Global Hi-Tech Medical Device Market is valued approximately at USD 32.50 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 30% over the forecast period 2019-2026. In the recent scenario, the use of medical device has become an integral part of treatment and monitoring of several medical circumstances. The integration of advanced technologies such as artificial intelligence (AI) and machine learning in medical device has aided the medical sector more effective in diagnosis and treatment procedure, which generates a lot of opportunity for healthcare manufacturers to produce hi-tech medical devices. The hi-tech medical devices are the medical equipment that are used for the treatment of medical alignment. These devices utilize a robust, accurate and reliable data for any medical circumstance that can help in selecting the medication. Hi-tech medical device manufacturer has abundant opportunities in the several fields including remote patient monitoring, elderly care and chronic disease management. Rising incidences of chronic diseases such as cancer, cardiovascular diseases (CVD) and others, increasing spending on healthcare, along with higher demand for technological advanced medical device in developing economies are the few factors responsible for high CAGR of the market over the forecast period. For instance, according to the American Heart Association, the cause of death due to cardiovascular diseases was about 17.6 million in 2016, and a number is expected to grow to over 23.6 million by 2030. Also, as per the Center for Disease Control and Prevention (CDC), about 610,000 die due to heart diseases in the United States every year. With increasing incidences of CVD and other chronic disease, it is expected that the development of Hi-Tech Medical Device would enhance all over the world. However, limited functionality of devices along and difficulties in entrance of healthcare sector are the few factors restricting the growth of global hi-tech medical device market during the forecast period.
The regional analysis of global Hi-Tech Medical Device Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to surging incidences of chronic disease along with the presence of various multinational companies in the region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period of 2019-2026. Factors such as civilizing healthcare infrastructure, along with the presence of large user base, especially in China & India are the few factor would register significant demand of hi-tech medical device in this region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Strap, Clip & Bracelet
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Hi-Tech Medical Device Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers