A recent Fact.MR analysis predicts that the market for medical device technology will grow by 3% between 2022 and 2032, reaching US$ 663 billion. Future market expansion is anticipated to be driven by a rise in demand for less invasive procedures. More and more surgical procedures are using technology, including robots, to achieve surgical accuracy. Furthermore, all healthcare systems are now using more medical images.
Important conclusions from the market study
Sales of diabetes care devices are growing steadily, and a CAGR of 4% is predicted for the projected period. The growing prevalence of diabetes among people worldwide is to blame for this.
• Hospital adoption of medical device technology, which accounts for more than 30% of market revenue, continues to fuel growth initiatives.
• As healthcare infrastructure investments increase, more hospitals are being created to offer cutting-edge medical services. This is anticipated to play a significant role in determining growth.
•With more than two-fifths of the global market value for medical device technologies, North America will continue to rule this sector.
• With the market expected to grow at a CAGR of 5.6% through 2032, the Asia-Pacific region is expected to offer considerable potential opportunities for leading players.
Both the aging population and the rising prevalence of chronic diseases are propelling market growth.
There is fierce competition for partnerships with hospitals, clinics, and research institutions in the extremely fragmented market for medical device technologies. The level of competition is high since hospitals have minimal switching costs and other vendors offer comparable items.
Some of the top rivals in the medical device technology sector include Medtronic Plc, Johnson & Johnson, Siemens Healthineers, GE Healthcare, F. Hoffmann La Roche Ltd., Phillips Healthcare, Baxter International, Boston Scientific Corporation, Abbott Laboratories, and Cardinal Health.