DUBLIN–(BUSINESS WIRE)–February 1, 2022–
The North American and European medical technology market size is expected to reach USD 647.1 billion by 2028. The market is expected to grow at a CAGR of 11.5% from 2021 to 2028.
Growing population of patients in healthcare institutions, inefficient management of hospital services, increasing healthcare expenditures, growing geriatric population coupled with increasing prevalence of chronic diseases, increasing shortage of healthcare personnel and the Overburdened healthcare systems are driving digitization and automation in the healthcare sector. These digital health solutions enhance patient-provider engagement and improve the quality of patient care. Improved internet connectivity and growing smartphone penetration are driving the adoption of digital health solutions in North American and European markets.
The growing potential of the medical technology industry is attracting public and private investors to support the development of innovative digital health solutions. The current Covid-19 pandemic has exposed the failings and shortcomings of overstretched existing healthcare systems and reaffirmed the need to embrace digitization and automation of healthcare services. Travel restrictions and lockdowns imposed by government agencies have limited patients from adopting virtual care solutions such as telemedicine and teleconsultation. Various participants and industry consultants have witnessed a significant increase in the adoption rates of virtual care and digital health solutions following the onset of the pandemic.
The market is expected to witness an increase in revenue growth over the forecast period and follow an upward projected technology lifecycle trajectory. The services segment dominated the market owing to the prevailing trend of outsourcing digital healthcare services to third-party vendors as healthcare institutions lack the requisite technological expertise and skills. Rapid advancements and innovative upgrades in software solutions have contributed to the growth of the service segment. These services can vary from installations, implementation, education and training, and upgrade, and are either provided as a complete package or partially in the form of long-term contracts.
Revenue cycle management (RCM) segment led the market due to multiple functions of RCM such as product development, member engagement, network management, care management, claims management , risk and compliance. The growing trend of automating claims handling, reimbursements, denial processes, risk and compliance reinforces the need for RCM solutions. The others segment led the market due to increasing investment in digitization of healthcare services and to reduce rising healthcare costs. Growing awareness of smartphone health solutions, medication management and impending healthcare are also some of the factors driving the segment of others. North America dominated owing to the presence of key market players, high digital literacy, advancements in IT infrastructure, rising healthcare IT spending, and rapid adoption of digital health solutions.
Highlights of the medical technology market in North America and Europe
- The market size is expected to be valued at USD 647.1 billion by 2028, owing to digitization and automation in the healthcare industry
- In the type segment, services dominated the market in 2020, owing to the prevailing trend of outsourcing these services as healthcare organizations lack the necessary staff and skills.
- In the application segment, the revenue cycle management segment led the market in 2020, driven by the automation of claims, reimbursement and risk and compliance management functions
- The others segment held the largest market share in 2020 due to growing demand for reducing diagnostic costs and machine downtime
- North America dominated in 2020 owing to the availability of advanced infrastructure, high digital literacy, presence of key market players, rising healthcare IT spending and rates of rapid adoption
North America and Europe Medical Technology Market Variables, Trends and Scope
- Overview of the medical technology market in North America and Europe
- Mapping penetration and growth prospects
- Market dynamics
- Market Driver Analysis
- Increase adoption of digital healthcare
- Growing demand for personalized medicine and treatment
- Growing adoption of artificial intelligence, IoT and big data
- High smartphone penetration
- Growing adoption of mobile health apps
- Market Restriction Analysis
- Lack of qualified professionals
- Cybersecurity and privacy concerns
- Market challenges
- Digital health technology unable to deliver promised results
- Market analysis tools
- Impact of COVID-19
- Outsourcing of hardware services
Technology type market estimates and trend analysis
Application estimates and trend analysis
End-use market estimates and trend analysis
Regional estimates and trend analysis, by technology type, application and end use
- All Scripts
- Greenway Health
- Cure® Health Care
- Qualcomm Technologies, Inc.
- eClinical works
- Carestream Health
- HEALTH TAPS
- Teladoc Health
- American well
- Doctor on demand
- DXC Technology Company
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KEYWORD: NORTH AMERICA EUROPE
INDUSTRY KEYWORD: TECHNOLOGY MEDICAL DEVICES SURGERY MEDICAL SUPPLIES HOSPITALS OTHER TECHNOLOGIES SOFTWARE PRACTICE MANAGEMENT HARDWARE HEALTH
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 02/01/2022 14:48 / DISK: 02/01/2022 14:48
Copyright BusinessWire 2022.