Title 2: Medical Device Technologies Demand Grows by 4.6% CAGR amid Focus on Minimally Invasive Surgeries
The medical device technologies market study by Fact MR offers insights into key growth drivers and restraints impacting the market through 2031. The survey provides a refined 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 owing to the surging incidence of chronic diseases. Technologies such as robotics along with medical imaging modalities such as 3D/4D visualization are often implemented 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 is driving the sales of diagnostic imaging devices. Growth prospects for the diabetes sales care devices are expected to remain positive, growing at a CAGR of 6.0% over the forecast period.
The market will continue to showcase steady growth especially on account of growing technological innovations including the advent of 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 transformed ophthalmology specialty.
The Asia Pacific market is projected to offer lucrative opportunities for growth. Driven by increasing number of diabetes 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.
“Increasing 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.
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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 technological innovations in healthcare such as 3D imaging and others 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, announced 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
Minimally Invasive Surgery Market - In recent years, the demand for minimally invasive surgeries has rapidly increased with a tendency to sophisticated surgical choices which do not have traditional but have least adverse effects. Providers of minimally invasive operating equipment have grown significantly in recent years with advances in medical technology. The most demanded surgical equipment in clinics and hospitals, due to the increased use of modern surgical techniques, is minimum invasive.
Diagnostic Imaging Services Market - The demand for diagnostic imaging services has been steadily increasing as the elderly population pool grows each year. Diagnostic imaging is performed twice or three times more frequently in the elderly than in the younger group. Given the scope of the COVID-19 epidemic, a sizable portion of the global population has been diagnosed and is receiving treatment. The global diagnostic imaging services market is expected to grow gradually through 2031 as a result of these trends.
Diabetes Diagnostics Market - Nanotechnology is at the forefront of technologies that are expected to provide a dependable way for diagnosing and treating diabetes early and precisely. Experts are using nanotechnology to develop advanced glucose detection and insulin delivery technologies due to the advantages of nanotechnology, such as drug release control and target specification. Such advances are expected to boost the global diabetes diagnostics market's growth.
About Fact.MR
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Source: Fact.MR
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