Global medical devices market to grow by $194.3b by 2028

Innovative technologies and regenerative medicine drive market growth.

The global medical devices market will grow by $194.3b by 2028, with a compound annual growth rate (CAGR) of 6.07%, according to Technavio.

The market is witnessing notable growth due to the emergence of innovative technologies amidst the increasing prevalence of chronic diseases such as cancer and diabetes.

One of the technologies contributing to market growth is regenerative medicine.

“Regenerative medicine, including therapies using stem cells, tissue engineering, and artificial organs, is gaining prominence for its potential to repair or replace damaged human cells, tissues, and organs,” the report said.

Surgical robots, liquid biopsy, and wearable medical devices further influence market expansion.

“Vendors are focusing on developing novel surgical robots and liquid biopsy technologies, while wearable medical devices continue to expand their reach in healthcare,” the report added.

However, Technavio noted that declining reimbursements and cost-containment measures may impede market growth.

Such challenges are poised to restrict access for the market’s end-users, making companies shift towards allocating substantial resources for cost-effective trials to exhibit their device’s benefits to insurance providers.