The global top 10 medical device technologies market is projected to reach USD 577.5 billion by 2027 from USD 437.4 billion in 2022, at a CAGR of 5.7% during the forecast period. 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
The top 10 medical device technologies market is consolidated at the top, with many leading market players based in developed countries. The prominent players in this 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).
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These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the top 10 medical device technologies market.
ABBOTT LABORATORIES LTD.
Abbott Laboratories held the third position in the IVD quality controls market. The company has more than 30 years of experience in developing laboratory quality controls for the in vitro diagnostics market. It is one of the largest manufacturers of true third-party quality control solutions. The company delivers reliable and high-quality products designed to assess the performance of instruments accurately. The company’s quality control portfolio includes Abbott RealTime HBV Control Kit, ProbeChek Control Slides for PathVysion HER-2 DNA Probe Kit - Normal Control Slides, and RealTime SARS-CoV-2 Control Kit. The company provides liquid and lyophilized quality control products to over 47,000 clinical laboratories globally and sells products in over 145 countries. It focuses on R&D for product development.
Stryker Corporation offers a broad product portfolio in the endoscopy equipment market. Its focus on providing consumers with advanced products makes the company a key player in this market. The firm offers all categories of endoscopy products, such as endoscopes, visualization systems, and accessories. Stryker has looked toward R&D; investments increased from USD 862.0 million in 2019 to USD 1235.0 million in 2021 (by 43.3%). The company is also strategically focusing on acquisitions to strengthen its product portfolio. In November 2020, the company acquired a large company, i.e., Wright Medical, a medical device company focused on extremities and biologics.
BOSTON SCIENTIFIC CORPORATION
Boston Scientific Corporation has a strong geographic presence in the US, the Asia Pacific, and other main markets in Europe. The company exclusively offers endoscopy equipment dedicated to gastroenterology, pulmonary, and interventional bronchoscopy applications. However, there was a steady growth in the R&D expenditure from USD 1174 million in 2019 to USD 1204 million in 2021. Through the endoscopy business segment, the company develops and manufactures devices to diagnose and treat a broad range of gastrointestinal (GI) and pulmonary conditions with innovative, less invasive technologies.
Roche Diagnostics held the leading position in the IVD quality controls market. The company provides innovative quality control products and services. It also offers a range of third-party quality controls, data management solutions, and external quality assurance services for hospital laboratories, reference laboratories, transfusion laboratories, and physician office laboratories. The company is expected to sustain its leading market position in the coming years owing to its strong product portfolio, geographic presence, and brand name in the global market. Its market leadership can also be attributed to its strong distribution and subsidiary network across the globe, enabling it to serve customers in North America, Europe, and the Asia Pacific. Roche Diagnostics has direct distribution channels in over 35 countries outside the US through subsidiaries.
Top 10 Medical Device Technologies Market by Type (In Vitro Diagnostics, Diagnostics Imaging, Orthopedic, Ophthalmology, Cardiology, Endoscopy, Diabetes Care, Respiratory Care & Anesthesia, Kidney/Dialysis Devices) and Region - Global Forecast to 2027
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