Categories
Pharmaceutical

Demand for Medical Device Technologies Market to Expand at 4.6% CAGR Through 2025

The medical device technologies market is poised to embark on a moderate growth trajectory, expanding at a CAGR of 4.6% during the period (2020-2025). Rising preference for minimally invasive surgeries is anticipated to fuel the market growth in the future. Such procedures are increasingly utilizing technologies such as robotics to achieve precision in surgical operations. In addition, the usage of medical images has augmented within all health systems. Various imaging modalities such as projection radiography, MRI, CAD/CAM technology and CT scanning techniques provide relevant patient information. Also, platforms such as implantable miniature telescopes, smart adapter and premium intraocular lenses (IOLs) have revolutionized domains such as ophthalmology.

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The onset of the coronavirus pandemic, however, is anticipated to downsize the medical device technologies market during the short-term forecast. As healthcare providers are reorienting their operations towards the eradication of the pandemic, other elective procedures have taken a backseat. This is expected to reduce the demand for technologically enhanced devices for the same. However, the market will accelerate in high gear in the post-pandemic scenario when healthcare operations revert to a normal scale.

global medical device technologies market growth forecast by device type

Key Takeaways of the Medical Device Technologies Market Study

  • By device type, sales of diabetes care devices show healthy growth, registering a CAGR of 6.0% during the forecast period. This is attributed to growing proportion of diabetic population across the world.
  • Adoption of medical device technologies in hospitals continues to influence growth strategies, capturing more than 30% of the total market revenue.

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  • Rising investment in healthcare infrastructure has led to an increase in the number of hospitals constructed to provide advanced medical treatment. This is anticipated to be an important growth determinant.
  • By region, North America will maintain lead in the medical device technologies market, capturing almost 2/5th of the global market value.
  • Asia-Pacific is expected to create credible growth opportunities for key players, with the market growth expanding at a CAGR of 6.6% through 2025.
  • Increasing prevalence of chronic diseases and rising geriatric population are driving market expansion across both regions.’

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.

Device Type
  • 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
  • Others
End-user
  • Academics & Research
  • Hospitals
  • Clinics
  • Diagnostic Centers
  • Ambulatory Surgery Centers
  • Others

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Medical Device Technologies Market: Competition Insights

The medical devices technologies market shows a high level of fragmentation, with a growing number of market players 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 among others.

Market players are focusing in product differentiation and reduced time-to-market for their products. For instance, structural heart therapy offered by Boston Scientific Corporation is one of the most rapidly growing segments of the medical devices 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 includes acute and renal care products with enhanced technological improvements.

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Categories
Pharmaceutical

Medical Device Technologies Market is expected to be valued at US$ 563 Bn by 2025

The medical device technologies market is poised to embark on a moderate growth trajectory, expanding at a CAGR of 4.6% during the period (2020-2025). Rising preference for minimally invasive surgeries is anticipated to fuel the market growth in the future. Such procedures are increasingly utilizing technologies such as robotics to achieve precision in surgical operations. In addition, the usage of medical images has augmented within all health systems. Various imaging modalities such as projection radiography, MRI, CAD/CAM technology and CT scanning techniques provide relevant patient information. Also, platforms such as implantable miniature telescopes, smart adapter and premium intraocular lenses (IOLs) have revolutionized domains such as ophthalmology.

The onset of the coronavirus pandemic, however, is anticipated to downsize the medical device technologies market during the short-term forecast. As healthcare providers are reorienting their operations towards the eradication of the pandemic, other elective procedures have taken a backseat. This is expected to reduce the demand for technologically enhanced devices for the same. However, the market will accelerate in high gear in the post-pandemic scenario when healthcare operations revert to a normal scale.

 

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Key Takeaways of the Medical Device Technologies Market Study

 

  • By device type, sales of diabetes care devices show healthy growth, registering a CAGR of 6.0% during the forecast period. This is attributed to growing proportion of diabetic population across the world.
  • Adoption of medical device technologies in hospitals continues to influence growth strategies, capturing more than 30% of the total market revenue.
  • Rising investment in healthcare infrastructure has led to an increase in the number of hospitals constructed to provide advanced medical treatment. This is anticipated to be an important growth determinant.
  • By region, North America will maintain lead in the medical device technologies market, capturing almost 2/5th of the global market value.
  • Asia-Pacific is expected to create credible growth opportunities for key players, with the market growth expanding at a CAGR of 6.6% through 2025.
  • Increasing prevalence of chronic diseases and rising geriatric population are driving market expansion across both regions.
“Significant technological advancements in medicine have necessitated adoption of sophisticated medical devices to aid surgical procedures. Rising demand for minimally invasive surgeries to reduce patient trauma is anticipated to fuel the market growth,” says the Fact.MR analyst.

 

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Medical Device Technologies Market: Competition Insights

 

The medical devices technologies market shows a high level of fragmentation, with a growing number of market players 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 among others.

global medical device technologies market growth forecast by device type

Medical Device Technologies Market- Driving Factors

  • Expansion of the global geriatric population, coupled with the higher incidences of chronic ailments are major market drivers.
  • Investments by medical technology companies towards research and development support market developments.
  • Faster approvals by regulators to bring products into the market support revenue prospects for market players.

Medical Device Technologies Market- Major Restraints

  • Technical complexity and prohibitive pricing are challenges for many medical device technologies.
  • Strict regulations governing the approval of medical device tech restrains market growth.

 

Get More Insights- https://www.accesswire.com/604475/Medical-Device-Technologies-Market-to-Witness-Moderate-Slump-in-Demand-Owing-to-Restrictions-on-Elective-Healthcare-During-Covid-19-Crisis-Says-FactMR

 

Looking for more information?

The research study on the medical device technologies market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the medical device technologies market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of device type (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 and others) and end-users (academics and research, hospitals, clinics, diagnostic centers, ambulatory surgery centers and others) across five major regions.

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About Fact.MR

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.

Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
Email: sales@factmr.com
Visit Our Website: https://www.factmr.com
Research Insight: https://www.factmr.com/report/4828/medical-device-technologies-market
Press Release: https://www.factmr.com/media-release/1595/global-medical-device-technologies-market