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

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.