Global Medical Device Technology Market Size, Share, Forecast Report, 2020-2027

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The global medical device technology market is growing at a significant CAGR of around 5.4% during the forecast period (2020-2026). Medical device technologies ae referred to the technologies that can assist a healthcare provider in performing diagnosis, treatment and treatment of certain medical condition using medical devices. There are several advanced technologies opening their space in the medical devices market. The major factors driving the global medical device technology market includes technological advancements in medical devices and rising prevalence of chronic diseases, such as CVD and cancer. According to WHO, around 17.9 million fatalities occur each year due to heart diseases, which is estimated to be around 31.0% of the global fatalities.



In addition, rising cases of diabetes and respiratory healthcare problems and rising geriatric population are other factors offering growth to the medical device technology market. According to WHO, diabetes prevalence has been increasing steadily over the past three decades. In 1980, the diabetic population totaled around 108 million and this number has increased to 415 million in 2015, as per the International Diabetes Federation (IDF). These numbers specify that in present times one in 11 adults is affected with diabetes. Further, the federation projected that the diabetic population is will reach 642 million by 2040. Such rising prevalence of diabetes and other chronic diseases are driving the need for technology pronounced medical devices, which in turn, will offer growth to the market during the forecast period. However, the strict FDA regulations and uncertainty in reimbursement certainly hampers the growth of the global medical device technology market. The safety and security of patients is considered to be the primary objective of the government and the US FDA; as a result, many innovative devices may find it difficult to comply with the FDA rules and regulations.



Segmental Outlook



The medical device technology market is classified on the basis of device type, which includes in vitro diagnostics devices, diagnostic imaging devices, cardiology devices, ophthalmology devices, orthopedic devices, and others. Among these devices, the cardiology devices segment holds a significant share in the market. The segmental growth is backed by the rising incidences and prevalence of CVD across the globe. According to the World Health Organization (WHO), CVDs are estimated one of the major causes of mortality across the globe, accounting for more than 17.3 million mortalities per year. This number of mortalities by CVDs is further estimated to reach 23.6 million by 2030. Such rising incidences of CVD is rising the development of advanced technologies in order to cater the wide patient pool across the globe.



Regional Outlook



The global medical device technology market is classified on the basis of geography, which includes North America, Europe, Asia-Pacific, and Rest of the World. North America holds a significant share in the global medical device technology market. The US plays the critical role in geographic contribution of North America in global medical device technology market. Presence of major market players in the US such as Abbott Laboratories, Inc. and Thermo Fisher Scientific Inc., and various others is one of the major factors driving global medical device technology market. These market players are actively operating in the medical device technology market and catering to the needs of automated medical processes in the region.



Asia-Pacific is expected to propel with a considerable growth rate in the global market



Asia-Pacific is estimated to project a considerable CAGR in the global medical device technology market. This is backed by the increasing prevalence of chronic and infectious diseases and rising pharmaceutical R&D in the region. CVD is one of the major causes of mortalities in the region, especially in China and India. According to WHO, CVD causes one third of the total fatalities in China and the number is anticipated to get doubled by 2020. AHA predicted that CVD patients increase by 23% from 2010 to 2030 and there will be more than 7.7 million fatalities because of CVD. Therefore, the medical device industry of China is flourishing with recent technology. Additionally, development and adoption rate are increasing due to support of Chinese government in order to lead the globe in medical device industry.



Market Players Outlook



The key players in the medical device technology market are contributing significantly by providing advanced technology-based products and through expanding their geographical presence across the globe. The key players operating in the global medical device technology market include Thermo Fisher Scientific Inc., General Electric Co., Abbott Laboratories, Johnson & Johnson Services Inc., and Koninklijke Philips N.V. These market players adopt various strategies such as product launch, partnerships, collaborations, merger, and acquisitions to sustain a strong position in the market.