Medical Device Technologies Market Analysis Report By Device Type (IVD Devices, Cardiology, Diagnostic Imaging, Orthopedic Devices, Diabetes Care Devices), By End User (Hospitals, Clinics, Diagnostic Centers), By Region - Global Insights 2022-2032
The market for medical device technologies is expected to grow at a Y-o-Y rate of 4.6% in 2022 to reach US$ 491.95 billion. The industry is predicted to grow at a CAGR of 3% from 2022 to 2032 and reach a worth of US$ 663 billion.
The medical device technologies market experienced a modest CAGR of 4.3% from 2015 to 2021. Over time, non-invasive and minimally invasive (MI) diagnostic tools have become increasingly common. Today, MI procedures are becoming more common, especially when treating solid tumours in cancer patients. These procedures result in fewer side effects, a reduced chance of infection, less discomfort, and a quicker recovery.
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Which Device Type will Leverage Medical Device Technologies the Most?
Deployment to be Maximum across Diabetes Care Devices
Diabetes care device sales are expected to grow the quickest, with a positive CAGR of 4% over the projected period. Demand for diagnostic imaging devices, on the other hand, is expected to catch up, with a CAGR of 5.9% through 2032. Diabetes care equipment sales are increasing due to the increased prevalence of lifestyle disorders such as diabetes among a diverse population globally.
According to the World Health Organization and the International Diabetes Federation (IDF), more than 400 million individuals have diabetes in 2014. The use of diagnostic imaging techniques such as MRI, X-ray, and CT scan allows for the non-invasive diagnosis of chronic illnesses. This aspect is a major driver of the increase in diagnostic imaging device sales.
Competitive Landscape:
The worldwide market for medical device technology is fragmented, with multiple medical device makers competing for collaboration with hospitals, clinics, and research organizations. Due to low switching costs for hospitals and the availability of identical products from other vendors, the level of competition is considerable.
Key Segments Covered in the Medical Device Technologies Industry Report:
· Medical Device Technologies by Device Type
· Medical Device Technologies by End User
Academics & Research
Hospitals
Clinics
Diagnostic Centers
Ambulatory Surgery Centers
Others
· Medical Device Technologies by Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
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Key Takeaways from the Market Study
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Medical Device Technologies Market , Cardiology Devices market , Ophthalmology Devices market ,
Jun 22, 2023