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.