As per our report, the global medical device technologies market size was worth USD 569.54 Million in 2022. This figure is forecasted to grow to USD 747.90 Million by 2027, registering a 5.6% CAGR during the forecast period.
MARKET DRIVERS:
Growing R&D and increased focus of medical technology companies is primarily driving the global medical device technologies market growth.
Good support from the regulatory bodies in approving medical devices is another significant attribute driving the market. Around 27 medical devices in 2017 and 54 medical devices in 2018 received approval clearance from the U.S. Food and Drug Administration. Furthermore, the rising key market players, acquisitions, mergers, and innovations in the medical technology field are expected to fuel the market rise.
Additionally, medical devices have major driving factors, increasing demand for the rising population and diseases. Many hospitals and clinical laboratories adopt fast process mechanization by assuring patients' safety as it provides fast and reliable data on the patient's treatments. The increased demand for rapid industrialization and better treatments further accelerates the market's need. The technological advancements and approvals given by the government authorities expected are also favoring the market. The growth in private surgical hospitals and ambulatory service centers demands more medical devices and technological innovation, which is expected to support the Medical Device Technologies Market to reach new growth heights. Furthermore, the rising interest in minimally invasive diagnostic and surgical procedures in healthcare settings is helping the growth of the market.
MARKET RESTRAINTS:
The technical difficulties and higher costs of technologies hinder market growth, and the rise in privacy concerns is expected to impact the global medical device technologies market negatively. In addition, medical healthcare providers and medical device companies face challenges in web and mobile applications and various network bulges.
Impact of COVID-19 on the global medical device technologies market:
Medical technology is a digitalized process for the medical device industry. Covid 19 has spread over the countries at a faster ratio than expected. Several complications were developed as the disease spread ratio is between 2.0 to 3.02, which is the highest and can affect nearly ten people from one individual. Hence the medical device technology market and manufacturers face difficulties in coping with the loss and are overwhelmed. Factors such as insufficient funds, lack of awareness of the pandemic, and inadequate stocks piling up affected the market. Other factors such as lack of availability of PPE kits, personal hygiene, and other protection goods, overcrowding issues even after the pandemic announcement, failed social distancing, and different regulatory norms on time set up by government authorities also impacted social distancing. As a result, medical devices, technology manufacturers, and end-users face difficulties during the pandemic. However, new implementations and announcements from governing bodies with crucial decision-makers and regulatory authorities' experts can bring back the situations to normalize the difficulties and issues in the market.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2021 to 2027 |
Base Year |
2021 |
Forecast Period |
2022 to 2027 |
Segments Covered |
By Device Type, Technology, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global medical device technologies market has been segmented based on the device type, technology, and region.
Medical device technologies market - By device type:
Medical device technologies market - By technology:
Based on the Technology, the biomarkers segment is expected to hold the highest share of the Medical Device Technologies Market. The growth is due to improving healthcare infrastructure and growing per capita income.
Additionally, the bio-implants and molecular diagnostics systems are also expected to have growing revenue due to the increasing use of bone, soft tissue, and skin implants, along with the increasing research and development in molecular chemistry.
Medical device technologies market - By region:
Regionally, the North American medical device technologies market accounted for the most significant global Medical Device Technologies Market, followed by Europe and the Asia Pacific in 2019. The market's growth is credited to the annual income generated for the new products and sustained improvement in the existing technologies. In addition, the U.S. is the leading market with the adoption of mobile health and telemedicine widely.
Europe's medical device technologies market occupied second place in the largest share of the global market in 2021, following North America. The growing older people population and strict government regulations in concern with people's health are leveraging the market's growth rate. Also, an increasing number of common chronic diseases are responsible for market growth.
However, Asia-Pacific medical device technologies market is expected to have a high growth rate due to increasing healthcare awareness among the people, growing per capita income, and increasing healthcare infrastructure responsible for market growth. This region is considered an emerging market due to the increasingly advanced technologies in healthcare. India and China are the quickest-growing nations in terms of economies. The growing population and rising disposable income in urban areas fuel the market's demand..
The Middle East & Africa medical device technologies market is estimated to have USD 71.49 billion by 2025, with a CAGR value of 2.68% during the forecast period. Factors like adopting advanced technology and rising incidences of various health disorders are lavishing the market demand.
KEY MARKET PARTICIPANTS:
Companies leading the global Medical Device Technologies Market profiled in the report are Abbott Laboratories Inc., Becton Dickinson and Company, GE Healthcare, Novartis Diagnostics, bioMerieux Inc., Biomerica Inc., Johnson and Johnson Diagnostics Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific Inc., and Zenith Healthcare Ltd.
RECENT MARKET DEVELOPMENTS:
FAQ's
As per our research report, the global medical device technologies market size is projected to be USD 747.90 Million by 2027.
Geographically, the APAC medical device technologies market is predicted to have the fastest growth rate in the global market from 2022 to 2027.
The global medical device technologies market is estimated to grow at a CAGR of 5.6% from 2022 to 2027.
Abbott Laboratories Inc., Becton Dickinson and Company, GE Healthcare, Novartis Diagnostics, bioMerieux Inc., Biomerica Inc., and Johnson and Johnson Diagnostics Inc are some of the significant players operating the medical device technologies market
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