Global medical technology market is anticipated to grow at a CAGR of 17.1% from 2019 to 2027 and reach US$ 2324.34 million by 2027, due to rising demand for effective medical equipment, diagnostic tools and better treatments and the supplementing rise of digital technology, says Absolute Markets Insights.
Medical technology Markets 2019 Global Industry Research Report provides market size, industry growth, share, development trends, investment plans, business ideas and forecasts by 2025. Scenarios and useful business decisions. The report includes a first-hand study of subjective comprehensive research and quantitative perspectives of key family pioneers for an in-depth understanding of other industry experts, markets and industry practices. The report provides a reasonable picture of the current market situation, including true and expected market estimates in terms of respect and volume of trade, technological advances, macroeconomic and governance factors.
Digital technology has been instrumental in transforming the global medical technology market. Digital transformation coupled with innovation and research are expected to drive the global medical technology market. There have been two breakthrough medicinal discoveries in the treatment of cancer and eye diseases in 2019, both involving the Agency for Science, Technology and Research (A*STAR). The first is an innovative advanced nanocarrier for delivering anti-cancer drugs and the second is Apratoxin S4, aims to develop a drug in treating retinal diseases. The advent of AI enabled solutions in the medical field, the cost of products and services is likely to come down, fighting the onslaught of these products. GE Healthcare that partnered with NVIDIA in 2017 has essentially integrated artificial intelligence technology to its 500,000 imaging devices, including the Revolution Frontier computed tomography (CT) system and ultrasound imaging devices, like the Vivid™ E95 and LOGIQ™ E10. This AI technology accelerates reconstruction and visualization of blood flow and improves 2D and 4D imaging for certain imaging solutions.
Some of the significant players functioning in the fragmented Global Medical technology Market include Agfa-Gevaert Group, Ambu A/S, BD, bioMérieux SA, Boston Scientific Corporation, Coloplast Corp, Dentsply Sirona, Edwards Lifesciences Corporation, Essilor, General Electric Company, IBM Watson Health, Illumina, Inc., Institut Straumann AG, Intuitive Surgical, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., Medtronic, Microsoft, Myriad Genetics, Inc., PathAI, inc., QIAGEN, Sanofi, Sartorius AG, Smith & Nephew, Sonova, Stryker, Thermo Fisher Scientific, Touch Surgery, Verily Life Sciences LLC, Zimmer Biomet. – Market Expert24