The medical device industry is constantly evolving, and the adoption of new technologies is driving growth and innovation. The top 10 medical device technologies, including wearable devices, 3D printing, AI in medical imaging, robotics in surgery, and telehealth, are all poised to revolutionize healthcare delivery in the near future. These technologies offer improved accuracy, precision, and efficiency, resulting in better patient outcomes and reduced healthcare costs. As the demand for personalized and remote healthcare services continues to grow, the medical device industry is expected to play a critical role in addressing these needs and shaping the future of healthcare.
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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Top 10 Medical Device Technologies Market Scope:
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Report Coverage |
Details |
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Market Revenue in 2022 |
$437.4 billion |
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Estimated Value by 2027 |
$577.5 billion |
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Growth Rate |
Poised to grow at a CAGR of 5.7% |
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Market Size Available for |
2020–2027 |
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Forecast Period |
2022-2027 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By In Vitro Diagnostics (IVD) Market, By Cardiology Devices Market, By Diagnostics Imaging Devices Market, By Orthopedic Devices Market, By Ophthalmology Devices Market, By Endoscopy Devices Market, By Diabetes Care Devices Market, By Wound Car Devices Market, By Kidney/Dialysis Devices Market and By Respiratory Care & Anesthesia Devices Market |
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Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Growth potential of emerging economies |
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Key Market Drivers |
Gradual shift from centralized testing to point-of-care testing |
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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