North America and Europe Medical Technology Industry Overview
North America and Europe medical technology market size was valued at USD 270.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2021 to 2028. Rising healthcare expenditure, ineffective hospital service management, growing influx of patient population at various healthcare facilities, increasing healthcare personnel shortage, is boosting public and private organizations to discover and develop innovative models of healthcare delivery. Healthcare professionals are constantly demanding for advanced technological solutions to improve the quality of patient care, eliminate growing data siloes, reduce operational costs. The increasing adoption of digital health technologies is anticipated to drive market growth over the forecast period.
The rapidly growing geriatric population in North America and Europe coupled with the rising prevalence of diseases, increasing healthcare costs, and lack of healthcare infrastructure in developing regions are driving the demand for medical technological solutions. The increasing penetration of smartphones and advancements in internet connectivity is supporting and boosting the adoption of mHealth technologies by healthcare providers and patients. As per The Mobile Economy 2018 estimates, the smartphone penetration is expected to reach 77% by 2025 from 57% in 2017. The increasing adoption of smartphones by the consumer is paving a path for the adoption of telehealth, patient monitoring, mHealth apps, and other digital health technologies.
Gather more insights about the market drivers, restraints and growth of the North America And Europe Medical Technology market
Technological advancements in smartphone technology for improving disease diagnostics are anticipated to drive market growth. For instance, as per data published in 2017, researchers at the University of Illinois have developed a camera to improve the diagnostic features of smartphones. Furthermore, continuous improvement in network infrastructure and growing network coverage are boosting the demand for digital health services. Mobile network operators view digital health as an opportunity for investment owing to growing user adoption of smartphones and rising awareness about fitness.
Easy availability of technologically advanced devices and growing penetration of smartphones and enhanced internet connectivity, public and private investors have begun investing in the potential of the industry to deliver innovative healthcare solutions and enhance patient care through various digital platforms. Through these digital solutions, patients can easily track their fitness regimes and well-being, obtain answers to medical inquiries. For instance, several apps have been launched over the last decade to help the patient population book appointments, track their consultations and medical prescriptions, and store their healthcare information throughout the treatment.
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North America and Europe Medical Technology Industry Segmentation
Grand View Research, has segmented the North America and Europe medical technology market on the basis of type, application, end use, and region:
North America and Europe Medical Technology Type Outlook (Revenue, USD Million, 2016 - 2028)
North America and Europe Medical Technology Application Outlook (Revenue, USD Million, 2016 - 2028)
- Electronic Health Records
- mHealth Apps
- Revenue Cycle Management
- Enterprise Resource Planning
- Healthcare Consulting
North America and Europe Medical Technology End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Ambulatory Surgery Centers/ Clinics
Key Companies profiled:
Some prominent players in the North America and Europe Medical Technology Industry include
- Allscripts Healthcare Solutions
- eClinical Works
- Athenahealth, Inc.
- Carestream Health
- e-MDS Incorporation
- American Well
- Teladoc Health
- MDLive Inc.
- AdvancedMD Inc.
- Qualcomm Technologies Inc.
- Greenway Health LLC
- CureMD Healthcare
- DXC Technology Company
- HealthTap Inc
- Doctor On Demand, Inc.
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