Hi-Tech Medical Devices Market Size, Share & Trends Analysis Report By Product (Smartphones, Tablets, Smart Watches, Fitness Trackers), By Application (Handheld, Headband), By Region, And Segment Forecasts, 2024 - 2030

Hi-Tech Medical Devices Market Trends

The global hi-tech medical devices market size was valued at USD 113.7 billion in 2023 and is projected to grow at a CAGR of 30.4% from 2024 to 2030. This market growth is attributable to the increasing prevalence of chronic diseases, cardiovascular disorders, diabetes, and respiratory conditions. High-technology medical devices provide effective monitoring and management of these critical diseases, leading to improved patient care.

In addition, new technologies such as Artificial Intelligence (AI) and IoT have paved the way to create smart and efficient medical devices. For instance, AI enables the detection of diseases based on accurate data analysis of medical images. In addition, the use of IoT devices helps patients exchange information with consultants with convenience while constantly monitoring the patient’s vital signs through wearable devices. These cost-effective devices provide targeted information, leading to better patient outcomes.

Moreover, the rising prevalence of patients with type 2 diabetes, cardiovascular diseases, respiratory illnesses, and chronic diseases has resulted in significant market expansion. These chronic conditions can be effectively managed by hi-tech medical solutions. For instance, the continuous glucose monitoring system assists diabetic patients with consistent monitoring of blood sugar levels and adjusting insulin doses. Some of the technologies used in heart treatments are enhanced implants, including implantable cardioverter-defibrillators that are used to prevent Spinocerebellar ataxia (SCA). In addition, smart gadgets allow patients to monitor their daily activities, workouts, nutrition, count, and more.

Furthermore, governments and private sectors have increasingly invested in healthcare facilities which has led to a significant boost in the use of hi-tech medical devices. Government support policies, favorable reimbursement policies, and growing research and development efforts in the medical sector have contributed to the market growth.

Product Trends

Smartphones accounted for the dominant share of the market with 52.4% in 2023 and are expected to continue their lucrative growth over the forecast period. This growth can be credited to their expanding capabilities, including high-quality cameras for medical imaging and sensors for tracking health metrics. Moreover, smartphones offer compatibility with wearable devices which allows seamless integration into patient monitoring systems. Advanced sensors, HD cameras, and powerful processors in these devices allow remote patient monitoring with real-time data collection. The user-friendliness of these devices makes complex medical information more accessible to patients, promoting healthcare literacy and awareness. In addition, mobile health applications offer fitness tracking, disease management, and telemedicine services.

Fitness trackers are expected to register the fastest CAGR of 39.3% during the forecast period owing to their customizable operating systems and adaptable product designs that allow users to tailor their experience. Technological advancements, such as improved sensors and connectivity, enhance their utility for tracking physical activity and health metrics with sophisticated wearables. These devices help users track sleep patterns, stress levels, and blood oxygen saturation levels. Furthermore, affordability and user-friendly interfaces of fitness trackers have significantly driven adoption among patients. These devices play a crucial role in promoting wellness, enabling users to monitor their health proactively and make informed lifestyle choices.

Application Trends

Handheld medical devices have registered the largest market revenue share of 62.6% in 2023. This growth can be credited to the rising geriatric population and increasing prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases (CVDs). Patients have increasingly adopted these devices as portable diagnostic and monitoring tools. In addition, the need for minimally invasive procedures has encouraged the development of compact, handheld devices for diagnostics, imaging, and treatment. enhance the capabilities of these devices, improving accuracy and efficiency. Technological advancements including AI and machine learning have enhanced the capabilities of these devices with high-resolution imaging, improving the portability of early diagnosis.

Straps, clips, and bracelets are expected to grow exponentially at a CAGR of 34.6% during the forecast period. These devices offer appealing features such as portability and precision. Notably, internet-savvy patients have increasingly sought high-end devices that blend digital connectivity, comfort, and exclusivity. These wearable accessories have played a pivotal role in remote patient monitoring, sports and fitness tracking, and home healthcare with their non-invasive features. Their compatibility with smartphones and seamless integration into daily routines have significantly contributed to their popularity.

Regional Insights

North America hi-tech medical devices market dominated the market in 2023 owing to the rising expenditure on healthcare, growth in R&D, and technological advancements. Significant investments in medical research and technology have encouraged the usage of hi-tech medical equipment in the region. Moreover, the availability of numerous healthcare providers and medical facilities has led to the active implementation of innovative technologies in the work of healthcare systems.

U.S. Hi-Tech Medical Devices Market Trends

The U.S. hi-tech medical devices market dominated the North America with a share of 85.7% in 2023. The country has witnessed substantial growth in the elderly population, leading to an increased prevalence of age-related disorders. Chronic conditions such as diabetes, hypertension, and osteoarthritis. Furthermore, healthcare agencies have actively promoted diagnosis and treatment through awareness programs, leading to a large patient pool seeking treatment.

Europe Hi-Tech Medical Devices Market Trends

Europe hi-tech medical devices market held a lucrative share in 2023 pertaining to the aging population, which drove demand for advanced medical technologies to address age-related health issues and chronic diseases. The region's well-developed healthcare infrastructure and high healthcare investments have provided a strong foundation for the adoption of innovative medical devices. Additionally, digital health initiatives and the increasing adoption of telemedicine and remote patient monitoring solutions have further contributed to market growth.

Asia Pacific Hi-Tech Medical Devices Market Trends

Asia Pacific hi-tech medical devices market is anticipated to witness significant growth in the hi-tech medical devices market due to the rising prevalence of chronic diseases among the elderly population. Additionally, the increasing disposable incomes have encouraged considerable adoption of advanced medical technologies.

Japan hi-tech medical devices market is expected to grow rapidly in the coming years due to country’s robust advanced healthcare infrastructure and adoption of new technologies and country’s aging population is driving the market growth.

India hi-tech medical devices market held a substantial market share in 2023 owing to largest population base and increasing government initiatives in the healthcare facilities.

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. 

• Sony Corporation is a multinational company that operates across various segments, including electronics, gaming, entertainment, and financial services. The company has developed wearable devices that can monitor certain health metrics. For instance, Sony SmartBand, a fitness tracker, monitors activity levels and sleep patterns. The company has been a pioneer in imaging technology, with its Alpha series cameras and sensors widely used in smartphones across brands.

• Google Inc. is an international technology company involved in the provision of internet services and products. Google Fit, a healthcare platform, works in combination with apparatus and applications such as the wristband or smartwatch, to track physical activity, sleeping patterns, and pulse rate among others.

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

High-Tech Medical Devices Market Report Scope

Global Hi-Tech Medical Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global hi-tech medical devices market report based on product, application, and region. 

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Smart Phones

  • Tablets

  • Smart Watches

  • Fitness Trackers

  • Virtual Reality Sets

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Handheld

  • Headband

  • Strap, Clip, Bracelet

  • Shoe Sensors

  • Others

• 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