Hi-Tech medical devices market

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 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.

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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 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. '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'

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 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.

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.

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Hi-Tech medical devices market

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