The global hi-tech medical devices market size is expected to reach USD 723.8 billion by 2030, expanding at a CAGR of 30.4% over the period, according to a new report by Grand View Research, Inc. Employee wellness programs along with enhanced precision, aesthetics, and durability of devices are among the primary growth stimulants for the market. New generation of consumers demands innovative items with a blend of exclusivity, fashion, and connectivity, which serves as a key driver for the demand for hi-tech medical devices. North America held a substantial share, due to the high accessibility of supportive infrastructures such as hi-speed internet connection, the presence of a raft of multinational companies, and increasing awareness among people. Besides, multinational companies (MNC) provide various schemes that allow users to buy devices at a lesser price. Asia Pacific is anticipated to witness a phenomenal growth in the coming years, owing to high unmet needs, improving healthcare infrastructure, and rising per capita expenditure.Get deeper insights, latest developments & key market drivers in the Global Hi-Tech Medical Devices Market
Report Highlights
• Smartphones emerged as the largest segment owing to their integration with other devices such as smartwatches and fitness trackers
• Fitness trackers are expected to witness the fastest growth during the forecast period
• Handheld devices dominated the market. This can be attributed to the advent of innovative cameras, high-speed internet connection, larger storage capacity, and fast processers
• North America dominated the hi-tech medical devices market, owing to the existence of various multinational companies and the presence of supportive infrastructure such as hi-speed internet connection
Key Hi-Tech Medical Devices Company Insights
Some of the key companies in the hi-tech medical devices market include Apple Inc., Google Inc., Xiaomi, Garmin Ltd., Sony Corporation, and more. Organizations have focused on increasing customer base to gain a competitive edge in the industry. They have implemented several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.
Recent Developments
• In June 2024, Apple introduced watch OS 11, with advanced features including sensor technology and advanced algorithms. The science-based approach is developed to provide health benefits, inform day-to-day decisions, and provide improved fitness experiences for users.
• In October 2023, Google introduced the Google Pixel Watch 2 with upgraded features. The Pixel Watch 2 comes with improved performance, enhanced battery life including an always-on display, advanced safety features, and sensors for deeper health insights. It offers the most accurate heart rate tracking available on any tracker or smartwatch, providing you with a comprehensive view of your day
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Key questions answered in this report
• How big is the market?
• What is the market growth?
• Which segment accounted for the largest market share?
• Who are the key players in market?
• What are the factors driving the market?