Demand For Medical Device Technology Is Expanding At A CAGR Of 4.6% By 2025 |Fact.MR Study

The Medical Device Technology Market is poised to start a moderate growth trajectory, expanding at a CAGR of 4.6% during the period (2020-2025) . Growing preference for minimally invasive surgery is expected to accelerate market growth in the future. These procedures increasingly utilize robotic-like technology to achieve the precision of surgical operations. Additionally, the use of medical imaging has increased in all healthcare systems. Various imaging techniques such as projection radiography, MRI, CAD/CAM techniques and CT scanning techniques provide relevant patient information. In addition, platforms such as small implantable telescopes, smart adapters, and advanced intraocular lenses (IOLs) have revolutionized areas such as ophthalmology.

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However, the onset of the coronavirus pandemic is expected to shrink the medical device technology market over the short-term forecast period. As health care providers reorient their operations to eradicate the epidemic, other selective procedures have been pushed into the background. This is expected to reduce the demand for technologically advanced devices. However, the market will accelerate rapidly in a post-pandemic scenario where healthcare operations return to normal scale.

Highlights of Medical Device Technology Market Research
Sales of diabetes management devices by device type register a healthy growth, registering a CAGR of 6.0% over the forecast period. This is because the proportion of the diabetic population worldwide is increasing.
The adoption of medical device technology in hospitals continues to influence growth strategies, accounting for more than 30% of overall market revenue.
As investment in healthcare infrastructure increases, the number of hospitals built to provide advanced healthcare has increased. This is expected to be an important growth determinant.
Geographically, North America will remain the leader in the medical device technology market, accounting for nearly two-fifths of the global market value.
The Asia Pacific region is projected to create credible growth opportunities for key players, with market growth expanding at a CAGR of 6.6% by 2025.
Increasing prevalence of chronic diseases and growing geriatric population are driving the market expansion in both regions.
"Significant technological advances in medicine have necessitated the adoption of sophisticated medical devices to aid in surgical procedures. Growing demand for minimally invasive surgery to reduce patient trauma is expected to drive market growth," said a Fact.MR analyst.

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Medical Device Technology Market: Segmentation
Fact.MR has studied the Medical Device Technology market with detailed segmentation based on device type, end user and geography.

Device type

In vitro diagnostic (IVD) devices
cardiology instrument
diagnostic imaging device
orthopedic instruments
ophthalmic device
endoscopic instrument
diabetes management device
wound care device
kidney/dialysis device
Anesthesia and Respiratory Care Devices
etc
end user

academia and research
hospital
clinic
diagnostic center
outpatient surgery center
etc
area

North America
europe
Asia Pacific
Latin America
Middle East and Africa (MEA)
Medical Device Technology Market: Competitive Insights
The Medical Device Technology market exhibits a high degree of segmentation owing to increasing number of market players competing for collaboration with hospitals, clinics, and research institutions. The degree of competition is high due to the low switching costs of hospitals and the availability of similar products from other companies.

Key players in the medical device technology market include 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.

Market participants are focused on differentiating their products and accelerating time to market. Structural heart care, offered by Boston Scientific Corporation, for example, is one of the fastest-growing segments of the medical device technology market. This segment is highly synergistic with the Rhythm Management and Interventional Cardiology business. Likewise, Baxter International is in the process of launching approximately 50 products over the next five years, including acute and renal care products with enhanced technology improvements.

Analysis of the impact of COVID-19
The ongoing novel coronavirus pandemic cripples the world, halts all businesses and disrupts supply chains. Mandatory social distancing measures have disrupted the supply-demand equation by reducing production cycles. In particular, the medical industry is facing serious challenges as the COVID-19 situation shows no signs of abating.

The medical device technology market is expected to register a significant downturn amid the pandemic. As hospitals and other healthcare environments adjust their priorities, patients are delaying elective surgical procedures and the demand for technologically advanced devices is diminishing. At the same time, it can be argued that the market prospects will broaden with ongoing investigations to design possible diagnostic tests to detect SARS-CoV-2 in pre-existing and previously infected patients. The market is expected to rebound as healthcare operations normalize in the aftermath of the pandemic, restoring existing future growth projections.

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The Medical Device Technology market report answers important questions that include:

What are the potential investment areas for the Medical Device Technology market?
Which regions are projected to exhibit the most attractive growth rates during the forecast period and which factors will play a decisive role in that growth?
What are the trends that will change the status quo of the key players in the medical device technology market in the not-too-distant future?
Which product/service/technology segments have the game-changing potential that could dramatically shape the competitive dynamics in the medical device technology market?
What strategies have the top players adopted to maintain their strength in the Medical Device Technology market?
What strategic moves will the new entrants adopt to gain a strong foothold in the medical device technology market?
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