Global Hi-Tech Medical Devices Market Size, Share, Trends, COVID-19 Impact Analysis & Growth Analysis Report – Segmented By Product (Smartphones, Tablets, Smart Watches, Fitness Trackers and Virtual Reality Sets), Site & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast From 2024 to 2029

Updated On: January, 2024
ID: 12560
Pages: 190

Global Hi-Tech Medical Devices Market Size (2024 to 2029)

The size of the global hi-tech medical devices market is predicted to reach USD 347.9 billion by 2029 from USD 88.83 billion in 2024, growing at a CAGR of 31.4% over the forecast period.

Hi-tech medical devices are technologically well-developed medical devices. These devices provide better patient outcomes and aid in effective diagnosis and treatment procedures. Compared to traditional devices, the accuracy of these devices is more. In recent years, the adoption of these devices in the monitoring and treating various diseases has increased dramatically. People are showing considerable interest in regularly checking their health and liking to track various health metrics to stay one step ahead in dealing with health difficulties.

In the worldwide hi-tech medical devices market, technological developments have enhanced durability, aesthetics, and reading accuracy, increasing demand for these products. Many hi-tech medical devices must be worn continuously for appropriate readings of any medical conditions. At the same time, market participants have invested heavily in designing incredibly functional products while preserving aesthetic quality. Smartwatches, for instance, are becoming more appealing to customers as they become accessible in a broader range of sleek designs.

MARKET DRIVERS

The growth of the global Hi-tech medical devices market is driven by a new generation of consumers who want innovative luxury items that combine exclusivity, fashion, and connectivity.

Various components of high-tech medical devices have been improved to provide high-performance capabilities. For example, every new smartphone has more features and longer battery life, making it more useful. In addition, the Internet of Things, 5G technology, and the growing demand for self-monitoring have significantly impacted the market for high-tech wearables. Due to the high incidence of chronic conditions such as diabetes and obesity, consumers have turned to high-tech medical gadgets to keep track of sugar levels and other factors that may worsen a pre-existing condition. In addition, medical providers can employ high-tech wearables to convey recorded information to improve the level of care a patient receives throughout ongoing therapy. The hi-tech medical devices market is predicted to rise in emerging economies because of the growing usage of personal electronic devices and wearable medical devices.

Increased health awareness, increased prevalence of chronic diseases, and rising demand for technologically advanced medical equipment, primarily in developed and developing countries, are predicted to propel the hi-tech medical devices market to exponential growth. Furthermore, the advancement of artificial intelligence technology is likely to create new opportunities for developing the hi-tech medical devices market. 

The trend from conventional patient monitoring by physicians visiting specific locations for checkups and manually storing patient data to the present trend of remote patient monitoring and electronic health records has also aided the expansion of the hi-tech medical equipment market. Therefore, players who build luxury watches and jewels with all of the capabilities of smart wearables will have a lot of opportunities to attract luxury spenders.

MARKET RESTRAINTS

The impact of government laws and policies and the scarcity of experienced professionals are the vital stumbling blocks to the growth of the hi-tech medical device market. During the forecast period, it is expected that a lack of awareness of these technologies in various countries with low technology penetration will impact the growth of the hi-tech medical devices market. The market's foremost challenges include data security and maintenance and cost-effectiveness.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

Segments Covered

By Product, Site, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Market Players

Adidas AG, Fitbit Inc., Garmin, Google Inc., Honeywell, HUAWEI, Intelesens, LG Electronics Inc., Lifesense, LifeWatch, Medtronic, Omron, Philips, Samsung, Sotera Wireless, Stryker Corporation, Virtual-Realties Limited, Xiaomi, and Zephyr Technology

 

SEGMENTAL ANALYSIS

Global Hi-Tech Medical Devices Market Analysis By Product

During the forecast period, fitness trackers and smartwatches both segments are both expected to gain in popularity. The market is likely to develop due to innovation in these devices, particularly in accuracy, durability, and aesthetics. In addition, the entry of premium watchmakers like Fossil and TAG Heuer into the smartwatch market is expected to accelerate the market's growth. Furthermore, increased spending on luxury items favors the fitness tracker and smartwatch markets.

However, the smartwatches and smartphone segments are expected to show significant growth during the forecast period due to the rising digitalization and use of these devices worldwide. The rapidly advancing and modernizing society accommodates more smart devices helping the segment's growth. Additionally, the rise of the internet and the need for such devices to easily access the internet promotes segment revenue. 

Global Hi-Tech Medical Devices Market Analysis By Site

During the forecast period, strap, clip, and bracelet-based devices are expected to increase quickly. These devices are more appealing, portable, and precise. A new generation of internet luxury consumers is one of the primary drivers for high-end devices with a blend of fashion, exclusivity, and digital connectivity.

However, the handheld devices segment is also expected to grow due to the rising use of smartphones, watches, tablets, etc., which can conveniently be held in hands and used without elaborate systems. The internet's prevalence and development of online facilities for at-home and hospital services also promote the segment's rise. 

REGIONAL ANALYSIS

North America captured the major share of the global hi-tech medical devices market in 2022 and the region’s domination is likely to continue during the forecast period. Factors such as the presence of promising market participants, increasing awareness among the people regarding the benefits of hi-tech medical devices, and continuous advancements in infrastructure, such as high-speed internet connections, are boosting the growth of the North American market. In addition, numerous multinational corporations offer employee healthcare plans that allow consumers to purchase these devices at a reduced cost in countries like the U.S. and Canada. Furthermore, the widespread adoption of health management platforms such as mHealth, telehealth, remote consulting, remote patient monitoring, and home healthcare boosts regional market growth. During the forecast period, the U.S. hi-tech medical devices market is anticipated to hold a leading share of the worldwide market, followed by Canada and the same trend is predicted to continue.

The Asia-Pacific region is projected to witness the fastest CAGR during the forecast period owing to the growing disposable income, increasing number of improvements in the healthcare infrastructure among the countries of the Asia-Pacific, and growing demand for advanced medical devices. The presence of emerging economies is an advantage to the Asia-Pacific market and contributes significantly to market growth. The increasing emphasis of key market participants to tap the potential of the Asia-Pacific region, the rising patient population and growing investments from the market participants are further propelling the growth rate of the APAC market. Furthermore, the growing aging population is another notable attribute contributing to the APAC hi-tech medical devices market growth.

The European market for hi-tech medical devices is anticipated to grow at a promising CAGR during the forecast period. Factors such as increasing healthcare expenditure, growing aging population, rising prevalence of chronic diseases and increasing adoption of technological developments in manufacturing hi-tech medical devices are propelling the European market growth. In addition, the growing usage of telemedicine in Europe, increasing demand for minimally invasive surgeries and increasing adoption of home healthcare are anticipated to result in regional market growth during the forecast period. Germany, the UK and France held the major share of the European market in 2021 and the same trend is predicted to continue during the forecast period. Other countries such as Italy, Spain, and the Netherlands, are estimated to witness a healthy CAGR in the coming years. Siemens Healthineers, Philips Healthcare, Medtronic, Abbott Laboratories, and GE Healthcare are some of the noteworthy companies in the European hi-tech medical devices market. The key market participants operating in the European region are investing considerable resources in R&D to develop innovative products and maintain their market share.

The Latin American hi-tech medical devices market is projected to grow at a steady pace during the forecast period and is primarily driven by factors such as increasing healthcare expenditure, a growing aging population and favorable initiatives and investments by the Latin American governments to promote the healthcare system in the region. Supportive policies from the Latin American governments and increasing medical tourism trends in the Latin American region are further contributing to the market growth in this region. Brazil accounted for the largest share of the Latin American market in 2021 and is expected to grow promisingly during the forecast period.

KEY PLAYERS IN THE HI-TECH MEDICAL DEVICES MARKET

Adidas AG, Fitbit Inc., Garmin, Google Inc., Honeywell, HUAWEI, Intelesens, LG Electronics Inc., Lifesense, LifeWatch, Medtronic, Omron, Philips, Samsung, Sotera Wireless, Stryker Corporation, Virtual-Realties Limited, Xiaomi, and Zephyr Technology are a few of the noteworthy companies operating in the global hi-tech medical devices market and profiled in this report.

RECENT HAPPENINGS IN THIS MARKET

  • Apple Inc. released the iPhone 7 and iPhone 7 Plus (Red version) handsets worldwide in March 2017. These mobile devices are compatible with various health apps that can be used to track one's health and fitness.
  • Koninklijke Philips N.V. purchased BioTelemetry, a U.S.-based cardiac diagnostics and monitoring company, in December 2020 to expand its remote care product portfolio.

DETAILED SEGMENTATION OF THE GLOBAL HI-TECH MEDICAL DEVICES MARKET INCLUDED IN THIS REPORT

This research report on the global hi-tech medical devices market has been segmented and sub-segmented based on product, site, and region.

By Product

  • Smartphones
  • Tablets
  • Smart Watches
  • Fitness Trackers
  • Virtual Reality Sets

By Site

  • Handheld
  • Headband
  • Strap, Clip, Bracelet
  • Shoe Sensors

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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Frequently Asked Questions

What is the CAGR of the hi-tech medical devices market?

The global hi-tech medical devices market is predicted to grow at a CAGR of 31.4% from 2023 to 2028.

Who are some of the major players in the hi-tech medical devices market?

Siemens Healthineers, Medtronic, GE Healthcare, Johnson & Johnson, Philips, and Boston Scientific are a few of the prominent companies in the global hi-tech medical devices market.

What are the latest trends in the hi-tech medical devices market?

The use of artificial intelligence (AI) and machine learning to improve medical imaging and diagnosis, the development of wearable health trackers and other consumer health devices, and the increasing use of telemedicine to provide remote healthcare services are some of the recent trends in the global hi-tech medical devices market.

What are some of the challenges facing the hi-tech medical devices market?

Regulatory hurdles, high costs of research and development, intense competition, and concerns around data privacy and security are some of the key challenges to the hi-tech medical devices market.

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