The global medical device technologies market is expected to reach a massive valuation of US$ 563 billion by the conclusion of the assessment period ending in 2025. The medical device technologies industry is likely to be moderately impacted by the ongoing covid-19 pandemic. Reduced demand for devices and technologies associated to elective medical procedures will limit short term growth prospects, owing to delays and postponed treatments for such ailments during lockdowns.
“With growing importance being given to faster diagnostics and patient safety, healthcare facilities are increasingly adopting automation processes for workflow. Consequently, hospitals are investing in the upgradation of IT infrastructure, which will positively influence the medical device technology market,” says the FACT.MR report.
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Medical Device Technologies Market- Key Takeaways
- In vitro diagnostic technologies account for major market share on the back of investments into cancer, diabetes, and cardiovascular ailments.
- Robotics are anticipated to display a high growth aided by application prosthetics, artificial organs, and organ assistive technology.
- Asia Pacific is a nascent market with positive prospects for medical device technologies, with advancements in healthcare in China, Japan, and India.
Medical Device Technologies Market- Driving Factors
- Expansion of the global geriatric population, coupled with the higher incidences of chronic ailments are major market drivers.
- Investments by medical technology companies towards research and development support market developments.
- Faster approvals by regulators to bring products into the market support revenue prospects for market players.
Medical Device Technologies Market- Major Restraints
- Technical complexity and prohibitive pricing are challenges for many medical device technologies.
- Strict regulations governing the approval of medical device tech restrains market growth.
COVID-19 Impact on Medical Device Technologies Market
The coronavirus pandemic is having a moderate impact on the worldwide medical device technologies market. On one hand, the demand for PPE, infusion pump and ventilator device technologies has witnessed a substantial increase during the crisis period. On the other, the restrictions imposed on the administration of elective healthcare procedures is expected to hurt demand for associated healthcare technologies in the short term. The market is likely to display strong recovery towards 2021 with potential improvements in the pandemic situation and relaxation on social distancing norms.
Explore the global medical device technologies market with 62 figures, 30 data tables, along with the table of contents of the report. You can also find detailed segmentation on: https://www.factmr.com/connectus/sample?flag=RM&rep_id=4828
Cardinal Health, Medtronic plc, Abbott Laboratories, Johnson & Johnson, Boston Scientific Corp., Siemens Healthineers, Baxter International, GE Healthcare, and Phillips Healthcare, are some of the prominent players in the medical device technologies market.
Medical device technologies market players are investing extensively for research & development efforts for product innovation and launch strategies for wide-ranging applications in the healthcare sector.
For example, Softwave Tissue Regeneration Technologies has received approval from the FDA for second degree burns and diabetic foot ulcer treatment technologies with the application of extracorporeal shock wave (uESWT). In addition, Lumenis has unveiled a breakthrough technology with FocalRF platform for non-invasive RF body treatments for customized applications. Also, Medtronic has received FDA approval for its MiniMed 770G, hybrid, closed loop system for type 1 diabetes in pediatric patients.
About the Report
This study offers readers a comprehensive market forecast of the medical device technologies market. Global, regional and country-level analysis of the top industry trends impacting the medical device technologies market is covered in this FACT.MR study. The report offers insights on the medical device technologies market on the basis of device (invitro diagnostic, cardiology, diagnostic imaging, orthopedic, ophthalmology, endoscopy, diabetes care, wound management, dialysis, anesthesia and respiratory care, and others ), and end user (academics & research, hospitals, clinics, diagnostic centers, ambulatory surgery centers, and others) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).