Medical Device Technologies Market: By devices (Neurostimulators, Insulin pumps, Passive implants, Orthopaedic implants, Cochlear implants, Pacemakers, Cardiac devices, Kidney device, Endoscopy devices, Diagnostic and imaging devices, Others), By application (Disease diagnosis, Identification, Prevention, Imaging), end user (Diagnostic centres, Multi-speciality hospitals, Ambulatory surgical centre, Research centres) and Geography  

 

Medical Device Technologies Market size was valued USD 558.4 million 2021 and expected to reach USD 757.4 million by 2028, at a CAGR of 5.4% during the forecast period 2022-2028. An article, instrument, apparatus or machine that is used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting or modifying the structure or function of the body for some health purpose is known as a medical device. Typically, the purpose of a medical device is not achieved by pharmacological, immunological or metabolic means. Medical devices require maintenance, calibration, user training, decommissioning and repair which are predominantly handled by the clinical engineers. Medical devices are used for certain purposes of treatment, rehabilitation and diagnosis of diseases or injuries may be used alone or in association with any other accessories, consumables or other medical equipment. The medical device technologies market is expected to show significant growth during the foreseen period due to huge unmet needs in the healthcare sector. Currently, many clinics and hospitals are positioning automatic processes to diminish errors and also to achieve fast and accurate data analysis. Medical device companies are spending huge amounts of investments for quality product development and to enhance product portfolio by developing respiratory products, medical imaging devices, orthopaedic implants, vascular drug-eluting stents microelectronics, bio-materials etc.