Medical Device Technologies Market Insights
The medical device technologies market is anticipated to expand moderately at a CAGR of 4.6% during the forecast period (2020-2025). It is expected to be valued at US$ 563 Bn by 2025. Over the years, preference for minimally invasive (MI) and non-invasive diagnostic tools has been on a significant rise.
Today, MI procedures are gaining traction, particularly in the treatment of cancer, especially for treating solid tumors. These procedures cause minimal complications, reduce the risk of infections, cause less pain, and have faster recovery time. Such advantages have increased their adoption, and in turn boost growth prospects of the medical device technologies market.
However, the COVID-19 pandemic is anticipated to constrain the market growth, with patients opting to postpone elective surgical procedures. With hospitals and other healthcare settings redirecting their resources in treating COVID-19 infections, elective surgeries have been canceled, leading to a fall in demand of medical devices. Eventually, the medical device technologies market will expand in the aftermath of the pandemic, as elective procedures will be performed as per schedule.
Medical Device Technologies Market: Technological Insights
Technological innovations such as mHealth devices, continuous glucose monitoring systems, and insulin delivery systems will continue to influence the medical device technologies market growth. Additionally, advancements in the ophthalmology segment are majorly observed in platforms such as implantable miniature telescopes, smart adapters, and premium intraocular lenses (IOLs).
In recent times, minimally invasive diagnostic and surgical procedures are making use of robotic technology along with medical imaging modalities such as 3D/4D visualization to provide accuracy and rapid diagnosis. Advancements in 3D/4D imaging have led to the developments in computer-assisted detection (CAD) and image analysis applications.
Moreover, various simple and complex biochemical and molecular operations have been shifted to chip-based microfluidic setups over the last few years. These factors are anticipated to have a positive influence on the growth of the medical device technologies market.
Medical Device Technologies Market Analysis by Device Type
Sales of diabetes care devices are anticipated to expand the fastest, registering a positive CAGR of 6.0% during the forecast period. On the other hand, demand for diagnostic imaging devices is anticipated to catch-up, registering a CAGR of 5.9% through 2025.
Growth in sales of diabetes care devices is attributable to the rising incidence of lifestyles diseases such as diabetes among a wide range of population worldwide. According to the W.H.O and the International Diabetes Federation (IDF) statistics, more than 400 million people were suffering from diabetes in 2014. Usage of diagnostic imaging techniques such as MRI, X-ray and CT scan provides painless diagnosis of chronic conditions. This factor is a key driver behind the expansion in sales of diagnostic imaging devices.
Medical Device Technologies Market: Regional Insights
North America is expected to remain at the forefront of the medical device technologies market. The region is anticipated to account for nearly two-fifth of the global market value. However, Asia-Pacific is poised to offer significant growth opportunities, expanding at a CAGR of 6.6% during the forecast period.
North America’s market growth remains driven by increasing prevalence of cardiovascular diseases and the implementation of the Cancer Moonshot initiative to address the rapidly increasing incidences of cancer. It is reported that over 1.5 million people experience heart attacks and strokes every year in the U.S, while direct medical costs for cancer treatment amounted to US$ 84.7 Bn in 2014.
Rise in number of diabetic patients and robust government investments in healthcare infrastructure are key growth drivers of Asia Pacific’s medical device technologies market. According to the IDF, in 2014, about 213 million people in the Asia-Pacific were diabetic, comprising 60% of the world’s total diabetic population.
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Medical Device Technologies Market: Competition Insights
The medical devices technologies market is fragmented, with numerous manufacturers of medical devices competing to collaborate with hospitals, clinics and research institutes. The degree of competition is high due to low switching costs by hospitals and the availability of similar products from different companies.
Some prominent players in the medical device technologies market are: 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. Development of advanced medical technologies remains a key focus area of leading players to maintain a strategic position in the market.
For instance, structural heart therapy offered by Boston Scientific Corporation is one of the most rapidly growing segments of the medical device technologies market. The segment is highly synergistic with rhythm management and interventional cardiology business. Likewise, Baxter International is in the process of launching about 50 products in the next five years which include acute and renal care products with enhanced technological improvements.
COVID-19 Impact Analysis
The ongoing novel coronavirus pandemic has crippled the entire world, suspending all businesses and disrupting supply chains. Mandatory social distancing measures have compelled companies to cut down on their production cycles, leading to a disruption in the demand-supply equation. The healthcare industry is especially facing a significant challenge as there seem to be no signs of the abatement of the pandemic.
The medical device technologies market is anticipated to register a significant downturn in the midst of the pandemic. With hospitals and other healthcare settings reorienting their priorities, patients are delaying their elective surgical procedures, leading to a drop in the demand of technologically enhanced devices.
At the same time, it can be argued that market prospects shall broaden owing to ongoing investigations for designing possible diagnostic tests for detecting the SARS-CoV-2 in existing as well as formerly infected patients. The market is anticipated to rebound in the aftermath of the pandemic, when medical operations normalize, restoring the existing future growth predictions.
An Adaptive Approach to Modern-day Research Needs
“The medical device technologies market is set to embark on a modest growth trajectory, attributed to rising adoption of technologically-enhanced surgical procedures. The COVID-19 pandemic will temporarily hinder the growth prospects. However, the post-pandemic scenario promises to generate positive growth opportunities”.
Medical Device Technologies Market: Report Scope
The recent study on medical device technologies by Fact.MR incorporates a five-year forecast period from 2020 to 2025 and explicates on vital dynamics such as the key drivers, opportunities and restraints impacting the market growth. The report provides an in-depth study concerning the revenue, market share and year-on-year growth across the following segments: device-type and end-user.
In addition, a regional landscape incorporating the abovementioned segments has been embedded within the report. Regional analysis is done based on the following geographies: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. In the final section, a competitive landscape providing information on the prominent market players, their revenue, market share, collaborations and product launches has been included.
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Medical Device Technologies Market: Segmentation
Fact.MR has studied the medical device technologies market with detailed segmentation on the basis of device type, end-user and region.
- In-Vitro Diagnostic (IVD) Devices
- Cardiology Devices
- Diagnostic Imaging Devices
- Orthopedic Devices
- Ophthalmoogy Devices
- Endoscopy Devices
- Diabetes Care Devices
- Wound Management Devices
- Kidney/Dialysis Devices
- Anesthesia and Respiratory Care Devices
- Academics & Research
- Diagnostic Centers
- Ambulatory Surgery Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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