The medical device technologies market, which was valued at US$ 470.32 billion in 2021, is anticipated to expand at a Y-o-Y rate of 4.6% in 2022 to reach US$ 491.95 billion. From 2022 to 2032, the industry is expected to increase at a CAGR of 3% and reach a value of US$ 663 billion. These procedures are less painful, less likely to cause infection, have fewer adverse effects, and take less time to heal.
The advantages have increased their uptake, which has strengthened the market’s potential for medical device technology growth. Robotic technology is now used in minimally invasive diagnostic and surgical procedures, including 3D/4D visualisation, to provide accurate and quick diagnosis.
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Market Titans
- Medtronic Plc.
- Johnson & Johnson
- Siemens Healthineers
- GE Healthcare
- F. Hoffmann La Roche Ltd.
- Phillips Healthcare
- Baxter International
- Boston Scientific Corporation
- Abbott Laboratories, and Cardinal Health
Key Market Upshots
- Diabetes care device sales are increasing at a healthy rate, with a CAGR of 4% expected for the projection period. This is due to the increased proportion of the diabetes population worldwide.
- Medical device technology adoption in hospitals continues to drive growth strategies, accounting for more than 30% of total market revenue.
- Rising healthcare infrastructure investment has resulted in a rise in the number of hospitals built to provide modern medical treatment. This is expected to be a significant growth determinant.
- North America will continue its dominance in the medical device technologies industry, accounting for over two-fifths of the worldwide market value.
- The Asia-Pacific region is predicted to provide significant potential prospects for leading players, with the market developing at a CAGR of 5.6% through 2032.
- The rising frequency of chronic illnesses, as well as the growing elderly population, is driving market development in both areas.
Competitive Dashboad
The medical device technologies industry is highly fragmented, with an increasing number of market participants fighting for collaboration with hospitals, clinics, and research organizations. Due to low switching costs for hospitals and the availability of identical products from other vendors, the level of competition is considerable.
- Medtronic plc, Johnson & Johnson, Siemens Healthineers, GE Healthcare, F. Hoffmann La Roche Ltd., Phillips Healthcare, Baxter International, Boston Scientific Corporation, Abbott Laboratories, and Cardinal Health are some of the major competitors in the medical device technology industry.
- Market participants are emphasizing on product differentiation and reducing product time-to-market. For example, Boston Scientific Corporation’s structural heart treatment is one of the fastest expanding areas of the medical device technologies industry. The segment has a high level of synergy with the rhythm management and interventional cardiology businesses. Similarly, Baxter International is planning to launch around 50 items over the next five years, including acute and renal care solutions with increased technology enhancements.
Industry Survey
by Device Type
- In-Vitro Medical Diagnostic (IVD) Devices
- Cardiology Devices
- Diagnostic Imaging Devices
- Orthopedic Devices
- Ophthalmology Devices
- Endoscopy Devices
- Diabetes Care Devices
- Wound Management Devices
- Kidney/Dialysis Devices
- Anesthesia and Respiratory Care Devices
- Others
by End User
- Academics & Research
- Hospitals
- Clinics
- Diagnostic Centers
- Ambulatory Surgery Centers
- Others
Regional Insights
North America is expected to remain at the forefront of the medical device technologies market. The region is anticipated to account for nearly two-fifth of the global market value. However, Asia-Pacific is poised to offer significant growth opportunities, expanding at a CAGR of 6.6% during the forecast period.
North America’s market growth remains driven by increasing prevalence of cardiovascular diseases and the implementation of the Cancer Moonshot initiative to address the rapidly increasing incidences of cancer. It is reported that over 1.5 million people experience heart attacks and strokes every year in the U.S, while direct medical costs for cancer treatment amounted to US$ 84.7 Bn in 2014.
According to the IDF, in 2014, about 213 million people in the Asia-Pacific were diabetic, comprising 60% of the world’s total diabetic population.
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