Global Medical Device Technologies Market, By Device Area (In Vitro Diagnostics (IVD), Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices, Endoscopy Devices, Ophthalmology Devices, Drug Delivery Devices, Wound Management Devices, Other Device Areas), Type (Molecular Diagnostics, Diagnostic Imaging, Non-Invasive Monitoring, Drug Delivery, Mobility Aid Technologies, Micro-Fluids and Mems, Bio-Implants, Biomaterials, Minimal/Non-Invasive Surgery, Telemedicine), End User (Hospitals and Clinics Medical Device Industries, Pharmaceutical and Research Organizations, Others)– Industry Trends and Forecast to 2029
Market Analysis and Size
Medical device technologies are mostly used to treat diseases and help patients transition from sick to healthy. Medical gadgets are used to cure diseases by performing therapeutic or diagnostic actions. Through precise diagnosis, the use of medical technology for therapy has a significant potential to enhance health outcomes. Medical device technology is utilized to provide safer, more effective, and more appropriate therapy.
Data Bridge Market Research analyses that the medical device technologies market which was USD 470.32 billion in 2021, would rocket up to USD 708.22 billion by 2029, and is expected to undergo a CAGR of 5.25% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Device Area (In Vitro Diagnostics (IVD), Cardiology Devices, Orthopedic Devices, Diagnostic Imaging Devices, Endoscopy Devices, Ophthalmology Devices, Drug Delivery Devices, Wound Management Devices, Other Device Areas), Type (Molecular Diagnostics, Diagnostic Imaging, Non-Invasive Monitoring, Drug Delivery, Mobility Aid Technologies, Micro-Fluids and Mems, Bio-Implants, Biomaterials, Minimal/Non-Invasive Surgery, Telemedicine),End User (Hospitals and Clinics Medical Device Industries, Pharmaceutical and Research Organizations, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
Abbott (U.S), Thermo Fisher Scientific Inc.(U.S), F. Hoffmann-La Roche Ltd. (Switzerland), Johnson & Johnson Private Limited (U.S), Siemens(Germany), Koninklijke Philips N.V. (Netherlands), Stryker (U.S), Boston Scientific Corporation (U.S), Medtronic (Ireland), Smith+Nephew (U.K), General Electric (U.S), Zenith Healthcare Limited (India), QIAGEN (Germany), Olympus America (U.S), Novartis AG (Germany), bioMérieux, Inc. (France), BD (U.S)
Medical device technologies relate to technology that can help a healthcare provider diagnose, treat, and treat a variety of medical conditions with the use of medical devices. Several innovative technologies are making inroads into the medical device sector. Technological improvements in medical equipment, as well as the increased prevalence of chronic diseases such as CVD and cancer, are driving the worldwide medical device technology industry.
Medical Device Technologies Market Dynamics
- Rise in chronic diseases
In the forecast period of 2022-2029, rising incidences of chronic diseases, rising levels of investment in advanced technology development, a growing geriatric population, and favourable government policies regarding cardiac monitoring will likely accelerate the growth of the medical device technologies market. On the other hand, the expanding healthcare sector, as well as rising applications from emerging economies, will enhance numerous prospects, resulting in the expansion of the medical device technologies market throughout the forecast period.
- Technological advancements
The amazing technological advancement made in the medical industry is expected to fuel the worldwide medical device technologies market. One of the most important aspects in the healthcare industry's advancements is the presence of technology. To ensure that medical technologies are used to their full potential by patients, further integration of medical technologies into modern clinical care is being achieved. In the years ahead, this factor is projected to benefit the worldwide medical device technologies market.
- Minimally invasive procedures
Robotic technology, in combination with medical imaging modalities such as 3D/4D visualisation, is used in minimally invasive diagnostic and surgical procedures to provide accuracy and speed in diagnosis. The rise of computer-assisted detection (CAD) and image analysis applications is due to advancements in 3D/4D imaging. Furthermore, in recent years, the bulk of basic and sophisticated biochemical and molecular operations have been transferred to chip-based microfluidic systems. The worldwide medical device technologies market is expected to increase as a result of these factors.
Many hospitals and clinics are implementing workflow automation techniques for patient safety and consistent and quick analysis. As a result, hospitals all over the world are improving their information technology (IT) infrastructure, which might be a market driver for medical device technology. The rise in uncommon diseases represents an unexplored opportunity, and rising health-care awareness is another element driving the medical device technology market forward.
In addition, some advanced devices are associated with various other components such as chips, batteries, and sensors, which require periodic replacements, and some of the advanced devices are associated with various other components such as chips, batteries, and sensors, which require periodic replacements.
This medical device technologies market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical device technologies market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 impact on Medical Device Technologies Market
The COVID-19 outbreak has had disastrous consequences for the economy and society. The outbreak has harmed some companies' supply chains and value chains. The medical device technology sector is no exception. The impact of the COVID-19 outbreak will be studied across the entire industry, taking both demand and supply into account. The effects of the pandemic would be explored and analyzed in both short and long-term scenarios. This will assist all stakeholders in the sector, including suppliers, manufacturers, vendors, distributors, and end-users, in developing business plans for both the pandemic and the post-pandemic phase.
- In November 2020, The MULTIX Impact C is a ceiling-mounted digital radiography (DR) equipment by Siemens Healthineers. MULTIX Impact VA20, a new version of the established floor-mounted parent DR system, was also introduced.
- In January 2020, In Canada, Esaote North America introduced the MyLabX8 Ultrasound System. The product broadens the MyLab Ultrasound product line's reach in Canada.
Global Medical Device Technologies Market Scope
The medical device technologies market is segmented on the basis of device type, type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- In Vitro 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
- (Molecular Diagnostics
- Diagnostic Imaging
- Non-Invasive Monitoring
- Drug Delivery, Mobility Aid Technologies
- Micro-Fluids and Mems
- Minimal/Non-Invasive Surgery
- Academics and Research
- Diagnostic Centers
- Ambulatory Surgical Centers
Medical Device Technologies Market Regional Analysis/Insights
The medical device technologies market is analysed and market size insights and trends are provided by country, device type, type and end-user as referenced above.
The countries covered in the medical device technologies market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is dominating the market due to rise in prevalence of cardiovascular diseases and implementation of the cancer moonshot initiative to address the rapidly rising incidence of cancer.
Asia-Pacific is estimated to project a considerable CAGR in the global medical device technology market due to rising prevalence of chronic and infectious diseases and growing pharmaceutical R&D in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The medical device technologies market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical device technologies market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical device technologies market. The data is available for historic period 2010-2020.
Competitive Landscape and Medical Device Technologies Market Share Analysis
The medical device technologies market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical device technologies market.
Some of the major players operating in the medical device technologies market are:
- Abbott (U.S)
- Thermo Fisher Scientific Inc.(U.S)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Johnson & Johnson Private Limited (U.S)
- Koninklijke Philips N.V. (Netherlands)
- Stryker (U.S)
- Boston Scientific Corporation (U.S)
- Medtronic (Ireland)
- Smith+Nephew (U.K)
- General Electric (U.S)
- Zenith Healthcare Limited (India)
- QIAGEN (Germany)
- Olympus America (U.S)
- Novartis AG (Germany)
- bioMérieux, Inc. (France)
- BD (U.S)
Research Methodology: Global Medical Device Technologies Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.