The hi-tech medical devices market is expected to reach USD 45.12 Billion by 2030 at 27.80% CAGR during the forecast period 2022-2030.
Market Research Future (MRFR), in their recently published report on the global hi-tech medical market claimed the possibility of robust growth with impressive CAGR during the forecast period. The market valuation is expected to grow multifold by 2023. Rapidly evolving technological sector has incorporated sensors and modifications to support healthcare sector. These devices are portable, easy to handle, provides near-accurate measures, and can be worn for long duration. In addition, aesthetic aspects of the products are highly regarded during the manufacturing of such devices. These hi-tech medical devices are capable of monitoring a patient. MRFR founded their report on segmental analysis and study of the drivers that can impact the market in the coming years.
Consumer awareness regarding health is playing a major factor in taking the market ahead. These products are aesthetically appealing and easily wearable which is why the reach is getting wider. Introduction of IoT, AI, and 4G and 5G network speed are all supporting the hi-tech medical devices market considerably. These devices have also facilitated constant monitoring of chronic diseases which can spur the intake of them in hospitals and other healthcare providers.
MRFR in their study on the global hi-tech medical devices market segmented the market by products and mode of application for a comprehensive understanding.
Based on the products, the hi-tech medical market includes smartphones, tablets, smartwatches, fitness trackers, virtual reality sets and others. Consumer awareness regarding health and growing trend of adopting gadgets can be seen as an influencer in the emergence of fitness trackers. Smartwatches are also growing popular among the mass owing to their affordability.
On the basis of the mode of application, the hi-tech medical devices market comprises handheld, headband, strap, clip, bracelet, shoe sensors and others. Shoe sensors are fast becoming popular. Many market players are tagging them with the smartphones to deliver better results.
For a region-specific study of the global hi-tech medical devices market, MRFR included four major regions such as North America, Europe, Asia Pacific (APAC) and the Middle East and Africa (MEA).
North America is anticipating high growth in the global hi tech medical products market. The regional market owes much to the high penetration of technology across verticals and its extensive utilization in health management platforms. The sector is witnessing rapid uptake of the technologically advanced healthcare services. In addition, remote patient monitoring is getting considerable precedence.
The APAC region is deemed to have noteworthy growth rate during the forecast period. The region has a huge population base who are proficient in handling digital gadgets which ensures a wide-scale percolation of the devices. At the same time, developing countries in the region are putting in great effort to restructure their healthcare sector which can promote the necessity of such equipment further. In addition, affordability of such devices are aiding considerably in market proliferation.
Europe’s market is bound to grow as huge demands for such products are pouring in. Various tie-ups are also helping the market in their endeavor to advance.
Influential players studied by MRFR operating in the global hi-tech medical devices market are Xiaomi, Apple Inc., Sony Corporation, Google Inc., Nike, Adidas AG, Virtual-Realties Limited, and CAE Healthcare.
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