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 global 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. The IoT holds vast potential for applications within and beyond healthcare facilities, revolutionizing the industry and enhancing patient outcomes. 

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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 various advancements, including implantable devices made from biocompatible materials, minimally invasive surgeries, and innovative treatments such as regenerative medicine, stem cell therapy, and gene therapy. Additionally, there is a focus on disruptive technologies like drug repurposing, personalized diagnostics, predictive analytics, population health management, value-based care, health outcomes research, clinical decision support, medical education, and patient engagement. These technologies aim to improve patient empowerment, health literacy, and address healthcare disparities, access to care, and healthcare costs. Digital transformation plays a significant role, with an emphasis on data privacy, informed consent, medical device regulation, pharmaceutical development, clinical trial design and recruitment, drug approval, market access, intellectual property, and healthcare disparities. Medical tourism and global healthcare are also part of the landscape, as is the integration of disruptive technologies to enhance patient care and improve health outcomes.

Market Research Overview

The Medical Technologies Market, as part of the expansive Global Healthcare Equipment Market, encompasses the development and manufacture of specialized medical devices, diagnostic imaging systems, surgical instruments, and drug delivery systems. This sector falls under the healthcare equipment industry, which also includes capital equipment, implants, accessories, and consumables. Technavio, a leading technology research firm, calculates the market size based on the combined revenue generated by manufacturers of these advanced, differentiated, and clinically tested devices, utilized in diverse therapy areas.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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