PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308702
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308702
According to Stratistics MRC, the Global Smart Medical Devices Market is accounted for $46.9 billion in 2023 and is expected to reach $188.6 billion by 2030 growing at a CAGR of 22.0% during the forecast period. Wearables, helps to connect patients to doctors by delivering important medical data in real time from hospital beds and private residences, as well as mobile technology used at emergency sites and in transport vehicles. Despite the fact that patient data was collected long before the emergence of smart technology, the deployment of smart medical devices has enabled healthcare professionals to collect patient data.
According to the United Nations Population Fund, the region contributes to over 4.3 billion of the global population. According to American Heart Association 2021, heart disease and Stroke Statistics Update fact Sheet, Coronary Heart Disease (CHD) was the leading cause (42.1%) of deaths attributable to cardiovascular disease in the United States.
Growing market investments also help the sector build a stronger growth trajectory. Massive changes are taking place in the healthcare sector, many of which are positive. One of the most significant and beneficial consequences stated here is technological advancement. The potential benefits are immense, and this abundance is driving up demand for smart medical devices that go even further in efforts to enhance healthcare outcomes.
The lack of appropriate electrical infrastructure in developing and low-income nations is hindering the growth of the smart medical device market. Because modern medical devices rely heavily on electricity-powered IT hardware and software, developing countries are unable to integrate smart medical devices without impacting healthcare operations. As a result, a power outage or a limited supply of electricity endangers the operation of smart devices.
The prevalence of chronic diseases is rapidly increasing. As this development can be linked to a variety of lifestyle changes. One of these is a lack of exercise, poor eating habits, smoking, drinking, and other unhealthy habits. In addition, significantly elevated stress levels are a factor in a variety of health conditions. Additionally, chronic illnesses are highly common in the United States, a developed country with a strong healthcare system and favorable payment policies. Another factor boosting the global market for smart medical devices is the growing fitness trend. The need for smart medical devices grows as more people engage in physical activity for health reasons, such as running and sports, driving the use of medical devices.
The high cost of smart medical devices is due to their greater technological capabilities. Most middle- and lower-income people cannot afford these technologies, making them inaccessible to them. The high cost of smart medical devices may limit the market's growth over the forecast period. However, privacy issues will further limit the market growth.
The COVID-19 pandemic has had a positive impact on the smart medical device enterprise. With the introduction of the coronavirus, many community centers and other fitness organizations in most parts of the world became inactive. Users were urged to use digital and other app-based solutions as a result of this. Furthermore, rising awareness and preference for AI-based medical equipment that aids in tracking and monitoring human vital signs are expected to drive market expansion. In India, for instance, Max Healthcare and MyHealthcare will launch an AI-based device connected with patient monitoring systems in June 2021.
The therapeutic device segment is expected to have the largest market share throughout the forecast period because an insulin pump is a medical device that provides insulin to diabetic patients. The insulin pump is made up of three parts: a pump, a disposable reservoir, and a disposable infusion set. The pump component is made up of controllers, a processing module, and batteries. Inside the pump, the disposable reservoir stores the insulin. However, a cannula and a tubing system to connect the insulin reservoir to the cannula comprise the disposable infusion set. Insulin pumps are portable and measure the exact amount of insulin to be supplied, reducing dosage waste and ensuring correct insulin delivery to patients.
The cardiovascular category is expected to develop at the highest rate of CAGR throughout the forecast period due to an increase in cardiovascular disease incidents such as diabetes and a surge in medical device research spending. Furthermore, the increased use of smart medical devices has contributed to an increase in demand for device applications, propelling market growth. Additionally, the demand for cardiovascular devices is expected to rise due to an increase in the aging population, technological improvements, and the efficacy of smart medical devices.
Regionally, North America has the largest share of the market and will continue to do so during the forecast period. North American healthcare facilities are of the highest standard and are available to a broad population due to favorable regulations that make healthcare inexpensive for many, if not all, people. This contributes to a higher selling rate across the country. Furthermore, the considerable expansion of this region's smart medical device market has been driven by technological developments and the early acceptance of modern medical equipment.
Because of a large pool of patients and creative manufacturers bringing clever solutions to the market at partially cheaper costs, Asia Pacific region is projected to witness lucrative growth throughout the extrapolated period. Ten3T Healthcare Pvt. Ltd., an Indian manufacturer, for instance, created Cicer, a wearable monitoring device capable of recording ECG and other indications such as heart rate, blood oxygen, and temperature in real-time at a low cost. Additionally, the economic conditions of emerging economies like China and Japan have improved. The increasing population, rising living standards as disposable income rises, and a desire for new technologically advanced products have all boosted the demand for smart medical devices in the region.
Some of the key players in Smart Medical Devices market include Samsung, Vital Connect, Koninklijke Philips N.V., Otsuka Holdings CO. LTD, Omron Corporation, NeuroMetrix Inc., Medtronic PLC, Fitbit Inc., F. Hoffmann-La Roche Ltd, Dexcom Inc., BIO-BEAT, Apple Inc. and Abbott Laboratories.
In June 2022, Omron Ventures Co., Ltd. is pleased to announce an investment in Visby Medical, Inc., a company that develops and sells the world's first disposable portable PCR testing devices.
In June 2022, The integration of the technologies on the Carescape platform has received FDA clearance and CE mark approval, completing the system's full suite of Medtronic patient monitoring technologies. The combined solution also includes GE Healthcare FlexAcuity, which enables clinicians globally to select care options based on patient acuity needs, and assists them in their goal of detecting patient health deterioration as early as possible.
In May 2021, GOQii launched GOQii Vital 4, the latest fitness band with a SpO2 and blood pressure monitor, and tracks all-day activity like steps, distance, and the calories burned.
In January 2021, Facedrive Health launched V2 TraceSCAN Wearable Device. TraceSCAN V2 features an extensive set of improved functionalities to offer key health and safety advantages while enhancing the usual shortcomings of typical Bluetooth devices (which are not GPS-based), such as privacy considerations, accuracy, data management, and vital signs monitoring capability.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.