Medical Device Technologies Market - Forecast(2022 - 2027)

Report Code: HCR 0565 Report Format: PDF + Excel

Medical Device Technologies Market Overview

Medical Device Technologies Market size is forecast to reach $6,750million by 2026, growing at a CAGR of 5.9% over 2021-2026. Medical Device Technologies helps to speed up medical procedures and is also used to save and improve the lives of people. Medical device technologies are products, services, or solutions that are used to diagnose illness and monitor the treatment in an accurate way. Medical device technologies are needed during pregnancy tests and ultrasound scans and help to ensure the process is safe. Medical technologies are using a variety of devices such as cardiovascular devices, patient monitoring devices, in-vitro diagnostics devices, drug delivery devices, and any more that provide smooth treatment without any risk. With the help of medical technologies, the ophthalmology field is progressing rapidly by providing better treatment and management improvement in ophthalmic diseases. The rising prevalence of chronic disease among the population increases the need for proper treatment which is growing the demand for advanced medical technologies and advancement of technology in the healthcare field and rising the adoption of medical technologies in the various healthcare sectors driving the growth of Medical Device Technologies Market. Furthermore, rising geriatric population increases the need for minimally invasive surgeries that is growing the demand for advanced medical technologies for better treatment which is set to further enhance the overall market demand for Medical Device Technologies Market for the period 2021-2026. 

Report Coverage

The report: “Medical Device Technologies Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Medical Device Technologies Market.
By Device: In Vitro Diagnostics, Cardiology devices, Orthopedic Devices, Diagnostic Imaging Devices, and Others
By Type: Drug Delivery, Molecular Diagnostics, Mobility Aid Technologies, and Others
By End-User: Hospitals, Ambulatory Surgical Centers, and Others
By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa)

Key Takeaways

  • In 2020, North America dominated the Medical Device Technologies Market owing to rising development in technology, growing adoption of modern techniques in hospitals and increasing cases of health issues among population, proper and better treatment are risiing the adoption of advanced technologies in the healthcare sector which in turn is enhancing the market growth.
  • Rising prevalence of chronic disease among the population increases the need for proper treatment and growing demand for advanced medical technologies and advancement of technology in the healthcare field, rising the adoption of medical technologies in the various healthcare sectors are improving the growth of the Medical Device Technologies Market. 
  • The prominent manufacturers operating in the market will be provided a detailed analysis of Strength, Weakness, and Opportunities in the Medical Device Technologies Market report.
  • High cost associated with medical devices is set to create hurdles for the Medical Device Technologies Market.
Medical Device Technologies Market Size, By End-User 2020 
 
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Medical Device Technologies Market Segment Analysis – By Device

The Medical Device Technologies Market based on Device can be further distributed into In Vitro Diagnostics, Cardiology devices, Orthopedic Devices, Diagnostic Imaging Devices, and Others. The In-Vitro Diagnostics segment is the major segment generating revenue in 2020. In Vitro Diagnostics provides various opportunities in the field of microbiology, immune and clinical chemistry as well as molecular diagnostics that enable to improve the lives of people which is growing the advancement of in vitro technologies device. Moreover, the rising need for fast diagnostics is also rising the adoption of in-vitro diagnostics devices in hospitals. The Cardiology Devices segment is estimated to register the fastest CAGR of 6.1% for the period 2021-2026. According to World Health Organization, about 17.9 million people are suffering from cardiovascular diseases in 2020 who need proper treatment that reduces the rate of cardiovascular diseases. This factor rising the adoption of advanced cardiology devices helps heart patients to conduct their daily duties from one system which further propell the growth of Medical Device Technologies Market.

Medical Device Technologies Market Segment Analysis – By End-User

The Medical Device Technologies Market based on End-User can be further segmented into Hospitals, Ambulatory Surgical Centers, and Others. The Hospitals segment registers for the highest Medical Device Technologies Market share in 2020. This is mainly owing to the fact that more than 13 million diagnostic procedures are performed every year in hospitals that needs to advance the technologies in hospitals and provide the best results. Moreover, in vitro diagnostics are mostly performed in hospitals owing to the availability of advanced technologies that is rising the preference of hospitals among patients. The Ambulatory Surgical Centers segment is forecasted to register the fastest CAGR of 6.7% over 2021-2026. This is mainly owing to the rise of minimally invasive surgeries among the geriatric population, increasing the advancement in various techniques and growing the preference among patients in ambulatory surgical centers thereby driving the growth of Medical Device Technologies Market.

Medical Device Technologies Market Segment Analysis – By Geography

North America dominated the Medical Device Technologies Market with a major share of 40% in 2020. This is mainly owing to the rising development in technology that is growing the adoption of modern techniques in hospitals and increasing cases of health issue among population and adoption of advanced technologies in the healthcare sector which in turn is enhancing the market growth. In the U.S., more than 80% of companies are medical devices and are considered as the largest medical device in the world that enhance the growth of the Medical Device Technologies Market.

However, Asia Pacific is projected to be the growing market during the forecast period 2021-2026 owing to the growing population of elder people increasing cases of various health issues which is growing the adoption of various technologies in healthcare. In Asian countries, such as China, India, Japan, technologies in medical devices are advancing which is further developing the adoption of Medical Device Technologies Market.

Medical Device Technologies Market Drivers

Rising prevalence of chronic disease among the population increases the need for proper treatment that growing the demand for advanced medical technologies

Increasing prevalence of chronic disease among population, rising the demand for proper treatment and growing advancement in medical technologies. are driving the market growth. According to World Health Organization, about 57% of chronic diseases increased among the population in 2020. Owing to this, the adoption of advanced medical technologies rising for reducing the issues provide better results which in turn propel the growth of market over the period 2021-2026.

Advancement of technology in healthcare field rising the adoption of medical technologies in the various healthcare sector

Technological advancement in the healthcare field provides smoother communication in the organization of healthcare that also helps to provide proper treatment for various diseases which is further growing the adoption of technology in medicine. Recently, 3-D imaging devices adoption increased in hospitals that is further rising the innovation in medical technologies among various companies which boost the growth of the Medical Device Technologies Market over the period 2021-2026.

Covid Impact:

COVID-19 pandemic had greatly impacted the growth of the Medical Devices Technologies Market. With the help of advanced technologies, the diseases are diagnosed quickly and during pandemics, it shows very effective for providing treatment quickly that is rising the adoption of advanced medical technologies which positively impact the growth of Medical Device Technologies Market.   

Medical Device Technologies Market Challenges 

High-Cost Associated With Medical Devices

The factors that are set to impede the growth of the Medical Devices Technologies Market are the high cost of medical devices owing to growing advancement in technologies. Recently, the increasing use of medical technology, rising the cost of medical devices by 40-50% annually that impact the growth in the healthcare industry, is set to be challenging the market of Medical Device Technologies.

Medical Device Technologies Landscape

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Device Technologies Market. Medical Device Technologies top 10 companies are 
  • Abbott Laboratories Inc.
  • Becton Dickinson and Company
  • GE Healthcare
  • Novartis Diagnostics
  • BioMerieux Inc.
  • Biomerica Inc.
  • Johnson and Johnson Diagnostics Inc.
  • Olympus Corporation
  • Medtronic PLC
  • Zenith Healthcare

Development

In 2020, Medtronic had a partnership with The Foundry, a medical device company in order to advance the medical industries by developing various medical technologies.

Relevant Reports:

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Report Code: HCR 0553

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1. Medical Device Technologies Market Overview
    1.1 Definitions and Scope
2. Medical Device Technologies Market Executive Summary
    2.1 Market Size and Key Trends
    2.2 Key trends by Device
    2.3 Key trends by Type
    2.4 Key trends by End-User
    2.5 Key trends by Geography
3. Medical Device Technologies Market Landscape
    3.1 Market Share Analysis- Key Companies
    3.2 Product Benchmarking- Key Companies
    3.3 Financial Analysis - Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis
4. Medical Device Technologies Market- Startup companies Scenario Premium Premium
    4.1 Key startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Application Analysis
        4.1.4 Venture Capital and Funding Scenario
5. Medical Device Technologies Market- Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of successful ventures
6. Medical Device Technologies Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Customers
        6.3.3 Threat of New Entrants
        6.3.4 Rivalry Among Existing Players
        6.3.5 Threat of Substitutes
7. Medical Device Technologies Market Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Medical Device Technologies Market– By Device (Market Size -$Million/$Billion)
    8.1 In Vitro Diagnostics
    8.2 Cardiology Devices
    8.3 Orthopedic Devices
    8.4 Diagnostic Imaging Devices
    8.5 Others
9. Medical Device Technologies Market– By Type (Market Size -$Million/$Billion)
    9.1 Drug Delivery
    9.2 Molecular Diagnostics
    9.3 Mobility Aid Technologies
    9.4 Others
10. Medical Device Technologies Market– By End-User (Market Size -$Million/$Billion)
    10.1 Hospitals
    10.2 Ambulatory Surgical Centers
    10.3 Others
11. Medical Device Technologies Market- By Geography (Market Size -$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 U.K.
        11.2.2 Germany
        11.2.3 Italy
        11.2.4 France
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Australia
        11.3.3 Japan
        11.3.4 South KoreaText Box: 06
        11.3.5 India
        11.3.6 Rest of Asia-Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Others
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Medical Device Technologies Market Entropy
13. Medical Device Technologies Market- Industry / Segment Competition landscape Premium Premium
    13.1 Market Share Analysis
        13.1.1 Market Share by Country- Key companies
        13.1.2 Market Share by Region- Key companies
        13.1.3 Market Share at Global Level- Key companies
        13.1.4 Competition Matrix
        13.1.5 Best Practices for Companies
14. Medical Device Technologies Market- Key Company List by Country Premium Premium
15. Medical Device Technologies Market Company Analysis
    15.1 Company Revenue, Products, M&A, Developments
    15.2 Company 1
    15.3 Company 2
    15.4 Company 3
    15.5 Company 4
    15.6 Company 5
    15.7 Company 6
    15.8 Company 7
    15.9 Company 8
    15.10 Company 9
    15.11 Company 10
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