Medical Device Technologies Market

Medical Device Technologies Market Size (2023 to 2028)

As per our report, the global medical device technologies market size was worth USD 601.43 Million in 2023. This figure is forecasted to grow to USD 789.78 Million by 2028, registering a 5.6% CAGR during the forecast period.

Medical Device Technologies Market Share Insights:

• Based on device type, the diagnostic imaging systems segment dominated the market in 2022.
• Based on technology, the biomarkers segment had the major share of the global market in 2022.
• The Asia Pacific market accounted for a considerable share of the worldwide market in 2021 and is predicted to grow at a promising 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.

Favorable support from the regulatory bodies in approving medical devices is another significant attribute driving the growth of the medical device technologies 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 stringent regulatory environment for medical device technologies is majorly driving market growth. The developers of medical device technologies must take regulatory approval for commercialization, which takes significant time and expense. Due to this, some of the companies are unwilling to show interest in developing new technologies, which limits market expansion. In addition, the high costs of developing new technologies are another major factor hindering the market growth. Furthermore, limited reimbursement policies for medical devices are impeding market growth. Furthermore, the scarcity of skilled professionals, inadequate healthcare infrastructure in some countries, and poor adoption of medical devices in underdeveloped countries impede the growth of the medical device technologies market. In addition, concerns about privacy and security are showcasing a negative impact on the market growth.

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 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:

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:

• Electro-medical Equipment
  • Pacemakers
  • MRI Systems
  • Patient Monitoring System
  • Ultrasonic Scanning System
  • Diagnostic Imaging System
• Irradiation Apparatus
  • X-Ray Devices
  • Tomography Devices
  • Surgical And Medical Apparatus
• Dental Apparatus
  • Dentists
  • Dental Hygienists
  • Laboratories
• In Vitro Diagnostics (IVD) Devices
• Kidney/Dialysis Devices
• Diagnostic Imaging Devices
• Ophthalmology Devices
• Orthopedic Devices
• Endoscopy Devices
• Diabetes Care Devices
• Anaesthesia & Respiratory Care Devices
• Wound Management Devices

Based on the device type, the diagnostic imaging devices segment is predicted to hold a considerable share of the global medical device technologies market during the forecast period owing to the increasing patient population suffering from chronic diseases, rapid adoption of technological developments in the imaging modalities, and rising adoption of minimally invasive diagnostic procedures by healthcare providers. The growing aging population has contributed to segmental growth over the last few years.

The IVD devices segment is anticipated to witness the fastest CAGR during the forecast period. Factors such as the growing demand for personalized medicine, the increasing patient population suffering from chronic diseases, and rising awareness among people regarding early disease detection are propelling the segment's growth.

Medical device technologies market - By technology:

• Biomarkers
• Bio-implants
• Molecular Diagnostics

Based on technology, the biomarkers segment accounted for the largest share of the worldwide market in 2022, and the domination of the segment is likely to continue during the forecast period. The growth of the segment is primarily driven by the increasing patient population suffering from chronic diseases, increasing developments in genomics and proteomics, rapid adoption of personalized medicine, and growing investments by the market participants in R&D. In addition, the growing number of developments in the healthcare infrastructure among the developing countries and increasing per capita income favoring the segment’s growth rate.

On the other hand, the bio-implants and molecular diagnostics segment are predicted to grow promisingly owing 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:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

The North American medical device technologies market was the biggest regional segment for medical device technologies worldwide in 2021, followed by Europe and Asia-Pacific. The domination of the North American market is estimated to continue during the forecast period. The growth of the North American market is majorly driven by the increasing healthcare expenditure among the North American countries, the presence of key market participants, the presence of a favorable regulatory environment, and growing investments to conduct R&D around medical device technologies. In addition, the growing adoption of telemedicine and mobile health technologies in North America supports regional market growth. The U.S. market captured the major share of the North American market in 2021, followed by Canada, and this trend is expected to continue throughout the forecast period.

The European medical device technologies market held the second-largest share of the worldwide market in 2021 and is expected to grow at a noteworthy CAGR during the forecast period. Factors such as the growing aging population, strict regulations around medical devices, and growing chronic disease patient population are propelling the European market growth. The adoption of medical technologies is growing rapidly across the European region, which is predicted to boost the growth rate of the European market during the forecast period.

The APAC medical device technologies market is predicted to witness the fastest CAGR among all the regions in the worldwide market during the forecast period owing to the growing healthcare awareness among people, increasing disposable income, and rising adoption of medical technologies. In addition, the presence of emerging nations such as India and China is boosting regional market growth.

The Latin American medical device technologies market is estimated to hold a considerable share of the worldwide market during the forecast period owing to the increasing number of improvements in the healthcare infrastructure, growing medical tourism, and increasing number of people suffering from chronic diseases.

The Middle East & Africa medical device technologies market is estimated to witness a moderate CAGR during the forecast period. Factors such as adopting advanced technology and rising incidences of various health disorders support the medical device technologies market in MEA.

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:

• In November 2022, Molded Devices, Inc. (MDI), a provider of high-precision, value-added plastic component manufacturing solutions for medical and non-medical applications, announced today that it had acquired GlobalMed Inc. (Canada) and Schauenburg-Truplast (China), collectively known as "GlobalMed," from Schauenburg Hose Technology. In keeping with our worldwide expansion plan, merging GlobalMed and MDI significantly strengthens our capabilities for medical device OEMs. 
• In October 2022, Partner at NorthEdge Phil Frame explained why Medtech and medical device businesses should benefit from rising investor interest. In 2021, the private equity sector invested over 151 billion dollars in healthcare globally, more than double the previous year. As a result, the need for ambitious, rapidly expanding healthcare enterprises is at an all-time high. MedTech and medical devices are two industries that continue to draw outside capital.
• In November 2022, Ascom was given the 2022 Worldwide Medical Devices Connection Technology Innovation Leadership Award by Frost & Sullivan, which recently conducted a study on the global medical devices connectivity market. The company offers a vendor-neutral Medical Device Integration (MDI) platform to capture data and events that can adapt to and interact with any vendor's bedside medical device.