July 24, 2024

Rising Investments In Artificial Intelligence Expected To Boost The Growth Of Medical Technology Platform Market

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 Overview:

The Medical Technology Platform Market consists of various medical devices used by healthcare professionals for diagnostics, treatment, and monitoring of patients. Some key products in the market include medical imaging equipment, surgical robots, telehealth solutions, electronic health records, and cloud-based platforms. These technology platforms help improve patient outcomes, streamline workflows, and enhance access to quality healthcare.

Market key trends:

One of the major trends in the market is growing investments in application of artificial intelligence and machine learning technologies. Medical technology companies are developing AI-powered platforms and solutions to analyze large patient datasets and medical images. This helps provide more accurate diagnoses and personalized treatment options. AI is also being used to automate routine workflows and administrative tasks of healthcare providers. Such technologically advanced platforms are expected to revolutionize healthcare systems globally over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the medical technology platform market is moderate. High capital requirements for R&D and regulatory approvals pose significant barriers for new companies.

Bargaining power of buyers: The bargaining power of buyers is moderate. Large hospitals and healthcare systems can influence pricing through bulk purchase agreements. However, need for specialized medical technology limits influence of individual buyers.

Bargaining power of suppliers: Suppliers of specialized components and technologies have some bargaining power. Proprietary products give suppliers leverage in negotiations. However, established suppliers face competition, limiting ability to influence prices.

Threat of new substitutes: The threat of new substitutes is low. While some procedures and treatments are substitutable, medical technologies have few alternatives for their specialized applications and needs. Regulatory requirements also slow adoption of new substitutes.

Competitive rivalry: Competition in the medical technology platform market is high among major global players. Companies compete on technology innovation, service, brand recognition and geographic expansion to gain market share.

Key Takeaways

The Global Medical Technology Platform Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases.

Regional analysis

North America dominates the medical technology platform market, accounting for around 40% share, followed by Europe. This is attributed to presence of major players, high healthcare spending, and widespread adoption of advanced medical technologies. Asia Pacific is poised to be the fastest growing market during the forecast period, led by increasing patient pool, improving accessibility and affordability of healthcare in developing countries.

Key players

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, and Baxter. Major players are focusing on new product launches, collaborations and acquisitions to consolidate their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it