The global medical device technologies market is expected to attain a value of USD 563,886.5 million by 2025 from USD 377,562.4 million in 2016 at a CAGR of 4.6 percent, estimates Transparency Market Research.
Medical technologies have brought about efficacy, sustainability, and efficiency in healthcare systems with hi-tech devices such as ultrasounds, continuous glucose monitoring systems, and many more. These are some of the key growth drivers of the medical device technologies market. On the flip side, serving as a hindrance to the market is rising incidence of use of non-licensed technology for the integration of biomedical devices.
In vitro devices (IVD) and other devices led the global medical device technologies market in 2016 revenue-wise. The segment of IVD devices is expected to display notable growth in the coming years too because of rising incidence of infectious diseases along with the rising popularity of non-invasive diagnostic practices.
Hospitals and academics and research are presently the leading end-use segments of the market. In 2016, hospitals held the leading share of the overall market owing to proliferation in the number of hospitals and government backing in many countries for improvement of the healthcare sector.
Key players operating in the market are Abbott Laboratories, Boston Scientific Corporation, Baxter International, Medtronic, Cardinal Health, F. Hoffmann-La Roche, GE Healthcare, Johnson & Johnson, Siemens Healthineers, Smith & Nephew, Stryker Corporation, and Koninklijke Philips.