Global Medical Device Technology Industry

Market Overview:

The global medical device technology market will experience considerable growth in the next five years, propelled by the continuous technological advancements which are being made in this field.
Digitalisation in the healthcare industry and value-based reimbursement (VBR) are other important drivers which are expected to fuel the market growth. The extensive use of medical device technology by end users such as healthcare centres, pharmaceutical and research organisations and others will also play a crucial role in the expansion of this global market.

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Another aspect which will have a positive impact on the growth of this market is the development of connected medical devices. These are devices which are capable of communicating information over a distance, and in many cases, they can even be operated remotely via different types of connections, which may be local (via Wi-Fi, Bluetooth, or sometimes via proprietary local or personal wireless channels), involving long-distance communication through a device such as a router, or in many cases they may be connected to a Wide Area Network (WAN), thanks to modern cellular technologies such as LTE or 5G.

Major Key Players:

The report covers a detailed competitive outlook that includes the market share and company profiles of key players operating in the global market. Key players profiled in the report include Abbott Laboratories, Becton Dickinson, Boston Scientific, Biomerica Inc., BioMerieux, Johnson & Johnson, Novartis Diagnostics, Olympus Corporation and Zimmer Biomet. 

Market Segmentation:
Broadly, the global market is divided into type, and end users.
Based on the type of testing device, the global medical device technology market can be segmented into diagnostic apparatuses, mobility aid devices, non-invasive monitoring, orthopaedic systems and other factions.
From the perspective of end users, this market can be classified into healthcare centres, pharmaceutical and research organisations and other groups.

Regional Analysis:
Geographically speaking, the global medical device technology market is made up of North America, Europe, Asia-Pacific, MEA (the Middle East and Africa) and Latin America. Each of these regions has a few countries which hold the largest market share. In North America, these countries are the United States of America, Canada and Mexico. In the European region, the dominant forces are the United Kingdoms, France, Germany and Italy. In Asia-Pacific, the key players in the medical device technology market are India, China and Japan. In the MEA (the Middle East and Africa) region, the market is primarily driven by South Africa. In Latin America, Brazil is the largest player in the market. The medical device technology market growth in the North America region is anticipated to be driven by the robust healthcare infrastructure and faster adoption and implementation of new medical technologies. Asia-Pacific, on the other hand, is a comparatively developing market which shows a high potential for expansion as a consequence of the increasing per capita income, the increasing geriatric population, the increasing level of public awareness related to health issues, and the rapidly improving health infrastructure there.

Industry News:
Initially focused exclusively on preventative care, diagnostics, and urgent care, the medical device technology market is rapidly transcending its boundaries and spilling over into the general health and well-being industry. Modern wearable devices which are used in the sports and fitness category may, for instance, also function as apparatuses for early detection of ailments, such as irregular heartbeat, which is often a symptom of more serious medical conditions such as heart diseases. The emergence of connected medical devices will certainly propagate the growth of the medical device technology market.

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