Top 10 Medical Device Technologies Market in terms of revenue was estimated to be worth $437.4 billion in 2022 and is poised to reach $577.5 billion by 2027, growing at a CAGR of 5.7% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as rising prevalence of Rising prevalence of chronic diseases and related increase in disability-adjusted life years (DALYs), Technological advancements in medical devices and rapidly increasing aging population will lead this market growth in forecast period.
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The IVD Market segment is expected to account for the largest share of the Top 10 Medical device technologies market in 2021
The gradual transition from centralised testing to point-of-care testing, rising concern over early disease diagnosis in developing nations, the emergence of rapid PoC technologies, and rising use of automated analyzers are the main factors driving the in vitro diagnostics (IVD) market’s growth. However, during the forecast period, a poor reimbursement scenario is anticipated to limit market growth.
The global respiratory care & anesthesia devices market segment is expected to grow at highest CAGR in the Top 10 Medical device technologies market during the forecast period
The increasing need for advanced and innovative machines and equipment and high incidence of chronic obstructive pulmonary diseases (COPD) and obtrusive sleep apnea (OSA) are key factors driving the growth of this market. The changing preference of patients towards home care devices is expected to propel the growth of anesthesia and respiratory care devices market.
The North America segment is expected to account for the largest share of the Top 10 Medical device technologies market in 2021
North America holds largest share in Top 10 Medical device technologies market 2021. The growth in this market will be driven by the rising geriatric population, growing incidences of lifestyle diseases, and the rising demand for technologically advanced devices. However, stringent regulatory policies and a lack of reimbursement are expected to restrain the growth of this market.
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Top 10 Medical Device Technologies Market Dynamics:
Drivers:
- Rising prevalence of chronic diseases and related increase in disability-adjusted life years (DALYs)
- Technological advancements in medical devices
- Rapidly increasing aging population
Restraints:
- Uncertainty in reimbursement
- Excise tax on medical devices in the U.S.
Opportunities:
- Increasing investments from government bodies and private players in healthcare sectors in emerging economies
- Increasing focus of key players on the medical devices market in emerging countries
Challenges:
- High cost of medical devices and implants
- Hospital budget cuts
- Increasing adoption of refurbished medical devices
Key Market Players:
Major players operating in the Top 10 medical device technologies market Abbott Laboratories, Inc. (US), Roche Diagnostics (Switzerland), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), Johnson & Johnson (US), Medtronic PLC (Ireland), Smith & Nephew PLC (UK), GE Healthcare (US) are some of the market players.
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Recent Developments:
- In March 2023, The company Abbott launched received U.S FDA has approval for Epic Max stented tissue valve to treat people with aortic regurgitation or stenosis.
- In March 2023, the company Abbott launched received U.S FDA has approved FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system sensors for integration with automated insulin delivery (AID) systems.
- In November 2022, Roche diagnostics Received US FDA approval of the VENTANA FOLR1 (FOLR1-2.1) RxDx Assay, the first immunohistochemistry (IHC) companion diagnostic test to aid in identifying epithelial ovarian cancer (EOC) patients who are eligible for targeted treatment with ELAHERE (mirvetuximab soravtansine-gynx).
- In November 2022, Siemens Healthineers launched Viato.Mobile with 1.5 Tesla for high-quality MR imaging.
Top 10 Medical Device Technologies Market Advantages:
- Wearable Medical Devices: Wearable medical devices offer continuous monitoring of patient health, allowing for early detection of health problems and better disease management.
- 3D Printing: 3D printing technology enables the creation of customized medical devices and implants, improving patient outcomes and reducing the risk of implant rejection.
- Artificial Intelligence (AI) in Medical Imaging: AI technology enhances the accuracy of medical diagnoses, reducing the need for invasive procedures and improving patient outcomes.
- Robotics in Surgery: Robotic surgical systems offer greater precision and control in surgical procedures, resulting in improved patient outcomes and reduced recovery times.
- Telehealth: Telehealth technology expands access to healthcare services, particularly in rural and remote areas, and reduces the need for in-person visits, saving time and reducing healthcare costs.
- Nanotechnology: Nanotechnology enables the development of new medical devices and drugs with greater sensitivity and precision, resulting in improved patient outcomes.
- Point-of-Care Diagnostics: Point-of-care diagnostic devices offer rapid, accurate diagnoses, allowing for earlier disease detection and better disease management.
- Wireless Medical Devices: Wireless medical devices improve patient comfort and reduce the risk of infection, as they do not require physical connections to external devices.
- Biosensors: Biosensors offer continuous monitoring of patient health, allowing for earlier detection of health problems and better disease management.
- Augmented and Virtual Reality: Augmented and virtual reality technologies improve medical training and patient education, leading to improved patient outcomes and reduced healthcare costs.
Top 10 Medical Device Technologies Market – Report Highlights:
Refinement in the segments of the global top 10 Medical Device Technologies market:
- The current edition of the report consists of an updated market overview, average selling price trends, value chain analysis, Porter’s Five Forces analysis, ecosystem map, pricing analysis, patent analysis, and new industry insights.
- The report also consists of the impact of recession on the global top 10 Medical Device Technologies market.
- The competitive landscape chapter has been updated with the market evaluation framework and updated product portfolio matrix. The competitive landscape also includes the revenue share analysis of the top market players and an updated competitive situation and trends section.
Updated financial information/product portfolio of players:
- The new edition of the report provides updated financial information in the top 10 Medical Device Technologies market till 2021 for each listed company in a single diagram. This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, business segment focus in terms of the highest revenue-generating segment, and investments in R&D.
Updated market developments of profiled players:
- Recent developments are important to understand market trends and the growth strategies adopted by players. The current edition of this report provides updated developments of profiled players from January 2020 to March 2023, indicating a continuation from the previous version. Product launches, expansions, acquisitions, agreements, partnerships, and collaborations have been the principal growth strategies adopted by market players within this period.
Recession Impact
- The impact of recession has been considered in the research methodology and market forecast for the years 2020 and 2021. It has also been analysed in the product, application, end user and geographic segmentation. The market dynamics have also been updated taking into consideration the current scenario.
- Research for this report involved the use of a large number of secondary and primary sources. Secondary sources include directories; databases such as Bloomberg Business, and Factiva; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. During the primary research process, in-depth interviews were conducted with various primary respondents, which include key opinion leaders, subject matter experts, directors, and C-level executives of distributors and suppliers, to obtain and verify critical qualitative and quantitative information. This primary data was collected mainly through questionnaires, emails, and telephonic interviews.
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