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North America and Europe Medical Technology Market Size, Share, and Trends Analysis Report by Type (Hardware, Software, Service), by Application, by End Use (Hospitals, Ambulatory Surgery Centers), and Segment Forecasts, 2021-2028

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    Report

  • 122 Pages
  • January 2022
  • Region: Europe, North America
  • Grand View Research
  • ID: 5526475
Description Jump to:

North America and Europe medical technology market size is expected to reach USD 647.1 billion by 2028. 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.

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.

The Revenue Cycle Management (RCM) segment dominated the market owing to multiple functions of RCM such as product development, member engagement, network management, care management, claim management, and risks and compliance. The growing trend of automating the claim processing, reimbursement, denial process, and risk and compliance is driving the need for RCM solutions. The others segment dominated the market due to the growing investment in digitalization of healthcare services and to reduce rising healthcare costs. Growing awareness of smartphone healthcare solutions, medication management, and imminent healthcare are also some of the factors driving the others segment. North America dominated due to the presence of key market players, high digital literacy, advancements in IT infrastructure, rising health IT expenditure, and rapid adoption of digital health solutions.


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

Table of Contents

Chapter 1 Methodology and Scope
1.1 Market Segmentation and Scope
1.2 Research Methodology
1.2.1 Information Procurement
1.3 Information or Data Analysis
1.4 Research Scope and Assumptions
1.4.1 Methodology
1.4.1.1 Bottom-Up Approach
1.4.1.1.1 Telemedicine market
1.4.1.1.2 Electronic health records market
1.4.1.1.3 mHealth apps market
1.4.1.1.4 Revenue cycle management market
1.4.1.1.5 Enterprise resource planning market
1.4.1.1.6 Healthcare consulting market
1.4.1.1.7 Wearables market
1.4.1.2 Market Estimation and Forecast Factors
1.5 Market Formulation and Validation
1.5.1 Medical Technology Market: CAGR Calculation
1.5.2 Segment Share Calculation
1.6 List to Data Sources
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Competitive Insights
Chapter 3 North America and Europe Medical Technology Market Variables, Trends & Scope
3.1 North America and Europe Medical Technology Market Snapshot
3.2 Penetration and Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market Driver Analysis
3.3.1.1 Increasing adoption of digital healthcare
3.3.1.2 Growing demand for personalized medicine and treatment
3.3.1.3 Rising adoption of artificial intelligence, IoT, and big data
3.3.1.4 High penetration of smartphones
3.3.1.5 Growing adoption of mobile health applications
3.3.2 Market Restraint Analysis
3.3.2.1 Lack of skilled professionals
3.3.2.2 Cyber security and privacy concerns
3.3.3 Market Challenges
3.3.3.1 Digital health technology unable to deliver promised results
3.4 North America and Europe Medical Technology Market Analysis Tools
3.4.1 Industry Analysis-Porter’s
3.4.2 PESTEL Analysis
3.5 Impact of COVID-19 on North America and Europe Medical Technology Market
3.6 Outsourcing of Hardware Services
3.6.1 Integration
3.6.2 Maintenance & Upgradation
3.6.3 Training
Chapter 4 North America and Europe Medical Technology Market: Technology Type Market Estimates & Trend Analysis
4.1 North America and Europe Medical Technology Market: Technology Type Analysis
4.1.1 Hardware
4.1.1.1 Hardware Market Value Estimates and Forecasts, 2016-2028 (USD Million)
4.1.2 Software
4.1.2.1 Software market Value estimates and forecasts, 2016-2028 (USD Million)
4.1.3 Services
4.1.3.1 Services Market Value Estimates and Forecasts, 2016-2028 (USD Million)
Chapter 5 North America and Europe Medical Technology Market: Application Estimates & Trend Analysis
5.1 North America and Europe Medical Technology Market: Application Movement Analysis
5.1.1 Telemedicine
5.1.1.1 Telemedicine Market Value Estimates and Forecasts, 2016-2028 (USD Million)
5.1.2 Electronic Health Records
5.1.2.1 Electronic Health Records Market Value Estimates and Forecasts, 2016-2028 (USD Million)
5.1.3 mHealth Apps
5.1.3.1 mHealth Apps Market Value Estimates and Forecasts, 2016-2028 (USD Million)
5.1.4 Revenue Cycle Management
5.1.4.1 Revenue Cycle Management Market Value Estimates and Forecasts, 2016-2028 (USD Million)
5.1.5 Enterprise Resource Planning
5.1.5.1 Enterprise Resource Planning Market Value Estimates and Forecasts, 2016-2028 (USD Million)
5.1.6 Healthcare Consulting
5.1.6.1 Healthcare Consulting Market Value Estimates and Forecasts, 2016-2028 (USD Million)
5.1.7 Wearables
5.1.7.1 Wearables Market Value Estimates and Forecasts, 2016-2028 (USD Million)
Chapter 6 North America and Europe Medical Technology Market: End-use Market Estimates & Trend Analysis
6.1 North America and Europe Medical Technology Market: End-use Analysis
6.1.1 Hospitals
6.1.1.1 Hospitals Market Value Estimates and Forecasts, 2016-2028 (USD Million)
6.1.2 Ambulatory Surgical Centers
6.1.2.1 Ambulatory Surgical Centers Market Value estimates and forecasts, 2016-2028 (USD Million)
6.1.3 Others
6.1.3.1 Others Market Value Estimates and Forecasts, 2016-2028 (USD Million)
Chapter 7 North America and Europe Medical Technology Market: Regional Estimates & Trend Analysis, by Technology Type, Application, and End-use
7.1 North America and Europe Medical Technology Market: Regional Movement Analysis
7.2 North America
7.2.1 North America medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.2.2 U.S.
7.2.2.1 U.S. medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.2.3 Canada
7.2.3.1 Canada medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.3 Europe
7.3.1 Europe medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.3.2 U.K.
7.3.2.1 U.K. medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.3.3 Germany
7.3.3.1 Germany medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.3.4 France
7.3.4.1 France Medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.3.5 Italy
7.3.5.1 Italy medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.3.6 Spain
7.3.6.1 Spain medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
7.3.7 Russia
7.3.7.1 Russia medical technology market estimates and forecasts, by technology type, application, and end-use, 2016-2028 (USD Million)
Chapter 8 Competitive Landscape
8.1 Allscripts
8.1.1 Company overview
8.1.2 Financial performance
8.1.3 Product benchmarking
8.1.4 Strategic initiatives
8.2 Greenway Health, LLC
8.2.1 Company overview
8.2.2 Financial Performance
8.2.3 Product benchmarking
8.2.4 Strategic initiatives
8.3 CureMD Healthcare
8.3.1 Company overview
8.3.2 Financial Performance
8.3.3 Product benchmarking
8.3.4 Strategic initiatives
8.4 Qualcomm Technologies, Inc.
8.4.1 Company overview
8.4.2 Financial performance
8.4.3 Product benchmarking
8.4.4 Strategic initiatives
8.5 eClinical Works
8.5.1 Company overview
8.5.2 Financial performance
8.5.3 Product benchmarking
8.5.4 Strategic initiatives
8.6 Athenahealth
8.6.1 Company overview
8.6.2 Financial performance
8.6.3 Product benchmarking
8.6.4 Strategic initiatives
8.7 Carestream Health
8.7.1 Company overview
8.7.2 Financial Performance
8.7.3 Product benchmarking
8.7.4 Strategic initiatives
8.8 eMDs
8.8.1 Company overview
8.8.2 Financial Performance
8.8.3 Product benchmarking
8.8.4 Strategic initiatives
8.9 HEALTHTAP, INC.
8.9.1 Company overview
8.9.2 Financial performance
8.9.3 Product benchmarking
8.9.4 Strategic initiatives
8.10 AdvancedMD, Inc.
8.10.1 Company overview
8.10.2 Financial performance
8.10.3 Product benchmarking
8.10.4 Strategic initiatives
8.11 Teladoc Health, Inc
8.11.1 Company overview
8.11.2 Financial performance
8.11.3 Product benchmarking
8.11.4 Strategic initiatives
8.12 American Well
8.12.1 Company overview
8.12.2 Financial Performance
8.12.3 Product benchmarking
8.12.4 Strategic initiatives
8.13 Doctor On Demand, Inc.
8.13.1 Company overview
8.13.2 Financial Performance
8.13.3 Product benchmarking
8.13.4 Strategic initiatives
8.14 DXCTechnology Company
8.14.1 Company overview
8.14.2 Financial performance
8.14.3 Product benchmarking
8.14.4 Strategic initiatives
8.15 MDLive
8.15.1 Company overview
8.15.2 Financial performance
8.15.3 Product benchmarking
8.15.4 Strategic initiatives
List of Tables
Table 1 Type market revenue estimates and forecasts, 2016-2028 (USD Million)
Table 2 Application market revenue estimates and forecasts, 2016-2028 (USD Million)
Table 3 End-use market revenue estimates and forecasts, 2016-2028 (USD Million)
Table 4 North America medical technology market, by country, 2016-2028 (USD Million)
Table 5 North America medical technology market, by type, 2016-2028 (USD Million)
Table 6 North America medical technology market, by application, 2016-2028 (USD Million)
Table 7 North America medical technology market, by end use, 2016-2028 (USD Million)
Table 8 U.S. medical technology market, by type, 2016-2028 (USD Million)
Table 9 U.S. medical technology market, by application, 2016-2028 (USD Million)
Table 10 U.S. medical technology market, by end use, 2016-2028 (USD Million)
Table 11 Canada medical technology market, by type, 2016-2028 (USD Million)
Table 12 Canada medical technology market, by application, 2016-2028 (USD Million)
Table 13 Canada medical technology market, by end use, 2016-2028 (USD Million)
Table 14 Europe medical technology market, by country, 2016-2028 (USD Million)
Table 15 Europe medical technology market, by type, 2016-2028 (USD Million)
Table 16 Europe medical technology market, by application, 2016-2028 (USD Million)
Table 17 Europe medical technology market, by end use, 2016-2028 (USD Million)
Table 18 U.K. medical technology market, by type, 2016-2028 (USD Million)
Table 19 U.K. medical technology market, by application, 2016-2028 (USD Million)
Table 20 U.K. medical technology market, by end use, 2016-2028 (USD Million)
Table 21 Germany medical technology market, by type, 2016-2028 (USD Million)
Table 22 Germany medical technology market, by application, 2016-2028 (USD Million)
Table 23 Germany medical technology market, by end use, 2016-2028 (USD Million)
Table 24 Spain medical technology market, by type, 2016-2028 (USD Million)
Table 25 Spain medical technology market, by application, 2016-2028 (USD Million)
Table 26 Spain medical technology market, by end use, 2016-2028 (USD Million)
Table 27 France medical technology market, by type, 2016-2028 (USD Million)
Table 28 France medical technology market, by application, 2016-2028 (USD Million)
Table 29 France medical technology market, by end use, 2016-2028 (USD Million)
Table 30 Italy medical technology market, by type, 2016-2028 (USD Million)
Table 31 Italy medical technology market, by application, 2016-2028 (USD Million)
Table 32 Italy medical technology market, by end use, 2016-2028 (USD Million)
Table 33 Russia medical technology market, by type, 2016-2028 (USD Million)
Table 34 Russia medical technology market, by application, 2016-2028 (USD Million)
Table 35 Russia medical technology market, by end use, 2016-2028 (USD Million)
List of Charts
Fig. 1 North America and Europe medical technology market segmentation
Fig. 2 Market research process
Fig. 3 Information procurement
Fig. 4 Primary research pattern
Fig. 5 Market research approaches
Fig. 6 Supply chain-based sizing & forecasting
Fig. 7 QFD modeling for market share assessment
Fig. 8 Company market share analysis
Fig. 9 Market formulation & validation
Fig. 10 North America and Europe medical technology market trends & outlook
Fig. 11 North America and Europe medical technology market summary, 2020 (USD Million)
Fig. 12 Penetration & growth prospect mapping
Fig. 13 Market driver analysis (Current & future impact)
Fig. 14 FDA approvals for personalized medicines
Fig. 15 Market restraint analysis (Current & future impact)
Fig. 16 Industry Analysis-PORTER’S
Fig. 17 PESTEL analysis
Fig. 18 North America and Europe medical technology market, technology type outlook: Key takeaways (USD Millions)
Fig. 19 North America and Europe medical technology market: Technology type movement analysis (USD Million)
Fig. 20 Hardware market value estimates and forecasts, 2016-2028 (USD Million)
Fig. 21 Software market value estimates and forecasts, 2016-2028 (USD Million)
Fig. 22 Services market value estimates and forecasts, 2016-2028 (USD Million)
Fig. 23 North America and Europe medical technology market, Application outlook: Key takeaways (USD Million)
Fig. 24 North America and Europe medical technology market: Application movement analysis (USD Million)
Fig. 25 Telemedicine market estimates and forecasts, 2016-2028 (USD Million)
Fig. 26 Electronic health records market estimates and forecasts, 2016-2028 (USD Million)
Fig. 27 mHealth apps market estimates and forecasts, 2016-2028 (USD Million)
Fig. 28 Revenue cycle management market estimates and forecasts, 2016-2028 (USD Million)
Fig. 29 Enterprise resource planning market estimates and forecasts, 2016-2028 (USD Million)
Fig. 30 Healthcare consulting market estimates and forecasts, 2016-2028 (USD Million)
Fig. 31 Wearables market estimates and forecasts, 2016-2028 (USD Million)
Fig. 32 North America and Europe medical technology market, end-use outlook: Key takeaways (USD Millions)
Fig. 33 North America and Europe medical technology market: End-use movement analysis (USD Million)
Fig. 34 Hospitals market value estimates and forecasts, 2016-2028 (USD Million)
Fig. 35 Ambulatory surgical centers market value estimates and forecasts, 2016-2028 (USD Million)
Fig. 36 Other end users market value estimates and forecasts, 2016- 2028 (USD Million)
Fig. 37 Regional marketplace: Key takeaways
Fig. 38 North America and Europe medical technology market: Regional movement analysis (USD Million)
Fig. 39 North America medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 40 U.S. medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 41 Canada medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 42 Europe medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 43 U.K. medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 44 Germany medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 45 France medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 46 Italy medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 47 Spain medical technology market estimates and forecasts, 2016-2028 (USD Million)
Fig. 48 Russia medical technology market estimates and forecasts, 2016-2028 (USD Million)

Companies Mentioned

  • Allscripts
  • Greenway Health, LLC
  • CureMD Healthcare
  • Qualcomm Technologies, Inc.
  • eClinical Works
  • Athenahealth
  • Carestream Health
  • eMDs
  • HEALTHTAP, INC.
  • AdvancedMD, Inc.
  • Teladoc Health, Inc
  • American Well
  • Doctor On Demand, Inc.
  • DXCTechnology Company
  • MDLive

Methodology

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Table Information

Report AttributeDetails
No. of Pages122
PublishedJanuary 2022
Forecast Period2021 - 2028
Estimated Market Value ( USD ) in 2021 $ 301.3 Billion
Forecasted Market Value ( USD ) by 2028 $ 647.1 Billion
Compound Annual Growth Rate11.5%
Regions CoveredEurope, North America
No. of Companies Mentioned15

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