High-tech medical device market size to grow by $ 201.5 billion by 2026
According to our research report, the global high-tech medical device market is expected to reach USD 201.50 billion by 2026, with a CAGR of 31.4% from 2021 to 2026.
With the rise of the COVID 19 crisis around the world, business conditions are expected to change. During this period, the market size may have significantly reduced or increased with a peak depending on the observed demand for specific devices in the high tech medical device market. Technological advancement is the major factor which positively influenced the growth of the high-tech medical devices market in 2020-2021. For example, in the hospital information system, collecting data and sharing data over the Internet with other doctors, when necessary for diagnosis and treatment. Additionally, between 2020-2021, telemedicine had played a critical role in providing medical care in remote areas, with teleconsultations when containment and social distancing were enforced. This had significantly reduced the number of non-essential hospital visits by analyzing and monitoring the home clinic’s services, which also reduced health service costs and eliminated transportation. Therefore, this technological development, such as telemedicine and electronic data loggers as smartphone apps, had helped the market during the pandemic that affected the world.
The growing awareness of the population of various diseases, the demand for better healthcare facilities and the increasing prevalence of chronic diseases are driving an increasing demand for high-tech medical devices. In addition, the increased efforts for technologically advanced medical devices in developing countries are expected to positively impact the growth of the high-tech medical devices market. Currently, the market growth is also driven by the latest technologies such as Internet of Things (IoT) and software, heavy high-tech devices and the spread of harmful infectious diseases.
The uses of smart wearable and smart devices have had a massive impact on the market studied, attributed to their increasing focus on manufacturing devices designed for everyday use. As a result, there are immense opportunities for businesses with a new generation of consumers demanding innovative luxury goods with a combination of personalization, fashion and connectivity, serving as a key driver of demand for high-tech medical devices. .
High-tech medical devices are mainly types of advanced medical equipment that help diagnose and treat various medical conditions. These also provide accurate and reliable devices that can be used even in home care settings. This growing demand for home care services for self-monitoring, such as heart rate, oxygen meter, blood sugar and blood pressure monitoring, has also influenced the growth of the market. In addition, the implementation of artificial intelligence and machine learning in these high-tech devices will help further develop the high-tech medical devices market during the forecast period.
However, strict government regulations and policies with possibilities of systems collapse are the major restraining factors which are expected to hamper the growth of the high-tech medical devices market. In addition, the lack of skilled professionals, data security and maintenance and cost effectiveness, and the lack of awareness of these devices in several regions with low technology penetration and low economic growth will be responsible for challenging the market during the forecast period.
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KEY MARKET OVERVIEW:
- On the basis of the product, smartphones have become the essential segment. Additionally, this segment has experienced growth due to its extensive integration with other devices such as smartwatches and fitness trackers across the world. Meanwhile, fitness trackers are expected to experience the fastest growth over several years.
- Based on the mode of application, the use of wearable devices is expected to experience a tangible growth rate due to internet penetration and high internet speeds, which helps them to increase IoT. Smartphones and tablets are the best examples of portable devices, which are among the most widely used portable devices in the market due to their population and wide range of apps with the latest features.
- Based on region, North America is the biggest contributor to revenue due to many multinational corporations, increased awareness among people, and easy availability of supporting elements such as broadband internet. However, the APAC is expected to experience a noticeable CAGR during the forecast period. This can be attributed to the presence of a large user base, improved healthcare infrastructure, high unmet needs and booming economy in various countries like India and China. In China, the high-tech medical device market size generated an impressive revenue of around $ 4.5 billion in 2020 to over $ 39.3 billion in 2026, with a CAGR of 9.69 on the forecast period.
- Europe is one of the many leading regions with a lucrative growth rate in the high-tech medical devices market, due to the boom due to the development of compatible and supporting infrastructure, the presence of players keys to the market and increased health awareness among the population. .
- Some of the major key players in the high tech medical device market include Adidas AG, Apple Inc., CAE Healthcare, Fitbit Inc, Garmin, Google Inc., Xiaomi, Lifesense, Honeywell, Virtual-Realties Limited, Stryker Corporation, HUAWEI, Sotera Wireless, Intelesens, LG Electronics Inc., LifeWatch, Medtronic, NIKE, Nuubo, Omron, Philips, Samsung and Zephyr Technology, among others.
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MARKET SEGMENTATION :
- Smart phones
- Smart Watches
- Fitness trackers
- Virtual reality sets
- Handheld computer
- Strap, Clip, Bracelet
- Shoe sensors
- North America
- Asia Pacific
- Latin America
- Middle East and Africa