Medical Device Technologies Market Estimated to Record Highest CAGR By 2028

Medical Device Technologies Market: Introduction

According to the report, the global medical device technologies market was valued at US$ 393.4 Bn in 2017 and is projected to expand at a CAGR of 4.3% from 2021 to 2028. Medical device is any instrument, appliance, apparatus, or software, which is used alone or in combination as intended to be specifically used for diagnosis or for therapeutic intervention for any disease, disorder, or medical condition.

It is also used for investigation, prevention, monitoring of treatment or alleviation of disease or any injury; replacement, monitoring, or modification of any physiological process or anatomy; and to assist in medical therapies of immunological, metabolic, or pharmacological means. Rapid advancement in medical device technologies has led to a range of applications that are beneficial for improving and transforming health and quality of population across the world.

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Rise in Demand for Advanced Diagnostic Technology for Accurate Diagnosis of Life-threatening Diseases

Molecular diagnosis enables understanding of diseases using the genetic technologies platform to develop efficient and effective diagnostic techniques in tracking various diseases at an early stage. The traditional methods of detection and diagnosis of cancers and genetic diseases are now replaced by automated technologies. Demand for molecular diagnostic techniques is expected to rise rapidly across the globe in the next few years owing to high prevalence of diseases, increase in the elderly population, rise in need of superior health care services, and economic development. Molecular diagnosis will create opportunities for disease prevention and early disease management by providing cost effective, accurate, and rapid diagnosis of diseases that have been difficult to analyze so far.

Advances in the multiplexing technology provide immunoassay and molecular diagnostics for diagnosing and treating life-threatening diseases such as cancer and infectious diseases. Multiplexed diagnostics analysis is faster, more efficient, and is an equally useful alternative methodology for cancer and HIV diagnosis.

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In 2020, around 2.3 million women were diagnosed with breast cancer, and 685,000 deaths were reported across the world. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past five years, making it the world’s most prevalent cancer. Similarly, other cancers such as acute lymphoblastic leukemia, the application of qPCR to assess direct therapy has given rise to the gradually growing field of minimal residual disease management.

For instance, at the end of 2020, US$ 21.5 Bn (in constant 2019 U.S. dollar) was available for the AIDS response in low- and middle-income countries, around 61% was from domestic sources. UNAIDS estimates that US$ 29 Bn (in constant 2019 U.S. dollars) would be required for the AIDS response in low- and middle-income countries, including countries formerly considered to be upper-income countries, in 2025 to get on track to end AIDS as a global public health threat. Application of microfluidics in HIV testing kits and assays at POCs is expected to cut cost, thereby proliferating demand for the technology.

Novel devices and advancements in techniques such as RT PCR, culture techniques, and DNA staining are anticipated to produce low-cost solutions for diagnostics and monitoring of infectious diseases and blood-related disorders in developing countries in the next few years. This eradicates the need of complex testing and helps in early detection of a disease or condition. With increasing investments in health care, several physicians are opting for point-of-care solutions for detection, diagnosis, and monitoring of diseases, without the need to send samples to the central laboratory.

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Rise in Cloud-based Medical Imaging

Large volume of patient data is generated from health care systems, and the storage of such vital data has become a significant issue. In addition to storage-related concerns, the healthcare system is struggling to access and share this data in order to reduce the cost of duplication. As reported by Intel, Inc., a hospital requires 175 TB of space for images and clinical records, and the total storage space required is expected to reach 100 Petabytes. Therefore, cloud storage services for medical imaging and information management is likely to offer significant opportunities to hospitals in terms of better resource and cost management, and easy access to medical images and related records in and across organizations and departments.

Moreover, usage of cloud storage does not essentially require scraping of existing Picture Archiving and Communication System (PACS). Hence, imaging equipment manufacturers have an opportunity to improve their revenue stream by providing equipment, along with cloud computing services, thereby ensuring reduction in hospital costs. Increase in usage of medical imaging techniques is anticipated to drive the medical device & technologies market in the near future.

In-vitro Diagnostic (IVD) Devices Segment to Dominate Market

In terms of device type, the global medical device technologies market has been classified into in vitro diagnostic (IVD) devices, cardiology devices, diagnostic imaging devices, orthopedic devices, ophthalmology devices, endoscopy devices, diabetes care devices, wound management devices, kidney/dialysis devices, anesthesia and respiratory care devices, and others. The others segment includes hospital supply devices, drug delivery systems, and dental devices.

The in-vitro diagnostic (IVD) devices and other devices segments held major share of the global medical device technologies market in terms of revenue in 2020. The in-vitro diagnostic (IVD) devices segment is expected to witness lucrative growth owing to increase in incidence rate of infectious and chronic diseases and rise in popularity and demand for rapid, minimally invasive, and non-invasive diagnostic systems across the world. The others segment is expected to be propelled by advancement and increase in adoption of technologies such as drug delivery systems and dentals implants.

Academic Research & Institutes Segment to Dominate Market

Based on end-user, the global market has been divided into academics & research, hospitals, clinics, diagnostic centers, ambulatory surgical centers, and others. The academic research & institutes accounted for the major market share in 2020. Research on medical device technologies and other disease indications have provided a much-needed breakthrough to pharmaceutical and biotechnology companies, driving a way forward to personalized health care and targeted therapies.

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North America to Dominate Global Market

In terms of region, the global medical device technologies market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical device technologies market in 2020, followed by Asia Pacific. The medical devices technologies market in North America is driven by higher investment of yearly revenues into product innovation and constant improvement of existing technologies. Mobile health and telemedicine have been growing in the U.S., with a rise in rate of adoption. The U.S. in the largest market in North America.

Moreover, the market has a very competitive landscape, with the presence of leading medical device players, including Abbott, Johnson & Johnson, and Baxter International. According to the International Agency for Research on Cancer, 2,281,658 novel cases of cancer were diagnosed in 2020, including 209,512 cases of prostate cancer, 253,465 cases of breast cancer, 227,875 cases of lung and bronchus cancer, and 101,809 cases of colorectal cancer.

The majority of players in the medical devices market are small- and medium-sized companies with significant innovations and supported funding. In addition, the advent of technological advancements including artificial intelligence, 3D printing, and robotic surgery devices and their adoption are likely to propel the market. In August 2020, Utah-based Innovasis, Inc. announced that the U.S. Food and Drug Administration (FDA) gave 510(k) clearance for usage of its bio-enhanced 3D printed AxTiHA and TxTiHA Interbody Fusion Devices that have been modified with Promimic HAnano Surface technology. IDx-DR, an advanced Artificial Intelligence-based diagnostic system that autonomously diagnoses patients for diabetic retinopathy and macular edema was approved by the U.S. Food and Drug Administration in 2018. It is first of its kind for using the AI system for diagnosis of indications.

Competition Landscape

The global medical device technologies market is fragmented in terms of number of players. Key players in the global market include Abbott Laboratories, Boston Scientific Corporation, Baxter International, Inc., Medtronic plc, Cardinal Health Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Johnson & Johnson, Siemens Healthineers, Smith & Nephew plc, Stryker Corporation, and Koninklijke Philips N.V.

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