Medical technologies market size to grow at a CAGR of 8.3% from 2022-27

The medical technologies market is set to grow by USD 313 billion from 2022 to 2027. The market will be progressing at a CAGR of 8.3% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. Frequent product launches in IVD (in-vitro diagnosis) drive the growth of the medical technologies market. The frequent product launches by vendors to cater to the growing demand will attribute to the market’s growth. Effective and accurate results are enabled by advanced IVD products with molecular diagnostic capabilities. Moreover, increasing chronic diseases among people of all ages, the prevalence of cardiovascular diseases, and the increasing number of diseases will also influence the medical technologies market. Hence, such factors boost the market growth during the forecast period.

The report on the medical technologies market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

Medical technologies market 2023-2027 – Market dynamics
Major trendsM

• The increasing adoption of IoT and connected devices is an emerging market trend.
• IoT is a world where data is exchanged between physical objects such as sensors, on-device software, and technologies that are adjacent to other systems and devices.
• It also has a wide range of healthcare applications, potentially extending both inside and outside healthcare facilities.
• Additionally, IoT connectivity and security solutions work seamlessly with a wide array of medical devices.
• Hence, the increasing use of IoT and connected medical devices is one of the major healthcare industry trends driving the growth of the global medical technologies market during the forecast period.

Major challenges

• The high cost of implementation of digital health solutions challenge the market growth.
• Generally, a digital health system can be implemented over a period of time ranging from a few months to several years.
• For example, it took three years to integrate EHRs throughout the Partners HealthCare hospital network. Such incidents highlight how crucial thorough study is before deployment.
• Also, along with the cost, implementing digital healthcare solutions takes a lot of time.
• Hence, the high implementation costs of digital health will likely hamper the growth of the global medical technologies market during the forecast period.

Medical technologies Market 2023-2027: Market segmentation
This report extensively covers market segmentation by application (medical devices and in-vitro diagnostics), end-user (hospitals, clinics, and others), and geography (North America, Europe, Asia, and Rest of World (ROW).

• The market share growth by the medical devices segment will be significant for market growth during the forecast period. Therapeutic and surgical devices, patient monitoring, diagnostic and medical imaging devices (PMDMIDs), and other medical devices are among some of the major medical device categories. Factors such as the rising prevalence of diseases and associated risk factors, the aging population, awareness-raising initiatives by public and private organizations, and rising healthcare costs are boosting the growth of the medical devices segment. Hence, such factors boost the segment growth during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters.

Companies mentioned

• Abbott Laboratories
• B. Braun Melsungen AG
• Baxter International Inc.
• Becton Dickinson and Co.
• Boston Scientific Corp.
• Canon Inc.
• F. Hoffmann La Roche Ltd.
• Fresenius SE and Co. KGaA
• General Electric Co.
• Johnson and Johnson Services Inc.
• Koninklijke Philips NV
• Medtronic Plc
• Nihon Kohden Corp.
• Olympus Corp.
• OMRON Corp.
• Siemens AG
• Smith and Nephew plc
• Stryker Corp.
• Zimmer Biomet Holdings Inc.
• Cardinal Health Inc.

Vendor offerings

• Becton Dickinson and Co. – The company offers medical technologies such as medical devices sterilized with electron beams.
• Boston Scientific Corp. – The company offers medical technologies such as NEXTLAB ASC and OBL Solutions, Lab Agent inventory management.
• Canon Inc. – The company offers medical technologies such as Alphenix for Angiography.

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