About Medical Device Technologies
Medical device technologies are mainly used to cure diseases and transform patients from diseases sufferings to healthy individual. Medical devices are used to perform a therapeutic or diagnostic action to cure certain diseases. The use of medical technology for treatment has huge potential to improve health outcomes through accurate diagnosis. Medical device technology are used to provide safer, effective and appropriate treatment. This technology brings advancements in diagnostic technologies and devices. The medical device technology comprises of providing software solutions for biological derived devices, imaging, aesthetic, diagnostic equipment, respiratory, electromechanical medical and in vitro diagnostics (IVD). It includes the use of technical advancements to operate any instrumentation with efficiency in health care systems. Raised healthcare expenditure is one of the key driver for the market growth. Increasing prevalence of chronic diseases across the globe is creating opportunity for the market to providing efficient treatments with the use of appropriate technological advancements. Geographically, North America is expected to dominate the medical device technologies market owing to huge technological advancements and strong network and presence of medical devices manufacturers in United States. Further increasing investment in research and development and increased associations with IT companies providing opportunity for market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.4% |
There are various companies are operating in the industry to provides effective medical device technology to the market. Manufacturers are more focusing on the developing technological advancements with cost effectiveness to provide excellent service in the industry. The market leaders are investing on organic and non-organic strategic growth initiatives to become dominant in this industry. Analyst at AMA Research estimates that North America Players will contribute the maximum growth to Global Medical Device Technologies 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.
Johnson & Johnson Services, Inc. (United States), Roche Holding AG (Switzerland), Medtronic (France), Globus Medical (United States), Stereotaxis (United States), Stryker (United States), Smith & Nephew (United Kingdom), Intuitive Surgical(United States), Accuray(United States), Mazor Robotics (United States) and Auris Health(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 Barrett Technology (United States) and Myomo(United States).
Segmentation Overview
AMA Research has segmented the market of Global Medical Device Technologies market by Type (Cardiology Devices, Diagnostic Imaging Devices (Radiology Devices), Ophthalmology Devices, Respiratory Devices, In Vitro Diagnostics (IVD), Orthopaedic Devices, Endoscopy Devices, Neurology Devices and Others), Application (Hospitals & Clinics and Research organisations) and Region.
On the basis of geography, the market of Medical Device Technologies 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).
Influencing Trend:
Associations between governments and research organisations are providing funding for research and developments which initiating innovations in machines designs and its developments
Market Growth Drivers:
Increased prevalence of chronic diseases such as cardiovascular, diabetes, hypertension, cancer, respiratory disorders and others are demanding more technically advanced medical devices for treatment which is expected to boost the market growth and Inclination towards minimally invasive surgeries providing preference to the medical device technology
Challenges:
Overcome high cost of manufacturing and maintenance of product design and developments
Restraints:
Stringent government regulations for medical device technologies and geographical variations in regulatory norms may hamper the market growth
Opportunities:
Improvement in robotically-assisted surgeries and advanced implants are anticipated to influence the market is positive manner. and Augmenting research and development activities are expected to increase number of innovations in medical devices technologies which providing number of opportunities to the market
Market Leaders and their expansionary development strategies
In January 2022, Johnson & Johnson Medical Devices Companies announced a strategic partnership with Microsoft to enable its digital surgery solutions for medical devices.
In February 2021, Mindray, a Medical device manufacturer has launch latest vital signs workstation VS9 in United Kingdom. This vital sign VS9 machine is designed to give health insights into patient quickly as compared to traditional vital signs machines. This new VS9 vital signs workstation provides quick, flexible workflow profiles and comprehensive monitoring. This rapid vital signs algorithms ensure good comfort to patent, with 15-second BP readings and optional respiration rate taken via the SpO2 sensor.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Medical Device Technology Manufacturers, Suppliers and Distributors, Government Regulatory, Research Organizations and End-Use Industries
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.