The medical devices market size is expected to reach USD 864.49 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. Integration of Augmented Reality (AR) in biotechnology is driving market revenue growth. AR devices help surgeons in operating rooms during minimally invasive and non-life-threatening surgeries and AR glasses are also being used by nurses to locate veins and arteries for injections. Technological advancements in AR and Virtual Reality (VR) have enhanced learning efficiency for healthcare practitioners and increased empathy by allowing patients or their families to understand the impact of a sickness or condition. It can also be utilized for surgical visualization and patient and clinician education.
Medical devices help to diagnose and treat diseases easily. Pacemakers, imaging instruments, dialysis machines, and implants are among the most well-known and commonly used medical devices. Technological advancements have made it possible to develop innovative and efficient devices, which are driving revenue growth of the market. Remote monitoring of pulse oximetry devices, for example, is a beneficial approach for clinicians to keep in touch with their patients without the burden of hospital/clinic visitations for disorders such as chronic obstructive pulmonary disease, sleep apnea, and a variety of cardiovascular ailments.
Medical technologies such as wearables are becoming more popular in the aftermath of the coronavirus outbreak. To restrict the spread of COVID-19, the necessity to diagnose, treat, and monitor patients without human interaction has intensified, leading to an increased usage of medical technologies that will allow medical practitioners to remotely treat their patients. Artificial Intelligence (AI) in human care, wearable medical equipment, remote patient monitoring devices, Electronic Health Records (EHR), and other technologies make remote monitoring possible. These medical technological solutions enable patients to be monitored in real-time, whether at home or in hospitals, which is critical in the fight against COVID-19.
Some Key Highlights From the Report
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For this study, Reports and Data has segmented the medical devices market based on type, end-use and region:
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