The global medical device technology market is growing at a significant CAGR of around 5.4% during the forecast period (2020-2026). Medical device technologies ae referred to the technologies that can assist a healthcare provider in performing diagnosis, treatment and treatment of certain medical condition using medical devices. There are several advanced technologies opening their space in the medical devices market. The major factors driving the global medical device technology market includes technological advancements in medical devices and rising prevalence of chronic diseases, such as CVD and cancer. According to WHO, around 17.9 million fatalities occur each year due to heart diseases, which is estimated to be around 31.0% of the global fatalities.
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In addition, rising cases of diabetes and respiratory healthcare problems and rising geriatric population are other factors offering growth to the medical device technology market. According to WHO, diabetes prevalence has been increasing steadily over the past three decades. In 1980, the diabetic population totaled around 108 million and this number has increased to 415 million in 2015, as per the International Diabetes Federation (IDF). These numbers specify that in present times one in 11 adults is affected with diabetes. Further, the federation projected that the diabetic population is will reach 642 million by 2040. Such rising prevalence of diabetes and other chronic diseases are driving the need for technology pronounced medical devices, which in turn, will offer growth to the market during the forecast period. However, the strict FDA regulations and uncertainty in reimbursement certainly hampers the growth of the global medical device technology market. The safety and security of patients is considered to be the primary objective of the government and the US FDA; as a result, many innovative devices may find it difficult to comply with the FDA rules and regulations.
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Global Medical Device Technology Market Segmentation
By Device Type
In Vitro Diagnostics Devices
Diagnostic Imaging Devices
Others (Endoscopy Devices and Respiratory Care Devices)
Rest of Europe
Rest of Asia-Pacific
Rest of the World
Baxter International, Inc.
Becton, Dickinson and Co.
BioSig Technologies Inc.
Boston Scientific Corp.
Cardinal Health, Inc.
F. Hoffmann-La Roche Ltd.
Fresenius SE & Co. KGaA
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