NEW YORK, March 13, 2024 /PRNewswire/ — The global medical technologies market size is estimated to grow by USD 313 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.3% during the forecast period. The major Companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Medical Technologies Market report includes information on the product launches, sustainability, and prospects of leading vendors including Abbott Laboratories, B. Braun Melsungen AG, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Canon Inc., F. Hoffmann La Roche Ltd., Fresenius SE and Co. KGaA, General Electric Co., Johnson and Johnson Services Inc., Koninklijke Philips NV, Medtronic Plc, Nihon Kohden Corp., Olympus Corp., OMRON Corp., Siemens AG, Smith and Nephew plc, Stryker Corp., Zimmer Biomet Holdings Inc., Cardinal Health Inc..
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Medical Technologies Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017 – 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
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Market growth 2023-2027 |
USD 313 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.34 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Germany, France, China, and Japan |
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Market Segmentation by Application
In the 21st century, the medical technologies market experiences significant growth, driven by economic expansion, aging populations, and health initiatives. The Act 21st Century Cures facilitates innovation in diagnostic and therapeutic devices. The COVID-19 vaccine development relies on advanced medical technologies like CT scans. Construction of medical facilities continues, while data security becomes crucial with increasing database usage for patient records, such as those related to diabetes and glucose monitoring via continuous monitors. Dublin hosts major medical technology conferences. The Chinese economy’s growth fuels demand for medical devices. Data breaches pose threats to email communications containing sensitive medical information. Food technology innovations intersect with medical devices, such as insulin pumps.
Factors influcing the market
- The global health landscape is witnessing a surge in acute and chronic diseases, particularly cardiovascular diseases (CVD), which account for nearly half of all deaths in Europe and over a third in the EU. Advanced imaging technologies play a crucial role in diagnosing and managing these conditions. Wearable devices, including fitness trackers and smartwatches, promote health monitoring and patient-centric care. Genomics and precision medicine are revolutionizing disease treatment and prevention. Value-based care models prioritize patient needs and outcomes, integrating these technologies to enhance healthcare efficiency and effectiveness.
- In the medical technologies market, advanced imaging technologies and wearable devices, including fitness trackers and smartwatches, are revolutionizing health monitoring. Genomics and precision medicine are at the forefront of personalized patient-centric care. Automation plays a crucial role in this sector, with hematology analyzers, such as those developed by Danaher, ensuring accurate disease detection in blood samples through rapid, objective, and significant cell counting. Strict regulations and the rise in donations necessitate this level of precision. Value-based care models prioritize these advancements, focusing on improved patient outcomes and cost containment.
Market Sizing
Advanced medical technologies refer to innovative solutions and tools in the healthcare sector. These include advanced imaging technologies like MRI and CT scans, as well as wearable devices such as fitness trackers and smartwatches. Health monitoring devices, like blood glucose monitors and blood pressure cuffs, are also essential medical technologies. Genomics and precision medicine are emerging areas, utilizing technology to provide personalized healthcare. Patient-centric care and value-based care models are being prioritized, with technologies like telehealth and AI facilitating remote consultations and improved care efficiency.
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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
