North America And Europe Medical Technology Industry Overview
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.
North America And Europe Medical Technology Market Segmentation
Grand View Research, has segmented the North America and Europe medical technology market on the basis of type, application, end use, and region:
Based on the Type Insights, the market is segmented into Hardware, Software, Service.
- In 2020, the services segment dominated the market and accounted for the highest revenue share of 46.7%. It can be attributed to the rapid advancements in hardware and software and the increase in the number of software upgrades. The prevailing trend of outsourcing medical technology services is expected to drive the growth of the segment.
- For instance, Aclerar Tech provides a wide range of solutions for outsourced revenue cycle management systems such as clinical documentation, managing denials, medical coding, patient health information entry, patient accounts management, and preadmission and post-registration processes. Services such as installations, education and training, and upgrade are all dependent on the development of hardware and software platforms.
- On the other hand, the software segment is anticipated to record the fastest growth rate over the forthcoming years. Rapid implementation of electronic health records, patient health information, and telemedicine platforms is driving the growth of the software segment.
- The rising demand for technologically advanced healthcare IT solutions will lead to the launch of various innovative software solutions. Various software solutions such as electronic health records are witnessing rapid adoption as they have significantly improved workflow efficiencies and provide enhanced access to comprehensive patient data.
Based on the Application Insights, the market is segmented into Telemedicine, Electronic Health Records, mHealth Apps, Revenue Cycle Management, Enterprise Resource Planning, Healthcare Consulting, Wearables.
- In 2020, the Revenue Cycle Management (RCM) segment dominated the market and accounted for the largest revenue share of 62.1% in 2020 owing to the multiple functions of RCM such as member engagement, product development, network management, care management, claim management, and risks and compliance.
- The prevailing trend of outsourcing RCM solutions can be leveraged by the healthcare industry in terms of efficacy and economic value presented by third-party RCM service providers and focus more on optimum patient care. The advantages associated with outsourcing RCM services include the availability of skilled and trained professionals, cost-effective and efficient service, and compliance with rules and regulations.
- On the other hand, the telemedicine segment is anticipated to register the fastest growth rate over the forthcoming years. Increasing demand for telemedicine platforms for Covid-19 treatment management, chronic disease management, and mental health monitoring is expected to drive the segment growth.
- The alarming shortage of healthcare professionals, increasing healthcare expenses, and lack of adequate healthcare infrastructure in developing regions are driving the demand for affordable and quality virtual care services.
Based on the End-use Insights, the market is segmented into Hospitals, Ambulatory Surgery Centers/ Clinics, Others.
- In 2020, the other segment dominated the North America and Europe medical technology market and accounted for the largest revenue share of 57.4%. The others segment includes office-based physicians, diagnostics centers and laboratories, and payers.
- The high market share of the other segment can be attributed to the growing investment in the digitalization of healthcare services. Growing demand for reducing diagnostic costs and reducing machine downtime are some of the factors boosting the adoption of digital health solutions in these facilities.
- Growing awareness about medication management, wheelchair management, imminent healthcare, and smartphone healthcare solutions is also another factor driving the market. The growing need to reduce healthcare costs, shortage of healthcare personnel, increasing technological advancements, and rising prevalence of chronic diseases is driving the adoption of digital health solutions at these facilities.
- On the other hand, the ambulatory surgery centers/clinics segment is anticipated to register the fastest growth rate over the forthcoming years. The rise in the number of ambulatory surgery centers and growing patient preference are expected to drive the segment.
- Digital health systems in ambulatory surgery centers and clinics allow providers to initiate laboratory tests, insurance eligibility verification, and admissions. As per an article published in the Association for Service Management International journal, practice management systems are used more in ambulatory surgery centers and clinics in the U.S. by healthcare personnel to assist with the smooth functioning of their units.
North America And Europe Medical Technology Regional Outlook
- North America
- Europe
Key Companies Profile 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.
Some prominent players in the North America And Europe medical technology market include
- Allscripts Healthcare Solutions
- eClinical Works
- Athenahealth, Inc.
- 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, Inc.
Order a free sample PDF of the North America And Europe Medical Technology Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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