Medical Device Technologies Market (Device Type: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmology Devices, Endoscopy Devices, Diabetes Care Devices, Wound Management Devices, Kidney/Dialysis Devices, Anesthesia & Respiratory Care Devices, and Others; and End-user: Academics & Research, Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Medical Device Technologies market size is expected to hit around USD 851 billion by 2030 from valued at USD 551 billion in 2021 and growing at a CAGR of 6.9% from 2022 to 2030. Rise in prevalence of chronic diseases and increase in incidence of disability-adjusted life years are projected to fuel the growth of the global market during the forecast period

Increase in Geriatric Population: Key Driver

• The proportion of geriatric population and life expectancy has increased across the world. This is expected to have a positive impact on the healthcare system, which in turn is likely to boost the growth of the global medical device technologies market.
• According to the World Ageing Population report, in 2019, around 708 million people aged 65 years and above were living across the world. Over the next three decades, this number is expected to more than double to reach 1.9 billion by 2050.
• East and Southeast Asia account for majority of the geriatric population, followed by Europe and North America, as per the above-mentioned source. Hence, surge in the geriatric population is projected to increase health and long term care expenditure.
• The elderly population is susceptible to hearing loss, back & neck pain, cataract & refractive errors, osteoarthritis, chronic obstructive pulmonary disease, depression, diabetes, and dementia. This is anticipated to drive the global medical device technologies market.

Report Scope of the Medical Device Technologies Market

Technological Innovations

• Technological innovations, including continuous glucose monitoring systems, mHealth devices, and insulin delivery systems, are expected to propel the global medical device technologies market. Additionally, advancements in the ophthalmology segment have been observed in platforms such as smart adapters, implantable miniature telescopes, and premium intraocular lenses (IOLs).
• Minimally invasive diagnostic and surgical procedures use robotic technology along with medical imaging modalities such as 3D/4D visualization to offer accuracy and rapid diagnosis. Advancements in 3D/4D imaging is responsible for the development of computer-assisted detection (CAD) and image analysis applications.
• Moreover, majority of simple and complex biochemical and molecular operations have been shifted to chip-based microfluidic setups in the past few years. These factors are likely to fuel the growth of the global medical device technologies market.

Uncertain and Ambiguous Regulatory Environment to Hamper Market Growth

• The regulatory framework for approval process has been a major restraint of the pharmaceutical, biotechnology, and medical technology industry. The FDA regulates in vitro diagnosis under the Act and Title 21 of the Code of Federal Regulations (CFR) in the U.S. A premarket application and a premarket notification (510(k)) are the two main regulatory paths, which lead to approval and clearance of a device. In the U.S., IVDs are also regulated through the Clinical Laboratory Improvement Amendments of 1988. Directive 98/79/EC of the European Commission provides regulatory guidelines for manufacturing and commercialization of in vitro diagnostic devices in Europe. The timeframe required for receiving regulatory approval for in vitro diagnostics is uncertain and the investment made in R&D of such devices can go in vain if the regulatory authority denies approval. Such uncertainties involved in the commercialization of IVDs act as a restraint of the global market.
• However, there are no clear regulatory framework/guidelines for the diagnostic sector in emerging countries such as India and China, where the IVD market has significant potential to grow due to a large patient base. Such a discrete and uncertain scenario about the regulations for IVD devices creates confusion among IVD manufacturers regarding commercialization of IVDs. Recently, the American Clinical Laboratory Association (ACLA) filed a citizen petition against the FDA challenging its authority to regulate laboratory-developed tests (LDTs). This is a potential threat to the FDA’s approach to streamline and standardize IVD devices. Currently, laboratory-developed tests (LDTs) are the substitutes for commercial IVDs and shrink the potential IVD market by a substantial volume.
• IVDs approved by the FDA are for only clinical diagnostic purpose. IVDs to be used for research/investigation purpose are labelled “research use only” (RUO) or “investigational use only” (IUO), and the FDA exempts these products from regulatory requirements such as premarket approval, 510(k) clearance, and GMP requirements. Hence, these products may not be safe for clinical use due to unproven safety and efficacy. There have been instances where companies have promoted and sold RUO/IVO products for clinical use and the FDA has failed to address these concerns due to lack of authority to regulate them. This factor also restrains the penetration of clinically approved IVDs in the market. Overall, this factor is expected to have moderate to high impact on the growth of the medical device technologies market.

Europe and North America to Witness Advancements in Medical Device Technologies

The key regional segments of the global medical device technologies market include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is predicted to stay at the forefront in terms of revenue among all regions in the market due to rising incidence of cancer, metabolic diseases, and large patient pool of individuals with chronic diseases & cardiovascular diseases that require crucial diagnosis & therapies. The demand for automated medical processes and the region being home to several med-tech giants is also contributing immensely to the North America medical device technologies market.

Moreover, the market in North America is driven by rise in prevalence of cardiovascular diseases and implementation of the Cancer Moonshot initiative to address the rapidly rising incidence of cancer. Around 1.5 million people experience heart attacks and stroke in the U.S. every year, while direct medical costs for cancer treatment accounted for US$ 363 Bn each year from 2016 to 2017. This includes the cost of health care services, medicines, and lost productivity due to death.

Europe is anticipated to trail North America in the global medical device technologies market revenue-wise. In vitro diagnostic devices are majorly fueling the growth of this regional market on account of high prevalence of cancer, stroke, and cardiovascular diseases.

In addition, increase in the number of diabetic patients and robust government investments in healthcare infrastructure are the major drivers of the medical device technologies market in Asia Pacific. According to the IDF, in 2020, around 580 million people in Asia Pacific were diabetic, comprising 60% of the world’s total diabetic population.

Medical Device Technologies Market: Key Developments

• Key players in the global medical device technologies market are expanding their market position by adopting various strategies, such as mergers and acquisitions, and research collaborations with other companies to launch innovative products and consolidate their market positions across the world. A few expansion strategies adopted by players operating in the global medical device technologies market are:
• In November 2020, Siemens Healthineers launched the MULTIX Impact C, a ceiling-mounted digital radiography (DR) system. The company also launched MULTIX Impact VA20, a new version of the established floor-mounted parent DR system.
• In January 2020, Esaote North America launched the MyLabX8 Ultrasound System in Canada. The product expands the reach of the MyLab Ultrasound product line in Canada.
• The report on the global medical device technologies market discusses individual strategies, followed by company profiles of manufacturers of medical device technology products. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global medical device technologies market.

Some of the prominent players in the Medical Device Technologies Market include:

• Abbott Laboratories
• Boston Scientific Corporation
• Baxter International, Inc.
• Medtronic plc
• Cardinal Health, Inc.
• F. Hoffmann-La Roche Ltd.
• GE Healthcare
• Johnson & Johnson
• Siemens Healthineers
• Smith & Nephew plc
• Stryker Corporation
• Koninklijke Philips N.V., among others

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Medical Device Technologies market

• By Device Type
• In Vitro Diagnostic (IVD) Devices
• Cardiology Devices
• Diagnostic Imaging Devices
• Orthopedic Devices
• Ophthalmology Devices
• Endoscopy Devices
• Diabetes Care Devices
• Wound Management Devices
• Kidney/Dialysis Devices
• Anesthesia and Respiratory Care Devices
• Others
• By End-user
• Academics & Research
• Hospitals
• Clinics
• Diagnostic Centers
• Ambulatory Surgical Centers
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Medical Device Technologies industry analysis from 2022 to 2030 to identify the prevailing Medical Device Technologies industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Medical Device Technologies industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Medical Device Technologies industry trends, key players, market segments, application areas, and market growth strategies.