The medical device technologies market is poised to embark on a moderate growth trajectory, expanding at a CAGR of 4.6% during the period (2020-2025). Rising preference for minimally invasive surgeries is anticipated to fuel the market growth in the future. Such procedures are increasingly utilizing technologies such as robotics to achieve precision in surgical operations. In addition, the usage of medical images has augmented within all health systems. Various imaging modalities such as projection radiography, MRI, CAD/CAM technology and CT scanning techniques provide relevant patient information. Also, platforms such as implantable miniature telescopes, smart adapter and premium intraocular lenses (IOLs) have revolutionized domains such as ophthalmology.
The onset of the coronavirus pandemic, however, is anticipated to downsize the medical device technologies market during the short-term forecast. As healthcare providers are reorienting their operations towards the eradication of the pandemic, other elective procedures have taken a backseat. This is expected to reduce the demand for technologically enhanced devices for the same. However, the market will accelerate in high gear in the post-pandemic scenario when healthcare operations revert to a normal scale.
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Key Takeaways of the Medical Device Technologies Market Study
- By device type, sales of diabetes care devices show healthy growth, registering a CAGR of 6.0% during the forecast period. This is attributed to growing proportion of diabetic population across the world.
- Adoption of medical device technologies in hospitals continues to influence growth strategies, capturing more than 30% of the total market revenue.
- Rising investment in healthcare infrastructure has led to an increase in the number of hospitals constructed to provide advanced medical treatment. This is anticipated to be an important growth determinant.
- By region, North America will maintain lead in the medical device technologies market, capturing almost 2/5th of the global market value.
- Asia-Pacific is expected to create credible growth opportunities for key players, with the market growth expanding at a CAGR of 6.6% through 2025.
- Increasing prevalence of chronic diseases and rising geriatric population are driving market expansion across both regions.
“Significant technological advancements in medicine have necessitated adoption of sophisticated medical devices to aid surgical procedures. Rising demand for minimally invasive surgeries to reduce patient trauma is anticipated to fuel the market growth,” says the Fact.MR analyst.
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Medical Device Technologies Market: Competition Insights
The medical devices technologies market shows a high level of fragmentation, with a growing number of market players competing to collaborate with hospitals, clinics and research institutes. The degree of competition is high due to low switching costs by hospitals and the availability of similar products from different companies.
Some prominent players in the medical device technologies market 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 among others.
Medical Device Technologies Market- Driving Factors
- Expansion of the global geriatric population, coupled with the higher incidences of chronic ailments are major market drivers.
- Investments by medical technology companies towards research and development support market developments.
- Faster approvals by regulators to bring products into the market support revenue prospects for market players.
Medical Device Technologies Market- Major Restraints
- Technical complexity and prohibitive pricing are challenges for many medical device technologies.
- Strict regulations governing the approval of medical device tech restrains market growth.
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The research study on the medical device technologies market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the medical device technologies market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of device type (in-vitro diagnostic (IVD) devices, cardiology devices, diagnostic imaging devices, orthopedic devices, ophthalmology devices, endoscopy devices, diabetes care devices, wound management devices, kidney/dialysis devices, anesthesia and respiratory care devices and others) and end-users (academics and research, hospitals, clinics, diagnostic centers, ambulatory surgery centers and others) across five major regions.
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