Share on

Global Hi-Tech Medical Devices Market Size, Share, Trends, COVID-19 Impact Analysis & Growth Analysis Report – Segmented By Product, Site & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 12560
Pages: 190
Formats: report pdf report excel report power bi report ppt

Global Hi-Tech Medical Devices Market Size (2022 to 2027)

The size of the global hi-tech medical devices market is predicted to reach USD 201.50 billion by 2027, growing at a CAGR of 31.4% over the forecast period.

Hi-tech medical devices are medical devices that are used to diagnose and treat health problems. These devices use more powerful, accurate, and dependable data for any medical condition, aiding in medicine selection. Medical devices have quickly evolved into an essential aspect of monitoring and treating a wide range of medical diseases. Personal healthcare has risen dramatically, with many customers seeking out and acquiring advanced high-tech medical devices to understand better and manage their health. In the worldwide hi-tech medical devices market, technological developments have enhanced durability, better 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.

Impact of COVID-19 on the global Hi-tech medical devices market:

Medical technologies such as wearables are becoming more popular in the wake of the coronavirus outbreak. To combat the spread of COVID-19, the need to diagnose, treat, and monitor patients without requiring human interaction has grown, increasing the use of medical technology that allows doctors to treat patients remotely. Examples are artificial intelligence (AI) in human care, wearable medical devices, remote patient monitoring devices, electronic health records (EHR), and other technology. These medical technological solutions enable patients to be monitored in real-time, whether at home or in hospitals, which is critical in the fight against COVID-19. Unfortunately, the supply chain has been interrupted by Covid-19, causing critical medical device shortages worldwide. As a result, many countries have taken concrete steps to alleviate shortages by importing domestic medical device manufacture equipment. After completing the critical pandemic period, the market has positive growth.

MARKET DRIVERS:

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 version comes with 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 medical wearable 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. 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:

Government laws and policies, scarcity of experienced professionals, is the vital stumbling block 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

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

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 on Investment Opportunities

Regions Covered

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

 

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

Hi-Tech Medical Devices Market – By Product:

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

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 terms of 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.

Hi-Tech Medical Devices Market – By Site:

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

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

Hi-Tech Medical Devices Market – By Region:

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

Due to huge unmet demands, better healthcare infrastructure, and rising per capita expenditure, Asia Pacific is expected to experience exceptional growth in the next few years. Furthermore, the presence of a significant user base and a developing economy, particularly in India and China, are boosting the regional market's growth.

North America was expected to be the top revenue provider in the global market in 2020. Due to the presence of multiple international enterprises, rising public awareness, and the availability of enabling infrastructure such as high-speed internet connections, the region is anticipated to maintain its market position until 2026. Furthermore, numerous multinational corporations offer employee healthcare plans that allow consumers to purchase these devices at a reduced cost. Furthermore, widespread adoption of health management platforms such as mHealth, telehealth, remote consulting, remote patient monitoring, and home healthcare boosts the regional market growth.

KEY MARKET PARTICIPANTS:

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.

Please wait. . . . Your request is being processed

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: sales@marketdataforecast.com

Click for Request Sample