Westford, USA,, April 20, 2023 (GLOBE NEWSWIRE) — SkyQuest projects that the Hi-Tech Medical Device market will attain a value of USD 683.50 billion by 2030, with a CAGR of 29% over the forecast (2022-2030) according to Skyquest latest research report. Major factors influencing market revenue growth include an ageing population, rising healthcare costs and equipment demand, an increase in the prevalence of chronic diseases such as cancer, diabetes and cardiovascular diseases (CVDs). Hi-tech is frequently used to optimize technology in a variety of fields including the medical, economic and industrial. Besides, Hi-tech medical equipment is used in the monitoring, treatment and diagnosis of various diseases. The manufacturers of high-tech medical devices offer many prospects in the areas of geriatric care, chronic disease management and remote patient monitoring.
According to the SkyQuest, modern, cutting-edge medical equipment helps in the diagnosis and treatment of a wide range of medical disorders. These tools can be utilized in settings for home-care because owing to their precision and reliability. The rising demand for home-care services for self-monitoring, such as monitoring blood pressure, blood sugar, oxygen levels and heart rate has hindered the market expansion. Furthermore, during the forecast period, the integration of artificial intelligence with machine learning into these high-tech devices would aid in the market growth for High-Tech Medical Device.
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- Pages – 242
- Tables – 78
- Figures – 75
Hi-Tech tools improve patient outcomes and support efficient procedures for diagnosis and treatment. These gadgets are more accurate than more conventional ones. The use of these tools for diagnosing and treating various diseases has grown significantly in the recent years. Individuals are showing a lot of interest in frequently monitoring their health and a preference for tracking different health metrics to stay ahead of health issues.
Prominent Players in Hi-Tech Medical Device Market
- CAE Healthcare
- Apple Inc.
- Virtual-Realties, LLC
- Google LLC
- adidas India Marketing Pvt. Ltd
- Nike, Inc.
- Sony Corporation
- Fitbit LLC
- Garmin Ltd.
- Honeywell International Inc.
- Huawei Technologies Co., Ltd.
- Intelesens Ltd.
- LG Electronics
Therapeutics Devices Segment Dominates the market Due to the Increased Demand for Invasive procedures
In terms of revenue, the therapeutics devices segment dominated the High-Tech Medical Device market in 2022 owing to the development of robotic technologies and an increase in demand for minimally invasive procedures. With robotic arms, surgeons can perform complex procedures with the fewest incisions and a least amount of tissue damage. Moreover, robotic devices can expedite and enhance the effectiveness of surgeries, reducing the length of time patients must recover.
During the forecast period, North America held the greatest revenue share in the global market for High-Tech Medical Device. This is because there are many leading medical device manufacturers and advances in medical technology. An additional element boosting market revenue growth in this region is the high prevalence of chronic disorders like diabetes, cardiovascular diseases and cancer. Also, a high rate of medical device adoption in the U.S., and the existence of multiple leading medical device manufacturers, an ageing population and rising healthcare costs are likely to fuel market revenue growth in this area.
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Monitoring and Wearable Devices Segment Is Expanding at the Fastest Rate Due to the Increasing Demand for Patient Monitoring
In the worldwide high tech medical devices market in 2022, the monitoring and wearable devices segment is anticipated to record consistently fast revenue growth. There is a growing demand for remote patient monitoring because occurrence of chronic diseases has become common. Patients can monitor their health conditions and receive real-time data on their vital indicators such as blood sugar, blood pressure and heart rate with the aid of gadgets such as smartwatches, fitness trackers and other forms of wearable medical equipment. By providing patients with personalized recommendations and notifications, wearable technology also promotes proactive healthcare management.
The markets in Asia Pacific is anticipated to represent a sizably substantial revenue share in the global market for High-Tech Medical Device throughout the forecast period as a result of the growing demand for home healthcare equipment, rising healthcare expenses and increased use of cutting-edge medical technology. Moreover, a sizable patient pool with long-term conditions including diabetes, heart disease and cancer as well as rising healthcare spending, particularly in China and India are anticipated to fuel market revenue development in this region.
A comprehensive analysis of the major players in the Hi-Tech Medical Device market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Hi-Tech Medical Device Market
- In March 2021, Medtronic launched Hugo Robotic-Assisted Surgery (RAS) system, which delivers the latest technology for minimally invasive surgery. Faster recovery is possible due to this system’s improved vision and precision, as well as its decreased danger of infection and blood loss.
- In January 2021, Azurion Lung Edition, the newest integrated clinical workflow solution from Philips Healthcare. This solution delivers cutting-edge capabilities to improve lung cancer patients’ diagnosis and treatment planning. The risk of damaging healthy tissues and organs is decreased as the solution offers greater precision and accuracy in radiation therapy.
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Key Questions Answered in Hi-Tech Medical Device Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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