Overview and Scope
Medical device technologies refer to a broad category of instruments, equipment, software, and devices designed for use in the diagnosis, treatment, monitoring, and management of medical conditions. These technologies contribute to improved patient outcomes, enhanced diagnostics, and more effective treatments.
Sizing and Forecast
The medical device technologies market size has grown strongly in recent years. It will grow from $5.37 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.04%. The growth in the historic period can be attributed to advancements in material science, increasing incidences of chronic diseases, aging population, rising awareness.
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Segmentation & Regional Insights
The medical device technologies market covered in this report is segmented –
1) By Type: Molecular Diagnostics, Diagnostic Imaging, Non-Invasive Monitoring, Drug Delivery, Mobility Aid Technologies, Micro Fluids And MEMS, Bio-Implants, Biomaterials, Minimal Or Non-Invasive Surgery, Telemedicine
2) By Application: Cardiology, Orthopedics, Oncology, Neurology, Respiratory, Other Applications
3) By End-User: Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostics Centers, Research Organizations, Other End Users
North America was the largest region in the medical device technologies market in 2023. The regions covered in the medical device technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of chronic diseases is expected to propel the growth of the medical device technologies market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period and often progress slowly. Medical device technologies are used in chronic diseases for providing timely and personalized interventions, improving patient outcomes, and enhancing the overall healthcare experience. For instance, in January 2023, according to the National Institutes of Health, a US-based government agency, among the population aged 50 or above, the number of people with at least one chronic disease is expected to increase by 99.5% from 71.522 million in 2020 to 142.66 million. Therefore, increasing chronic diseases drives the medical device technologies market
Key Industry Players
Major companies operating in the medical device technologies market report are Cardinal Health Inc., Johnson & Johnson, Siemens AG, F. Hoffmann-La Roche Ltd., Novartis AG, Thermo Fischer Scientific Inc., Abbott Laboratories Inc., Zenith Healthcare, 3M Company, Medtronic plc, Becton Dickinson and Company, KONINKLIJKE PHILIPS N.V., Stryker Corporation, GE HealthCare Technologies Inc., Baxter International Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Agilent Technologies Inc., Olympus Corporation, Intutive Surgical Inc., Terumo Corporation, Edwards Lifesciences Corporation, Smith & Nephew plc, Hologic Inc., BioMerieux Inc., Align Technology Inc., ResMed Inc., Dexcom Inc.
The medical device technologies market report table of contents includes:
1. Executive Summary
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