Medical Device Technologies Market

Medical Device Technologies Market Size (2022 to 2027)

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.

A medical device can be defined as an instrument, implant, or apparatus used to diagnose or treat a medical condition. Technologies that are utilized in medical devices are called Medical Device Technologies.

Medical devices offer advantages to the patients by helping them treat the diseases and improve their quality of life. The technologies are changing ways to treat patients. These medical technologies are range from needles to large machines. In the new technologies, the cost of the treatment and recovery time has been reduced. This technology uses to find out the inner body changes, like diabetes, surgeries of kidney, eye, and the other body parts. These are the robotic healthcare check-up instruments. 

MARKET DRIVERS:

Growing R & D and Increased Focus of Medical Technology Companies is fundamentally driving the global medical device technologies market growth.

Favorable 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 were received approval clearance from the U.S. Food and Drug Administration.

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 of the patient’s treatments. The increased demand for rapid industrialization and better treatments is further accelerating the need for the market. 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 innovation in technologies, which is expected to support the Medical Device Technologies Market to reach new growth heights.

 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. Medical healthcare providers and medical devices companies face some 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 in 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 on the pandemic, inadequate stocks are piling affected 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. The medical devices and technology manufacturers, end-users are facing difficulties in this time of the pandemic. However, new implementations and announcements from governing bodies with key 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 system is considered to have the largest share of the global medical devices technology market. The segment growth is due to increasing healthcare expenditures, quick acquisition of new medical technologies, and increasingly older people.

Surgical devices remain the largest segment, followed by a diagnostic imaging system due to surgical procedures. Rising chronic diseases is one of the factors fueling the demand of the market.

Medical Device Technologies Market - By Technology:

• Biomarkers
• Bio-implants
• Molecular Diagnostics

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.

Medical Device Technologies Market - By Region:

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

Regionally, the North American region 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 due to the annual income being generated for the new products and sustained improvement in the existing technologies. The U.S is the leading market with the adoption of mobile health and telemedicine widely.

Europe has engaged second place in holding the largest share of the medical technology devices market, following North America. The growing older people population and strict rules and regulations by the government in concern towards people’s health are leveraging the market's growth rate. Also, increasing common chronic diseases are responsible for market growth.

However, Asia-Pacific 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 are majorly fueling the demand of the market.

Latin America has got a remarkable potential for medical device technology growth. In Latin American countries like Mexico and Brazil, the development is accredited due to advancing medical infrastructure and high disposable income.

The Middle East & Africa region is estimated to have USD 71.49 billion by 2025, with a CAGR value of 2.68% during the 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.