The Global Hi-Tech Medical Devices Market is projected to reach $394.92 billion by 2028, from a value of $91.93 billion in 2022, by registering a CAGR of 27.5% during the forecast period. Rising focus on manufacturing devices, integration of high-tech medical devices with the Internet of Things, and increased value addition to personal healthcare are the major factors propelling the growth of the market. However, the limited functionality of devices and government restrictions and laws are hampering market growth. Moreover, the increase in demand for technologically advanced medical devices is creating ample opportunities across the globe.
Recent Developments
In April 2021, Medtronic plc partnered with Surgical Theater to interface Surgical Theater’s SyncAR augmented reality (AR) technology with Medtronic’s StealthStation S8 surgical navigation system. This partnership will enable neurosurgeons to use AR technology in real-time to enhance visualization during complex cranial procedures.
In Feb 2021, Hillrom acquired contact-free continuous monitoring technology from EarlySense. This acquisition underscores Hillrom’s continued commitment to building a differentiated suite of connected solutions to improve patient outcomes and is not expected to have a material impact on the company’s fiscal 2021 financial guidance.
In Feb 2021, Lantronix Inc. launched its new EDS3000 family of serial-to-Ethernet device servers. Ideal for industrial and medical applications, the EDS3000PR and EDS3000PS expands Lantronixs family of external modules designed for the Industrial IoT industry, delivering affordable remote device management capabilities.
In Jan 2021, Koninklijke Philips N V signed an agreement to acquire Capsule Technologies Inc. The acquisition of Capsule is a strong fit with Philips strategy to transform the delivery of care along the health continuum with integrated solutions.
Competitive Landscape
Apple Inc., Adidas AG, Samsung, Fitbit Inc., Fastrack, Google Inc, Nike, Toshiba, Sony Corporation, Lenovo, Nokia, Xiaomi, Huawei, CAE Healthcare, Mevofit, Hillrom, Lantronix Inc., Koninklijke Philips N V, and Medtronic plc are some of the major players in the global Hi-Tech Medical Devices market.
