According to a recently published Fact.MR report, the global Medical Device Technologies market is projected to grow at a compound annual rate (CAGR) of 3% between 2022 and 2032. The market is expected to reach US$ 663 Bn by the end of 2032. The demand for Medical Device Technologies is expected to rise over the forecast period and the market was valued at US$ 470.32 Bn in 2021.
From 2015 to 2021, medical device technologies industry growth documented a value CAGR worth 4.3%, closing in at a valuation of US$ 470.32 Billion. Various imaging modalities, including projection radiography, MRI, CAD/CAM technologies, and CT scanning procedures, give useful patient information. Furthermore, platforms such as implanted micro telescopes, smart adapters, and premium intraocular lenses (IOLs) have transformed fields such as ophthalmology.
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In terms of end user, hospitals and ambulatory surgery centers will lead the worldwide medical devices market in 2020. The segment's rapid expansion may be ascribed mostly to rising healthcare expenditures, increased construction of healthcare infrastructure, a strong emphasis on improving patient outcomes, and appealing reimbursement systems.
Which Device Type will Leverage Medical Device Technologies the Most?
Deployment to be Maximum across Diabetes Care Devices
Diabetes care device sales are expected to grow the quickest, with a positive CAGR of 4% over the projected period. Demand for diagnostic imaging devices, on the other hand, is expected to catch up, with a CAGR of 5.9% through 2032. Diabetes care equipment sales are increasing due to the increased prevalence of lifestyle disorders such as diabetes among a diverse population globally.
According to the World Health Organization and the International Diabetes Federation (IDF), more than 400 million individuals have diabetes in 2014. The use of diagnostic imaging techniques such as MRI, X-ray, and CT scan allows for the non-invasive diagnosis of chronic illnesses. This aspect is a major driver of the increase in diagnostic imaging device sales.
Key Segments Covered in the Medical Device Technologies Industry Survey
Medical Device Technologies by Device Type
- In-Vitro Medical Diagnostic (IVD)
- Cardiology
- Diagnostic Imaging
- Orthopedic
- Ophthalmology
- Endoscopy
- Diabetes Care
- Wound Management
- Kidney/Dialysis
- Anesthesia and Respiratory Care
- Others
Medical Device Technologies by End User
- Academics & Research
- Hospitals
- Clinics
- Diagnostic Centers
- Ambulatory Surgery Centers
- Others
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Competitive Landscape
The medical device technologies industry is highly fragmented, with an increasing number of market participants fighting for collaboration with hospitals, clinics, and research organizations. Due to low switching costs for hospitals and the availability of identical products from other vendors, the level of competition is considerable.
- 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 are some of the major competitors in the medical device technology industry.
- Market participants are emphasizing on product differentiation and reducing product time-to-market. For example, Boston Scientific Corporation's structural heart treatment is one of the fastest expanding areas of the medical device technologies industry. The segment has a high level of synergy with the rhythm management and interventional cardiology businesses. Similarly, Baxter International is planning to launch around 50 items over the next five years, including acute and renal care solutions with increased technology enhancements.
Key players in the Medical Device Technologies Market
- 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
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Key Takeaways from the Market Study
- Diabetes care device sales are increasing at a healthy rate, with a CAGR of 4% expected for the projection period. This is due to the increased proportion of the diabetes population worldwide.
- Medical device technology adoption in hospitals continues to drive growth strategies, accounting for more than 30% of total market revenue.
- Rising healthcare infrastructure investment has resulted in a rise in the number of hospitals built to provide modern medical treatment. This is expected to be a significant growth determinant.
- North America will continue its dominance in the medical device technologies industry, accounting for over two-fifths of the worldwide market value.
- The Asia-Pacific region is predicted to provide significant potential prospects for leading players, with the market developing at a CAGR of 5.6% through 2032.
- The rising frequency of chronic illnesses, as well as the growing elderly population, is driving market development in both areas.
