Medical technologies market to grow by USD 313B from 2023-27

The global medical technologies market size is estimated to grow by USD 313 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.3% during the forecast period. The major Companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products.

Market segmentation by application
In the 21st century, the medical technologies market experiences significant growth, driven by economic expansion, aging populations, and health initiatives. The Act 21st Century Cures facilitates innovation in diagnostic and therapeutic devices. The COVID-19 vaccine development relies on advanced medical technologies like CT scans. Construction of medical facilities continues, while data security becomes crucial with increasing database usage for patient records, such as those related to diabetes and glucose monitoring via continuous monitors. Dublin hosts major medical technology conferences. The Chinese economy’s growth fuels demand for medical devices. Data breaches pose threats to email communications containing sensitive medical information. Food technology innovations intersect with medical devices, such as insulin pumps.

Market sizing
Advanced medical technologies refer to innovative solutions and tools in the healthcare sector. These include advanced imaging technologies like MRI and CT scans, as well as wearable devices such as fitness trackers and smartwatches. Health monitoring devices, like blood glucose monitors and blood pressure cuffs, are also essential medical technologies. Genomics and precision medicine are emerging areas, utilizing technology to provide personalized healthcare. Patient-centric care and value-based care models are being prioritized, with technologies like telehealth and AI facilitating remote consultations and improved care efficiency. Technavio