Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Top 10 Medical Device Technologies Market by Type (In Vitro Diagnostics, Diagnostics Imaging, Orthopedic, Ophthalmology, Cardiology, Endoscopy, Diabetes Care, Respiratory Care & Anesthesia, Kidney/Dialysis Devices) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global top 10 Medical Device Technologies market is projected to reach USD 577.5 billion by 2027 from USD 437.4 billion in 2022, at a CAGR of 5.7% during the forecast period.
Globally, with the rapid growth of the aging population, the incidence of a number of chronic diseases is on the rise. Moreover, the elderly are more susceptible to traumas and injuries. Due to these factors, the demand for advanced medical equipment is increasing across the globe.
The emerging markets in Asia-Pacific (India and China) and Latin America (Brazil and Mexico) are expected to offer significant growth opportunities in the coming years. The high growth in these markets can majorly be attributed to the rising geriatric population; growing prevalence of chronic diseases; improving healthcare infrastructure due to increasing investments by respective government bodies; and rising investments by leading players in these countries.
The Cardiology Devices Market segment holds the second largest share in the top 10 Medical Device Technologies market
The growth in the Cardiology Devices Market is mainly driven by the increasing incidences of cardiovascular diseases and the launch of innovative products by market players. However, low affordability and inaccessibility of cardiac surgeries in developing countries are expected to restrain the growth of cardiology devices market during the forecast period.
In the forecast period, the global respiratory care & anesthesia devices market segment is expected to grow at the highest CAGR in the top 10 medical devices market
During the forecast period, the global respiratory care & anesthesia devices segment is expected to grow at the highest CAGR. The increasing need for advanced and innovative machines and equipment and the high incidence of chronic obstructive pulmonary diseases (COPD) and obtrusive sleep apnea (OSA) are key factors driving the growth of this market. The changing preference of patients toward home care devices is expected to propel the growth of the anesthesia and respiratory care devices market.
By Region, Europe holds the second largest share in the top 10 Medical Device Technologies market, in the forecast period
By Region, In 2021, Europe accounted for the second largest share of the top 10 Medical Device Technologies market in the forecast period, followed by the Asia Pacific, Latin America, and the Middle East & Africa. This is mainly attributed to the demand for advanced Medical Device Technologies and the presence of leading players in this region. Factors such as the Eurozone debt crisis and uncertainty and variations in reimbursement across the region may hamper the growth of this market to a certain extent.
Competitive landscape
The prominent players in the global top 10 Medical Device Technologies market are Abbott Laboratories, Inc. (US), Roche Diagnostics (Switzerland), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), Johnson & Johnson (US), Medtronic PLC (Ireland), Smith & Nephew PLC (UK), GE Healthcare (US).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 497 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $437.4 Billion |
| Forecasted Market Value (USD) by 2027 | $577.5 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Premium Insights
- Increasing Incidence of Chronic Diseases to Drive Market
- Asia-Pacific Countries to Register Higher Growth During Forecast Period
- North America Will Continue to Dominate Top 10 Medical Device Technologies Market in 2027
- Developing Countries to Register Higher Growth During Forecast Period
Companies Mentioned
- Abbott Laboratories, Inc.
- Boston Scientific Corporation
- GE Healthcare
- Johnson & Johnson
- Medtronic plc
- Philips Healthcare
- Roche Diagnostics
- Siemens Healthineers
- Smith & Nephew plc (UK)
- Stryker Corporation
For more information about this report visit https://www.researchandmarkets.com/r/6dvtxa
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