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Demand For Diagnostic Imaging Devices Is Anticipated To Register A CAGR Of 5.9% Through 2025
Medical Device Technologies Market InsightsThe medical device technologies market is anticipated to expand moderately at a CAGR of 4.6% during the forecast period (2020-2025). It is expected to be valued at US$ 563 Bn by 2025. Over the years, preference for minimally invasive (MI) and non-invasive diagnostic tools has been on a significant rise.
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Today, MI procedures are gaining traction, particularly in the treatment of cancer, especially for treating solid tumors. These procedures cause minimal complications, reduce the risk of infections, cause less pain, and have faster recovery time. Such advantages have increased their adoption, and in turn boost growth prospects of the medical device technologies market.
However, the COVID-19 pandemic is anticipated to constrain the market growth, with patients opting to postpone elective surgical procedures. With hospitals and other healthcare settings redirecting their resources in treating COVID-19 infections, elective surgeries have been canceled, leading to a fall in demand of medical devices. Eventually, the medical device technologies market will expand in the aftermath of the pandemic, as elective procedures will be performed as per schedule.
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Medical Device Technologies Market: Technological Insights
Technological innovations such as mHealth devices, continuous glucose monitoring systems, and insulin delivery systems will continue to influence the medical device technologies market growth. Additionally, advancements in the ophthalmology segment are majorly observed in platforms such as implantable miniature telescopes, smart adapters, and premium intraocular lenses (IOLs).
In recent times, minimally invasive diagnostic and surgical procedures are making use of robotic technology along with medical imaging modalities such as 3D/4D visualization to provide accuracy and rapid diagnosis. Advancements in 3D/4D imaging have led to the developments in computer-assisted detection (CAD) and image analysis applications.
Moreover, various simple and complex biochemical and molecular operations have been shifted to chip-based microfluidic setups over the last few years. These factors are anticipated to have a positive influence on the growth of the medical device technologies market.
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Medical Device Technologies Market Analysis by Device Type
Sales of diabetes care devices are anticipated to expand the fastest, registering a positive CAGR of 6.0% during the forecast period. On the other hand, demand for diagnostic imaging devices is anticipated to catch-up, registering a CAGR of 5.9% through 2025.
Growth in sales of diabetes care devices is attributable to the rising incidence of lifestyles diseases such as diabetes among a wide range of population worldwide. According to the W.H.O and the International Diabetes Federation (IDF) statistics, more than 400 million people were suffering from diabetes in 2014. Usage of diagnostic imaging techniques such as MRI, X-ray and CT scan provides painless diagnosis of chronic conditions. This factor is a key driver behind the expansion in sales of diagnostic imaging devices.
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Medical Device Technologies Market: Segmentation
Fact.MR has studied the medical device technologies market with detailed segmentation on the basis of device type, end-user and region.
Device Type
In-Vitro Diagnostic (IVD) Devices
Cardiology Devices
Diagnostic Imaging Devices
Orthopedic Devices
Ophthalmoogy Devices
Endoscopy Devices
Diabetes Care Devices
Wound Management Devices
Kidney/Dialysis Devices
Anesthesia and Respiratory Care Devices
Others
Medical Device Technologies Market: Competition Insights
The medical devices technologies market is fragmented, with numerous manufacturers of medical devices competing to collaborate with hospitals, clinics and research institutes. The degree of competition is high due to low switching costs by hospitals and the availability of similar products from different companies.
Some prominent players in the medical device technologies market are: Medtronic plc, Johnson & Johnson, Siemens Healthineers, GE Healthcare, F. Hoffmann La Roche Ltd., Phillips Healthcare, Baxter International, Boston Scientific Corporation, Abbott Laboratories and Cardinal Health. Development of advanced medical technologies remains a key focus area of leading players to maintain a strategic position in the market.
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