The global hi-tech medical devices market size is expected to reach USD 197.87 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 29.8% during the forecast period. 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.
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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.
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 2017. 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 2017, 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; CAE HEALTHCARE; and Virtual-Realities Ltd.
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Hi-Tech Medical Devices Market Segmentation
Grand View Research has segmented the global hi-tech medical devices market on the basis of product, site, and region:
Hi-Tech Medical Devices Product Outlook (Revenue, USD Million, 2014 - 2025)
• Smartphones
• Tablets
• Smart Watches
• Fitness Trackers
• Virtual Reality Sets
• Others
Hi-Tech Medical Devices Site Outlook (Revenue, USD Million, 2014 - 2025)
• Handheld
• Headband
• Strap, Clip, Bracelet
• Shoe Sensors
• Others
Hi-Tech Medical Devices Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
• Asia Pacific
o Japan
o China
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
o Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.