Medical Device Technologies Market: By Devices (Neurostimulators, Insulin pumps, Passive Implants, Orthopaedic Implants, Cochlear Implants, Pacemakers, Cardiac Devices, Kidney Devices, Endoscopy Devices, Diagnostic and Imaging Devices, Others), By Application (Disease Diagnosis, Identification, Prevention, Imaging), By End User (Diagnostic centres, Multi-speciality Hospitals, Ambulatory Surgical Centre, Research Centres) and Geography

Medical Device Technologies Market size was valued at USD 658.4 million in 2023 and is expected to reach USD 857.4 million by 2030, at a CAGR of 6.4% from 2024-2030. 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 and 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 their product portfolio by developing respiratory products, medical imaging devices, orthopedic implants, vascular drug-eluting stents microelectronics, bio-materials, etc.