Medical Device Technologies Market - Growth, Trends, and Forecast (2020 - 2025)

The Medical Device Technologies Market is Segmented by Device Area (In Vitro Diagnostics (IVD), Cardiology Devices, Diagnostic Imaging, Orthopedic Devices, Ophthalmology Devices, Endoscopy Devices, Diabetes Care Devices, Wound Management Devices, Dialysis Devices, Anesthesia, and Respiratory Care Devices, and Other Device Areas) and Geography.

Market Snapshot

Study Period:

2016-2024

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Major Players:

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Market Overview

The medical device technologies market is estimated to witness a CAGR of around 7.0% over the forecast period. Certain factors that are driving the market growth include rising prevalence of chronic diseases and related increase in disability-adjusted life years, technological advancements in medical devices, and consistent increase in the aging population.

Globally, the disease burden is shifting from infectious diseases to chronic conditions, with a corresponding escalation in the burden of cancer. Chronic diseases, such as heart disease, cancer, diabetes, stroke, and arthritis, are long-lasting in their effects. Cancer and cardiovascular diseases are the two most common causes of mortality. Globally, chronic diseases kill more than 38 million people each year. Cardiovascular diseases account for most of the chronic disease-related deaths (17.5 million people annually), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million). These four groups account for 82% of all chronic disorder deaths. The rise in the incidences of chronic diseases has increased the demand for medical devices. The other factors, such as investment in R&D and the need for preventive healthcare, are driving the medical device technologies market.

However, strict FDA regulations are bound to be present in the field of healthcare. The regulatory framework for medical devices is not standardized in many countries across the world. The other factors, such as uncertainty in reimbursement and an increase in the cost of services, are also hindering the growth of the market studied.

Scope of the Report

Medical devices are intended for use in the diagnosis, monitoring, treatment, and prevention of diseases or other medical conditions. Medical technology companies are focusing more on products that deliver cheaper, faster, and more efficient patient care. The scope of the market includes devices shared across multiple major application areas.

Device Area
In Vitro Diagnostics (IVD)
Cardiology Devices
Orthopedic Devices
Diagnostic Imaging Devices
Endoscopy Devices
Ophthalmology Devices
Drug Delivery Devices
Wound Management Devices
Other Device Areas
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Cardiology Device is Expected to Hold Significant Market Share in the Device Area Segment

According to the American College of Cardiology, cardiovascular disease (CVD) accounted for about 800,000 deaths in the United States, in 2016. Among Americans, an average of one person dies from cardiovascular disease every 40 seconds. Coronary heart disease (CHD) accounts for the majority of CVD deaths, followed by stroke and heart failure. Moreover, innovations are leading the early part of the 21st century, and the effect on cardiovascular devices has been specifically significant. Keeping up and determining the relevance of these inventions and their role in patient care is a relentless challenge and opportunity for providers, as well as scientists.

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North America Dominates the Market and is Expected to Continue the Same during the Forecast Period

The primary growth driver of the medical device technologies market is a higher investment of the yearly revenues into product innovation and constant improvement of existing technologies. Mobile health and telemedicine have been growing in the United States, with an increasing rate of adoption. In July 2018, Netsmart, one of the largest providers of behavioral health electronic health records (EHRs) in the United States, finalized its acquisition of the home care and hospice solutions of Change Healthcare. This type of collaborative activity is likely to expand the existing medical technology market. Continuous R&D, to develop technologies that benefit the human race, is one of the major driving factors for the US medial device technologies market. The US bio-implant market is also driven by advanced technologies, including 3D printing, nanotechnology, and laser technology.

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Competitive Landscape

The medical device technologies market is highly competitive and consists of a number of major players. Companies, like Abbott Laboratories, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthcare, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare, among others, hold the substantial share in the market studied.

Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Prevalence of Chronic Diseases and Related Increase in Disability-adjusted Life Years

      2. 4.2.2 Technological Advancements in Medical Devices

      3. 4.2.3 Rapidly Increasing Aging Population

    3. 4.3 Market Restraints

      1. 4.3.1 Uncertainty in Reimbursement

      2. 4.3.2 Strict FDA Regulations

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Device Area

      1. 5.1.1 In Vitro Diagnostics (IVD)

      2. 5.1.2 Cardiology Devices

      3. 5.1.3 Orthopedic Devices

      4. 5.1.4 Diagnostic Imaging Devices

      5. 5.1.5 Endoscopy Devices

      6. 5.1.6 Ophthalmology Devices

      7. 5.1.7 Drug Delivery Devices

      8. 5.1.8 Wound Management Devices

      9. 5.1.9 Other Device Areas

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Spain

        6. 5.2.2.6 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 South Korea

        6. 5.2.3.6 Rest of Asia-Pacific

      4. 5.2.4 Middle East & Africa

        1. 5.2.4.1 GCC

        2. 5.2.4.2 South Africa

        3. 5.2.4.3 Rest of Middle East & Africa

      5. 5.2.5 South America

        1. 5.2.5.1 Brazil

        2. 5.2.5.2 Argentina

        3. 5.2.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Abbott Laboratories

      2. 6.1.2 Boston Scientific Corporation

      3. 6.1.3 F. Hoffmann-La Roche Ltd

      4. 6.1.4 GE Healthcare

      5. 6.1.5 Johnson & Johnson

      6. 6.1.6 Medtronic PLC

      7. 6.1.7 Philips Healthcare

      8. 6.1.8 Siemens Healthcare

      9. 6.1.9 Smith & Nephew PLC

      10. 6.1.10 Stryker Corporation

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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