by The medical technology platform refers to an integrated system that enables the development and commercialization of digital healthcare solutions and medical devices. It includes modular hardware and software tools that allow for rapid prototyping and production of connected medical products. Medical technology platforms help in the design of devices such as diagnostic equipment, surgical robots, remote patient monitoring solutions, and therapeutic wearables. With the rise in chronic diseases and growing geriatric population, there is an increasing need for advanced healthcare treatments and continuous patient monitoring. This is driving the demand for connected medical technologies and driving the growth of the 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 key trends:
One of the major trends in the medical technology platform market is the shift towards developing fully integrated healthcare solutions. Platform providers are integrating capabilities such as artificial intelligence, data analytics, cloud computing, and internet of things to build holistic healthcare platforms. This allows for continuous data monitoring, accurate diagnosis, and personalized treatment plans. For example, Medtronic’s Medical Surgical Theatre integrates data from various medical devices to provide customizable OR dashboard during surgeries.
Another key trend is the increasing adoption of open source platforms. Many startups and universities are releasing their medical software and hardware designs under open licenses. This allows for wider collaboration and faster innovation cycles. Open source platforms are also cost-effective compared to proprietary systems. For example, OpenBCI offers an open source brain-computer interface development platform to accelerate research in neurotechnology. Such trends are expected to foster more innovations in digital healthcare.
Porter’s Analysis
Threat of new entrants: Low economies of scale in R&D and regulatory compliance create high barriers for new entrants in the medical technology platform market.
Bargaining power of buyers: Large healthcare providers and group purchasing organizations have significant bargaining power over medical technology platform providers.
Bargaining power of suppliers: Proprietary components and technologies limit the bargaining power of some suppliers in the medical technology platform market.
Threat of new substitutes: New platform technologies pose a moderate threat as substitutes that can disrupt existing platform business models in the long run.
Competitive rivalry: The medical technology platform market sees high competition due to the presence of several global players and newer technologies disrupting existing business models.
Key Takeaways
The global Medical Technology Platform Market Growth is expected to witness high growth over the forecast period. North America is currently the largest as well as the fastest growing regional market owing to high healthcare expenditure and adoption of advanced technologies. Asia Pacific is also expected to grow at a significant rate over the next few years.
Regional analysis:
North America currently dominates the global medical technology platform market, accounting for over 35% of the total market share in 2023. Asia Pacific is anticipated to be the fastest growing regional market during the forecast period. Factors such as the large patient pool, rising healthcare expenditure, and increasing adoption of advanced medical technologies are expected to drive the growth of medical technology platform market in Asia Pacific.
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 and GE Healthcare currently hold the largest market shares. However, other players such as Medtronic, Siemens Healthineers, and Abbott are also expanding their platform offerings and capabilities through continuous innovation as well as strategic acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
