Medical Device Technologies Market

Medical Device Technologies Market Outlook (2022-2032)

Demand for medical device technologies was valued at US$ 470.32 Billion in 2021, and is likely to flourish at a Y-o-Y expansion rate of 4.6% in 2022, reaching US$ 491.95 Billion. From 2022-2032, the industry is poised to experience a CAGR of 3%, anticipated to close at a valuation of US$ 663 Billion.

Report Attributes	Details
Anticipated Base Year Value (2021)	US$ 470.32 Billion
Expected Market Value (2022)	US$ 491.95 Billion
Projected Forecast Value (2032)	US$ 663 Billion
Global Growth Rate (2022-2032)	3% CAGR
Growth Rate of the U.S (2022-2032)	5.8% CAGR
Key Medical Device Technologies Service Providers	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

Medical Device Technologies Market Revenue Analysis 2015-2021 vs. Future Outlook 2022-2032

During the 2015-2021 historical period, the medical device technologies market rose modestly at a CAGR of 4.3%. The popularity of minimally invasive (MI) and non-invasive diagnostic instruments has grown significantly over the years.

Today, MI operations are gaining popularity, notably in the treatment of cancer, specifically in the treatment of solid tumors. These operations have fewer consequences, a lower risk of infection, less discomfort, and a shorter recovery period. These benefits have raised their usage, which has boosted the development prospects of the medical device technologies market. From 2022 to 2032, the industry is likely to flourish 1.3x.

Prominent Medical Device Technologies Industry Growth Drivers

Increasing Technological Advancements Driving the Medical Device Technologies Market

Technological advancements such as mHealth devices, continuous glucose monitoring systems and insulin administration systems will continue to have an impact on the growth of the medical device technologies industry. Furthermore, developments in the ophthalmology market may be seen in platforms such as implantable tiny telescopes, smart adapters, and premium intraocular lenses (IOLs).

Robotic technology, in conjunction with medical imaging modalities such as 3D/4D visualization, has recently been used in minimally invasive diagnostic and surgical procedures to give accuracy and speedy diagnosis. Advances in 3D/4D imaging have resulted in advances in computer-assisted detection (CAD) and image analysis applications.

Furthermore, during the last several years, numerous basic and sophisticated biochemical and molecular procedures have been moved to chip-based microfluidic devices. These factors are expected to have a beneficial impact on the medical device technologies market's growth.

Increasing Investment in R&D Activities by Medical Technology Firms to Widen Medical Device Technologies Deployment

Increasing investment in R&D activities by medical technology firms for the creation of new and improved medical devices, as well as easy clearance for such products by regulatory authorities, are projected to drive market expansion for medical devices in the future years.

According to the US Food and Drug Administration (USFDA) database, almost 54 and 27 new medical devices were certified and cleared by the institution in 2018 and 2017, respectively. Increasing demand for new medicines, as well as technical improvements in medical devices to meet unmet needs in the healthcare industry, are viewed as the primary factors driving the growth of medical devices in the next years.

Key Challenges Prevalent in the Global Medical Device Technologies Market

Data Security Concerns may Impede Growth Prospects

Data security concerns may stymie the expansion of the medical device industry, as an internet connection is necessary to transport patient data from remote devices to the physician. As a result, the threat to data security grows. The growing popularity of linked gadgets makes them more appealing, increasing the danger of data breaches or hackers.

For example, in March 2020, about 2,300 Hammersmith Medicines Research patients' important patient data, including medical surveys, copies of driving licenses, passports, and national insurance numbers, were released. The research company was testing the COVID-19 vaccination on these individuals.

Country-wise Analysis

What is the Growth Outlook for Medical Device Technologies in the U.S?

Rising Prevalence of Cardiovascular Illnesses widening Growth Opportunities

According to Fact.MR, United States is likely to maintain its leadership position in the medical device technologies industry, forecast to expand at a 5.8% value CAGR. It is expected that the area would account for roughly 40% of the worldwide market value.

The rising prevalence of cardiovascular illnesses and the execution of the Cancer Moonshot project to treat the rapidly increasing occurrences of cancer continue to drive market expansion in North America. According to reports, over 1.5 million people in the United States suffer from heart attacks and strokes each year, with direct medical expenses for cancer treatment totaling US$ 84.7 billion in 2014.

How do Growth Prospects appear in the Chinese Market?

Focus on Implementing “Industrial Internet” catching Fancy of Key Solutions Providers

China is expected to rise at a CAGR of 5.7% throughout the forecast period, providing considerable potential prospects. The increasing number of diabetes patients, as well as significant government investments in healthcare infrastructure, is important growth factors in the Asia Pacific medical device technologies market.

According to the IDF, over 213 million individuals in Asia-Pacific were diabetes in 2014, accounting for 60% of the world's total diabetic population.

Country-wise Forecast CAGRs in the Medical Device Technologies Market

U.S	5.8%
U.K	5%
China	5.7%
Japan	5.5%
South Korea	5.6%

Category-wise Insights

Why is Hospital the Most Preferred End User?

In terms of end user, hospitals and ambulatory surgery centers will lead the worldwide medical devices market in 2020. The segment's rapid expansion may be ascribed mostly to rising healthcare expenditures, increased construction of healthcare infrastructure, a strong emphasis on improving patient outcomes, and appealing reimbursement systems.

Which Device Type will Leverage Medical Device Technologies the Most?

Deployment to be Maximum across Diabetes Care Devices

Diabetes care device sales are expected to grow the quickest, with a positive CAGR of 4% over the projected period. Demand for diagnostic imaging devices, on the other hand, is expected to catch up, with a CAGR of 5.9% through 2032. Diabetes care equipment sales are increasing due to the increased prevalence of lifestyle disorders such as diabetes among a diverse population globally.

According to the World Health Organization and the International Diabetes Federation (IDF), more than 400 million individuals have diabetes in 2014. The use of diagnostic imaging techniques such as MRI, X-ray, and CT scan allows for the non-invasive diagnosis of chronic illnesses. This aspect is a major driver of the increase in diagnostic imaging device sales.

Competitive Landscape

The worldwide market for medical device technology is fragmented, with multiple medical device makers competing 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. Development of sophisticated medical technology continues to be a primary priority area for industry leaders seeking to preserve a strategic position.
• 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.

Key Segments Covered in the Medical Device Technologies Industry Report

• Medical Device Technologies 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

• Medical Device Technologies by End User

  • Academics & Research
  • Hospitals
  • Clinics
  • Diagnostic Centers
  • Ambulatory Surgery Centers
  • Others

• Medical Device Technologies by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)