Medical Device Technology Market
Medical Device Technology Market Study by In-Vitro Diagnostic, Cardiovascular, Imaging, Orthopedic, Ophthalmology, Endoscopy, Diabetes, Wound Management, and Others Devices from 2024 to 2034
Analysis of Medical Device Technology Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medical Device Technology Market Outlook (2024 to 2034)
The global medical device technology market size is anticipated to reach a value of US$ 530.14 billion in 2024, as revealed in the recently updated industry analysis published by Fact.MR. The market has been forecasted to increase at 4.9% CAGR and surge to US$ 854.13 billion by the end of 2034.
Rapidly rising preference for minimally invasive procedures is generating steady demand for advanced medical device technologies. This equipment is helping healthcare professionals with the diagnosis, management, and treatment of various medical diseases. Constant advancements in cutting-edge technologies used in the healthcare industry are positively impacting the medical device technology market trends.
Medical device innovations are used for treating illnesses and assisting patients in quick recovery. Diseases are treated with the assistance of therapeutic or diagnostic medical devices. The use of medical technologies in therapeutic procedures is enhancing health outcomes with precise analysis. Further, the use of these advanced medical device technologies ensures the delivery of more efficient, safer, and better-suited therapies.
Impressive technological advancements are taking place in the medical sector. Medical technologies are integrated into modern clinical care to ensure the optimal use of these services by patients. Traditional healthcare practices are transformed into more advanced and modern ones to match the requirements of the medical industry. The proportion of life expectancy and geriatric population is increasing globally, which is positively impacting the expansion of the medical device technology market size.
- North America is evaluated to account for a 36.5% share of global market revenue by the end of 2034.
- Demand for medical device technologies in South Korea is analyzed to accelerate at a CAGR of 6% from 2024 to 2034.
- Worldwide demand for in-vitro medical diagnostic (IVD) devices is approximated to climb at 5.8% CAGR and reach a market worth of US$ 225.7 billion by 2034.
| Report Attribute | Detail |
|---|---|
| Medical Device Technology Market Size (2024E) | US$ 530.14 Billion |
| Forecasted Market Value (2034F) | US$ 854.13 Billion |
| Global Market Growth Rate (2024 to 2034) | 4.9% CAGR |
| India Market Growth Rate (2024 to 2034) | 8.6% CAGR |
| South Asia & Pacific Market Share (2034F) | 22.5% |
| Market Share of Hospitals (2034F) | 30.8% |
| Key Companies Profiled | GE Healthcare; Baxter International; Medtronic Plc.; Abbott Laboratories; Phillips Healthcare; Johnson & Johnson; Cardinal Health; Siemens Healthineers; Boston Scientific Corporation; F. Hoffmann La Roche Ltd. |
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Which Key Aspects are Driving Demand for Medical Device Technologies?
“Technological Advancements in Facilities Used in Healthcare Sector”
Technological advancements such as insulin administration systems, constant glucose monitoring systems, and mHealth devices are positively impacting global market growth. In addition, developments in ophthalmology are visible in platforms, including smart adapters, premium intraocular lenses, and telescopes. Further, robotic technology with medical imaging modalities, including 3D/4D visualization, is utilized in minimally invasive diagnostic as well as surgical processes for speedy and accurate diagnosis. Advancements in 3D/4D imaging are resulting in CAD (computer-assisted detection) and image analysis applications.
Chip-based microfluidic devices are used in various sophisticated and basic biochemical and molecular procedures, which is further contributing to a positive impact on the demand for medical device technologies.
“Rising Investments in R&D Activities Widening Deployment of Advanced Medical Device Technologies”
Several medical companies are investing significantly in R&D activities for creating improved and new medical devices along with comparatively easy procedures to get regulatory approvals. Moreover, growing requirements for new medicines along with technical improvements taking place in medical devices to match unmet requirements in the healthcare industry are creating remunerative opportunities for market players.
What Could Possibly Hinder Medical Device Technology Market Growth?
“Growing Concerns Related to Data Security”
Increasing concerns related to data security are adversely impacting demand for medical device technologies. There is growing use of the Internet as a primary requirement for transporting patient data to physicians from remote devices. Thereby, there are increased threats to data security. In addition, the rising popularity of linked gadgets is making them more prone to cyberattacks, subsequently increasing the threat of data hackers or breaches.
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What is Helping New Market Players Acquire a Larger Share in This Business?
“Advancements in 3D/4D Imaging Leading to Development of More Effective Diagnostic Tools”
Surgical procedures and minimally invasive diagnostics use robotic technology and advanced medical imaging modalities, such as 3D/4D visualization for rapid and accurate diagnosis. Moreover, advancements in these imaging solutions are leading to the development of CAD (computer-assisted detection) and image analysis applications. Startups should leverage these opportunities to increase their profit share and establish themselves in the market.
Country-wise Insights
The recently updated analysis by Fact.MR, a market research and competitive intelligence provider states that North America is projected to hold 36.5% of the global medical device technology market share by 2034. The presence of a larger patient pool with cardiovascular diseases and cancer diseases, metabolic diseases, and cancer is generating demand for crucial therapies and diagnosis. Growing demand for automated medical procedures is also contributing to market growth in the region.
Why is the United States a Key Market in This Business Landscape?
“Advanced Healthcare Infrastructure and Surging Cases of Cardiovascular Illnesses”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 171.33 Billion |
| Growth Rate (2024 to 2034) | 4.6% CAGR |
| Projected Value (2034F) | US$ 268.7 Billion |
The United States is approximated to possess a share of 86.5% of the market in North America by the end of 2034. The growing prevalence of cardiovascular illnesses is stimulating demand for advanced devices. Execution of Cancer Moonshot projects for treating increasing cases of cancer are contributing to market growth. The rising cases of strokes and attacks are leading to the increased deployment of medical device technologies.
Why is India Seeing High Demand for Medical Device Technologies?
“Increasing Number of Diabetic Patients”
| Attribute | India |
|---|---|
| Market Value (2024E) | US$ 26.96 Billion |
| Growth Rate (2024 to 2034) | 8.6% CAGR |
| Projected Value (2034F) | US$ 61.55 Billion |
India is evaluated to occupy a 62.3% share of the South Asia & Pacific market by 2034. A growing number of diabetic patients in the country is positively impacting the demand for medical device technologies for effective treatment. Furthermore, increased government expenditure on healthcare infrastructure in the country is impacting the market outlook in an upward direction.
Why are Several Companies Investing in Japan?
“Increasing Healthcare Expenditure by Government”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 32.38 Billion |
| Growth Rate (2024 to 2034) | 2.1% CAGR |
| Projected Value (2034F) | US$ 40.03 Billion |
Japan is calculated to account for a share of 24.1% of the market in East Asia by the end of 2034. The rising number of diabetic patients along with increasing investment by the government in Japan in healthcare infrastructure are widening opportunities for market players there.
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Category-wise Insights
Fact.MR’s published research report opined that hospitals are forecasted to hold a significant share of global market revenue with appealing reimbursement systems and a growing emphasis on improving patient outcomes. Furthermore, increasing emphasis on constructing more advanced healthcare infrastructure with growing expenditure is widening opportunities for market players.
Why are In-Vitro Medical Diagnostic Devices Gaining Popularity?
“Steadily Growing Demand for Personalized Medicines”
| Attribute | In-Vitro Medical Diagnostic Devices |
|---|---|
| Segment Value (2024E) | US$ 127.92 Billion |
| Growth Rate (2024 to 2034) | 5.8% CAGR |
| Projected Value (2034F) | US$ 225.7 Billion |
In-vitro medical diagnostic devices are forecasted to contribute a share of 26.4% of the global market by 2034. Multiple factors, such as the growing number of patients suffering from chronic diseases, increasing requirements for personalized medicines, and early disease detection are driving demand for these medical devices. Technological developments taking place in imaging modalities are contributing to the rising preference for these advanced devices.
Where is Demand for Medical Device Technologies Higher?
“Growing Use of Medical Device Technologies in Hospitals for Ensuring Effective Treatment”
| Attribute | Hospitals |
|---|---|
| Segment Value (2024E) | US$ 153.26 Billion |
| Growth Rate (2024 to 2034) | 5.6% CAGR |
| Projected Value (2034F) | US$ 263.43 Billion |
Hospitals are analyzed to occupy a share of 30.8% of global market revenue by the end of 2034. With the use of medical device technologies, healthcare providers get easy access to the medical records of patients. These devices help in reducing medical errors, improving patient education, and offering greater patient care.
Competitive Landscape
Key players in the medical device technology market are collaborating with clinics, research organizations, and hospitals. There is increased competition among market players with the availability of identical products and low switching hospital costs.
For instance :
- Molded Devices, Inc. is a provider of value-added and high-precision plastic components used in manufacturing solutions for non-medical and medical applications. In November 2022, the company announced the acquisition of Schauenburg-Truplast (China) and GlobalMed Inc. (Canada), collectively known as ‘GlobalMed’.
- Frost & Sullivan, conducted a study on medical device connectivity. Based on the study, it awarded Ascom with Medical Devices Connection Technology Innovation Leadership Award in October 2022. The company offers a vendor-neutral MDI (medical device integration) platform for capturing events and data, which adapts and interacts with the vendor’s bedside medical device.
- Siemens Healthineers, in November 2020, launched MULTIX Impact C. It is a digital radiography system, which is ceiling-mounted. Further, the company also launched MULTIX Impact VA20, which is the latest version of the parent DR system.
Fact.MR provides detailed information about the price points of key medical device technology providers positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.
Segmentation of Medical Device Technology Market Research
-
By Device Type :
- In-Vitro Medical Diagnostic (IVD) Devices
- Cardiovascular Devices
- Diagnostic Imaging Devices
- Orthopedic Devices
- Ophthalmology Devices
- Endoscopy Devices
- Diabetes Care Devices
- Wound Management Devices
- Kidney/Dialysis Devices
- Anesthesia & Respiratory Care Devices
-
By End User :
- Academics & Research
- Hospitals
- Clinics
- Diagnostic Centers
- Ambulatory Surgery Centers
-
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- MEA
- FAQs -
What is the size of the medical device technology market in 2024?
The global medical device technology market has been valued at US$ 530.14 billion in 2024.
What is the demand valuation of medical device technologies for 2034?
Worldwide demand for medical device technologies is approximated to reach a market value of US$ 854.13 billion by 2034.
At what CAGR is the global market projected to advance?
The global market is forecasted to expand at 4.9% CAGR from 2024 to 2034.
How much share of global market revenue is North America evaluated to hold?
North America is approximated to account for 36.5% of global market revenue by 2034.
At what rate is the demand for medical device technologies analyzed to accelerate in South Korea?
The market in South Korea is projected to increase at a CAGR of 6% from 2024 to 2034.
What is the market scenario for in-vitro medical diagnostic devices?
Global sales of in-vitro medical diagnostic devices are analyzed to rise at 5.8% CAGR and reach US$ 225.7 billion by 2034.
Who are the leading companies operating in the market?
Leading market players are Baxter International, Medtronic Plc., Abbott Laboratories, Phillips Healthcare, and Johnson & Johnson.
Medical Device Technology Market