Fact.MR – A Market Research and Competitive Intelligence Provider: As per insights by Fact.MR, the global market for medical device technologies is poised to grow at a CAGR of 4.6% over the forecast period 2021-2031, surpassing a valuation of US$ 563 Bn by the end of 2031.
Diabetes Care Devices Remain Highly Sought-after in Medical Device Technologies Market, Demand to Rise at 6% CAGR through 2031
The medical device technologies market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey offers medical device technologies demand outlook and studies opportunities existing in key segments, including type and end user. It also highlights key strategies adopted by market players to increase medical device technologies sales.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per insights by Fact.MR, the global market for medical device technologies is poised to grow at a CAGR of 4.6% over the forecast period 2021-2031, surpassing a valuation of US$ 563 Bn by the end of 2031.
The demand for minimally invasive procedures is on rise amidst the increasing incidence of chronic diseases. Minimally invasive procedures integrate technologies such as robotics along with medical imaging modalities such as 3D/4D visualization to achieve precision in surgical operations.
Besides these, growing adoption of diagnostic imaging techniques such as magnetic resonance imaging (MRI), computed tomography (CT) and X-rays are driving the sales of diagnostic imaging devices. Growth prospects for the diabetes care devices are expected to remain positive, increasing at a CAGR of 6.0% over the forecast period.
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The market will continue to showcase steady growth especially on account of technological innovations including mHealth devices, continuous glucose monitoring systems, and insulin delivery systems. Also, platforms such as implantable miniature telescopes, smart adapters, and premium intraocular lenses (IOLs) have tremendously transfigured the ophthalmology specialty.
Asia Pacific is projected to offer lucrative opportunities for growth of the medical device technologies market. Driven by increasing number of diabetic patients along with robust government investments in healthcare infrastructure, the market is poised to grow at a CAGR of 6.6% over the forecast period.
“Technological innovations in medicine have pushed the adoption of advanced medical devices to simplify the surgical procedures. This in turn is projected to offer lucrative opportunities for growth of the market over the forecast period,” says a Fact.MR analyst.
Key Takeaways from Medical Device Technologies Market Survey
- The Asia Pacific market for medical device technologies is anticipated to grow at a CAGR of 6.6% over the forecast period.
- North America will remain dominant, accounting for 2/5 of the overall market revenue.
- Based on device type, the demand for diagnostic imaging devices is expected to rise at a CAGR of 5.9% through 2031.
Key Drivers
- Increasing incidence of chronic diseases is a major factor driving the growth of the market.
- Advent of new technological innovations is boosting the market growth.
Key Restraints
- High cost of medical devices is expected to limit the growth of the market.
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Competitive Landscape
Medical device technologies manufacturers are focusing on new product launches to enhance their product portfolio. Other players are focusing on undertaking acquisitions and collaborations to gain a competitive edge in the market.
For instance, in 2020, Siemens Healthineers announced the launch of its new MULTIX Impact C Ceiling-Mounted Digital Radiography System. The company also announced the launch of MULTIX Impact VA20, a novel version of the established floor-mounted parent DR system. To broaden its horizon for offering high-quality imaging and improving patient experience, the systems are priced moderately.
For instance, in 2021, Royal Philips, a global leader in health technology, aanounced the acquisition of Capsule Technologies, Inc. This acquisition of Capsule aligns with the key strategy of Philips focused at revolutionizing the delivery of healthcare along the health continuum with combined solutions.
Some of the leading players operating in the medical device technologies market profiled by Fact.MR 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
More Valuable Insights on Medical Device Technologies Market
Fact.MR, in its new report, offers an unbiased analysis of the global medical device technologies market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on medical device technologies market with detailed segmentation:
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
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Questions Covered in the Medical Device Technologies Market Report
- The market survey also highlights projected sales growth for medical device technologies market between 2021 and 2031
- The report offers insight into medical device technologies demand outlook for forecast period 2021-2031
- Medical device technologies market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Medical device technologies market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore Fact.MR’s Coverage on the Healthcare Domain –
Medical Device Reprocessing Market- In comparison to brand new medical devices, adoption of low-cost reprocessed medical devices is rapidly expanding. In addition, increased efforts to reduce regulated medical waste (RMW) are boosting the medical device reprocessing market. Furthermore, future market growth is likely to be aided by an increase in the number of surgical procedures related with the increased prevalence of chronic disorders. Changing legislative scenarios in numerous countries, such as France and Japan that favour medical device recycling, would offer up new areas of potential for market players.
ENT Medical Devices Market- Since the last decade, a rise in health awareness combined with an increase in demand from the senior population has boosted sales of ENT medical devices, while adoption of cutting-edge technology has boosted demand even more for ENT medical device producers. Due to an increase in demand from the ageing population, ENT medical device sales are booming. For the diagnosis and treatment of ENT-related disorders, rigid and flexible endoscopes, hearing aids and implant devices, and other devices are in high demand. Because these disorders are more common among the elderly, they account for a large portion of ENT medical device sales.
Medical Device Contract Manufacturing Market- To meet the growing demand for medical devices around the world, manufacturers are turning to innovative technology. The drive toward miniaturisation has pushed OEMs and contract manufacturers to create small equipment for minimally invasive procedures. These devices are more compact, flexible, cost less, use less power, and are easier to move. Furthermore, robotics and endoscopic techniques are used in minimally invasive operations. In the medical device contract manufacturing industry, 3D printing is developing as a potential technical improvement.
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Source: Fact.MR