The global hi-tech medical devices market size was valued at USD 113.7 billion in 2023 and is projected to reach USD 723.8 billion by 2030, growing 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.Key Market Trends & Insights
• North America hi-tech medical devices market dominated the market in 2023.
• The U.S. hi-tech medical devices market dominated the North America with a share of 85.7% in 2023.
• By product, smartphones segment accounted for the dominant share of the market with 52.4% in 2023.
• By application, handheld medical devices segment have registered the largest market revenue share of 62.6% in 2023.
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.
Key Hi-Tech Medical Devices Companies:
The following are the leading companies in the hi-tech medical devices market. These companies collectively hold the largest market share and dictate industry trends.
• Apple Inc.
• Google Inc.
• Xiaomi
• Sony Corporation
• Elevate Healthcare Inc.
• Garmin Ltd.
• Honeywell International Inc.
• Medtronic
• OMRON Healthcare, Inc.
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