MEDICAL TECHNOLOGY PLATFORM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The medical technology platform market size is expected to reach US$ 54.08 billion by 2030, from US$ 25.46 billion in 2023, at a compound annual growth rate (CAGR) of 11.4% during the forecast period.

Medical technology platforms refer to advanced systems and solutions used for diagnosis, monitoring, treatment, and management of various medical conditions. The key advantages of these platforms include improved accuracy, faster results, remote accessibility, better data integration and analysis. The key drivers of the medical technology platform market include rising prevalence of chronic diseases, technological advancements in medical devices, and increasing adoption of artificial intelligence (AI) and data analytics.

The medical technology platform market is segmented into product type, application, end user, distribution channel, and region. By product type, the market is segmented into diagnostic platforms, monitoring platforms, surgical platforms, implantable devices platforms, and others. The diagnostic platforms segment accounts for the largest market share due to increasing demand for advanced diagnostic tests and point-of-care devices.

Medical Technology Platform Market Regional Insights:

• North America is expected to be the largest market for medical technology platform market during the forecast period, which accounted for over 40.8% of the market share in 2023. The market growth in North America is due to high adoption of advanced healthcare IT solutions, presence of leading medtech companies, and increasing digitization of healthcare infrastructure.
• The Europe market is expected to be the second-largest market for medical technology platform market, which accounted for over 28.8% of the market share in 2023. The market growth in Europe is due to favorable government regulations, rising prevalence of chronic diseases, and focus on improving clinical outcomes.
• The Asia Pacific market is expected to be the fastest-growing market for medical technology platform market, with a CAGR of over 23.4% during the forecast period. The market growth in Asia Pacific is due to improving healthcare infrastructure, large patient pool, and increasing healthcare expenditure.

Figure 1. Global Medical Technology Platform Market Share (%), By Region, 2023

To learn more about this report, request a free sample copy

Analyst’s View of the Medical Technology Platform Market:

The medical technology platform market is expected to grow significantly over the next five years. This growth will be driven by rising healthcare costs globally and the need for more affordable and innovative healthcare solutions. Another major driver will be the increasing elderly population which will demand more advanced medical care and technology. However, regulations around data privacy and security remain a challenge and are expected to restrain the market growth. Technologies to overcome these challenges and facilitate seamless sharing of patient data across platforms and jurisdictions will see huge opportunities.

Medical Technology Platform Market Drivers:

• Growing prevalence of chronic diseases: The rising prevalence of chronic conditions such as cardiovascular diseases, diabetes, cancer, respiratory diseases is a major factor driving the growth of the medical technology platform market. Chronic diseases are the leading causes of mortality worldwide, accounting for over 60% of all deaths annually. The increasing patient pool and need for improved diagnosis and treatment of chronic diseases is expected to increase adoption of advanced medical technology platforms like AI-based imaging systems, remote patient monitoring devices, and data analytics software. These platforms enable earlier disease detection, personalized treatment, and better disease management, which improve patient outcomes. For instance, in 2023, according to data published by Center for Disease Control and Prevention (CDC),  in 2021, about 2 in every 10 deaths were reported in adults, less than 65 years old.
• Advancements in healthcare IT and connectivity: The integration of advanced technologies like artificial intelligence (AI), cloud computing, big data analytics, Internet of Things (IoT) with healthcare IT systems and medical devices is catalyzing growth of the medical technology platform market. Connected and intelligent systems allow collection and analysis of vast amounts of medical data to derive predictive insights. Real-time data aids clinical decision making, enhances workflow efficiency, thereby helps to avoid errors and enables better patient care coordination. The emergence of 5G networks will further accelerate device connectivity. Adoption of healthcare IT systems integrated with such robust technologies continues rising rapidly.
• Growing investments in digital healthcare: Increased public and private sector investments to build and enhance digital health infrastructure globally is a key factor driving the market growth. Governments across developed and developing nations are making significant investments to boost eHealth platforms and services. Strategic partnerships between public and private players are on the rise to undertake large-scale digital health projects focused on advancing platforms and solutions for telehealth, mHealth, connected care, precision medicine, and population health management. These investments aim to improve access to care while reducing costs.

x

Medical Technology Platform Market Opportunities:

• Big data analytics integration: Leveraging big data analytics and machine learning algorithms to derive predictive insights from the huge volumes of medical data which are collected through various digital systems, presents an important growth opportunity. By analyzing population health trends and patient records, key trends and patterns can be identified to improve clinical decision-making. Predictive analytics will also boost diagnostic accuracy, thus enable personalized treatments, and improve patient outcomes. Data analytics integration with medical technology platforms is still in early stages and its applications continue to evolve.
• Expansion into emerging markets: Emerging economies offer significant expansion opportunities for medical technology platform providers, with the substantial investments into modernizing healthcare infrastructure. Improving healthcare access and quality are top priorities for governments in these markets. The patient pool is expanding rapidly due to population growth, rising incomes and health awareness. Platform companies can tap high potential from large-scale eHealth projects and growing adoption of connected medical technologies in the emerging markets of Asia Pacific, Latin America and Middle East & Africa.
• Platform interoperability: Lack of interoperability between various digital systems and solutions is a major challenge faced by healthcare organizations. Development and integration of interoperable platforms and software solutions that can seamlessly exchange and integrate medical data across various applications and databases which will be crucial for going forward. Companies that can enable their medical technology platforms to integrate data from diverse digital systems such as Electronic Medical Records (EMRs), imaging systems, wearable, and others will gain advantage.
• Partnerships with payers: Value-based care models are rising, driven by payers and health systems which are transitioning from fee-for-service to pay-for-performance approaches. Medical technology platform companies can collaborate with payers to co-develop solutions focused on improving therapeutic outcomes and reducing costs. Platforms supporting remote patient monitoring, virtual care, data analytics for population health and care coordination present partnership opportunities as they can enable payers to enhance patient engagement, thereby improve outcomes and lower expenditure. For instance, in May 2023, HealthJoy, a U.S.A based digital employee benefits platform, announced the expansion of its partnership with virtual care Teledoc Health, a multinational telemedicine and virtual healthcare company; to include virtual primary care services. HealthJoy offers benefits navigation to employers as well as virtual services for chronic care management, dermatology, adult and adolescent mental health, musculoskeletal therapy, urgent care, and nutrition and tobacco cessation.

Medical Technology Platform Market Trends:

• Cloud computing platforms: The adoption of cloud computing platforms in healthcare is rising due to their ability to enable anywhere, anytime access to applications and medical data. Leading medtech companies are shifting their solutions to the cloud and partnering with providers like Microsoft, Google, AWS and IBM. The benefits includes are increased storage, flexibility, scalability, better collaboration, and lower costs. As digital health data volumes grow exponentially, cloud-based platforms will gain more traction. For instance, in March 2022, Cognizant, a provider to modernize technology, reimagine processes and transform experiences, announced that its collaboration with Microsoft, an American multinational technology corporation; to deliver a new digital health solution to enhance remote patient monitoring for improved medical care.
• Digital therapeutics: Digital therapeutics like mobile health apps, virtual reality and wearable devices are being integrated with medical technology platforms to facilitate behavioral modification and improve health outcomes. These platforms engage users, capture meaningful data, modify behaviors and thereby enable remote monitoring. Partnerships between medtech and digital therapeutics companies are rising to develop integrated digital health platforms for managing conditions like diabetes, mental health disorders, neurological conditions, and others. For instance, in October 2023, the United States Food and Drug Administration created a Digital Health Advisory Committee to support the agency’s efforts to explore the scientific and technical issues related to using digital health technologies.

Medical Technology Platform Market Restraints:

• High costs and limited reimbursements: The high costs of procuring and implementing advanced medical technology platforms along with a lack of reliable reimbursement is hindering market growth, especially for smaller clinics and healthcare providers with budget constraints. While these platforms help improve efficiency and outcomes, the upfront costs of installations and cost per test remains high. Reimbursement policies also  limit coverage of remote monitoring solutions and digital therapeutics.
• Cybersecurity risks: Healthcare organizations are prime targets for cyberattacks with  the bulk amount of sensitive patient data that are with them. As medical platforms get deeply integrated with IT networks and cloud based systems, they become more susceptible to risks like ransomware, phishing, data breaches, and others. Stringent patient data regulations also necessitate robust cyber security measures which place additional demands on healthcare IT budgets. Data security concerns may hamper adoption among smaller providers.
• Counterbalance: The market key players should focus on providing proper reimbursement policies to the smaller clinics and healthcare providers.

Figure 2. Global Medical Technology Platform Market Share (%), by Applications, 2023

To learn more about this report, request a free sample copy

Recent Developments:

New product launches:

• In March 2022, Siemens Healthineers, a medical device company; launched the Biograph Vision PET/CT system, an advanced imaging platform using Artificial Intelligence (AI)-based reconstruction technology for enhanced image quality and low-dose scans.
• In January 2021, Koninklijke Philips, a leading health technology company, launched its Incisive CT imaging platform, which leverages AI-based reconstruction algorithms to generate high-quality images while lowering radiation exposure.
• In October 2020, GE Healthcare, a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, obtained U.S. FDA clearance for the Edison platform, an AI analytics system to detect patterns and trends in imaging data to assist diagnosis.

Acquisition and partnerships:

• In August 2022, Siemens Healthineers, a medical device company, acquired Varian Medical Systems, a cancer prevention solution developer company, in a US$ 16.4 billion deal to strengthen its cancer care portfolio.
• In June 2021, Royal Philips, a global leader in health technology, acquired Capsule Technologies, Massachusetts U.S., and serves over 2,800 hospitals and healthcare organizations in 40 countries across the world; a leading provider of medical device integration and data technologies.
• In April 2020, GE Healthcare, a medical device provider and developer, partnered with Microsoft, an American multinational technology corporation; to develop an open cloud-based patient monitoring platform and intelligent applications.

Top Companies in Medical Technology Platform Market:

• Philips
• GE Healthcare
• Medtronic
• Siemens Healthineers
• Stryker
• Abbott
• Boston Scientific
• Johnson & Johnson
• Canon Medical Systems
• Baxter

*Definition: The Medical Technology Platform Market refers to the industry and ecosystem involved in developing advanced systems, software, devices, and solutions used in healthcare for patient screening, diagnosis, monitoring, treatment, and management. It includes AI-enabled diagnostic imaging tools, wearable remote monitoring devices, robotic surgical systems, and digital therapeutics platforms. These technology platforms aim to improve clinical efficiency, enhance patient outcomes, enable remote care capabilities, integrate informatics, and reduce healthcare costs while making medical procedures safer and more accessible. The continuous innovation focused on digitizing and automating healthcare with medical technology platforms is transforming traditional medical practices globally.

Few Other Promising Reports in Healthcare IT Industry:

Cardiovascular Information System Market

Neurology Devices Market

Respiratory Devices Market

Global Oncology Information Systems Market