What Has Been the Progress and Growth of the Medical Device Technologies Market in Recent Years?
The medical device technologies market has seen considerable growth due to a variety of factors.
• The market size of medical device technologies has been witnessing robust growth in the past few years. It is projected to increase from $552.16 billion in 2024 to $584.18 billion in 2025, with a compound annual growth rate (CAGR) of 5.8%.
Factors that contributed to the growth during the historic period include progress in material science, the escalation in chronic disease cases, the aging populace, and heightened awareness.
How Does the Forecast Look for the Medical Device Technologies Market?
The medical device technologies market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the medical device technologies market is anticipated to experience significant expansion in the coming years, with expectations to reach a value of $724.86 billion by 2029, featuring a compound annual growth rate (CAGR) of 5.5%.
The expansion during the projected period is due to increasing demand for diagnostic tools, rising consciousness regarding early diagnosis and treatments, and the growing utilization of monitoring devices. Significant trends expected during this period are revolutions in areas like pharmacy, diagnostics, surgical items, and interventional processes.
What Are The Leading Drivers Of Growth In The Medical Device Technologies Market?
The medical device technologies market is predicted to expand due to the rising prevalence of chronic diseases. These health issues, characterized by their long-term nature, gradual progression, and persisting over a protracted period, often utilize medical device technologies for efficient and personalized treatment. These technologies serve to optimize patient outcomes and elevate the overall standard of healthcare. For example, the Australian Institute of Health and Welfare, a government agency based in Australia, reported in June 2024 that the mortality rate due to chronic diseases saw a significant jump from 459 per 100,000 in 2021 to 490 per 100,000 in 2022. Consequently, the growth of the medical device technologies market is fueled by this increase in chronic illnesses.
How Are The Segments Defined Within The Global Medical Device Technologies Market?
The medical device technologies market covered in this report is segmented –
1) By Type: Molecular Diagnostics, Diagnostic Imaging, Non-Invasive Monitoring, Drug Delivery, Mobility Aid Technologies, Micro Fluids And MEMS, Bio-Implants, Biomaterials, Minimal Or Non-Invasive Surgery, Telemedicine
2) By Application: Cardiology, Orthopedics, Oncology, Neurology, Respiratory, Other Applications
3) By End-User: Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostics Centers, Research Organizations, Other End Users
Subsegments:
1) By Molecular Diagnostics: PCR-Based Diagnostics, DNA Microarrays, Next-Generation Sequencing (NGS), Isothermal Nucleic Acid Amplification
2) By Diagnostic Imaging: X-Ray Imaging, MRI Systems, Ultrasound Imaging, CT Scanners, Nuclear Imaging (PET, SPECT)
3) By Non-Invasive Monitoring: Blood Glucose Monitors, Cardiac Monitoring Devices, Blood Pressure Monitors, Pulse Oximeters
4) By Drug Delivery: Infusion Pumps, Nebulizers, Inhalers, Transdermal Drug Delivery Patches
5) By Mobility Aid Technologies: Wheelchairs, Walkers and Canes, Prosthetics, Exoskeletons
6) By Micro Fluids and MEMS: Lab-On-A-Chip Devices, Microfluidic Pumps, Microarrays, MEMS Sensors
7) By Bio-Implants: Orthopedic Implants, Cardiovascular Implants, Neurostimulators, Dental Implants
8) By Biomaterials: Polymers, Ceramics, Metals, Composite Biomaterials
9)By Minimal or Non-Invasive Surgery: Laparoscopic Devices, Endoscopic Tools, Laser-Assisted Surgery Devices, Robotic Surgical Systems
10)By Telemedicine: Remote Patient Monitoring Systems, Telehealth Platforms, Video Consultation Systems, Wearable Health Tracking Devices
Pre-Book The Medical Device Technologies Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Shaping The Medical Device Technologies Market?
Leading businesses in the medical device technologies market are innovating and creating minimally invasive devices to maintain their market competitiveness. The term 'minimally invasive techniques' implies medical procedures that cause less harm to the body than conventional open surgeries. For instance, Medtronic plc, an American medical device corporation, launched the Symplicity Spyral RDN system in November 2023. This minimally invasive hypertension management system plays a pivotal role in the Symplicity blood pressure procedure, which uses radiofrequency (RF) energy as a supplementary method to medications and lifestyle adjustments to help decrease blood pressure. The FDA has approved this system, and it is commercially available in over 70 countries globally.
Who Are the Key Players In The Medical Device Technologies Market?
Major companies operating in the medical device technologies market report are:
• Cardinal Health Inc.
• Johnson & Johnson
• Siemens AG
• F. Hoffmann-La Roche Ltd.
• Novartis AG
• Thermo Fischer Scientific Inc.
• Abbott Laboratories Inc.
• Zenith Healthcare
• 3M Company
• Medtronic plc
• Becton Dickinson and Company
• KONINKLIJKE PHILIPS N.V.
• Stryker Corporation
• GE HealthCare Technologies Inc.
• Baxter International Inc.
• Boston Scientific Corporation
• Zimmer Biomet Holdings Inc.
• Agilent Technologies Inc.
• Olympus Corporation
• Intutive Surgical Inc.
• Terumo Corporation
• Edwards Lifesciences Corporation
• Smith & Nephew plc
• Hologic Inc.
• BioMerieux Inc.
• Align Technology Inc.
• ResMed Inc.
• Dexcom Inc.
What Is The Most Dominant Region In The Medical Device Technologies Market?
North America was the largest region in the medical device technologies market in 2024. The regions covered in the medical device technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
