Medical Device Technologies Market Segment Analysis By Device
The Medical Device Technologies Market based on Device can be further distributed into In Vitro Diagnostics, Cardiology devices, Orthopedic Devices, Diagnostic Imaging Devices, and Others. The In-Vitro Diagnostics segment is the major segment generating revenue in 2020. In Vitro Diagnostics provides various opportunities in the field of microbiology, immune and clinical chemistry as well as molecular diagnostics that enable to improve the lives of people which is growing the advancement of in vitro technologies device. Moreover, the rising need for fast diagnostics is also rising the adoption of in-vitro diagnostics devices in hospitals. The Cardiology Devices segment is estimated to register the fastest CAGR of 6.1% for the period 2021-2026. According to World Health Organization, about 17.9 million people are suffering from cardiovascular diseases in 2020 who need proper treatment that reduces the rate of cardiovascular diseases. This factor rising the adoption of advanced cardiology devices helps heart patients to conduct their daily duties from one system which further propell the growth of Medical Device Technologies Market.
Medical Device Technologies Market Segment Analysis By End-User
The Medical Device Technologies Market based on End-User can be further segmented into Hospitals, Ambulatory Surgical Centers, and Others. The Hospitals segment registers for the highest Medical Device Technologies Market share in 2020. This is mainly owing to the fact that more than 13 million diagnostic procedures are performed every year in hospitals that needs to advance the technologies in hospitals and provide the best results. Moreover, in vitro diagnostics are mostly performed in hospitals owing to the availability of advanced technologies that is rising the preference of hospitals among patients. The Ambulatory Surgical Centers segment is forecasted to register the fastest CAGR of 6.7% over 2021-2026. This is mainly owing to the rise of minimally invasive surgeries among the geriatric population, increasing the advancement in various techniques and growing the preference among patients in ambulatory surgical centers thereby driving the growth of Medical Device Technologies Market.
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Medical Device Technologies Market Segment Analysis By Geography
North America dominated the Medical Device Technologies Market with a major share of 40% in 2020. This is mainly owing to the rising development in technology that is growing the adoption of modern techniques in hospitals and increasing cases of health issue among population and adoption of advanced technologies in the healthcare sector which in turn is enhancing the market growth. In the U.S., more than 80% of companies are medical devices and are considered as the largest medical device in the world that enhance the growth of the Medical Device Technologies Market.
However, Asia Pacific is projected to be the growing market during the forecast period 2021-2026 owing to the growing population of elder people increasing cases of various health issues which is growing the adoption of various technologies in healthcare. In Asian countries, such as China, India, Japan, technologies in medical devices are advancing which is further developing the adoption of Medical Device Technologies Market.
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Medical Device Technologies Market Drivers
Rising prevalence of chronic disease among the population increases the need for proper treatment that growing the demand for advanced medical technologies
Increasing prevalence of chronic disease among population, rising the demand for proper treatment and growing advancement in medical technologies. are driving the market growth. According to World Health Organization, about 57% of chronic diseases increased among the population in 2020. Owing to this, the adoption of advanced medical technologies rising for reducing the issues provide better results which in turn propel the growth of market over the period 2021-2026.
Advancement of technology in healthcare field rising the adoption of medical technologies in the various healthcare sector
Technological advancement in the healthcare field provides smoother communication in the organization of healthcare that also helps to provide proper treatment for various diseases which is further growing the adoption of technology in medicine. Recently, 3-D imaging devices adoption increased in hospitals that is further rising the innovation in medical technologies among various companies which boost the growth of the Medical Device Technologies Market over the period 2021-2026.
COVID-19 pandemic had greatly impacted the growth of the Medical Devices Technologies Market. With the help of advanced technologies, the diseases are diagnosed quickly and during pandemics, it shows very effective for providing treatment quickly that is rising the adoption of advanced medical technologies which positively impact the growth of Medical Device Technologies Market.
Medical Device Technologies Market Challenges
High-Cost Associated With Medical Devices
The factors that are set to impede the growth of the Medical Devices Technologies Market are the high cost of medical devices owing to growing advancement in technologies. Recently, the increasing use of medical technology, rising the cost of medical devices by 40-50% annually that impact the growth in the healthcare industry, is set to be challenging the market of Medical Device Technologies.
Medical Device Technologies Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Device Technologies Market. Medical Device Technologies top 10 companies are
Abbott Laboratories Inc.
Becton Dickinson and Company
Johnson and Johnson Diagnostics Inc.
In 2020, Medtronic had a partnership with The Foundry, a medical device company in order to advance the medical industries by developing various medical technologies.
A. Molecular Diagnostics Market
B. In Vitro Diagnostics Quality Control Market
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