North America And Europe Medical Technology Market Worth $647.1 Billion By 2028


 

North America and Europe medical technology market size is expected to reach USD 647.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.5% from 2021 to 2028. The growing patient population at healthcare facilities, ineffective hospital service management, rising healthcare expenditure, growing geriatric population coupled with rising prevalence of chronic diseases, increasing healthcare workforce shortage, and overburdened health systems is driving the digitalization and automation of the healthcare industry. These digital health solutions enhance patient-provider engagement and improve the quality of patient care. The improving internet connectivity and rising smartphone penetration is boosting the adoption of digital health solutions across North American and European markets. 

The growing potential of the medical technology industry is attracting both public and private investors to support the development of innovative digital health solutions. The ongoing Covid-19 pandemic exposed the downfalls and shortcomings of the existing overburdened health systems and reaffirmed the need to adopt digitalization and automation of healthcare services. The laid down travel restrictions and lockdowns imposed by government bodies, restricted the patients to adopting virtual care solutions such as telemedicine and teleconsultation. Various industry participants and consultants witnessed a significant surge in adoption rates of virtual care and digital health solutions post the outbreak of the pandemic.

 

Request Free Sample: https://www.grandviewresearch.com/industry-analysis/north-america-europe-medical-technology-market-report

 

The market is expected to witness a boost in revenue growth over the forecast period and would follow an upward projected technology life cycle trajectory. The services segment dominated the market due to the prevailing trend of outsourcing digital health services from third-party vendors since healthcare facilities lack the required expertise and technology skillset. Rapid advancements and innovative upgradations in software solutions have contributed to the growth of the services segment. These services could vary from installations, implementation, education and training, and upgradation, and are either availed as a complete package or partially in the form of long-term contracts.

North America And Europe Medical Technology Market Highlights

·         The market size is expected to be valued at USD 647.1 billion by 2028, due to the digitalization and automation of the healthcare industry

·         In the type segment, services dominated the market in 2020, due to the prevailing trend of outsourcing these services since healthcare organizations lack the required personnel and skill sets

·         In the application segment, the revenue cycle management segment dominated the market in 2020, owing to automation of claim management, reimbursement, and risk and compliance functions 

·         The others segment held the largest market share in 2020 due to the growing demand to reduce diagnostic costs and reduce machine downtime 

·         North America dominated in 2020 due to the availability of advanced infrastructure, high digital literacy, presence of key market players, increasing health IT spending, and rapid adoption rates

Key Companies & Market Share Insights

Partnerships, technological collaborations, mergers and acquisitions, and the development of innovative technologies are some of the key strategies adopted by these players to gain a competitive edge in the market. For instance, in March 2021, Greenway Health launched its latest revenue cycle management solution, Greenway Revenue Services (GRS) Select. This customizable revenue cycle management solution meets the growing needs of ambulatory care practices. Similarly, in January 2021, athenahealth, Inc. collaborated with Humana, Inc. to deliver value-added insights using athenahealth’s athenaClinicals and Humana’s intelligence to empower EHR workflows. Some of the prominent players in the North America and Europe medical technology market include: Allscripts Healthcare Solutions, eClinical Works, Athenahealth, Carestream Health, e-MDS Incorporation, American Well, Teladoc Health, MDLive Inc., AdvancedMD Inc., Qualcomm Technologies Inc., Greenway Health LLC, CureMD Healthcare, DXC Technology Company, HealthTapInc, Doctor On Demand.

Buy Full Report: https://www.grandviewresearch.com/industry-analysis/north-america-europe-medical-technology-market-report

Comments

Post a Comment

Popular posts from this blog

Virtual Clinical Trials Market Size Reaches USD 12.9 Billion By 2030

Image
  The global  virtual clinical trials market  size is expected to reach USD 12.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2022 to 2030. The COVID-19 pandemic has significantly impacted the market. The growing need for patient diversity clubbed with enhanced data collection in clinical trials is boosting the market growth. There has been a rise in the R&D of new drugs and vaccines that has increased the volume and complexity of clinical trials. Virtual clinical trials eliminate challenges posed by traditional clinical trials for example delays in patient recruitment and time-consuming procedures. Also, studies have revealed that around 75.0% of people favored a mobile trial over traditional ones and 80.0% of patients are more likely to participate in a clinical trial that uses mobile technology. The market is recovering at a significant pace after the pandemic as it offers various benefits to pati
Read more

Industrial Refrigeration Systems Market Size, Share & Trends Report, 2030

Image
  Industrial Refrigeration Systems Market Growth & Trends The global  industrial refrigeration systems market  size is anticipated to reach USD 27.66 billion by 2030, registering a CAGR of 4.4% from 2023 to 2030, according to a new report published by Grand View Research, Inc. The demand for industrial refrigeration is increasing due to the fast-moving consumer goods and retail food which needs efficient storage for perishable edible items. Governments are taking initiatives to support and strengthen the cold chain infrastructure and shifting towards eco-friendly refrigeration systems. Global warming and climate change have alarmed nations to take the necessary step to curb the crisis. As a result, industrial refrigeration system manufacturing companies have expressed concerns regarding the potential of global warming and ozone depletion of their refrigerants. As a result, companies are focusing on technologies to offer improved cost-effectiveness, lesser toxic refrigerants, lower
Read more

U.S. Virtual Visits Market Size To Reach USD 105.5Bn By 2030

Image
  U.S. Virtual Visits Market Growth & Trends The  U.S. virtual visits market  size is expected to reach USD 105.5 billion by 2030, expanding at a CAGR of 29.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for telehealth and teleconsultation and introduction of new and advanced technologies has positively impacted the growth of the market in the U.S. Increasing penetration of smartphones and assisted technologies has also been a key factor for the fast growth of the market. In the service segment, cold and flu management had the largest market share in 2022. The major factor behind the growth of the market is the growing demand for teleconsultations for patients for treatment of common conditions like cold and flu to reduce the chances of contracting additional illnesses due to hospital visits. The availability of specialists through telehealth and teleconsultations, even in remote areas has brought about a revolution in the virtual
Read more