Medical Device Technologies Market to Expand at CAGR of 4.3% During Forecast Period, Notes TMR Study

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Apr 04, 2022, 09:30 ET

Medical technologies are increasingly integrating existing clinical treatment processes to ensure positive patient outcome. This factor is projected to benefit the global medical device technologies market.
In the midst of the ongoing COVID-19 outbreak, remote patient monitoring and telehealth are significant factors fueling the development of the global market

ALBANY, N.Y., April 4, 2022 /PRNewswire/ -- The global medical device technologies market is expected to expand at a CAGR of 4.3% during the forecast period, from 2021 to 2028. The global market was worth US$ 400.02 Bn in 2020 and is estimated to attain valuation of US$ 662.7 Bn by 2028. Companies are increasing their spending on research and development to create breakthrough technology for complicated medical diseases in order to enhance quality of life for patients and lower healthcare costs. The progress of medical device technologies has resulted in major advances in disease diagnosis and treatment. Medical technology, such as continuous glucose monitoring systems and ultrasounds, have improved the sustainability, efficacy, and effectiveness of health care systems.

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Due to the increasing frequency of infectious illnesses and increasing acceptance of non-invasive diagnostic methods, the global medical device technologies market is predicted to develop significantly in the future years. Due to the use of sophisticated technologies for device manufacturing, other devices such as respiratory care devices, wound management devices, and diabetes care devices are expected to have a substantial impact on the growth of the global medical device technologies market.

Key Findings of Market Report

Globally, the number of people aged 65 years and up has risen, as has average lifespan. Back and neck discomfort, refractive errors and cataracts, depression, hearing loss, chronic obstructive pulmonary disease, osteoarthritis, diabetes, and dementia are all common among the elderly populace. The global market for medical device technologies is expected to be driven by prevalence of these diseases in rising elderly population.

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The global market is likely to be propelled by technological advancements such as mHealth devices, insulin delivery systems, and continuous glucose monitoring systems. In addition, premium intraocular lenses, implantable miniature telescopes, and smart adapters are among the ophthalmology systems that have seen improvements. Robotic technology, in combination with medical imaging modalities such as 3D/4D visualization, is often used in surgical procedures and minimally invasive diagnostic to provide speed and precision in diagnosis. Image analysis applications and computer-assisted detection (CAD) have been developed as a result of breakthroughs in 3D/4D imaging. In addition, the bulk of basic and sophisticated molecular and biochemical activities have been transferred to chip-based microfluidic systems. These factors are expected to fuel the expansion of the global medical device technologies market.
Healthcare systems create a large amount of patient data, and storing this critical information has become a major problem. In addition to storage issues, the healthcare system encounters difficulty accessing and sharing this data in order to cut duplicate costs. According to Intel, Inc., a hospital needs 175 TB of storage capacity for photos and clinical records, with an overall storage capacity requirement of 100 Petabytes. As a result, cloud storage services for medical imaging and information management are likely to provide hospitals with significant benefits in terms of better cost and resource management. It also assists in easy access to medical images and related records within as well as across departments and offices.
Due to the high prevalence of cancer, metabolic illnesses, and huge patient pool with chronic and cardiovascular diseases requiring critical diagnostics and therapies, North America is expected to lead the global market in terms of revenue. The demand for automated medical procedures, as well as the fact that the region is home to a number of med-tech behemoths, are likely to propel the North America medical device technologies market during the forecast period.

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Global Medical Device Technologies Market: Growth Drivers

Breakthroughs in multiplexing technology have allowed for the development of immunoassays and molecular diagnostics for the diagnosis and treatment of life-threatening illnesses, including cancer and infectious illnesses. For cancer and HIV diagnosis, multiplexed diagnostics analysis provides a quicker, more effective, and equally valuable alternative approach.
In 2020, academic research and institutions had the majority of market share. Pharmaceutical as well as biotechnology firms have benefited from research on medical device technologies and other disease indications, which has paved the way for customized health care and targeted medicines.

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Global Medical Device Technologies Market: Key Players

Some of the key market players are

Cardinal Health, Inc.
Baxter International, Inc.
Koninklijke Philips N.V.
F. Hoffmann-La Roche Ltd.
Boston Scientific Corporation
Smith & Nephew plc

Global Medical Device Technologies Market: Segmentation

Device Type

Cardiology Devices
Diagnostic Imaging Devices
Orthopedic Devices
Ophthalmology Devices
Endoscopy Devices
Diabetes Care Devices
Wound Management Devices
Kidney/Dialysis Devices
Anesthesia & Respiratory Care Devices
Others

End User

Academics & Research
Hospitals
Clinics
Diagnostic Centers
Ambulatory Surgical Centers
Others

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