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The medical technologies market size is projected to value USD 325.9 billion at a CAGR of 8.09% between 2023 and 2028. The market develops and provides advanced medical devices, equipment, and technologies. The growth of the market depends on several factors, including the increasing prevalence of diseases, the rising number of product launches in IVD (in-vitro diagnostics), and the growing adoption of data analytics in the healthcare sector. The medical technologies market is experiencing growth driven by innovations such as AI-powered diagnostics, wearable health devices, and telemedicine platforms. The adoption of minimally invasive surgical tools, robotic surgery systems, and advanced imaging technologies is also rising. Increased demand for remote patient monitoring, personalized medicine, and the integration of big data analytics into healthcare is shaping the industry. Growing investments in research and development, alongside an aging population and rising chronic disease rates, are further accelerating market expansion.
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The medical technologies market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The medical technologies market boasts a diverse landscape, encompassing a wide array of innovations and solutions catering to various stakeholders. Public company revenue within this sector reflects substantial investment and growth, particularly in areas such as electronic health records (EHRs), non-imaging diagnostics, and research-related equipment. Furthermore, the emergence of GLP-1 therapies has garnered significant attention due to their potential to address the healthcare needs of an aging global population and underserved chronic disease patients. Advancements in artificial intelligence (AI) have paved the way for an intelligent health ecosystem (IHE), revolutionizing how healthcare providers interact with patients. This transformation is evident in the development of medical devices ranging from wearable medical devices that monitor vital signs to telemedicine platforms enabling remote consultations. The integration of machine learning (ML) algorithms into these technologies further enhances their capabilities, leading to more personalized and effective patient-centric care.
Moreover, the market share growth by the medical devices segment will be significant during the forecast period. Some major medical device categories include therapeutic and surgical devices, patient monitoring, diagnostic and medical imaging devices (PMDMIDs), and other medical devices.
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The medical devices segment was valued at USD 407 billion in 2018. An increase in R&D activities in related medical technology fields is also driving the growth of the medical devices segment. The rising prevalence of diseases and associated risk factors, the aging population, awareness-raising initiatives by public and private organizations, and rising healthcare costs are boosting the growth of the medical devices segment.
Moreover, the demand for medical devices is growing as a result of factors including an aging population, the adoption of technologically advanced ophthalmologic and hearing diagnostic devices, and the prevalence of ophthalmological and hearing disorders. Hospitals have adopted new technologies such as wearable medical devices to adjust to a changing regulatory environment and improve the general standard of care for patients. Modern medical facilities are high-tech operations that offer cutting-edge technology to skilled employees. The increasing demand for molecular and tissue diagnostics due to the rising prevalence of chronic conditions will increase the demand for IVDs in hospitals during the forecast period.
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North America is estimated to contribute 35% to the growth of the global medical technologies market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The proliferation of smartphones is accelerating the adoption of mHealth technology by healthcare providers and patients in the region. The US is the world's largest medical device industry and is expected to dominate during the forecast period. The US is also the world's largest consumer of medical devices. Increasing government initiatives to expand Medicare services are contributing to the demand for digital health in developed countries in the region. Across countries and regions, healthcare industries are embracing novel therapies, leveraging sophisticated models that blend electronics and precision instruments to achieve unparalleled precision in treatments.
Medical technologies are propelled by non-imaging diagnostics and advanced research-related equipment, boosting public company revenue. GLP-1 therapies address the needs of an aging global population and underserved chronic disease patients. AI and machine learning enhance patient-centric care through wearable medical devices and telemedicine. Challenges include regulatory hurdles, data privacy concerns, and integration complexities. Healthcare providers like Medtronic drive innovations in surgical procedures and medical devices, but emergency room visits and orthopedic surgeries pose operational challenges.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. This medical technologies market analysis and report includes in-depth information about the key market drivers, trends, and challenges during the forecasted period.
Frequent product launches in IVD are notably driving medical technologies market growth. The market is witnessing high growth owing to frequent product launches by manufacturers to cater to the growing demand. The increasing prevalence of diseases is surging the demand for advancement in medical technologies. Advanced IVD products with molecular diagnostic capabilities provide effective and accurate results. The increasing number of IVD products launched by major players is also driving market growth. For instance, in May 2022, Medtronic Plc's latest generation drug-eluting coronary stent system, Onyx Frontier, obtained approval from the FDA. The Onyx Frontier DES uses the same best-in-class stent platform as the Resolute Onyx DES but with an improved delivery mechanism. This improves deliverability and acute performance in even the most challenging patients.
In addition, increasing chronic diseases among people of all ages, the prevalence of cardiovascular diseases, and the increasing number of diseases will also influence the market. Healthcare providers are widely adopting digital health technologies such as EHRs and telemedicine to curb workloads. In addition, rising internet penetration and the need for effective methods to obtain information about hospitals and drug availability are expected to drive the growth of the market.
The increasing adoption of IoT and connected devices is an emerging trend in the medical technologies market. IoT-connected devices create a world where data is exchanged between physical objects such as sensors, on-device software, and technologies that are adjacent to other systems and devices. IoT has a wide range of healthcare applications, potentially extending both inside and outside healthcare facilities. Healthcare organizations are moving to connected hospital infrastructures to ensure timely and improved care. IoT and connected devices are assisting the healthcare sector in bridging the gap between physical and digital data sources by continuously monitoring patients.
IoT connectivity and security solutions work seamlessly with a wide array of medical devices. IoT infrastructure may ease operational burdens on healthcare facilities, increase access to services, and assist the growth of digital ecosystems within healthcare organizations. The increasing use of IoT and connected medical devices is one of the major healthcare technology trends driving the market growth and trends during the forecast period.
The high cost of implementation of digital health solutions is the major challenge impeding medical technologies market growth. The implementation of digital health is costly. A digital health system can be implemented over a period of time ranging from a few months to several years. For instance, it took three years to integrate EHRs throughout the hospital network. These incidents highlight how crucial thorough study is before deployment. For hospitals and health systems, implementing EHRs is costly and labor-intensive. In addition to being expensive, implementing digital health takes a lot of time, which is a major challenge for companies. Most companies charge extra for software updates and refuse to provide technical support to end users unless they purchase the latest version. EHR implementation is costly and labor-intensive for hospitals and healthcare systems.
Apart from cost, implementing digital healthcare solutions takes a lot of time. For example, it takes a long time to integrate digitized medical records with other field medical services and accounting records. It needs an extensive training program to educate users. Therefore, high implementation costs of digital health will likely hamper the growth of the global market during the forecast period.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the medtech industry. The market is highly competitive, with numerous multinational companies vying for market share through innovation and product development.
Boston Scientific Corp: The medical technology company develops and manufactures devices to diagnose and treat a broad range of gastrointestinal and pulmonary conditions and urological and pelvic conditions.
General Electric Co.: The medical technology company offers medical technologies for dialysis and transfusion, such as Dialyzers and Dialysis machines. Also, they offer a range of technologies and solutions related to energy production, including gas and steam turbines, engines, generators, high-voltage equipment, power generation services, and digital solutions.
This medical technologies market trends and analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Amid market uncertainty, the healthcare hospitality sector remains resolute in its commitment to quality employment, optimizing resources to navigate uncertain aspects while propelling continuous market growth.
The medical technologies market is witnessing significant growth driven by advancements in non-imaging diagnostics and research-related equipment. Public companies are experiencing substantial revenue increases, especially in GLP-1 therapies aimed at addressing the needs of an aging global population and underserved chronic disease patients. This growth is further fueled by innovations in artificial intelligence (AI), creating an intelligent health ecosystem (IHE) that optimizes care delivery. Moreover, trading multiples in the life sciences sector reflect investor confidence, with a focus on cash returns and dividends. The rising consumer demand for patient-centric care is driving the adoption of wearable medical devices, machine learning (ML) algorithms, and mobile apps integrated with electronic health records (EHRs). Emerging economies are shaping new payment models and regulatory frameworks, impacting reimbursement policies and overall healthcare expenditure.
The market landscape depends on various factors such as orthopedic procedures, in-vitro diagnostics (IVD). Health leaders are emphasizing preventive care to reduce chronic disease incidence and improve inpatient admissions while optimizing surgical procedures and diagnostic procedures, including in-vitro diagnostic testing. Furthermore, companies are innovating in orthopedic surgeries and ophthalmic procedures, leveraging wearable devices and fitness trackers for post-operative monitoring. Platforms provide insights into chronic disorders management, supported by organizations. Companies are revolutionizing wound care with its digital solutions, benefiting hospitals & ASCs seeking efficient diagnostic procedures and elective surgeries planning. Amidst these advancements, attention to emergency room visits, dental procedures, and healthcare agencies collaboration remains crucial for a holistic approach to modern healthcare.
Industry Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 325.9 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 35% |
Key countries |
US, Germany, France, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., Cordis Corp., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corp., Olympus Corp., OMRON Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our medical technologies market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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