Medical Technology

The projected revenue in the Medical Technology market market in Bangladesh is estimated to reach US$439.00m in 2024.
Among the markets, Medical Devices is expected to be the largest, with a projected market volume of US$387.70m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate of 10.38% from 2024 to 2029 (CAGR 2024-2029), resulting in a market volume of US$719.20m by 2029.
In the global context, the United States is expected to generate the highest revenue, reaching US$211.10bn in 2024.
Bangladesh is experiencing a surge in the adoption of advanced medical technologies, revolutionizing healthcare delivery in the country.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Bangladesh is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences play a crucial role in driving the growth of the Medical Technology market in Bangladesh. As the population becomes more aware of the importance of healthcare and the benefits of advanced medical technology, there is an increasing demand for medical devices and equipment. Customers are seeking innovative and reliable products that can improve the quality of healthcare services in the country. Trends in the market also contribute to the development of the Medical Technology market in Bangladesh. The adoption of digital health solutions, such as telemedicine and mobile health apps, is on the rise. These technologies enable remote healthcare services and provide access to medical information and consultations, especially in rural areas where healthcare facilities are limited. Additionally, there is a growing trend towards the use of artificial intelligence and machine learning in medical technology, which can enhance diagnosis, treatment, and patient care. Local special circumstances in Bangladesh further drive the growth of the Medical Technology market. The country has a large population with increasing healthcare needs, creating a demand for medical devices and equipment. Moreover, the government of Bangladesh has been actively promoting the development of the healthcare sector, including the adoption of advanced medical technology. This support from the government creates a favorable environment for the growth of the Medical Technology market. Underlying macroeconomic factors also contribute to the development of the Medical Technology market in Bangladesh. The country has been experiencing steady economic growth, leading to an increase in disposable income and healthcare spending. As the standard of living improves, people are willing to invest in their health and seek better healthcare services, which drives the demand for medical technology. In conclusion, the Medical Technology market in Bangladesh is developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As the population becomes more health-conscious and the government supports the healthcare sector, the demand for medical devices and equipment continues to rise. With the adoption of digital health solutions and advancements in technology, the Medical Technology market in Bangladesh is expected to grow even further in the coming years.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.