Rise In Chronic diseases Fueling Growth In The Medical Device Technologies market: Core Growth Enabler in the Medical Device Technologies Market, 2025

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What Will the Medical Device Technologies Industry Market Size Be by 2025?
Recent years have seen a robust growth in the market size of medical device technologies. The market, which is projected to expand from $552.16 billion in 2024 to $584.18 billion in 2025, will have a compound annual growth rate (CAGR) of 5.8%. The impressive growth witnessed in the previous period is linked to advancements in material science, the surge in chronic disease occurrence, an aging population, and rising awareness.

What's the Long-Term Growth Forecast for the Medical Device Technologies Market Size Through 2029?
We can anticipate robust expansion in the medical device technologies market in the coming years. The growth projection reveals a jump to $724.86 billion by 2029, witnessing a compound annual growth rate (CAGR) of 5.5%. The surge during this forecast period can be linked to increasing demand for diagnostic tools, rising consciousness about preliminary diagnosis and treatments, and an escalated use of monitoring apparatus. The forecast period also sees key trends such as advancements in pharmacy, diagnostics, surgical products, and interventional procedures.

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What Are the Key Growth Drivers Fueling the Medical Device Technologies Market Expansion?
The proliferation of chronic illnesses is anticipated to fuel the expansion of the medical device technologies market in the future. Chronic illnesses are defined as health problems that last for a considerable length of time and usually develop gradually. Medical device technologies serve a crucial role in chronic disease management, offering bespoke and timely treatments, enhancing patient outcomes, and elevating the overall healthcare experience. For example, as per the Australian Institute of Health and Welfare, a government agency based in Australia, there was a marked increase in mortality rates from chronic conditions, rising from 459 per 100,000 in 2021 to 490 per 100,000 in 2022. Consequently, the upward trend of chronic diseases is fuelling the growth of the medical device technologies market.

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What Are the Key Trends Driving Medical Device Technologies Market Growth?
Major firms that are prevalent in the medical device technologies market are innovating medical devices utilizing least invasive methods as they seek to secure a competitive advantage. Clinically, minimum invasive approaches signify those medical processes that cause less harm to the body relative to typical open surgical procedures. Take, for example, the medical device company Medtronic plc, based in the United States. In November 2023, they launched the Symplicity Spyral RDN system, a noninvasive therapy for hypertension. In the Symplicity blood pressure process, this RDN system is employed, representing the pioneer catheter-oriented method that uses Radio Frequency (RF) energy. This complements medications and modifications of lifestyle to aid in managing blood pressure. This system boasts of FDA approval and is available for commercial utilization in over 70 countries worldwide.

How Is the Medical Device Technologies Market Segmented?
The medical device technologies market covered in this report is segmented -

1) By Type: Molecular Diagnostics, Diagnostic Imaging, Non-Invasive Monitoring, Drug Delivery, Mobility Aid Technologies, Micro Fluids And MEMS, Bio-Implants, Biomaterials, Minimal Or Non-Invasive Surgery, Telemedicine
2) By Application: Cardiology, Orthopedics, Oncology, Neurology, Respiratory, Other Applications
3) By End-User: Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostics Centers, Research Organizations, Other End Users

Subsegments:
1) By Molecular Diagnostics: PCR-Based Diagnostics, DNA Microarrays, Next-Generation Sequencing (NGS), Isothermal Nucleic Acid Amplification
2) By Diagnostic Imaging: X-Ray Imaging, MRI Systems, Ultrasound Imaging, CT Scanners, Nuclear Imaging (PET, SPECT)
3) By Non-Invasive Monitoring: Blood Glucose Monitors, Cardiac Monitoring Devices, Blood Pressure Monitors, Pulse Oximeters
4) By Drug Delivery: Infusion Pumps, Nebulizers, Inhalers, Transdermal Drug Delivery Patches
5) By Mobility Aid Technologies: Wheelchairs, Walkers and Canes, Prosthetics, Exoskeletons
6) By Micro Fluids and MEMS: Lab-On-A-Chip Devices, Microfluidic Pumps, Microarrays, MEMS Sensors
7) By Bio-Implants: Orthopedic Implants, Cardiovascular Implants, Neurostimulators, Dental Implants
8) By Biomaterials: Polymers, Ceramics, Metals, Composite Biomaterials
By Minimal or Non-Invasive Surgery: Laparoscopic Devices, Endoscopic Tools, Laser-Assisted Surgery Devices, Robotic Surgical Systems
By Telemedicine: Remote Patient Monitoring Systems, Telehealth Platforms, Video Consultation Systems, Wearable Health Tracking Devices

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Which Companies Are Leading the Charge in Medical Device Technologies Market Innovation?
Major companies operating in the medical device technologies market report are 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.

Which Regions Are Leading the Global Medical Device Technologies Market in Revenue?
North America was the largest region in the medical device technologies market in 2024. The regions covered in the medical device technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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