The global smart medical devices market reached a value of US$ 36.92 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 58.58 Billion by 2027 exhibiting a CAGR of 7.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Smart medical devices are wireless electronic instruments intended to monitor patients' health by collecting and communicating real-time updates. Insulin pumps, heart rate monitors, pulse oximeters, portable oxygen concentrators and blood pressure monitors are some of the commonly used smart medical devices. These devices are usually operated on a wireless network like wi-fi, Bluetooth, and various technologies and are widely used to monitor, analyze and transmit patient's critical data. Smart medical devices provide a high level of mobility, ability to monitor patient status remotely. They also assist in reducing workload, saving time, increasing patient engagement and control, reducing errors, improving communication, and enhancing safety. As a result, smart medical devices are widely used in hospitals, clinics and home care settings.
Smart Medical Devices Market Trends:
- Significant growth in the healthcare industry across the globe is one of the key factors creating a positive outlook of the market. The increasing prevalence of chronic medical ailments, such as asthma, diabetes, blood pressure and chronic obstructive pulmonary disease (COPD), has facilitated the usage of these devices across various healthcare settings. Additionally, the widespread adoption of smart wearable medical devices due to the rising health consciousness among the masses is favoring the market growth. Moreover, various technological advancements, such as the integration of artificial intelligence (AI), Internet of Things (IoT) and machine-to-machine technology, are providing a thrust to market growth. These technologies offer greater precision, ensure accurate storing and monitoring of patient information, and enhance the overall user experience. In line with this, the increasing product demand in home care settings due to the sudden outbreak of coronavirus disease (COVID-19) for disease management, monitoring, providing feedback and suggesting adequate treatment is positively impacting the market growth. Other factors, including rising expenditure capacity of consumers, rising geriatric population, along with the implementation of various government initiatives to spread awareness about disease prevention, are anticipated to drive the market toward growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global smart medical devices market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, distribution channel, application and end user.
Breakup by Product Type:
- Diagnostic and Monitoring
- Blood Glucose Monitors
- Heart Rate Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Breath Analyzer
- Other Diagnostic Monitoring Products
- Therapeutic Devices
- Portable Oxygen Concentrators and Ventilators
- Insulin Pumps
- Hearing Aid
- Other Therapeutic Devices
Breakup by Distribution Channel:
Breakup by Application:
- Auto-Immune Disorders
- Infectious Diseases
Breakup by End User:
- Hospitals and Clinics
- Home-Care Setting
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Activinsights Ltd, Apple Inc., Debiotech SA, Enable Injections, Fitbit LLC (Google LLC), Koninklijke Philips N.V., Medtronic PLC, NeuroMetrix Inc., Omron Healthcare Co Ltd (Omron Corporation), Sonova Holding AG, Sotera Wireless Inc. and VitalConnect. Key Questions Answered in This Report:
- How has the global smart medical devices market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart medical devices market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart medical devices market and who are the key players?
- What is the degree of competition in the industry?