The global medical device technology market size is anticipated to reach a value of US$ 530.14 billion in 2024, as revealed in the recently updated industry analysis published by Fact.MR. The market has been forecasted to increase at 4.9% CAGR and surge to US$ 854.13 billion by the end of 2034.

There is increased use of in-vitro medical diagnostic (IVD) devices in monitoring overall health for curing, treating, and preventing diseases. Their features of offering a safe study of the effects of diseases or substances without causing any distress or harm to living beings has made them popular in the healthcare industry. Further, they assist in developing new treatments for quick services, thereby becoming a popular choice among healthcare providers and patients.

Increased adoption of workflow automation techniques in clinics and hospitals is attributed to their ability to provide quick and consistent analysis for patient safety. Automation is assisting hospitals in improving their IT infrastructure and allowing them to provide efficient healthcare facilities.

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Key Takeaway from Market Study:

• The global medical device technology market is analyzed to advance at 4.9% CAGR from 2024 to 2034.
• North America is evaluated to hold 36.5% share of the global market by the end of 2034.
• Demand for medical device technologies in South Korea is forecasted to climb at a CAGR of 6% from 2024 to 2034.
• The market in China is approximated to expand at 8.3% CAGR and reach a value of US$ 90.84 billion by 2034.
• Hospitals are projected to capture 30.8% share of global market revenue by 2034-end.
• Worldwide demand for in-vitro medical diagnostic (IVD) devices is calculated to increase at a CAGR of 5.8% and reach a market value of US$ 225.7 billion by 2034.

“Integration of machine learning and artificial intelligence-based systems into medical device technologies is allowing the provision of personalized treatment for patients,” says a Fact.MR analyst.

High usage in in Hospitals Attributed to Minimizing Chances of Medical Errors

Worldwide demand for medical device technologies for use in hospital settings is evaluated to increase at a CAGR of 5.6% and reach a market value of US$ 263.43 billion by the end of 2034. These technologies are enable healthcare providers gain easy access to patient’s medical records. In addition, they are also assisting in minimizing medical errors, offering greater patient care, and improving patient education and outcomes.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the medical device technology market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on device type (in-vitro medical diagnostic (IVD) devices, cardiovascular devices, diagnostic imaging devices, orthopedic devices, ophthalmology devices, endoscopy devices, diabetes care devices, wound management devices, kidney/dialysis devices, anesthesia & respiratory care devices) and end user (academics & research, hospitals, clinics, diagnostic centers, ambulatory surgery centers), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Key Companies Profiled:

GE Healthcare; Baxter International; Medtronic Plc.; Abbott Laboratories; Phillips Healthcare; Johnson & Johnson; Cardinal Health; Siemens Healthineers; Boston Scientific Corporation; F. Hoffmann La Roche Ltd.

Industry News:

Molded Devices, Inc. is a provider of value-added and high-precision plastic components used in manufacturing solutions for non-medical and medical applications. In November 2022, the company announced the acquisition of Schauenburg-Truplast (China) and GlobalMed Inc. (Canada), collectively known as ‘GlobalMed’.

Frost & Sullivan, conducted a study on medical device connectivity. Based on the study, it awarded Ascom with Medical Devices Connection Technology Innovation Leadership Award in October 2022. The company offers a vendor-neutral MDI (medical device integration) platform for capturing events and data, which adapts and interacts with the vendor’s bedside medical device.

Siemens Healthineers, in November 2020, launched MULTIX Impact C. It is a digital radiography system, which is ceiling-mounted. Further, the company also launched MULTIX Impact VA20, which is the latest version of the parent DR system.

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