Global Medical Device Technologies Market to Expand at 4.6% CAGR Through 2025

The medical device technologies market is poised to embark on a moderate growth trajectory, expanding at a CAGR of 4.6% during the period (2020-2025). Rising preference for minimally invasive surgeries is anticipated to fuel the market growth in the future. Such procedures are increasingly utilizing technologies such as robotics to achieve precision in surgical operations.

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In addition, the usage of medical images has augmented within all health systems. Various imaging modalities such as projection radiography, MRI, CAD/CAM technology and CT scanning techniques provide relevant patient information. Also, platforms such as implantable miniature telescopes, smart adapter and premium intraocular lenses (IOLs) have revolutionized domains such as ophthalmology.

The onset of the coronavirus pandemic, however, is anticipated to downsize the medical device technologies market during the short-term forecast. As healthcare providers are reorienting their operations towards the eradication of the pandemic, other elective procedures have taken a backseat. This is expected to reduce the demand for technologically enhanced devices for the same. However, the market will accelerate in high gear in the post-pandemic scenario when healthcare operations revert to a normal scale.

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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.

“Significant technological advancements in medicine have necessitated adoption of sophisticated medical devices to aid surgical procedures. Rising demand for minimally invasive surgeries to reduce patient trauma is anticipated to fuel the market growth,” says the Fact.MR analyst.

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Medical Device Technologies Market: Competition Insights

The medical devices technologies market shows a high level of fragmentation, with a growing number of market players 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 among others.

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Market players are focusing in product differentiation and reduced time-to-market for their products. For instance, structural heart therapy offered by Boston Scientific Corporation is one of the most rapidly growing segments of the medical devices technologies market. The segment is highly synergistic with rhythm management and interventional cardiology business. Likewise, Baxter International is in the process of launching about 50 products in the next five years which includes acute and renal care products with enhanced technological improvements.

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