Top 10 Medical Device Technologies Market

The global top 10 medical device technologies market in terms of revenue was estimated to be worth $437.4 billion by 2022 and is poised to reach $577.5 billion in 2027, growing at a CAGR of 5.7% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Urbanization, changing lifestyles, and changing food habits have resulted in an increase in the prevalence of chronic diseases, such as CVDs, respiratory diseases, diabetes, ophthalmology diseases, and musculoskeletal diseases, globally (especially in emerging economies) and will fuel this market development in the upcoming years

Attractive Opportunities in the top 10 Medical Device Technologies Market

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Top 10 Medical Device Technologies Market Dynamics

Driver: Gradual shift from centralized testing to point-of-care testing

The dominant model of laboratory testing throughout the world remains the centralized laboratory that uses automated analytical testing methods to detect target analytes. This trend is well established in clinical chemistry and hematology disciplines and extends to other areas, including immunoassays and molecular diagnostics.

Point-of-care devices offer advantages over conventional diagnostic procedures in affordability and ease of use and yield rapid results required for initiating decision-making. The increased adoption of POCT devices is greatly influenced by the need to make healthcare more patient-centered by organizing healthcare services around the patient than the provider. Centralized testing does not represent a convenient process for many patients because the testing process is often disconnected from the consultation. This happens particularly to those patients with a chronic disease such as diabetes who require regular monitoring, including frequent blood tests. The growth in self-monitoring of blood glucose, the largest portion of POC testing, is partly a testament to this need for more convenient and effective care.

The volume of testing performed outside the conventional laboratory is likely to increase in the coming years, driven by the need to deliver care closer to the patient. The menu of tests performed using POC testing devices has expanded considerably in the last two decades. This development was majorly driven by well-established technologies such as lateral flow strips, immunosensors, and the continual miniaturization of electronics & increased computing power of devices.

However, while estimates of the growth potential for POC testing are positive, POC devices may be vulnerable to budgetary pressures. The burden is on the manufacturer to provide evidence of improved outcomes, but these outcomes can only be achieved through an improved care pathway. Despite having robust device design, inflexibility in the patient care pathway or poor understanding by diagnostics manufacturers may limit the adoption of POC devices.

Restraint: Uncertainty in reimbursement

The unfavorable reimbursement scenario in most countries across the globe is a major factor restraining the growth of the medical devices market.

Healthcare providers—particularly in developing countries such as India, Brazil, and Mexico—have low financial resources to invest in costly, sophisticated technologies. Moreover, the staff should be trained in the efficient handling and maintenance of medical devices and accessories. Maintaining medical equipment is of vital importance as improperly reprocessed devices can lead to cross-contamination and potentially expose patients to infections. This can incur additional costs. All these factors add to the cost of diagnostic or surgical procedures. Owing to the high capital, training, and maintenance costs, diagnostic or surgical procedures are generally expensive. Also, in most Asian countries, there is limited or no reimbursement for diagnostic or surgical procedures from governments.

Currently, the healthcare system in developing countries faces many challenges due to rising healthcare costs, increasing incidence of chronic diseases, and the growing geriatric population (coupled with the growth in age-related disorders). To counter these challenges, governments in a number of countries are focusing on redesigning their healthcare reimbursement systems. In Asian countries, there is very limited or no reimbursement available (except in Japan). Thus, limited or decreasing reimbursement rates in developed countries and undefined reimbursement policies in emerging countries restrict the adoption of diagnostic or surgical procedures globally.

Opportunity: Growth potential of emerging economies

India, China, and Brazil are relatively untapped markets for interventional cardiology. The high incidence of diabetes and the large geriatric population in these and other emerging countries offer significant growth opportunities for the interventional cardiology devices market.

According to the IDF, ~77.0 million people suffered from diabetes in India alone in 2019; this is projected to reach 101.0 million by 2030. Similarly, in China, the population suffering from diabetes is projected to reach 140.5 million by 2030, from 116.4 million in 2019. In addition, increasing health awareness in the aforementioned countries is expected to increase the demand for advanced treatment methods, including interventional cardiology.

Challenge: Hospital budget cuts

In response to increasing government pressure for reducing Several healthcare providers have allied themselves with group purchasing organisations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs) in response to growing government pressure to lower healthcare costs. In order to negotiate a fair price with the suppliers and manufacturers of medical devices, these organisations pool the purchasing power of their members. For large purchases of diagnostic imaging equipment, GPOs, IHNs, and IDNs are highly negotiable.

Hospital budgets have been drastically reduced as a result of rising prescription drug prices and a sharp decrease in the US's proposed budgetary allotment for health and human services as of 2022. According to an American Hospital Association study, federal payment reductions to hospitals will total USD 218 billion by 2028, forcing them to set aside smaller budgets every year.

In 2020, Nigeria decided to cut its healthcare spending by 40%. Owing to these budget cuts, most hospitals cannot afford costly imaging devices and prefer lower-priced alternatives, such as refurbished devices or upgrading existing devices. To address this challenge, market players adopt suitable strategies to meet the needs of these hospitals.

Top 10 Medical Device Technologies MARKET ECOSYSTEM

Prominent companies in this market include well-established, financially stable manufacturers of Top 10 Medical Device Technologies. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Abbott Laboratories, Inc. (US), Roche Diagnostics (Switzerland), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), Johnson & Johnson (US), Medtronic PLC (Ireland), Smith & Nephew PLC (UK), GE Healthcare (US).

The IVD Market segment is expected to account for the largest share of the Top 10 Medical Device Technologies market

Growth in the in vitro diagnostics (IVD) market is driven by the Gradual shift from centralized testing to point-of-care testing, Growing awareness of early disease diagnosis in emerging economies, and Emergence of rapid PoC technologies and rising adoption of automated analyzers. However, an unfavorable reimbursement scenario is expected to restrain the growth of this market during the forecast period.

The global respiratory care & anesthesia devices market segment is expected to grow at highest CAGR in the Top 10 Medical Device Technologies market during the forecast period

The increasing need for advanced and innovative machines and equipment and high incidence of chronic obstructive pulmonary diseases (COPD) and obtrusive sleep apnea (OSA) are key factors driving the growth of this market. The changing preference of patients towards home care devices is expected to propel the growth of anesthesia and respiratory care devices market.

Asia Pacific will grow by highest CAGR in the top 10 Medical Device Technologies market, by region.

Asia Pacific will grow by highest CAGR in the the top 10 Medical Device Technologies market, by region, followed by Latin America, Europe, Middle East & Africa and North America. The highest CAGR of Asia Pacific can be attributed to the rising geriatric population, growing incidences of lifestyle diseases, and the rising demand for technologically advanced devices. However, stringent regulatory policies and a lack of reimbursement are expected to restrain the growth of this market.

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The prominent players in the global Top 10 Medical Device Technologies market are Abbott Laboratories, Inc. (US), Roche Diagnostics (Switzerland), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), Johnson & Johnson (US), Medtronic PLC (Ireland), Smith & Nephew PLC (UK), GE Healthcare (US).

Top 10 Medical Device Technologies Market Report Scope

The study categorizes the Top 10 Medical Device Technologies market to forecast revenue and analyze trends in each of the following submarkets:

• By In Vitro Diagnostics (IVD) Market
• By Cardiology Devices Market
• By Diagnostics Imaging Devices Market
• By Orthopedic Devices Market
• By Ophthalmology Devices Market
• By Endoscopy Devices Market
• By Diabetes Care Devices Market
• By Wound Car Devices Market
• By Kidney/Dialysis Devices Market
• By Respiratory Care & Anesthesia Devices Market

By Region

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Recent Developments:

• In March  2023, The company Abbott launched received U.S FDA has approval for  Epic Max stented tissue valve to treat people with aortic regurgitation or stenosis.
• In March  2023, The company Abbott launched received  U.S FDA has approved FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system sensors for integration with automated insulin delivery (AID) systems.
• In November 2022, Roche diagnostics Received US FDA approval of the VENTANA FOLR1 (FOLR1-2.1) RxDx Assay, the first immunohistochemistry (IHC) companion diagnostic test to aid in identifying epithelial ovarian cancer (EOC) patients who are eligible for targeted treatment with ELAHERE (mirvetuximab soravtansine-gynx).
• In November 2022, Siemens Healthineers launched Viato.Mobile with 1.5 Tesla for high-quality MR imaging.

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