Global Hi-tech Medical Devices Market, By Product (Virtual Reality Sets, Smart Phones, Fitness Trackers, Tablets, Smart Watches and Other Products), Site (Clip, Shoe Sensors, Handheld, Bracelet, Headband, Strap and Other Sites), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare) – Industry Trends and Forecast to 2030.
Hi-tech Medical Devices Market Analysis and Size
According to an article titled "COVID-19 impact on diagnostic imaging procedures in UAE" published in a healthcare journal in August 2022, approximately 80% fewer radiological procedures were performed during the pandemic compared to pre-COVID times. This decrease in the number of radiological procedures reduced demand for medical devices, affecting market growth during the COVID-19 pandemic.
Data Bridge Market Research analyses that the Hi-tech medical devices market which is USD 91.22 billion in 2022, is expected to reach USD 725.99 billion by 2030, at a CAGR of 29.6% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Hi-tech Medical Devices Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Virtual Reality Sets, Smart Phones, Fitness Trackers, Tablets, Smart Watches and Other Products), Site (Clip, Shoe Sensors, Handheld, Bracelet, Headband, Strap and Other Sites), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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CAE Healthcare (U.S.), Apple Inc. (U.S.), Virtual-Realties, LLC (U.K.), Google LLC (U.S.), adidas India Marketing Pvt. Ltd (Germany), Xiaomi (China), Nike, Inc. (U.S.), Sony Corporation (Japan), Fitbit LLC (U.K.), Garmin Ltd. (U.S.), Honeywell International Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Intelesens Ltd. (U.K.), LG Electronics (South Korea), Lifesense (China), Medtronic (Ireland)
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Market Opportunities
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Market Definition
Hi-tech, also known as high-technology. The inverse of high tech is low tech, which refers to commonly used or mechanical innovation; for example, a sliding control is a low-tech determining device. These medical devices play an important role in the modern medical industry, which includes a wide range of powerful, accurate, efficient, and dependable technologies that can operate with or without human assistance.
Hi-tech Medical Devices Market Dynamics
Drivers
- Rising awareness among the population about various diseases
The need for better healthcare facilities and the rising prevalence of chronic diseases drives the increasing demand for high-tech medical equipment. Furthermore, rising efforts in developing countries to procure technologically advanced medical equipment are expected to boost the growth of the hi-tech medical devices market. The Internet of Things (IoT) and software, heavy Hi-tech equipment, and the spread of dangerous infectious diseases are driving market growth.
Opportunities
- Growing demand for home care services
High-tech medical devices are cutting-edge medical devices that aid in diagnosing and treating various medical conditions. These devices are also reliable and accurate and can be used in home-care settings. The increased demand for home care services for self-monitoring, such as monitoring heart rate, oxygen metre, blood sugar, and blood pressure, has hampered market growth. Furthermore, the incorporation of artificial intelligence and machine learning into these high-tech devices will contribute to the expansion of the high-tech medical devices market during the forecast period.
Restraints/Challenges
- Government regulations
Tight government regulations and laws and the risk of system failure are expected to constrain the growth of the high-tech medical devices market. Furthermore, the market would face challenges during the projection period due to a lack of experienced professionals, data security and maintenance, cost efficiency, and a lack of awareness of these devices in certain regions with low technology penetration and poor economic growth.
This Hi-tech medical devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Hi-tech medical devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Hi-tech Medical Devices Market Scope
The Hi-tech medical devices market is segmented on the basis of product, site and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Smartphones
- Tablets
- Smart Watches
- Fitness Trackers
- Virtual Reality Sets
Site
- Handheld
- Headband
- Strap
- Clip
- Bracelet
- Shoe Sensors
Application
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Hi-tech Medical Devices Market Regional Analysis/Insights
The Hi-tech medical devices market is analyzed and market size insights and trends are provided by country, product, site and application as referenced above.
The countries covered in the Hi-tech medical devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the Hi-tech medical devices market growing people's awareness and supportive infrastructure, such as high-speed internet access, is becoming more easily accessible.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to attributed to the presence of a large user base, high unmet needs, improving healthcare infrastructure, and a thriving economy in countries such as India and China.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The Hi-tech medical devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Hi-tech medical devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Hi-tech medical devices market. The data is available for historic period 2011-2021.
Competitive Landscape and Hi-tech Medical Devices Market Share Analysis
The Hi-tech medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Hi-tech medical devices market.
Some of the major players operating in the Hi-tech medical devices market are:
- CAE Healthcare (U.S.)
- Apple Inc. (U.S.)
- Virtual-Realties, LLC (U.K.)
- Google LLC (U.S.)
- adidas India Marketing Pvt. Ltd (Germany)
- Xiaomi (China)
- Nike, Inc. (U.S.)
- Sony Corporation (Japan)
- Fitbit LLC (U.K.)
- Garmin Ltd. (U.S.)
- Honeywell International Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
- Intelesens Ltd. (U.K.)
- LG Electronics (South Korea)
- Lifesense (China)
- Medtronic (Ireland)
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