About MedTech (Medical Technology)
Medical technology, often abbreviated as MedTech, is a vast and diverse field encompassing various technologies used for diagnosing, treating, preventing, and managing medical conditions. It's essentially the intersection of healthcare and technology, aiming to improve healthcare delivery and patient outcomes. This includes everything from simple tongue depressors to complex pacemakers, insulin pumps, and robotic surgery systems. MedTech enables earlier and more accurate diagnoses, leading to more effective treatments and improved patient outcomes. Technologies like wearable monitors and telehealth platforms empower patients to manage their health more actively. The MedTech market is expected to continue growing rapidly. Advancements in areas like artificial intelligence, robotics, and genomics hold immense potential for further revolutionizing healthcare.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.9% |
The market is seeing moderate market players, by seeing huge growth in the medical technology market the key leading vendors are highly focusing on production of technologies, efficiency enhancement, and product life. There are various growth opportunities in this market which are captured by leading players via tracking the ongoing process enhancement and huge investment in market growth strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global MedTech (Medical Technology) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cardinal Health (United States), Abbott (United States), Dentsply Sirona (United States), Stryker (United States), Siemens Healthineers (Germany), Edwards Lifesciences (United States), Hologic (United States), Hoya (Japan), Medtronic (Ireland), Zimmer Biomet (United States), Henry Schein (United States) and Boston Scientific (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are GE Healthcare (United States), Smith and Nephew (United Kingdom), Alcon (Switzerland), Baxter (United States) and Olympus (Japan).
Segmentation Overview
AMA Research has segmented the market of Global MedTech (Medical Technology) market by Type (Equipment (Diagnostic Equipment, Medical Laboratory Equipment, Life Support Equipment, Treatment Equipment, Durable Medical Equipment), Telemedicine Platforms (Health Monitoring Wearables, Mobile Health Applications, Electronic Health Records (EHR) Systems), Implantable Devices (Pacemakers, Defibrillators, Breast Implants, Cochlear Implants, Others) and Monitoring Devices (Vital Signs Monitoring, Biochemical Monitoring, Neurological Monitoring, Cardiac Monitoring, Others)), Application (Neurology, Orthopedics, Oncology, Cardiology, Ophthalmology, Urology and Others) and Region.
On the basis of geography, the market of MedTech (Medical Technology) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the MedTech (Medical Technology) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Increasing Focus on Technological Advancement in Preventive Care
Market Growth Drivers:
The Global Population is Aging, and this is Leading to an Increased Demand for Medical Technology
Challenges:
Medical Devices are Increasingly Connected to the Internet, which makes them Vulnerable to Cyberattacks and Getting New Technologies Approved can be Complex and Time-Consuming
Restraints:
Availability of Alternative Medical Devices and High Cost of Medical Technology Treatment
Opportunities:
Governments are Providing Support for the Development and Adoption of Medical Technology
Market Leaders and their expansionary development strategies
On January 10, 2023, Abbott launched the FreeStyle Libre 3 continuous glucose monitoring system with a smaller sensor and longer wear time. The successful launch of this monitoring system will help Abbott maintain its position as a leader in this competitive market.
Key Target Audience
Device Manufacturer, Suppliers & Distributors, Government Bodies, Potential Investors, New Entrance and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.