PUBLISHER: The Business Research Company | PRODUCT CODE: 1713667
PUBLISHER: The Business Research Company | PRODUCT CODE: 1713667
Smart medical devices are sophisticated healthcare tools that come with sensors, connectivity features, and software designed to monitor, diagnose, and treat medical conditions. They facilitate real-time data collection, remote monitoring, and personalized care by interfacing with healthcare providers or patients. Often, these devices connect with mobile applications or cloud platforms to deliver actionable insights and enhance patient outcomes.
The primary categories of smart medical devices include diagnostics and monitoring devices, as well as therapeutics devices. Diagnostics are used to identify diseases or conditions through various tests and procedures. Distribution channels for these devices include pharmacies and online platforms, and they are available in portable and wearable modalities. The end-users of smart medical devices include homecare settings, hospitals, and other healthcare facilities.
The smart medical devices market research report is one of a series of new reports from The Business Research Company that provides smart medical devices market statistics, including smart medical devices industry global market size, regional shares, competitors with a smart medical devices market share, detailed smart medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the smart medical devices industry. This smart medical devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart medical devices market size has grown rapidly in recent years. It will grow from $41.31 billion in 2024 to $46.89 billion in 2025 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to a rising aging population, increasing chronic disease prevalence, healthcare cost reduction, patient preference for home care, and increasing demand for personalized medicine.
The smart medical devices market size is expected to see rapid growth in the next few years. It will grow to $77.1 billion in 2029 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to the integration of AI and machine learning, rising healthcare expenditure, increased focus on preventive care, demand for wearable devices, and a rise in the incidence of diabetes. Major trends in the forecast period include technological advancements, growing telemedicine adoption, advancements in IoT technology, remote monitoring, and integration with mobile health apps.
The growth of the smart medical devices market is projected to accelerate due to the rising incidence of infectious diseases. Infectious diseases are illnesses caused by pathogenic microorganisms, such as bacteria, viruses, fungi, and parasites. Factors contributing to the increase in infectious diseases include globalization, increased travel, urbanization, climate change, antibiotic resistance, environmental changes, emerging pathogens, and social and behavioral factors. Smart medical devices play a crucial role in managing and monitoring infectious diseases by utilizing advanced technologies for early detection, continuous monitoring, and efficient data management. For example, in January 2024, a report from the Government of Canada revealed that there were 13,953 reported cases of infectious syphilis in the nation in 2022, equating to a rate of 36.1 cases per 100,000 individuals, an 11% increase from 2021. This rising prevalence of infectious diseases is expected to drive growth in the smart medical devices market.
Leading companies in the smart medical devices market are concentrating on advancing technology in medical devices, such as wearable devices, to gain a competitive edge. Wearable devices, or wearable technology, are electronic gadgets designed to be worn on the body. For instance, in August 2022, GOQii, a US-based fitness technology company, introduced the Smart Vital Ultra and GOQii Stream devices, targeting young adults and youth. These wearables represent a significant advancement in integrating technology with healthcare, allowing users to manage their health while benefiting from integrated insurance solutions. The Smart Vital Stream smartwatch features SpO2 monitoring, heart rate tracking, and sleep analysis, and is designed to monitor health metrics while encouraging healthier lifestyles through interactive features and professional guidance.
In February 2023, GE HealthCare Technologies Inc., a US-based medical technology company, acquired Caption Health Inc. for $3 billion. This acquisition aims to enhance GE HealthCare's ultrasound portfolio by incorporating Caption Health's AI technology, which assists healthcare professionals during ultrasound examinations to improve diagnostic accuracy and facilitate earlier disease detection. Caption Health Inc., a US-based provider of smart medical devices, specializes in such advanced technologies.
Major companies operating in the smart medical devices market are Johnson & Johnson, F. Hoffmann la Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Becton, Dickinson and Company, Stryker Corporation, GE Healthcare, Boston Scientific Corporation, Edwards Lifesciences Corporation, Hologic Inc., ResMed Inc., AptarGroup Inc., Dexcom Inc., Insulet Corporation, LivaNova plc, iRhythm Technologies Inc., Proteus Digital Health Inc., Hearing Life, NantHealth Inc., AliveCor Inc., Zebra Medical Vision, Sonavex Inc.
North America was the largest region in the smart medical devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the smart medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart medical devices market consists of sales of microcontrollers, displays, connectivity modules, batteries, enclosures, and mounting hardware. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Medical Devices Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart medical devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart medical devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart medical devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.