Wilmington, Delaware, United States, March 29, 2023 (GLOBE NEWSWIRE) -- According to recent study by Transparency Market Research, the global medical device technologies market stood at USD 492.2 Bn in 2021 and the global market is projected to reach USD 662.7 Bn by 2028. The global industry is anticipated to expand at a CAGR of 4.3% between 2021 and 2028.
Since telehealth and remote monitoring of patients have been contributing to the medical device technologies market growth, therefore such technological companies should increase their R&D investment in developing innovative technologies for complicated medical conditions for improving the quality of life of the patients and reducing healthcare expenditure on medical facilities. But nowadays, the transformation of medical device technologies has boosted the diagnosis and treatment of diseases.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 492.2 Bn in 2021 | |
| Estimated Value | USD 662.7 Bn by 2028 | |
| Growth Rate | 4.3% | |
| Forecast Period | 2021–2028 | |
| No. of Pages | 251 Pages | |
| Market Segmentation | By Device Type and End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Abbott Laboratories, Boston Scientific Corporation, Baxter International, Medtronic plc, Cardinal Health, F. Hoffmann-La Roche Ltd., GE Healthcare, Johnson & Johnson, Siemens Healthineers, Smith & Nephew plc, Stryker Corporation, Koninklijke Philips N.V. | |
These med-tech companies are boosting their production capabilities in hospitals’ dental devices, drug delivery systems, etc, where the global medical device technologies market has been studied in terms of device type, end-user, and region. Also, in vitro devices are administering growth of the global medical technologies market in case of earning revenues.
The proportion of the ancient population and life expectancy has increased all across the world. Due to this, a positive impact has been anticipated on the healthcare system which is likely to pull the growth of the medical device technologies market globally. Consequently, the elderly population is also affected by the loss of hearing, cataracts, back neck pain, etc, which is also assumed to drive the medical device technologies market worldwide.
Technological devices including continuous glucose monitoring systems, mHealth devices, etc are expected to propel the medical device technology market globally. Improvements in the ophthalmology segment like smart adapters, premium intraocular lenses (IOLs), etc have been observed. The majority of simple and complicated biochemical operations are moved to chip-based microfluid set up in the last few years, where these factors are expected to boost the growth of the medical device technologies market globally. Lastly, advancement in the 3D/4D perception for offering accuracy and expeditious diagnosis.
The major restraint in this market has been the approval of the regulatory framework of pharmaceutical, biotechnology, etc. where the FDA adjusts in vitro diagnosis under the Act and Title 21 of the Code of Federal Regulations (CFR) in the U.S.
Thus, the time required to receive regulatory approval for in vitro diagnostics is not only uncertain but also the investment made in R&D of such devices can readily go in vain if the authority freely denies the approval, leading to such ambiguity that is merely involved in the commercialization of the IVDs thus acting as a restraint in the market across the worldwide.
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Key Takeaways of Market Report
- Medical device technologies market, taking advantage of advancements in cardiovascular disease, where an urgency for advancements in complicated medical conditions like cancer and neurological disease is found.
- The global medical device technologies market in 2020 was valued at US$ 400.02 billion.
- Contribution of telehealth and remote monitoring of patients to medical device technologies have seen market growth, therefore such technological companies should increase their R&D investment in developing innovative technologies.
- Med-tech companies are boosting their production capabilities in hospitals’ dental devices, drug delivery systems, etc, for raising growth in case of earning revenues.
- Proportion of the ancient population and life expectancy has increased resulting in a positive impact anticipated on the healthcare system pulling the growth of the medical device technologies market globally.
- Approval of pharmaceutical, biotechnology, etc where the FDA adjusts in vitro diagnosis under the Act and Title 21 of the Code of Federal Regulations (CFR) in the U.S.
Medical Device Technologies Market: Growth Drivers
- The proportion of the geriatric population and life expectancy has increased with a motive to have a positive impact on the healthcare system.
- According to the World Ageing Population Report in 2019 where around 703 million people aged 65 years and above have been living all across the world, and the number is assumed to reach double by 1.5 billion in 2050.
- The elderly population is vulnerable to hearing loss, depression, diabetes, etc is foreseen to rise the growth of the global medical device technologies market.
Medical Device Technologies Market: Regional Landscape
- North America and Europe are said to witness advancements in medical device technologies, due to the rise in cancer, metabolic disease, etc that requires crucial diagnosis and therapies.
- Directive 98/79/EC of the European Commission administering the regulatory guidelines in the manufacturing and specialization of in vitro diagnostic devices in Europe.
Medical Device Technologies Market Key Players: Competitive analysis
Some of the key players in the medical device technologies market are-
- Siemens Healthineers
Developments-
- This company had launched the MULTIX Impact C, a ceiling mounted in a digital radiography (DR) system.
- Esaote
Developments-
- Esaote North America launched the MyLabX8 Ultrasound system in Canada.
"Browse in-depth TOC on “Medical Device Technologies Market Trends, Growth Drivers"
30 - Tables
97 - Figures
251 – Pages
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Medical Device Technologies Market Segmentation by
Device Type
- Invitro diagnostic devices
- Cardiology devices
- Diagnostic imaging devices
- Orthopaedic devices
- Ophthalmology devices
- Endoscopy devices
- Diabetes Care devices
- Wound management devices
- Kidney/Dialysis devices
- Anaesthesia and respiratory care devices
- Others
End-user type
- Academics & Research
- Hospitals
- Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers
- Others
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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