Global Medical Devices Market to Grow at a CAGR of 6.2% During 2024-2032, Aided by Technological Advancements

The market for medical devices is being aided by the integration of various technologies in medical devices by the leading companies. The use of the Internet of things (IoT) and Bluetooth, among others to enable machine-to-machine communication to allow the usage of cloud platforms. This aids in storing, capturing, and analysing medical data, hence enabling the development of smart medical devices. Moreover, the increasing merger and acquisitions of tech companies and the key players of the market are increasing technological integration in medical devices, which is fuelling the industry growth. Innovations in the industry to create cost-effective, personalised, and efficient medical devices to cater to specific patients’ demands are anticipated to propel the market growth in the forecast period.

Philips Healthcare (AMS: PHIA), one of the leading companies in the market, announced its newest solution for precision diagnosis by introducing Spectral Compound Tomography (CT) 7500 in May 2021. The product delivers high-quality spectral images for every scan to aid in improving disease characterisation while reducing re-scans and follow-ups at the same dose levels as conventional scans. It is fully integrated, thereby enabling the technologist to get the patient on and off the table quickly and saving overall time. It enables spectral chest scans and head scans within a second and full upper body spectral scan within two seconds to deliver high-quality imaging for an effective treatment plan. Moreover, the device sets a new standard of care by delivering valuable insights by using spectral technology and demonstrating a higher sensitivity to detect malignant findings. Such innovative devices are expected to aid the market growth.

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Market Analysis by Medical Machine, Medical Instrument, Application, Function, End Use, and Region:

• The market, on the basis of medical machine, can be divided into diagnostic imaging devices and patient monitoring devices, among others.

• Based on medical instrument, the industry can be divided into catheter, scalpels, scissors and shears, surgical steel knife, cutters, and extractors, among others.

• By applications, the market is classified into orthopaedic, cardiovascular, ophthalmic, dental, and wound care, among others.

• On the basis of function, the market can be segmented into diagnostic and monitoring, therapeutic, and surgical, among others.

• The end uses of medical devices include hospitals and ambulatory centres and homecare device, among others.

• The regional markets for medical devices include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rapid digitisation of medical devices owing to cost-effectiveness and easy accessibility is aiding the market growth.

• The market is being aided by the rising prevalence of health-related issues and the robust growth of the healthcare and medical technology industries.

• The advent of 3D printing, which can aid in the development of personalised medical devices such as implants, is propelling the growth of the medical devices industry.

• The integration of the latest technologies such as artificial intelligence (AI), big data, and machine learning in medical devices is augmenting the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global medical devices market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the medical machines, medical instruments, applications, functions, end uses, and regions of medical devices.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for medical devices are Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, and Boston Scientific Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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