Hi-Tech Medical Devices Market To Reach $723.8 Billion By 2030

Hi-Tech Medical Devices Market Growth & Trends

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% from 2024 to 2030, 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.

Market players are focusing on aesthetics while designing these devices as they are meant for daily wear. There are immense opportunities for players who are developing luxury watches and jewelry that have all features of smart wearables, which is certain to attract luxury spenders. New generation of consumers demands innovative luxury 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 in the hi-tech medical devices market in 2017, 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. Moreover. presence of a large user base and booming economy, especially in India and China, are also bolstering the growth of the regional market.

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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 in 2023. 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 in 2023, owing to the existence of various multinational companies and the presence of supportive infrastructure such as hi-speed internet connection

• Some of the prominent companies operating in the market are Apple; Google; Adidas AG; Nike, Inc.; Samsung; Sony Corporation; Xiaomi; Elevate Healthcare Inc; and Medtronic.

Hi-Tech Medical Devices Market Segmentation

Grand View Research has segmented the global hi-tech medical devices market based on product, application, and region:

Hi-Tech Medical Devices Product Outlook (Revenue, USD Million, 2018 - 2030)

• Smart Phones

• Tablets

• Smart Watches

• Fitness Trackers

• Virtual Reality Sets

• Others

Hi-Tech Medical Devices Application Outlook (Revenue, USD Million, 2018 - 2030)

• Handheld

• Headband

• Strap, Clip, Bracelet

• Shoe Sensors

• Others

Hi-Tech Medical Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Australia

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Hi-Tech Medical Devices Market

• Apple Inc.

• Google Inc.

• Xiaomi

• Sony Corporation

• Elevate Healthcare Inc.

• Garmin Ltd.

• Honeywell International Inc.

• Medtronic

• OMRON Healthcare, Inc.