What is the global market size of Hi-Tech Medical Devices Market?

Hi-Tech Medical Devices Market size was valued at USD 264.8 billion in 2021 and is poised to grow from USD 347.95 billion in 2022 to USD 3092.26 billion by 2030, growing at a CAGR of 31.4% in the forecast period (2023-2030).

Global Hi-Tech Medical Devices Market Size, Share, Growth Analysis, By Product type(smartphones, tablets), By Application(handheld, headband) - Industry Forecast 2024-2031

Report ID: SQMIG35G2107 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 70 | Figures: 75

Global Hi-Tech Medical Devices Market Insights

Hi-Tech Medical Devices Market size was valued at USD 264.8 billion in 2019 and is poised to grow from USD 347.95 billion in 2023 to USD 3092.26 billion by 2031, growing at a CAGR of 31.4% 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.

Global Hi-Tech Medical Devices Market Report Snapshots

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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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Global Hi-Tech Medical Devices Market Size, Share, Growth Analysis, By Product type(smartphones, tablets), By Application(handheld, headband) - Industry Forecast 2024-2031

Global Hi-Tech Medical Devices Market Insights

Global Hi-Tech Medical Devices Market Report Snapshots

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