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
According to a recently published Fact.MR report, the global Medical Device Technologies market is projected to grow at a compound annual rate (CAGR) of 3% between 2022 and 2032. The market is expected to reach US$ 663 Bn by the end of 2032. The demand for Medical Device Technologies is expected to rise over the forecast period and the market was valued at US$ 470.32 Bn in 2021.
From 2015 to 2021, medical device technologies industry growth documented a value CAGR worth 4.3%, closing in at a valuation of US$ 470.32 Billion. Various imaging modalities, including projection radiography, MRI, CAD/CAM technologies, and CT scanning procedures, give useful patient information. Furthermore, platforms such as implanted micro telescopes, smart adapters, and premium intraocular lenses (IOLs) have transformed fields such as ophthalmology.
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In terms of end user, hospitals and ambulatory surgery centers will lead the worldwide medical devices market in 2020. The segment's rapid expansion may be ascribed mostly to rising healthcare expenditures, increased construction of healthcare infrastructure, a strong emphasis on improving patient outcomes, and appealing reimbursement systems.
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.
Key Segments Covered in the Medical Device Technologies Industry Survey
Medical Device Technologies by Device Type
Medical Device Technologies by End User
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Competitive Landscape
The medical device technologies industry is highly fragmented, with an increasing number of market participants fighting 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 players in the Medical Device Technologies Market
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Key Takeaways from the Market Study
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Jun 25, 2023