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.

Medical Device Technologies Market Share Insights:

• Based on device type, the diagnostic imaging systems segment dominated the global market by holding the largest market share in 2021.
• Based on technology, the biomarkers segment is expected to grow immensely due to development in healthcare infrastructure during the forecast period.
• The North American medical device technologies market had the highest market share and is anticipated to be worth USD 247.71 Million by 2027.
• Asia Pacific medical device technologies market is growing the fastest, carrying a CAGR of 7.52% 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:

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

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.

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:

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

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:

• 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 explains 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 what was done 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. To capture data and events, the company offers a vendor-neutral Medical Device Integration (MDI) platform that can adapt to and interact with any vendor's bedside medical device.