Demand for medical device technologies was valued at US$ 470.32 Billion in 2021, and is likely to flourish at a Y-o-Y expansion rate of 4.6% in 2022, reaching US$ 491.95 Billion. From 2022-2032, the industry is poised to experience a CAGR of 3%, anticipated to close at a valuation of US$ 663 Billion.
From 2015 to 2021, medical device technologies industry growth documented a value CAGR worth 4.3%, closing in at a valuation of US$ 470.32 Billion. Various imaging modalities, including projection radiography, MRI, CAD/CAM technologies, and CT scanning procedures, give useful patient information. Furthermore, platforms such as implanted micro telescopes, smart adapters, and premium intraocular lenses (IOLs) have transformed fields such as ophthalmology.
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Which Device Type will Leverage Medical Device Technologies the Most?
Deployment to be Maximum across Diabetes Care Devices
Diabetes care device sales are expected to grow the quickest, with a positive CAGR of 4% over the projected period. Demand for diagnostic imaging devices, on the other hand, is expected to catch up, with a CAGR of 5.9% through 2032. Diabetes care equipment sales are increasing due to the increased prevalence of lifestyle disorders such as diabetes among a diverse population globally.
According to the World Health Organization and the International Diabetes Federation (IDF), more than 400 million individuals have diabetes in 2014. The use of diagnostic imaging techniques such as MRI, X-ray, and CT scan allows for the non-invasive diagnosis of chronic illnesses. This aspect is a major driver of the increase in diagnostic imaging device sales.
The worldwide market for medical device technology is fragmented, with multiple medical device makers competing for collaboration with hospitals, clinics, and research organizations. Due to low switching costs for hospitals and the availability of identical products from other vendors, the level of competition is considerable.
- 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 are some of the major competitors in the medical device technology industry. Development of sophisticated medical technology continues to be a primary priority area for industry leaders seeking to preserve a strategic position.
- Boston Scientific Corporation’s structural heart treatment is one of the fastest expanding areas of the medical device technologies industry. The segment has a high level of synergy with the rhythm management and interventional cardiology businesses. Similarly, Baxter International is planning to launch around 50 items over the next five years, including acute and renal care solutions with increased technology enhancements.
Key players in the Medical Device Technologies Market
- 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