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| Medical Technology Platform Market |
Medical technology platforms incorporate technologies like IoT and cloud computing to collect and analyze patient health data from connected medical devices to help improve treatment outcomes and healthcare management. Medical technology platforms play a crucial role in remote monitoring of chronic conditions and providing treatment recommendations. They help physicians obtain comprehensive health analytics and insights about at-risk populations. The global 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 key trends:
The adoption of IoT and cloud computing is one of the major trends driving the
growth of the medical technology platform market. IoT allows remote monitoring
of patients through collection of medical data from various connected devices.
Cloud computing provides storage and analytical capabilities to process huge
volumes of medical data generated. This integrated approach allows continuous
monitoring of patients and helps physicians make timely interventions. It also
enables predictive analysis of population health trends. Increased investments
by market players in development of IoT and cloud-based medical technology
platforms are expected to boost the market growth over the forecast period.
Segment Analysis
The global Medical Technology Platform market is segmented on the basis of
product type and end user. Based on product type, the medical technology
platform market can be further categorized into hardware and software
components. The hardware components segment dominated the market in 2023
accounting for around 55% of the total market share. This is primarily due to
the high costs associated with medical hardware as compared to software. Based
on end user, the global medical technology platform market is segmented into
hospitals, clinics, research and diagnostic laboratories. Among these, the
hospital segment held the largest market share in 2023 as medical technology
platforms enhance patient care, safety, and operational efficiency in
hospitals.
Key Takeaways
The global Medical
Technology Platform Market Growth is expected to witness high growth
over the forecast period of 2023 to 2030. Regional analysis shows that North
America currently dominates the global medical technology platform market with
around 35% market share. Significant investments in R&D of medical
technologies by leading players in the US and Canada is driving the growth of
the regional market. Europe is another major market for medical technology
platforms globally. Stringent regulations regarding quality and safety of
medical devices in the EU is encouraging adoption of digital platforms for
smooth operations.
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, Baxter. Philips
dominates the market with around 15% share led by its imaging diagnosis and
patient monitoring platform portfolio. GE Healthcare follows Philips with its
Edison medical technology platform focusing on artificial intelligence
applications.collaboration between market players and medical research institutes
is further expected to fuel innovations and market growth over the forecast
period.
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