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Medical Device Technologies Global Market Types and Applications, Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies And Forecast 2024-2033
Medical Device Technologies Global Market
According to The Business Research Company's, The medical device technologies market size has grown strongly in recent years. It will grow from $5.37 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.04%. The growth in the historic period can be attributed to advancements in material science, increasing incidences of chronic diseases, aging population, rising awareness.
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Market Drivers and Trends:
The increasing number of chronic diseases is expected to propel the growth of the medical device technologies market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period and often progress slowly. Medical device technologies are used in chronic diseases for providing timely and personalized interventions, improving patient outcomes, and enhancing the overall healthcare experience. For instance, in January 2023, according to the National Institutes of Health, a US-based government agency, among the population aged 50 or above, the number of people with at least one chronic disease is expected to increase by 99.5% from 71.522 million in 2020 to 142.66 million. Therefore, increasing chronic diseases drives the medical device technologies market.
Major companies operating in the medical device technologies market are developing medical devices with minimally invasive techniques to gain a competitive edge in the market. Minimally invasive techniques refer to medical procedures that are performed with minimal damage to the body compared to traditional open surgeries. For instance, in November 2023, Medtronic plc, a US-based medical device company, introduced the Symplicity Spyral RDN system, a minimally invasive treatment for hypertension. The Symplicity Spyral RDN system is used during the Symplicity blood pressure procedure, which is the first catheter-based approach using radiofrequency (RF) energy that complements medications and lifestyle modifications to help reduce blood pressure. The system has been approved by the FDA and is available for commercial use in more than 70 countries around the world.
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Major Key Players of the Market:
Cardinal Health Inc., Johnson & Johnson, Siemens AG, F. Hoffmann-La Roche Ltd., Novartis AG, Thermo Fischer Scientific Inc., Abbott Laboratories Inc., Zenith Healthcare, 3M Company, Medtronic plc, Becton Dickinson and Company, KONINKLIJKE PHILIPS N.V., Stryker Corporation, GE HealthCare Technologies Inc., Baxter International Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Agilent Technologies Inc., Olympus Corporation, Intutive Surgical Inc., Terumo Corporation, Edwards Lifesciences Corporation, Smith & Nephew plc, Hologic Inc., BioMerieux Inc., Align Technology Inc., ResMed Inc., Dexcom Inc.
Medical Device Technologies Market 2024 Key Insights:
• The medical device technologies market is expected to grow to $9.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.88%.
• Rise In Chronic diseases Fueling Growth In The Medical Device Technologies market
• Introduction To Technological Advancements Such As Minimally Invasive Techniques In The Medical Devices Sector
• North America was the largest region in the medical device technologies market in 2023
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