Hi-Tech Medical Devices Market : Growth, Demand and Key Players to 2023

 Market Overview:

Integration of advanced technology with medical devices has aided the healthcare sector in upgrading the monitoring, diagnostics and treatment procedures. Hi-tech medical devices employ stronger and accurate data capturing ability through improved hardware and software systems. Market Research Future (MRFR) has published a report stating that the global Hi-Tech Medical Devices Market is marked to expand at a remarkable growth rate in the upcoming years.

Market Drivers and Restraints:

Incorporation of technologically advanced healthcare solutions is aiding in accurate diagnosis, optimized monitoring and deliverance of effective treatments in the healthcare sector. Increasing prevalence of chronic diseases, rise in geriatric population and high demand for technologically advanced medical devices are majorly fueling the growth of the global smart devices market. Rapid development in the field of artificial intelligence technology and incorporation machine learning in medical devices have opened a broad pathway for the expansion of the global hi-tech medical devices market.

With increased research and development activities in the healthcare sector and high penetration of IoT in the healthcare sector, the demand for hi-tech medical devices is increasing majorly in the developed and developing regions. Popularity of smartwatches and fitness trackers among the young population and emphasis of leading a healthy lifestyle by real-time health monitoring are some other factors that are propelling the growth of the global hi-tech medical devices market. However, lack of awareness and low technological penetration in underdeveloped regions are likely to restrain the growth of the global hi-tech medical devices market.

Market Segmentation:

The global hi-tech medical devices market has been segmented on the basis of products and mode of application. Based on products, the market has been segmented into smartphones, tablets, smartwatches, fitness trackers, virtual reality sets and others. Based on mode of application, the market has been segmented into handheld, headband, strap, clip, bracelet, shoe sensors and others.

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Regional Analysis:

Geographically, the global hi-tech medical devices market has been segmented into five major regions such as North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region is projecting significant growth in the global hi-tech medical devices market owing to the extensive utilization of health management platforms, rapid adoption technologically advanced healthcare services, increasing demand for remote patient monitoring in this region. The hi-tech medical devices market in the Asia Pacific region is forecasted to expand at a noteworthy growth rate owing to the presence of large user base, increasing awareness regarding the hi-tech medical devices, availability of such devices at affordable prices and rapid development of healthcare infrastructure in this region. High demand for technologically advanced medical devices, increasing inclination towards home healthcare, and rise in healthcare expenditure are propelling the growth of the hi-tech medical devices market in the Europe region. Lack of awareness, low penetration of advanced technology and poor healthcare facilities are leading to slow growth of hi-tech medical devices market in the Middle East and Africa region.

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Competitive Analysis:

The players operating in the global hi-tech medical devices market are focusing on the expansion of their businesses on a global scale by increasing the research and development expenditure for the introduction of upgraded medical devices that are equipped with artificial intelligence technology and can function on the basis of machine learning. Strategic mergers and acquisitions are aiding the players in maintaining their dominance in the highly competitive environment of the global hi-tech medical devices market.

The leading players profiled by MRFR that are operating in the global hi-tech medical devices market are Apple Inc., Google Inc., Adidas AG, Nike, Sony Corporation, Sony, Xiaomi, Virtual-Realties Limited, and CAE Healthcare.