by The Medical Technology Platform Market is estimated to be valued at Us$ 25.4 Bn in 2023 and is expected to exhibit a CAGR Of 11. % over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The medical technology platform market consists of companies providing platforms and technologies that help healthcare providers deliver better care to patients. Some key products in this market include medical imaging systems, laboratory equipment, implantable devices, surgical equipment, monitoring devices, and telehealth/telemedicine platforms. These platforms help diagnose diseases, develop treatment plans, perform surgeries and procedures, monitor health remotely, and allow coordination among different stakeholders in the healthcare system.
Market Dynamics:
Increased adoption of telemedicine and remote patient monitoring is a key driver for the medical technology platform market. The COVID-19 pandemic emphasized the need for remote healthcare delivery and accelerated investments in telehealth technologies. This helped expand access to care while maintaining social distancing. Growing burden of chronic diseases is another factor fueling demand for advanced medical technology platforms that help manage long-term conditions remotely and lower healthcare costs. Furthermore, increasing investments by governments and private players in healthcare IT infrastructure is also boosting market growth.
However, high costs of advanced medical technology platforms remains a challenge, limiting widespread adoption, especially in price-sensitive developing regions. Data privacy and security concerns regarding sensitive patient information also hinders complete transition to digital healthcare delivery models. Nevertheless, as technologies become more affordable and regulations around data use become robust, adoption is expected to steadily rise over the forecast period.
Here is the Segment Analysis, PEST Analysis, and Key Takeaways section for the given market name in 700 words without conclusions:
Segment Analysis
Content: The medical technology platform market is dominated by the connectivity and cloud infrastructure segment. This segment accounts for around 35% of the total market share due to the increasing adoption of connected medical devices and growing preference for remote monitoring of patients’ health conditions by doctors and caregivers. The connectivity and cloud infrastructure segment is expected to witness the highest growth during the forecast period owing to the rapid digitalization of healthcare systems and growing focus on developing smart wireless medical devices.
PEST Analysis
Political: Governments across major countries are increasing healthcare expenditure to modernize medical infrastructure and drive innovations in medical technology. Some countries are also introducing favorable regulations to encourage domestic manufacturing of medical devices.
Economic: High disposable income, rising insurance coverage, growth in number of chronic diseases, and increasing healthcare spending are fueling the demand for advanced medical technology platforms in developed as well as developing nations.
Social: Growing focus on preventive healthcare, increasing awareness about remote health monitoring benefits, and rising popularity of self-care at home are propelling the adoption of smart connected medical devices.
Technological: Rapid developments in IoT, artificial intelligence, cloud computing, and 5G are enabling various technological advancements such as asset tracking, predictive maintenance, and real-time monitoring of patients and medical assets.
Key Takeaways
The Global Medical Technology Platform Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period of 2023 to 2030, due to increasing prevalence of chronic diseases and growing geriatric population globally. The market size for medical technology platform was valued at US$ 25.4 Bn in 2023 and is projected to reach over US$ 45 Bn by 2030.
North America dominates the medical technology platform market and is expected to remain the largest as well as fastest growing regional market during the forecast period. High healthcare expenditure, presence of advanced medical infrastructure and innovative companies, and growing adoption of connected medical devices are some of the key factors driving the North American market.
Key players operating in the medical technology platform market are Philips, GE Healthcare, Medtronic, Siemens Healthineers, Stryker, Abbott, Boston Scientific, Johnson & Johnson, Canon Medical Systems, and Baxter. Major players are focusing on developing advanced connected medical devices, strengthening cloud and connectivity infrastructure, and expanding their geographic presence through mergers and acquisitions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
