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  • Medical Technology Market Forecasts & Analysis
  • Market Opportunities
  • Latest Trends & Dynamics
  • Key Industry Analysis
  • Competitive Benchmarking

Catch a glimpse of the ever-evolving technology industry from the lens of an electronic manufacturer.

REPORT SUMMARY

Industry OverviewThe global medical technology market is expected to value at $603M in 2025 and will grow at a CAGR of 5.9%.
WHO and the World Bank have announced Global Alliance on Healthcare Technology for developing economies to solve difficulties faced by them, which will create new opportunities for global market growth.
Report CoverageThe report provides an in-depth coverage of the market dynamics such as market drivers, challenges, and opportunities. The report provides the value chain analysis for the market. Global and US market forecast have been provided along with the competitive landscape existing in the market.
Competitive LandscapeExisting market players with global reach are introducing new and innovative products. For instance, Google, Fitbit, Apple, and Nike have launched smart wearable that are designed for individual users. Heart rate and blood pressure monitoring devices can be easily availed for home care. New partnerships among technology firms creates unique opportunities in the medical device field.

The key players in the medical technology market are Medtronic, Stryker, Zimmer Biomet, Auris Health, Intuitive Surgical, LivaNova, and Thermo Fisher Scientific.

TABLE OF CONTENTS

Market Definition
Market Segmentation
Research Methodology
Market Drivers
Market Restraints / Challenges
Market Opportunities
Global and US Medical Technology Market (in US$ Billion, 20162025)
Value Chain Analysis
Competitive Landscape

RESEARCH METHODOLOGY

MARKET SEGMENTATION

Medical Technology Market Segmentation by Product Type
Dental Equipment
Electro-medical Equipment
In-Vitro Diagnostics
Irradiation Apparatuses
Others (Radiotherapy, Orthopedic, and Cardiovascular)
Medical Technology Market Segmentation by Application
Diagnostic & Monitoring
Prevention
Surgical Treatments
Others (Therapeutic Care, and Physical Therapy)
Medical Technology Market Segmentation by End-user
Home Care
Hospital Care
Ambulatory Care
Medical Laboratories
Others (Emergency Care, and Defense & Space)
Medical Technology Market Segmentation by Region
North America
Asia Pacific
Europe
Middle East & Africa
South America

Medical Technology Market Infographic

How much will the global medical devices market be worth in the future?

The global medical technology device market has reached a new high, and will value USD $603B in 2025. As per our study, the global market will grow at a CAGR of 5.9% till 2025.

Which are the key drivers of the medical devices market?

Integration of AI and increased adoption of robotics in medical surgery are key trends responsible for market growth. In addition, the dependence of organizations on information technology and the real time data in the medical field is growing over the past few years. We may conclude that innovation and technology are the backbone of numerous advances in the medical field over the last two decades. Technology integration in medical sciences has outdone the fear of life-threatening diseases among the people, thus saving millions of lives over the years.

More disruptive technologies such as smart wearable to monitor patient’s health and therapeutic techniques has garnered focus of doctors, clinicians and other healthcare personnel. Battling outbreaks such as pandemic and epidemic has resulted in higher healthcare expenditure by governments across the globe. Diseases like Covid-19, where governments are far more reliant on technological support, will change the dynamic of the entire healthcare infrastructure outlook. Development of robots for drug delivery systems and portable ventilators are being built by medical equipment companies as they are the new medical device industry trends according to medical market research and medical device research report. The recent outbreaks show an increase in demand for In vitro diagnostic tests and Personal protective equipment (PPE) coupled with the rise in R&D activities.

Ever growing older population and improved life expediency will increase penetration home care monitoring devices. Additionally, increased government spending and rise in the number of insurance providers will influence market growth in a positive light. For instance, the US government had issued the Patient Protection and Affordable Care Act in 2010, which provided access to healthcare services for sections of the population that were previously uninsured. Further, countries like India, Singapore, China and South Korea are well-known to provide cost-effective medical devices to meet the increasing demand for care, the cost constraints of the new healthcare system, and control the rising healthcare spending.

Further key findings from the study for US medical technology market suggest that:

The US medical technology market is estimated to retain its dominance in the medical market and is projected to reach USD 241 billion by 2025

According to the data published by Medical Device Manufacturing Associations indicates a sharp increase in the number of patent filled in the US from approximately 22,400 in 2007 to approximately 34,400 in 2018

The growth figures for the US medical device industry are a direct reflection of the slow & steady rise in the number of patients and increase in revenue generation per person

Implementation of robots in the medical device industry includes surgical robots and rehabilitation robots, is a key trend in the region.

Increasing life expectancy and reducing fertility rates are proved to be major prospects for market growth. For instance, the U.S. elderly population was estimated to be 15% of the total population in 2018 as per US census report

Medical device manufacturers in US will face a hefty challenge from Chinese device makers, and are subjected to weak export to the poor economies due to the strong US dollar

Which are the top companies in the medical devices market?

The key medical device companies includes Johnson & Johnson, GE Healthcare, Siemens Healthcare, Medtronic, Philips Healthcare, Roche Diagnostics, Abbott Laboratories Inc., and Stryker Corporation.