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Dec-2021

Hi tech Medical Devices Market Size To Grow USD 201.5 Bn By 2026

APAC is one of the most promising regions in the global hi tech medical devices market.

As per our research report, the global hi-tech medical devices market is estimated to reach USD 201.50 billion by 2026, expanding at a CAGR of 31.4% from 2021 to 2026.

With the rise of the COVID-19 crisis worldwide, business conditions are expected to change. During this period, the market size may have significantly reduced or increased with a peak depending on demand seen for specific devices in the Hi-tech medical devices market. Technological advancement is the primary factor that has positively influenced the growth of the high-tech medical devices market in 2020-2021. For instance, in the hospital information system, data is collected and shared over the Internet with other doctors when needed for diagnosis and processing. Furthermore, between 2020-2021, telemedicine played an essential role in providing medical care in remote areas, with teleconsultations when lockdowns and social distancing were imposed. This reduced the number of non-essential hospital visits significantly by analyzing and monitoring services from clinic to home, which also reduced health service costs and eliminated transportation. Therefore, these technological developments, such as telemedicine and electronic data loggers as smartphone applications, have helped the market during the pandemic affected the world.

Growing awareness among the population about various diseases, demand for better healthcare facilities, and the increasing prevalence of chronic diseases are driving the growing demand for Hi-tech medical devices. In addition, 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.

The use of smart wearables and smart devices has seen a massive impact on the studied market, which is attributed to their growing focus on manufacturing devices designed for everyday use. As a result, there are immense opportunities for companies with a new generation of consumers who demand innovative luxury products with a combination of customization, fashion, and connectivity, serving as a key driver of demand for high-tech medical devices.

High-tech medical devices are primarily advanced medical types of equipment that help diagnose and treat various medical conditions. These also provide accurate and reliable devices which can be used even in home-care settings. This growing demand for home care services for self-monitoring, such as monitoring heart rate, oxygen meter, blood sugar, and blood pressure, has also influenced the market's growth. In addition, the implementation of artificial intelligence and machine learning in these High-tech devices will help further develop the high-tech medical devices market during the forecast period.

However, strict government regulations and policies with the possibility of system collapse are the major restraining factors that are anticipated to hamper the growth of the high-tech medical devices market. Furthermore, the lack of skilled professionals in data security and maintenance and cost efficiency, as well as the lack of awareness of these devices in several regions with low technological penetration and poor economic growth, will be responsible for challenging the market during the forecast period.

KEY MARKET INSIGHTS:

Based on the product, smartphones have emerged as the essential segment. In addition, this segment has grown due to its extensive integration with other devices, such as smartwatches and fitness trackers across the globe. Meanwhile, fitness trackers are anticipated to experience the fastest growth over several years.
Based on the mode of application, portable devices are expected to experience a tangible growth rate due to Internet penetration and high Internet speeds, which helps them increase IoTs. Smartphones and tablets are prime examples of portable devices, which are among the most widely used portable devices in the market due to their population and wide range of applications with the latest features.
Based on region, North America is the main contributor to revenues due to numerous multinational companies, increased awareness of people, and easy availability of supporting elements such as high-speed internet. However, APAC 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 of approximately USD 4.5 billion in 2020 to over USD 39.3 billion in 2026, at a CAGR of 9.69 over the forecast period.

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.
Some of the primary key players in the high-tech medical device market include Adidas AG, Apple Inc., CAE Healthcare, Fitbit Inc, Garmin, Google Inc., Xiaomi, Lifesense, Honeywell, Virtual-Realties Limited, Stryker Corporation, HUAWEI, Sotera Wireless, Intelesens, LG Electronics Inc., LifeWatch, Medtronic, NIKE, Nuubo, Omron, Philips, Samsung, and Zephyr Technology, among others.

MARKET SEGMENTATION:

By Product: