The Medical Device Technology Market Is Expected To Be Valued At USD 563 Billion By The End Of 2032
Medical Device Technology Market Research analyzes each market player involved in the market research according to market share, production footprint, current launches, contracts, ongoing R&D projects, and market strategies. SWOT analysis was performed in market research to examine the strengths, weaknesses, opportunities and threats of each player.
Sales of diabetes management devices are projected to expand fastest, registering a positive CAGR of 6.0% over the forecast period. Meanwhile, the demand for diagnostic imaging devices is projected to catch up at a CAGR of 5.9% by 2025.
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The increase in sales of diabetes management devices is due to the increased incidence of lifestyle-related diseases such as diabetes in a wide population worldwide. According to WHO and International Diabetes Federation (IDF) statistics, there were more than 400 million people with diabetes in 2014. Diagnostic imaging technologies such as MRI, X-ray, and CT scans can be used to diagnose chronic conditions painlessly. This factor is a key driver of increased sales of diagnostic imaging devices.
Medical Device Technology Market: Regional Insights
North America is expected to remain at the forefront of the medical device technology market. This region is expected to account for nearly two-fifths 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.
A recent study by Fact.MR on the Medical Device Technology Market provides a 5-year forecast for 2020-2025. This study analyzes important trends that are currently driving the growth of the Medical Device Technology market. This report discusses the key dynamics such as drivers, restraints and opportunities for key market players and new entrants related to the provision of medical device technology. The study also provides unique dynamics affecting the future state of the Medical Device Technology market during the forecast period.
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|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||
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.
The Medical Device Technology Market report provides readers with the insights mentioned below.
- Key trends including ecological conservation, patented solutions and globalization.
- Consumption patterns of each segment of the market in all regions.
- Detailed study of the factors (positive and negative) influencing the growth of the global Bronchial Valves market.
- Critical analysis of R&D activities carried out by market participants to expand production space across various industries.
- A thorough examination of market effects across various end-use industries.
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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
Medical Device Technologies by End User
- Academics & Research
- Diagnostic Centers
- Ambulatory Surgery Centers
Medical Device Technologies by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
The Medical Device Technology Market Report Eliminates Your Following Queries:
- What is the highest consumption end-use and why?
- What regions are the market players targeting to gain a competitive edge?
- What are the growth forecasts for the global market in these regions?
- What is the YoY growth rate for the global market?
- Which segment will have the largest share of the global market by the end of the year?
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