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Medical Device Technologies Market By Device Type (In Vitro Diagnostic (IVD) Devices, Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmology Devices, Endoscopy Devices, Diabetes Care Devices, Wound Management Devices, Kidney/Dialysis Devices, Anesthesia and Respiratory Care Devices, Others); By End-user (Academics & Research, Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 42130 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period  2019-2022
Base Year  2023
Forecast Period  2024-2032
Medical Device Technologies Market Size 2024  USD 549,125 Million
Medical Device Technologies Market , CAGR  3.56%
Medical Device Technologies Market Size 2032  USD 726,453.05 Million

Market Overview

The Medical Device Technologies Market is projected to grow from USD 549,125 million in 2024 to USD 726,453.05 million by 2032, reflecting a compound annual growth rate (CAGR) of 3.56%.

The Medical Device Technologies Market is driven by the increasing prevalence of chronic diseases, rising demand for minimally invasive procedures, and advancements in technology such as AI and IoT integration. The growth is further supported by the aging global population, which demands sophisticated medical solutions. Trends include the development of wearable devices for remote monitoring, enhanced imaging technologies, and the expansion of smart implants. Additionally, the market is experiencing a shift towards personalized medicine, with innovative devices tailored to individual patient needs, improving treatment outcomes and driving market expansion.

The Medical Device Technologies Market is geographically diverse, with key players driving growth across major regions. In North America, companies like Medtronic plc, Johnson & Johnson, and Abbott Laboratories dominate, leveraging advanced technology and extensive distribution networks. In Europe, Siemens Healthineers and GE Healthcare are prominent, focusing on innovative diagnostic imaging and patient monitoring solutions. Asia-Pacific is growing rapidly, with Koninklijke Philips N.V. and Baxter International, Inc. expanding their presence due to increasing healthcare infrastructure and demand. Globally, companies such as Boston Scientific Corporation and Stryker Corporation are influential, offering a wide range of medical devices and contributing to market expansion.

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Market Drivers

Rising Demand for Minimally Invasive Procedures

The shift towards minimally invasive procedures is driven by their numerous advantages over traditional surgery, such as reduced recovery times, minimized pain, and lower risk of complications. In 2023, 83% of all plastic surgery procedures were minimally invasive, highlighting the shift towards these techniques. The integration of robotics has led to the development of novel surgical platforms that enhance dexterity and precision, reducing the invasiveness and increasing the efficacy of interventions. These benefits are leading to a heightened demand for specialized medical devices that support such techniques. Additionally, advancements in technology, including robotics, imaging systems, and refined surgical instruments, are enhancing the precision and control of minimally invasive procedures. These technological improvements enable surgeons to perform complex operations with greater accuracy, further fueling the demand for advanced medical devices.

Growing Geriatric Population

The aging global population is significantly impacting the medical device market by increasing the need for medical care and interventions. For instance, the U.S. elderly population (persons aged 65 and above) totaled 60 million in 2023, and personal healthcare spending for this segment was approximately $22,000 per person.  As people live longer, there is a rise in chronic diseases and age-related conditions, which drives the demand for diagnostic, treatment, and monitoring devices tailored to older adults. Additionally, there is a strong focus on enabling elderly individuals to maintain independence for as long as possible. Medical devices that assist with mobility, monitor vital signs, and manage chronic conditions are becoming essential to support independent living and improve the quality of life for the elderly.

Technological Advancements in Medical Devices

Technological advancements are revolutionizing the medical device sector, particularly through the integration of Artificial Intelligence (AI) and machine learning. AI-powered devices are enhancing diagnostic accuracy, image analysis, and surgical planning, while machine learning algorithms help in personalizing treatment plans and predicting patient outcomes.  For instance, AI and machine learning are being integrated into medical devices, enhancing diagnostic accuracy and personalizing treatment plans. The use of AI in breast cancer has enabled mammograms to be reviewed 30 times faster with almost 100% accuracy. Robotics in surgery has also seen significant advancements, with the FDA approving the first gene therapy for children with Duchenne muscular dystrophy in June 2023, showcasing the potential for improved surgical outcomes and faster recovery times. The rise of connected medical devices and telemedicine further allows for remote monitoring and data collection, which improves chronic disease management and early issue detection.

Focus on Personalized Medicine

The trend towards personalized medicine is driving innovation in medical devices, enabling precision diagnostics and targeted therapies. Advances in diagnostic tools allow for the identification of specific genetic variations or disease markers, which facilitate tailored treatment approaches for individual patients. Minimally invasive biopsy devices are also becoming increasingly important, as they enable the collection of tissue samples for more accurate and personalized diagnosis and treatment planning. This focus on personalized medicine is reshaping how medical devices are designed and utilized to better meet the needs of patients.

Market Trends

Advances in Minimally Invasive Surgery and AI Integration

The medical device technologies market is experiencing significant growth driven by the shift towards minimally invasive procedures and the integration of Artificial Intelligence (AI) and Machine Learning (ML). For instance, the adoption of minimally invasive and robotic-assisted surgery (RAS) systems has surged by 18% in the last year alone, with enhanced precision and 3D visualization contributing to a 30% reduction in patient recovery times and a 25% decrease in overall surgical risks. Minimally invasive and robotic-assisted surgery (RAS) systems are gaining traction due to their advantages, including enhanced precision, 3D visualization, and improved ergonomics for surgeons. These systems enable more precise and controlled operations, reducing patient recovery times and overall surgical risks. Concurrently, the incorporation of AI and ML into medical devices is transforming the industry by providing advanced functionalities. AI-powered diagnostic tools facilitate faster and more accurate disease detection, while AI-driven image analysis enhances surgical planning. Furthermore, AI-assisted decision support within robotic surgery systems is improving surgical outcomes and operational efficiency, highlighting the growing trend of integrating cutting-edge technologies to elevate surgical practices and patient care.

Growth of Telemedicine, Personalized Medicine, and Emerging Markets

The expansion of telemedicine and remote patient monitoring is revolutionizing healthcare by enabling real-time patient surveillance and remote consultations. The Growth of Telemedicine, Personalized Medicine, and Emerging Markets is evident as telemedicine services have experienced a 300% increase in usage, leading to a 40% reduction in hospital readmission rates. Personalized medicine is on the rise, with biosensors collecting over 2 terabytes of patient data daily, enabling tailored treatment plans. This trend facilitates early intervention, enhances chronic disease management, and contributes to reduced hospital readmission rates. Additionally, advancements in medical devices are supporting a shift towards personalized medicine. Biosensors and diagnostic tools now gather detailed patient data, allowing for individualized treatment plans and targeted therapies tailored to specific needs. The Internet of Medical Things (IoMT) is also enhancing the connectivity of medical devices with healthcare IT systems, promoting centralized monitoring and data-driven decision-making. Moreover, the rising popularity of wearable medical devices, such as smartwatches and fitness trackers, empowers patients to actively manage their health. 3D printing technology is enabling the creation of customized implants and surgical models, offering patient-specific solutions. Emphasizing cybersecurity is crucial as the reliance on connected devices grows, prompting manufacturers to enhance security measures to protect patient data. Lastly, the medical device market is expanding in emerging economies like China and India, driven by increased disposable incomes, healthcare awareness, and supportive government initiatives, positioning these regions as key growth areas in the global market.

Market Challenges Analysis

High Costs, Regulatory Hurdles, and Reimbursement Challenges

The medical device technologies market faces significant obstacles related to high costs, stringent regulatory requirements, and reimbursement challenges. Developing and bringing new medical devices to market is a costly and time-consuming endeavor. The extensive regulatory framework necessitates rigorous clinical trials and compliance with detailed standards, which can delay innovation and limit the timely availability of potentially life-saving technologies. Additionally, the reimbursement landscape poses a challenge for the adoption of new devices. Hospitals and healthcare providers often grapple with the complexities of securing favorable reimbursement rates from insurance companies, which can discourage the adoption of innovative medical technologies. These hurdles not only strain financial resources but also potentially hinder the pace of technological advancements and the broader dissemination of cutting-edge medical solutions.

Cybersecurity Threats, Data Privacy Issues, and Skilled Workforce Shortages

As the reliance on connected medical devices increases, cybersecurity threats and data privacy issues become critical concerns. Connected devices are vulnerable to cyberattacks, which can compromise patient data or disrupt essential functionalities, highlighting the need for robust cybersecurity measures. Similarly, managing and safeguarding patient data privacy has become increasingly complex with the rise of telemedicine and connected devices, necessitating stringent data security protocols and clear patient consent processes. Additionally, the growing complexity of medical devices underscores the need for a skilled workforce trained in their operation and maintenance. However, a shortage of qualified technicians and healthcare professionals poses a challenge to effectively managing these advanced technologies. Integration of new devices with existing hospital IT systems also presents difficulties, requiring significant investment and standardized data formats for seamless interoperability. These challenges collectively impact the efficiency and effectiveness of medical device technologies, emphasizing the need for comprehensive strategies to address these issues effectively.

Market Segmentation Analysis:

By Device Type:

The Medical Device Technologies Market is diverse, encompassing a range of device types catering to various healthcare needs. In Vitro Diagnostic (IVD) Devices lead the market, driven by their essential role in disease detection and monitoring, offering advancements in accuracy and speed. Cardiology Devices follow closely, with innovations in diagnostic and therapeutic tools enhancing cardiac care and management. Diagnostic Imaging Devices, including MRI, CT, and ultrasound, are critical for detailed internal examinations, supporting accurate diagnosis and treatment planning. Orthopedic Devices and Ophthalmology Devices address musculoskeletal and eye-related conditions, respectively, with ongoing advancements in technology improving patient outcomes. Endoscopy Devices provide minimally invasive diagnostic solutions, while Diabetes Care Devices and Wound Management Devices offer specialized care for chronic conditions. Kidney/Dialysis Devices and Anesthesia and Respiratory Care Devices are crucial for managing critical health issues, ensuring effective treatment and patient management. Collectively, these segments reflect a broad spectrum of applications and technological advancements shaping the medical device landscape.

By End-user:

The end-user segments of the Medical Device Technologies Market include Academics & Research, Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers, and others. Hospitals dominate as the primary end-user, driven by their extensive need for diverse medical devices to support comprehensive patient care and complex procedures. Clinics and Diagnostic Centers are significant users, particularly for devices related to routine diagnostics and outpatient care. Ambulatory Surgical Centers are growing in prominence due to their focus on same-day surgical procedures and minimally invasive techniques. Academics & Research institutions contribute by utilizing advanced devices for clinical studies and research, driving innovation in medical technology. The “Others” category includes various specialized settings and facilities that also contribute to the demand for medical devices. Each end-user segment plays a crucial role in driving the adoption and utilization of medical devices, reflecting the diverse applications and needs within the healthcare ecosystem.

Segments:

Based on Device Type:

  • In Vitro Diagnostic (IVD) Devices
  • Cardiology Devices
  • Diagnostic Imaging Devices
  • Orthopedic Devices
  • Ophthalmology Devices
  • Endoscopy Devices
  • Diabetes Care Devices
  • Wound Management Devices
  • Kidney/Dialysis Devices
  • Anesthesia and Respiratory Care Devices
  • Others

Based on End-user:

  • Academics & Research
  • Hospitals
  • Clinics
  • Diagnostic Centers
  • Ambulatory Surgical Centers
  • Others

Based on the Geography:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • The U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Regional Analysis

North America

North America stands as the dominant force in this market, commanding approximately 40% of the global share. This leadership position is primarily driven by the United States, which boasts a robust healthcare system, significant research and development investments, and a high adoption rate of advanced medical technologies. The region’s market is characterized by the presence of major medical device manufacturers, a strong focus on innovation, and a healthcare system that readily embraces new technologies. Additionally, favorable reimbursement policies and a growing elderly population contribute to the sustained demand for sophisticated medical devices.

Europe

Europe holds the second-largest market share at around 30%, with Germany, the United Kingdom, and France leading the region’s medical device sector. The European market is distinguished by its stringent regulatory standards, particularly the Medical Device Regulation (MDR), which ensures high-quality and safe medical devices. This regulatory environment, while challenging for manufacturers, fosters innovation and maintains consumer trust. The region’s aging population and increasing prevalence of chronic diseases drive the demand for advanced medical technologies. European countries also demonstrate a strong commitment to healthcare digitization, propelling the growth of connected medical devices and telemedicine solutions.

Key Player Analysis

  • Abbott Laboratories
  • Boston Scientific Corporation
  • Baxter International, Inc.
  • Medtronic plc
  • Cardinal Health Inc.
  • F. Hoffmann-La Roche Ltd.
  • GE Healthcare
  • Johnson & Johnson
  • Siemens Healthineers
  • Smith & Nephew plc
  • Stryker Corporation
  • Koninklijke Philips N.V.

Competitive Analysis

The Medical Device Technologies Market is highly competitive, featuring leading players with extensive portfolios and global reach. Medtronic plc and Johnson & Johnson are dominant forces, known for their broad range of innovative devices, from cardiology to diabetes care. Abbott Laboratories and Boston Scientific Corporation excel in advanced diagnostic and interventional technologies, driving significant advancements in patient care. GE Healthcare and Siemens Healthineers lead in diagnostic imaging and monitoring solutions, leveraging their technological expertise and research capabilities. Baxter International, Inc. and Stryker Corporation are key players in critical care and orthopedic devices, respectively, with a focus on enhancing patient outcomes and operational efficiency. Koninklijke Philips N.V. stands out with its integrated health technologies and emphasis on digital health solutions. Competitive strategies among these players include continuous innovation, strategic partnerships, and expansion into emerging markets, ensuring they stay at the forefront of the evolving medical device landscape.

Recent Developments

  • In March 2024, Stryker Corporation introduced a novel, innovative product, LIFEPAK CR2 automated external defibrillator (AED), to improve cardiac care and enhance patient outcomes.
  • In January 2024, Accelus launched a linesider modular-cortical system that can be used for spinal implant surgeries. This implant is expected to be used by the surgeons to support the spine during surgeries.

Market Concentration & Characteristics

The Medical Device Technologies Market exhibits moderate to high concentration, characterized by the presence of several leading players with substantial market shares. Major companies such as Medtronic plc, Johnson & Johnson, and Abbott Laboratories dominate the landscape due to their extensive product portfolios and significant investments in research and development. This concentration results in a competitive environment where innovation and technological advancements are critical. The market is distinguished by rapid technological evolution, with a focus on integrating advanced features such as artificial intelligence and connectivity into medical devices. Companies invest heavily in developing cutting-edge technologies to enhance patient outcomes and operational efficiency. Additionally, regulatory compliance and reimbursement policies play a crucial role in shaping market dynamics. While dominant players lead in market share, there is room for niche players to thrive by addressing specialized needs and emerging trends. Overall, the market is characterized by intense competition and a continuous push towards technological innovation.

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Report Coverage

The research report offers an in-depth analysis based on Device Type, End-user and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. The market is projected to grow significantly, driven by increasing demand for advanced medical technologies and innovations.
  2. Advancements in wearable medical devices will enhance patient monitoring and health management.
  3. The integration of artificial intelligence and machine learning will further improve diagnostic accuracy and treatment personalization.
  4. Telemedicine and remote monitoring technologies will expand, offering more accessible healthcare solutions.
  5. There will be a rise in demand for minimally invasive surgical devices, driven by their benefits in patient recovery and precision.
  6. Growth in emerging markets will provide new opportunities, as these regions invest in healthcare infrastructure and technology.
  7. Increased focus on personalized medicine will drive the development of tailored medical devices and targeted therapies.
  8. The adoption of 3D printing technology will advance, enabling customized implants and prosthetics.
  9. Cybersecurity measures will become more critical to protect patient data and ensure device safety.
  10. Sustainability initiatives will gain importance, with efforts to reduce environmental impact through eco-friendly device design and disposal practices.

1. Introduction
1.1. Report Description
1.2. Purpose of the Report
1.3. USP & Key Offerings
1.4. Key Benefits for Stakeholders
1.5. Target Audience
1.6. Report Scope
1.7. Regional Scope
2. Scope and Methodology
2.1. Objectives of the Study
2.2. Stakeholders
2.3. Data Sources
2.3.1. Primary Sources
2.3.2. Secondary Sources
2.4. Market Estimation
2.4.1. Bottom-Up Approach
2.4.2. Top-Down Approach
2.5. Forecasting Methodology
3. Executive Summary
4. Introduction
4.1. Overview
4.2. Key Industry Trends
5. Medical Device Technologies Market
5.1. Market Overview
5.2. Market Performance
5.3. Impact of COVID-19
5.4. Market Forecast
6. Market Breakup by Device Type
6.1. In Vitro Diagnostic (IVD) Devices
6.1.1. Market Trends
6.1.2. Market Forecast
6.1.3. Revenue Share
6.1.4. Revenue Growth Opportunity
6.2. Cardiology Devices
6.2.1. Market Trends
6.2.2. Market Forecast
6.2.3. Revenue Share
6.2.4. Revenue Growth Opportunity
6.3. Diagnostic Imaging Devices
6.3.1. Market Trends
6.3.2. Market Forecast
6.3.3. Revenue Share
6.3.4. Revenue Growth Opportunity
6.4. Orthopedic Devices
6.4.1. Market Trends
6.4.2. Market Forecast
6.4.3. Revenue Share
6.4.4. Revenue Growth Opportunity
6.5. Ophthalmology Devices
6.5.1. Market Trends
6.5.2. Market Forecast
6.5.3. Revenue Share
6.5.4. Revenue Growth Opportunity
6.6. Endoscopy Devices
6.6.1. Market Trends
6.6.2. Market Forecast
6.6.3. Revenue Share
6.6.4. Revenue Growth Opportunity
6.7. Diabetes Care Devices
6.7.1. Market Trends
6.7.2. Market Forecast
6.7.3. Revenue Share
6.7.4. Revenue Growth Opportunity
6.8. Wound Management Devices
6.8.1. Market Trends
6.8.2. Market Forecast
6.8.3. Revenue Share
6.8.4. Revenue Growth Opportunity
6.9. Kidney/Dialysis Devices
6.9.1. Market Trends
6.9.2. Market Forecast
6.9.3. Revenue Share
6.9.4. Revenue Growth Opportunity
6.10. Anesthesia and Respiratory Care Devices
6.10.1. Market Trends
6.10.2. Market Forecast
6.10.3. Revenue Share
6.10.4. Revenue Growth Opportunity
6.11. Others
6.11.1. Market Trends
6.11.2. Market Forecast
6.11.3. Revenue Share
6.11.4. Revenue Growth Opportunity
7. Market Breakup by End-User
7.1. Academics & Research
7.1.1. Market Trends
7.1.2. Market Forecast
7.1.3. Revenue Share
7.1.4. Revenue Growth Opportunity
7.2. Hospitals
7.2.1. Market Trends
7.2.2. Market Forecast
7.2.3. Revenue Share
7.2.4. Revenue Growth Opportunity
7.3. Clinics
7.3.1. Market Trends
7.3.2. Market Forecast
7.3.3. Revenue Share
7.3.4. Revenue Growth Opportunity
7.4. Diagnostic Centers
7.4.1. Market Trends
7.4.2. Market Forecast
7.4.3. Revenue Share
7.4.4. Revenue Growth Opportunity
7.5. Ambulatory Surgical Centers
7.5.1. Market Trends
7.5.2. Market Forecast
7.5.3. Revenue Share
7.5.4. Revenue Growth Opportunity
7.6. Others
7.6.1. Market Trends
7.6.2. Market Forecast
7.6.3. Revenue Share
7.6.4. Revenue Growth Opportunity
8. Market Breakup by Region
8.1. North America
8.1.1. United States
8.1.1.1. Market Trends
8.1.1.2. Market Forecast
8.1.2. Canada
8.1.2.1. Market Trends
8.1.2.2. Market Forecast
8.2. Asia-Pacific
8.2.1. China
8.2.2. Japan
8.2.3. India
8.2.4. South Korea
8.2.5. Australia
8.2.6. Indonesia
8.2.7. Others
8.3. Europe
8.3.1. Germany
8.3.2. France
8.3.3. United Kingdom
8.3.4. Italy
8.3.5. Spain
8.3.6. Russia
8.3.7. Others
8.4. Latin America
8.4.1. Brazil
8.4.2. Mexico
8.4.3. Others
8.5. Middle East and Africa
8.5.1. Market Trends
8.5.2. Market Breakup by Country
8.5.3. Market Forecast
9. SWOT Analysis
9.1. Overview
9.2. Strengths
9.3. Weaknesses
9.4. Opportunities
9.5. Threats
10. Value Chain Analysis
11. Porters Five Forces Analysis
11.1. Overview
11.2. Bargaining Power of Buyers
11.3. Bargaining Power of Suppliers
11.4. Degree of Competition
11.5. Threat of New Entrants
11.6. Threat of Substitutes
12. Price Analysis
13. Competitive Landscape
13.1. Market Structure
13.2. Key Players
13.3. Profiles of Key Players
13.3.1. Abbott Laboratories
13.3.1.1. Company Overview
13.3.1.2. Product Portfolio
13.3.1.3. Financials
13.3.1.4. SWOT Analysis
13.3.2. Boston Scientific Corporation
13.3.3. Baxter International, Inc.
13.3.4. Medtronic plc
13.3.5. Cardinal Health Inc.
13.3.6. F. Hoffmann-La Roche Ltd.
13.3.7. GE Healthcare
13.3.8. Johnson & Johnson
13.3.9. Siemens Healthineers
13.3.10. Smith & Nephew plc
13.3.11. Stryker Corporation
13.3.12. Koninklijke Philips N.V.
14. Research Methodology

Frequently Asked Questions:

What is the current size of the Medical Device Technologies Market?

The Medical Device Technologies Market is projected to grow from USD 549,125 million in 2024 to USD 726,453.05 million by 2032, reflecting a compound annual growth rate (CAGR) of 3.56%.

What factors are driving the growth of the Medical Device Technologies Market?

Growth in the Medical Device Technologies Market is driven by the increasing prevalence of chronic diseases, rising demand for minimally invasive procedures, advancements in technology such as AI and IoT integration, and the aging global population requiring sophisticated medical solutions.

What are the key segments within the Medical Device Technologies Market?

The key segments in the Medical Device Technologies Market include device types such as In Vitro Diagnostic (IVD) Devices, Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmology Devices, Endoscopy Devices, Diabetes Care Devices, Wound Management Devices, Kidney/Dialysis Devices, Anesthesia and Respiratory Care Devices, and others. End-user segments include Academics & Research, Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers, and others.

What are some challenges faced by the Medical Device Technologies Market?

Challenges in the Medical Device Technologies Market include high development costs, stringent regulatory requirements, reimbursement issues, cybersecurity threats, data privacy concerns, and a shortage of skilled workforce.

Who are the major players in the Medical Device Technologies Market?

Major players in the Medical Device Technologies Market include Medtronic plc, Johnson & Johnson, Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, Siemens Healthineers, Baxter International, Inc., Koninklijke Philips N.V., and Stryker Corporation.

Which segment is leading the market share?

The In Vitro Diagnostic (IVD) Devices segment is leading the market share due to its critical role in disease detection and monitoring, offering advancements in accuracy and speed.

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