetic population.
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Medical Device Technologies Market: Competition Insights
The medical devices technologies market is fragmented, with numerous manufacturers of medical devices competing to collaborate with hospitals, clinics and research institutes. Some prominent players in the medical device technologies market are: Medtronic plc, Johnson & Johnson, Siemens Healthineers, GE Healthcare, F. Hoffmann La Roche Ltd., Phillips Healthcare, Baxter International, Boston Scientific Corporation, Abbott Laboratories and Cardinal Health.
Development of advanced medical technologies remains a key focus area of leading players to maintain a strategic position in the market.
For instance, structural heart therapy offered by Boston Scientific Corporation is one of the most rapidly growing segments of the medical device technologies market. The segment is highly synergistic with rhythm management and interventional cardiology business. Likewise, Baxter International is in the process of launching about 50 products in the next five years which include acute and renal care products with enhanced technological improvements.
Medical Device Technologies Market: Segmentation
Fact.MR has studied the medical device technologies market with detailed segmentation on the basis of device type, end-user and region.
- In-Vitro Diagnostic (IVD) Devices
- Cardiology Devices
- Diagnostic Imaging Devices
- Orthopedic Devices
- Ophthalmoogy Devices
- Endoscopy Devices
- Diabetes Care Devices
- Wound Management Devices
- Kidney/Dialysis Devices
- Anesthesia and Respiratory Care Devices
- Academics & Research
- Diagnostic Centers
- Ambulatory Surgery Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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About Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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