INDUSTRY REPORT poised to grow at a compound annual growth rate ( CAGR ) of 5.5 % from 2022 to 2030 .
“ By end-user , the hospitals and clinics segment accounted for 88.5 % of the total revenue share in 2021 . The diagnostics centres segment is growing at a CAGR of 10.3 % from 2022 to 2030 . The North American region has dominated the market with 39.9 % of the total revenue share in 2021 . The significant growth of this region is mainly because of developed healthcare infrastructure and increasing concerns for healthy lives ,” it explained , highlighting key takeaways from its report .
“ Increasing investment in Research & Development ( R & D ) activity by medical technology companies for the development of new and advanced medical devices , and easy approval for those devices by the regulatory authorities , are expected to drive market growth for medical devices over the coming years . Increasing demand for innovative therapies along with technological advancements in the medical devices to meet unmet requirements in the healthcare sector are considered as prime factors supporting the growth of medical devices ,” it added .
However , the data security threat may hamper market growth for medical devices as internet connection is required for transferring patient ’ s data from remote devices to the physician . The rising trend for connected devices makes them attractive and increases the risk of data breaches or hacks .
Asia Pacific emerged as the fastest growing region during the forecast period in the report , owing to a growing , ageing population ; increasing per capita incomes and burgeoning health concerns among people . Increasing investment on healthcare infrastructure in the region is anticipated to further boost the market for medical devices over the analysis period .
“ China and India are the prominent countries in the Asia Pacific region that hold second and fifth positions , respectively , in terms of global market revenue . The market for medical devices in these countries is mainly governed by the incentives offered by local governments , along with healthcare reforms ,” added the analyst .
Therapeutic applications include gastrointestinal and general
Medical equipment ( Nikron ).
surgery ; diagnostic imaging ; respiratory ; orthopaedics ; cardiovascular ; dental ; neurology ; ophthalmology ; Ear-Nose-Throat ( ENT ); nephrology ; urology and others .
Trends and directions
Market analyst Market Research Future
( MRFR ) calculates that the global market size for medical devices will reach US $ 964.90 billion by 2030 at 6.99 % CAGR from 2022-2030 .
“ The need for medical technology to diagnose and treat conditions like cardiovascular disease ( CVD ), cancer , diabetes , stroke and renal disease is growing . The increasing use of radiation therapy in the diagnosis and treatment of disease , the growing demand for portable medical devices and wearable medical devices , and the favourable healthcare reforms and government financial assistance for senior