Hi-Tech Medical Devices Market Size (2024 - 2029)

Hi-Tech Medical Devices Market Analysis

The Hi-tech Medical Devices Market size is estimated at USD 209.84 billion in 2024, and is expected to reach USD 583.68 billion by 2029, growing at a CAGR of 22.70% during the forecast period (2024-2029).

The hi-tech medical devices market is expected to grow during the forecast period owing to the rising awareness of personal health and fitness, the growing penetration of the internet and smartphones, and the rising prevalence of cardiovascular diseases and obesity. For example, findings from the June 2023 Health Information National Trends Survey (HINTS), with a sample size of 9,303 respondents, indicate that 33% of American adults use wearable devices, such as smartwatches or bands, for health and fitness tracking. Moreover, over 80% of users were willing to share their device data with their physicians, aiming to bolster their health monitoring. Similarly, as per an article published by the fitness journal Sensors in April 2022, the usage of wearable activity tracker devices has increased exponentially in recent times. The same article reported that self-determination, self-awareness, motivation, tracking progress, and staying informed are the driving forces behind the growing usage of wearable activity trackers. Therefore, awareness among people about tracking vital parameters such as timing and intensity of physical activity, distance covered, calories burned, sleep assessment, and heart rate is expected to boost market growth during the forecast period.

Moreover, as market players increasingly introduce technologically advanced products with enhanced functionalities, the market is poised for further growth. For instance, in February 2024, Xiaomi introduced its latest fitness tracker, the Xiaomi Smart Band 8 Pro, in the European market. This advanced model boasts a SpO2 sensor, heart-rate monitoring, menstrual cycle monitoring, sleep tracking, and stress level tracking. Similarly, in January 2023, Senet, a cloud-based software and services platform, and Telli Health, engaged in medical remote patient monitoring devices, launched one of the first remote patient monitoring (RPM) hardware powered by LoRaWAN. This technology is aimed to allow providers to reach more patients in remote and underserved areas and create the foundation to provide more smart home services in the upcoming year. Such launches are expected to increase the availability of the devices in the market, which, in turn, will boost the market growth during the forecast period.

Therefore, the market is expected to grow during the forecast period due to factors such as the rising adoption of personal health and fitness practices and product launches by market players. However, the high cost of devices and data privacy complications are expected to restrain the market growth.

Hi-Tech Medical Devices Industry Segmentation

As per the scope of the report, high-tech medical devices refer to electronic, electromechanical, or computer-based high-technology equipment used in the screening, monitoring, observation, diagnosis, and treatment of patients. The hi-tech medical devices market is segmented by product (virtual reality sets, fitness bands, smart watches, smartphones, and other products), sales channel (offline and online), wearing type (hand wear, leg wear, headwear, and other types), application (sports and fitness, remote patient monitoring, home healthcare, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.