“The global top 10 Medical Device Technologies market is projected to grow at a CAGR of5.7%.”
The global top 10 Medical Device Technologies market is projected to reach USD 577.5 billion by 2027 from USD 437.4 billion in 2022, at a CAGR of 5.7% during the forecast period. Globally, with the rapid growth in aging population, the incidence of a number of chronic diseases is on the rise. Moreover, the elderly is more susceptible to traumas and injuries. Due to these factors, the demand for advanced medical equipment is increasing across the globe.
The emerging markets in Asia-Pacific (India and China) and Latin America (Brazil and Mexico) are expected to offer significant growth opportunities in the coming years. The high growth in these markets can majorly be attributed to the rising geriatric population; growing prevalence of chronic diseases; improving healthcare infrastructure due to increasing investments by respective government bodies; and rising investments by leading players in these countries.
“The Cardiology Devices Maret segment holds the second largest share in top 10 Medical Device Technologies market.”
The growth in the Cardiology Devices Market is mainly driven by the increasing incidences of cardiovascular diseases and launch of innovative products by market players. However, low affordability and inaccessibility of cardiac surgeries in developing countries is expected to restrain the growth of cardiology devices market during the forecast period.
“In the forecast period, global respiratory care & anesthesia devices market segmentis expected to grow at the highest CAGR in the top 10 medical devices market”
During the forecast period, the global respiratory care & anesthesia devices segment is expected to grow at the highest CAGR. The increasing need for advanced and innovative machines and equipment and high incidence of chronic obstructive pulmonary diseases (COPD) and obtrusive sleep apnea (OSA) are key factors driving the growth of this market. The changing preference of patients towards home care devices is expected to propel the growth of anesthesia and respiratory care devices market.
“By Region, Europe holds the second largest share in the top 10 Medical Device Technologies market, in the forecast period”
By Region, In 2021, Europe accounted for the second largest share of the top 10 Medical Device Technologies market in the forecast period, followed by the Asia Pacific, Latin America, and the Middle East & Africa. This is mainly attributed to the demand for advanced Medical Device Technologies and the presence of leading players in this region. Factors such as the Eurozone debt crisis and uncertainty and variations in reimbursement across the region may hamper the growth of this market to a certain extent.
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