Latest News- Medical Technologies Market: Medical devices is expected to lead the Application segment during 2024-2028

The Medical Technologies Market is being driven by Increasing prevalence of diseases

The Medical Technologies Market is expected to grow at a CAGR of 8.09% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 325.9 billion. The medical technologies market is experiencing significant growth due to the increasing adoption of Internet of Things (IoT) technology and connected medical devices in the healthcare industry. IoT infrastructure bridges the gap between physical and digital data sources, enabling real-time patient monitoring and improving accessibility to healthcare services. This innovation reduces operational burdens on healthcare facilities and supports the development of digital healthcare ecosystems. Healthcare organizations are transitioning to connected hospital infrastructure to deliver timely and enhanced care, with IoT applications extending beyond hospital walls and into remote patient monitoring and telehealth services. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Medical devices
  • In-vitro diagnostics
• End-user
  • Hospitals
  • Clinics
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • France
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of diseases
• Rising number of product launches in IVD
• Growing adoption of data analytics in healthcare sector

However, the market also witnesses some limitations, which are as follows:

• Declining reimbursement and cost containment measures
• High cost of implementation of digital health solutions
• Stringent regulatory bodies guiding in-vitro diagnostics manufacturers

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Market Scope in Medical Technologies Market Research Report

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Research Analysis Overview

The Medical Technologies Market encompasses non-imaging diagnostics, research-related equipment, and medical devices, including wearable devices. With the aging global population, there is a growing demand for GLP-1 therapies and innovative technologies like artificial intelligence (AI) and machine learning (ML) in patient-centric care. Public company revenues are influenced by trading multiples, cash returns, and healthcare providers' needs for inpatient admissions, surgical and diagnostic procedures, elective surgeries, emergency room visits, dental procedures, and orthopedic surgeries. Additionally, mobile apps and healthcare agencies play significant roles in this sector.

Market Research Overview

The Medical Technologies Market, as part of the global healthcare equipment industry, encompasses non-imaging diagnostics and research-related equipment. This sector's revenue is derived from public companies specializing in the development and manufacturing of various diagnostic tools and devices, contributing to the larger healthcare equipment market. The market's growth is driven by the increasing prevalence of chronic diseases, particularly GLP-1 therapies, and the aging global population. Technavio's calculation of the global healthcare equipment market size includes the combined revenues of manufacturers in this segment. Advanced technologies, such as artificial intelligence (AI), are revolutionizing diagnostics, leading to trading multiples and cash returns for investors in the life sciences sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/