Hi-Tech Medical Devices Market Report

Hi-Tech Medical Devices Market Analysis Report By Product (Tablets, Smartphones, Smart Watches, Fitness Trackers, Virtual Reality Sets), By Site (Strap, Clip, Bracelet, Handheld), And Segment Forecasts, 2018 - 2025

  • Published Date: Oct, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-2-68038-461-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 79

Industry Insights

The global hi-tech medical devices market size was estimated at USD 24.95 billion in 2017. It is anticipated to register a CAGR of 29.8% during the forecast period. Increased value addition to personal healthcare though improvised hardware, software, and Internet of Things (IoT), employee wellness programs, and improved aesthetics and accuracy is one of the key trends stoking market growth.

Stronger and accurate data capturing ability of hi-tech medical devices is projected to keep their demand high throughout the forecast period. Improvements in batteries such as development of flexible, thin, and circulatory batteries can be a huge catalyst for the growth of smart clothing.

U.S. hi-tech medical devices market

Integration of hi-tech medical devices with IoT is likely to work in favor of the market. For example, a fitness tracker may automatically turn on air conditioner when it senses that the person has completed a jog or display an alert on refrigerator, when a person has not burnt enough calories. These aforementioned advancements may be possible with integration of IoT. Thus, this integration is poised to improve wearable technology ecosystem by providing enhanced customer experience and ultimately promoting usage of these devices.

Development of advanced applications and hardware is providing an upthrust to the market. For instance, recent addition of Apple’s HealthKit app in iOS 8 acted as a catalyst for development of fitness wearables. HealthKit also partners with Mayo Clinic, the world’s largest medical nonprofit organization, and Epic Systems, which manages 51.0% of the United States’ Electronic Health Records (EHRs) and 2.4% of world EHRs. Through these partnerships, users could give apps permission to share their data with EHR systems, providing their physicians with a clearer picture of their lifestyle. The Mayo Clinic app can also automatically notify a physician if a user’s vital signs deviate from preset parameters.

Hi-tech medical device manufacturers have ample of opportunities in the field of remote patient monitoring, chronic disease management, and elderly care. All these verticals are expected to flourish as the world’s population ages and the U.S. health care system gradually shifts from a fee-for-results based model to a value-based model with a greater emphasis on proactive and preventative care.

Product Insights

On the basis of product, the market is segmented into smart phones, tablets, smart watches, fitness tracker, virtual reality sets, and others. The smart phones segment represented around 58.0% of the overall market in 2017. Increasing integration of smart phones with other devices such as fitness tracker is one of the primary factors contributing to the growth of the segment. In addition, growing penetration of smartphones in countries such as India and China is benefiting the growth of the segment.

Fitness trackers and smart watches are estimated to witness lucrative growth during the forecast period. Innovation in these devices, especially relating to accuracy, durability, and aesthetic elements is anticipated to spur the growth of the market. Entry of premium watchmakers such as Fossil and TAG Heuer in the smart watch 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 smart watches segments.

Site Insights

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 2017. Handheld devices primarily include smart phones and tablets. Smartphones and tablet devices offer multiple features and health management with fitness tracking being one of them. With advent of high speed internet connection, advanced cameras, fast processers, 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.

Regional Insights

North America was the leading revenue contributor in 2017. The region is likely to maintain its position in the market through 2025, owing to presence of numerous multinational companies, increasing awareness among people, and availability of supportive infrastructure such as hi-speed internet connection.

Global hi-tech medical devices market

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 presence of a large user base, high unmet needs, improving healthcare infrastructure, and booming economy, especially in China & India.

Hi-Tech Medical Devices Market Share Insights

Some of the key companies present in this market are Apple Inc.; Google Inc.; Adidas AG; Nike; Sony Corporation; Sony; Xiaomi; Virtual-Realties Limited; and CAE Healthcare. Various strategies such as mergers, acquisitions, collaborations, and launching of new products are being adopted by these key players to maintain their market share. For instance, in March 2017, Apple Inc. launched iPhone 7 and iPhone 7 Plus (Red variant) smartphones worldwide. These mobile devices support various health apps that are useful in monitoring health and fitness.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2014 - 2016

Forecast period

2018 - 2025

Market representation

Revenue in USD Million & CAGR from 2018 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, MEA

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Country Scope

U.S., Canada, U.K., Germany, Japan, China, Brazil, Mexico, South Africa, Saudi Arabia

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global hi-tech medical devices market report on the basis of product, site, and region:

  • Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Smart Phones

    • Tablets

    • Smart Watches

    • Fitness Trackers

    • Virtual Reality Sets

    • Others

  • Site Outlook (Revenue, USD Million, 2014 - 2025)

    • Handheld

    • Headband

    • Strap, Clip, Bracelet

    • Shoe Sensors

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

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