Hi-Tech Medical Devices Market Is Poised To Reach $197.87 Billion By 2025

The global hi-tech medical devices market size is expected to reach USD 197.87 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 29.8% during the forecast period. 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 demand 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 high accessibility of supportive infrastructure such as hi-speed internet connection, presence of a raft of multinational companies, and increasing awareness among people. Besides, multinational companies (MNC) provide various schemes that allow users buy devices at a lesser price. Asia Pacific is anticipated to witness 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.

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https://www.grandviewresearch.com/industry-analysis/hi-tech-medical-devices-market

Further key findings from the report suggest:

• Smart phones emerged as the largest segment owing to their integration with other devices such as smart watches and fitness trackers
• Fitness trackers are expected to witness the fastest growth during the forecast period
• Handheld devices dominated the market in 2017. This can be attributed to advent of innovative cameras, high speed internet connection, larger storage capacity, and fast processers
• North America dominated the hi-tech medical devices market in 2017, owing to existence of various multinational companies and presence of supportive infrastructure such as hi-speed internet connection
• Some of the prominent companies operating in the market are Apple; Google; Adida AG; Nike, Inc.; Samsung; Sony Corporation; Xiaomi; CAE HEALTHCARE; and Virtual-Realities Ltd.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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