Healthcare

Hi-Tech Medical Devices Market Report 2021: North America is Leading Revenue Contributor

Share This Article

Hi-Tech Medical Devices Market Report Covers the Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030.

The global Hi-Tech Medical Devices market size is expected to be worth around US$ 297.87 billion by 2030, according to a new report by Vision Research Reports.

The global Hi-Tech Medical Devices market size was valued at US$ 34.95 billion in 2020 and is anticipated to grow at a CAGR of 31.8% during forecast period 2021 to 2030.

In this study, the years considered to estimate the market size of Hi-Tech Medical Devices are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Get the sample pages of report@ https://www.visionresearchreports.com/report/sample/37375

Growth Factors

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.

Report Highlights

On the basis of product, the market is segmented into smartphones, tablets, smartwatches, fitness trackers, virtual reality sets, and others. The smartphone segment represented around 58.0% of the overall market in 2020. Increasing integration of smartphones with other devices such as fitness trackers is one of the primary factors contributing to the growth of the segment. In addition, the growing penetration of smartphones in countries such as India and China is benefiting the growth of the segment.

Fitness trackers and smartwatches are estimated to witness lucrative growth during the forecast period. Innovation in these devices, especially relating to accuracy, durability, and aesthetic elements are anticipated to spur the growth of the market. Entry of premium watchmakers such as Fossil and TAG Heuer in the smartwatch segment is projected to boost the growth of the segment. In addition, increased spending on luxury items is positively influencing the growth of the fitness trackers and smartwatches segments.

On the basis of site, the hi-tech medical devices market has been segmented into handheld, headband, strap, clip, bracelet, shoe sensors, and others. Handheld devices held the leading share of 65.6% in 2020. Handheld devices primarily include smartphones and tablets. Smartphones and tablet devices offer multiple features and health management with fitness tracking being one of them. With the advent of high-speed internet connection, advanced cameras, fast processors, and greater storage capacity, these devices have penetrated significantly all over the world.

On the other hand, strap, clip & bracelet-based devices are anticipated to witness the fastest growth during the forecast period. These devices are more attractive, portable, and accurate. Presence of a new generation of techno-savvy luxury consumers is one of the key drivers for high-end devices with a blend of fashion, exclusivity, and digital connectivity.

North America was the leading revenue contributor in 2020. The region is likely to maintain its position in the market through 2025, owing to the presence of numerous multinational companies, increasing awareness among people, and availability of supportive infrastructure such as hi-speed internet connection.

In addition, employee healthcare schemes by several multinational companies allow users to obtain these devices at discounted prices. Moreover, extensive usage of health management platforms such as mHealth, telehealth, remote consulting, remote patient monitoring, and home healthcare is supplementing the growth of the regional market.

Asia Pacific is poised to post noteworthy CAGR during the forecast period. This can be attributed to the presence of a large user base, high unmet needs, improving healthcare infrastructure, and booming economy, especially in China & India.

Buy this premium research report (USD 3500), click here@ https://www.visionresearchreports.com/report/cart/37375 or call: +1 9197 992 333

Key Players

Apple Inc.; Google Inc.; Adidas AG; Nike; Sony Corporation; Sony; Xiaomi; Virtual-Realties Limited; and CAE Healthcare.

Market Segmentation

  • Product Outlook 
    • Smart Phones
    • Tablets
    • Smart Watches
    • Fitness Trackers
    • Virtual Reality Sets
    • Others
  • Site Outlook 
    • Handheld
    • Headband
    • Strap, Clip, Bracelet
    • Shoe Sensors
    • Others
  • Regional Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
    • Asia Pacific
      • Japan
      • China
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • South Africa
      • Saudi Arabia

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

Buy this premium research report (USD 3500), click here@ https://www.visionresearchreports.com/report/cart/37375 or call: +1 9197 992 333

Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

Related Articles

Back to top button