USD 264.8 billion
Hi-Tech Medical Devices Market Size, Share, Growth Analysis, By Product type(smartphones, tablets, smart watches, fitness trackers), By Application(handheld, headband, strap, clip), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2107 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
70
|Figures:
75
Hi-Tech Medical Devices Market Insights
Hi-Tech Medical Devices Market size was valued at USD 88.25 billion in 2022 and is poised to grow from USD 111.20 billion in 2023 to USD 706.88 billion by 2031, growing at a CAGR of 26.01% in the forecast period (2024-2031).
Hi-tech, also known as high-technology. The ability of hi-tech medical devices like Stronger and accurate data capturing is analysed to keep their demand high throughout the forecast period. Improvement in development of flexible, thin, and circulatory batteries can be a huge factor for the growth of smart medical devices. Growth in demand for Hi-tech medical devices is driving based on growing awareness among the population about various diseases, demand for better healthcare facilities, and the increasing prevalence of chronic diseases. The increased efforts for technologically advanced medical devices in developing countries are positively expected to impact the growth of the Hi-tech medical devices market. Currently, the market growth is also driven by the latest technologies such as the Internet of Things (IoT) and software, heavy Hi-tech devices, and the spread of harmful infectious diseases. Higher impact on the studied market, attributed to their growing focus on manufacturing devices designed for everyday usage of smart wearable and smart devices.
For example, a fitness tracker may automatically turn on the air conditioner when it senses that the person has completed a jog or display an alert on the refrigerator when a person has not burnt enough calories. Development of advanced. Through these partnerships, users could give apps permission to share their data with EHR systems, providing their physicians with a clearer picture of their lifestyle. The Mayo Clinic app can also automatically notify a physician if a user’s vital signs deviate from pre-set parameters.
US Hi-Tech Medical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
smartphones
Fastest Growth
smartphones
Growth Rate
31.4% CAGR
Global Hi-Tech Medical Devices Market ($ Bn)
Country Share for North America Region (%)
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Hi-Tech Medical Devices Market Segmental Analysis
Hi-tech medical devices Market is segmented based on the Product type, application, and region. Based on product type, the Hi-Tech Medical Devices Market is segmented into smartphones, tablets, smart watches, fitness trackers, virtual reality sets, and others. Based on Application, the Hi-Tech Medical Devices Market is segmented into handheld, headband, strap, clip, bracelet, shoe sensors, and others. Based on region, the Hi-Tech Medical Devices Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Hi-Tech Medical Devices Market Analysis by Product type
The smartphone segment represented a significant CAGR overall market in 2021 to drive the hi-tech medical devices market. Increasing integration of smartphones with other devices such as fitness trackers is one of the primary factors contributing to the growth of the segment. In addition, the growing penetration of smartphones in countries such as India and China is benefiting the growth of the segment. In pandemic the app called Arogya-setu which was launched on 2-April-2020, to detect nearby covid patients in Indian state, Uttar Pradesh had the highest downloads of the Aarogya Setu app of over 23 million as of March 2021.
Hi-Tech Medical Devices Market Analysis by Application
Handheld devices held the leading share in the market as most of the people own mobiles, tablets and others where most of the application of medical devices run on handheld devices. Smartphones and tablet devices offer multiple features and health management with fitness tracking being one of them. With the advanced high-speed internet connection, advanced cameras, fast processors, and greater storage capacity, these devices have penetrated significantly all over the world, as by clicking an image of prescription the AI robot suggests the medicines and treatments.
Global Hi-Tech Medical Devices Market By Type
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Hi-Tech Medical Devices Market Regional Insights
North America dominates the market due to the presence of several multinational companies, increase in awareness among people, and easy accessibility of supportive infrastructure like hi-speed internet connection. The US holds the major share in terms of revenue in the North America medical devices market in 2021. Numerous multinational corporations offer employee healthcare plans that anticipate the position in the market.
Asia-pacific is set to see a notable CAGR over the forecast scheduled time. This can be attributed to the presence of a large user base, improved healthcare infrastructure, high unmet needs, and the booming economy in various countries like India and China. In China, the market size for high-tech medical devices had impressive sales revenues at a significant CAGR over the forecast period. In 2021, the medical devices market is estimated to be at USD 12 billion in India. India is the 4th largest Asian medical devices market. Europe is one of the many prominent regions with a lucrative growth rate in the high-tech medical device market, owing to the boom due to the development of compatible and supportive infrastructure, the presence of key market players, and increased health awareness among the population.
Global Hi-Tech Medical Devices Market By Region
- Largest
- Fastest
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Hi-Tech Medical Devices Market Dynamics
Hi-Tech Medical Devices Market Drivers
Novel Technologies and Upgrade to Bolster Demand for Hi-Tech Medical Devices
- Many components of high-tech medical devices have been upgraded to provide high-performance features. For example, each new smartphone version has more features, longer battery life and more convenience. Additionally, the Internet of Things, 5G technology, and growing demand for self-monitoring are having a major impact on the market for high-tech wearables. Combined with the high prevalence of chronic diseases such as diabetes and obesity, consumers are turning to high-tech medical devices to monitor blood sugar levels and other factors that can exacerbate pre-existing conditions. In addition, health care providers can use high-tech wearables to transmit recorded information, thus improving patient care during ongoing treatments. The high-tech medical device market is expected to grow in emerging markets due to the increasing use of personal electronic devices and medical wearable devices.
- The high-tech medical device market is experiencing exponential growth due to increasing health awareness, increasing prevalence of chronic diseases, and increasing demand for technologically advanced medical devices, especially in both developed and developing countries. It is analysed to be achieved. Moreover, advances in artificial intelligence technology may create new opportunities for the development of the high-tech medical device market. The trend from traditional patient monitoring, where doctors visit specific locations for tests and manually store patient data, to the current trend of remote patient monitoring and electronic medical records, is also a market where high-tech medical devices are all important.
Hi-Tech Medical Devices Market Restraints
Stringent Regulations to Hinder Market Growth
- Strict government restrictions and laws, as well as the risk of system failure, are expected to decrease the growth of the high-tech medical devices industry. Further, the market would be challenged during the projection period due to a shortage of experienced professionals, data security and maintenance, and cost efficiency, as well as a lack of awareness of these devices in certain regions with low technology penetration and poor economic growth.
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Hi-Tech Medical Devices Market Competitive Landscape
Hi-tech medical devices market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Hi-Tech Medical Devices Market Top Player's Company Profiles
- Medtronic
- Abbott Laboratories
- Johnson & Johnson
- Philips Healthcare
- GE Healthcare
- Siemens Healthineers
- Boston Scientific
- Stryker
- Zimmer Biomet
- Becton, Dickinson and Company
- Thermo Fisher Scientific
- Illumina
- Edwards Lifesciences
- Baxter International
- Fresenius Medical Care
- St. Jude Medical
- Varian Medical Systems
- Hologic
- Intuitive Surgical
- Dexcom
Hi-Tech Medical Devices Market Recent Developments
- In August 2022, University hails ‘major advance’ in manufacturing for hi-tech medical devices, as Staff at Heriot-Watt University in Edinburgh have applied laser-shaping techniques to the manufacture of fibre optic devices.
- In September 2022, Former NASA Astrophysicist Creates MindMics Earbud Biometric Technology To Reduce Stress.
Hi-Tech Medical Devices Key Market Trends
- The growing demand for hi-tech medical equipment is driven by the demand for better healthcare facilities and the rising prevalence of chronic diseases. Furthermore, rising efforts in emerging countries for technologically improved medical equipment are likely to positively impact the growth of the hi-tech medical devices market. The latest technologies, such as the Internet of Things (IoT) and software, heavy Hi-tech equipment, and the expansion of hazardous infectious diseases, are now driving market growth. Fitbit is one of the most well-known and well-known companies when it comes to wearables, and this fitness band is no exception. In terms of smart sensors, data, and functionality, the Charge 4 competes with Xiaomi and Samsung.
Hi-Tech Medical Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Hi-tech medical devices, the industry is growing due to rising public awareness and the emergence of chronic diseases. Furthermore, the growth of the global high-tech medical device market will be fuelled by the increasing demand for technologically advanced medical devices in developing countries. In addition, rising geriatric population is expected to drive the global high-tech medical device market. The U.S. healthcare system gradually shifts from a fee-for-results based model to a value-based model with a greater emphasis on proactive and preventative care. Hi-tech medical device manufacturers have ample opportunities in the field of remote patient monitoring, chronic disease management, and elderly care. Evaluating and monitoring clinic-to-home services has significantly reduced the frequency of non-essential hospital visits, reduced health care costs, and eliminated the need for transport.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 88.25 billion |
| Market size value in 2031 | USD 706.88 billion |
| Growth Rate | 26.01% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hi-Tech Medical Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hi-Tech Medical Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hi-Tech Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hi-Tech Medical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hi-Tech Medical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hi-Tech Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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