North America and Europe medical technology market size is expected to reach USD 647.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.5% from 2021 to 2028. The growing patient population at healthcare facilities, ineffective hospital service management, rising healthcare expenditure, growing geriatric population coupled with rising prevalence of chronic diseases, increasing healthcare workforce shortage, and overburdened health systems is driving the digitalization and automation of the healthcare industry. These digital health solutions enhance patient-provider engagement and improve the quality of patient care. The improving internet connectivity and rising smartphone penetration is boosting the adoption of digital health solutions across North American and European markets.
The growing potential of the medical technology industry is attracting both public and private investors to support the development of innovative digital health solutions. The ongoing Covid-19 pandemic exposed the downfalls and shortcomings of the existing overburdened health systems and reaffirmed the need to adopt digitalization and automation of healthcare services. The laid down travel restrictions and lockdowns imposed by government bodies, restricted the patients to adopting virtual care solutions such as telemedicine and teleconsultation. Various industry participants and consultants witnessed a significant surge in adoption rates of virtual care and digital health solutions post the outbreak of the pandemic.
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The market is expected to witness a boost in revenue growth over the forecast period and would follow an upward projected technology life cycle trajectory. The services segment dominated the market due to the prevailing trend of outsourcing digital health services from third-party vendors since healthcare facilities lack the required expertise and technology skillset. Rapid advancements and innovative upgradations in software solutions have contributed to the growth of the services segment. These services could vary from installations, implementation, education and training, and upgradation, and are either availed as a complete package or partially in the form of long-term contracts.
North America And Europe Medical Technology Market Highlights
- The market size is expected to be valued at USD 647.1 billion by 2028, due to the digitalization and automation of the healthcare industry
- In the type segment, services dominated the market in 2020, due to the prevailing trend of outsourcing these services since healthcare organizations lack the required personnel and skill sets
- In the application segment, the revenue cycle management segment dominated the market in 2020, owing to automation of claim management, reimbursement, and risk and compliance functions
- The others segment held the largest market share in 2020 due to the growing demand to reduce diagnostic costs and reduce machine downtime
- North America dominated in 2020 due to the availability of advanced infrastructure, high digital literacy, presence of key market players, increasing health IT spending, and rapid adoption rates
Key Companies & Market Share Insights
Partnerships, technological collaborations, mergers and acquisitions, and the development of innovative technologies are some of the key strategies adopted by these players to gain a competitive edge in the market. For instance, in March 2021, Greenway Health launched its latest revenue cycle management solution, Greenway Revenue Services (GRS) Select. This customizable revenue cycle management solution meets the growing needs of ambulatory care practices. Similarly, in January 2021, athenahealth, Inc. collaborated with Humana, Inc. to deliver value-added insights using athenahealth’s athenaClinicals and Humana’s intelligence to empower EHR workflows. Some of the prominent players in the North America and Europe medical technology market include: Allscripts Healthcare Solutions, eClinical Works, Athenahealth, Carestream Health, e-MDS Incorporation, American Well, Teladoc Health, MDLive Inc., AdvancedMD Inc., Qualcomm Technologies Inc., Greenway Health LLC, CureMD Healthcare, DXC Technology Company, HealthTapInc, Doctor On Demand.
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