Emerging medical device technologies market to hit $223.9b by 2029

Health and wellness trends are driving growth.

The global market for emerging medical device technologies is expected to reach $223.9b by 2029 at a compound annual growth rate of 10.4%, said BCC Research.

The sector’s expansion is attributed to the demand for disease diagnosis and chronic disease management, as well as improvements in public health.

Moreover, health and wellness trends, such as smartwatches and fitness trackers, are driving market growth.

By device type, the IVD segment is expected to dominate the market during the forecast period.

Meanwhile, cardiovascular devices and neurological devices are anticipated to be the fastest-growing device types.