Top 10 medical device technologies market worth USD 577.5 billion

The medical device industry is constantly evolving, and the adoption of new technologies is driving growth and innovation. The top 10 medical device technologies, including wearable devices, 3D printing, AI in medical imaging, robotics in surgery, and telehealth, are all poised to revolutionize healthcare delivery in the near future. These technologies offer improved accuracy, precision, and efficiency, resulting in better patient outcomes and reduced healthcare costs. As the demand for personalized and remote healthcare services continues to grow, the medical device industry is expected to play a critical role in addressing these needs and shaping the future of healthcare.

Top 10 medical device technologies market in terms of revenue was estimated to be worth $437.4 billion in 2022 and is poised to reach $577.5 billion by 2027, growing at a CAGR of 5.7% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as rising prevalence of Rising prevalence of chronic diseases and related increase in disability-adjusted life years (DALYs), Technological advancements in medical devices and rapidly increasing aging population will lead this market growth in forecast period.

The IVD market segment is expected to account for the largest share of the Top 10 Medical device technologies market in 2021
The gradual transition from centralised testing to point-of-care testing, rising concern over early disease diagnosis in developing nations, the emergence of rapid PoC technologies, and rising use of automated analyzers are the main factors driving the in vitro diagnostics (IVD) market’s growth. However, during the forecast period, a poor reimbursement scenario is anticipated to limit market growth.

The global respiratory care & anesthesia devices market segment is expected to grow at highest CAGR in the top 10 medical device technologies market during the forecast period
The increasing need for advanced and innovative machines and equipment and high incidence of chronic obstructive pulmonary diseases (COPD) and obtrusive sleep apnea (OSA) are key factors driving the growth of this market. The changing preference of patients towards home care devices is expected to propel the growth of anesthesia and respiratory care devices market.

The North America segment is expected to account for the largest share of the top 10 medical device technologies market in 2021
North America holds largest share in Top 10 medical device technologies market 2021. The growth in this market will be driven by the rising geriatric population, growing incidences of lifestyle diseases, and the rising demand for technologically advanced devices. However, stringent regulatory policies and a lack of reimbursement are expected to restrain the growth of this market.

Top 10 medical device technologies market dynamics:
Drivers:

1. Rising prevalence of chronic diseases and related increase in disability-adjusted life years (DALYs)
2. Technological advancements in medical devices
3. Rapidly increasing aging population

Restraints:

1. Uncertainty in reimbursement
2. Excise tax on medical devices in the U.S.

Opportunities:

1. Increasing investments from government bodies and private players in healthcare sectors in emerging economies
2. Increasing focus of key players on the medical devices market in emerging countries

Challenges:

1. High cost of medical devices and implants
2. Hospital budget cuts
3. Increasing adoption of refurbished medical devices

Key market players:
Major players operating in the Top 10 medical device technologies market Abbott Laboratories, Inc. (US), Roche Diagnostics (Switzerland), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), Johnson & Johnson (US), Medtronic PLC (Ireland), Smith & Nephew PLC (UK), GE Healthcare (US) are some of the market players.

Recent developments:

• In March 2023, The company Abbott launched received U.S FDA has approval for Epic Max stented tissue valve to treat people with aortic regurgitation or stenosis.
• In March 2023, the company Abbott launched received U.S FDA has approved FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system sensors for integration with automated insulin delivery (AID) systems.
• In November 2022, Roche diagnostics Received US FDA approval of the VENTANA FOLR1 (FOLR1-2.1) RxDx Assay, the first immunohistochemistry (IHC) companion diagnostic test to aid in identifying epithelial ovarian cancer (EOC) patients who are eligible for targeted treatment with ELAHERE (mirvetuximab soravtansine-gynx).
• In November 2022, Siemens Healthineers launched Viato.Mobile with 1.5 Tesla for high-quality MR imaging.

Top 10 medical device technologies market advantages:

• Wearable medical devices: Wearable medical devices offer continuous monitoring of patient health, allowing for early detection of health problems and better disease management.
• 3D printing: 3D printing technology enables the creation of customized medical devices and implants, improving patient outcomes and reducing the risk of implant rejection.
• Artificial Intelligence (AI) in Medical Imaging: AI technology enhances the accuracy of medical diagnoses, reducing the need for invasive procedures and improving patient outcomes.
• Robotics in surgery: Robotic surgical systems offer greater precision and control in surgical procedures, resulting in improved patient outcomes and reduced recovery times.
• Telehealth: Telehealth technology expands access to healthcare services, particularly in rural and remote areas, and reduces the need for in-person visits, saving time and reducing healthcare costs.
• Nanotechnology: Nanotechnology enables the development of new medical devices and drugs with greater sensitivity and precision, resulting in improved patient outcomes.
• Point-of-Care diagnostics: Point-of-care diagnostic devices offer rapid, accurate diagnoses, allowing for earlier disease detection and better disease management.
• Wireless medical devices: Wireless medical devices improve patient comfort and reduce the risk of infection, as they do not require physical connections to external devices.
• Biosensors: Biosensors offer continuous monitoring of patient health, allowing for earlier detection of health problems and better disease management.
• Augmented and Virtual Reality: Augmented and virtual reality technologies improve medical training and patient education, leading to improved patient outcomes and reduced healthcare costs.

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