Smart Medical Devices Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

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The devices which we use are getting smarter when they are fitted with a range of microprocessors, sensors, algorithms, and communication which makes them the smart medical device. A smart medical device is a software appliance which is used for a variety of diagnostic and therapeutic purposes. It is used in a large range of applications like glucose monitoring, insulin delivery, monitoring heart rate and pain relief, and many other applications. In the healthcare sector, smartphones play a large role in monitoring and operating these smart medical devices. 

Globally the rising prevalence of chronic diseases and rising health concerns, along with increasing healthcare expenditure, and increasing demand for wearable devices is expected to boost the market for smart medical devices market. Companies like Fitbit, Inc. and Apple, Inc. have come up with innovative products which are further boosting the market growth for these devices. Smart blood pressure monitors and smart clothing are also expected to garner a huge market share in the forecast period.

The market for smart medical devices is segmented on the basis of product into diagnostic and monitoring devices, therapeutic devices, and injury prevention and rehabilitation devices. The diagnostic and monitoring devices market is further segmented into EEG/ECG monitors, blood glucose monitors, heart rate monitors, fetal monitors, pulse oximeters, breathalyzers, blood pressure monitors, blood smart clothing, analyte analyzers, and others. On the basis of therapeutic devices, the market is further divided into neuro-stimulators, portable oxygen hearing aids, concentrators & ventilators, insulin pumps, and others. The injury prevention and rehabilitation devices market is further divided into body motion devices, fall detection devices, and others. Based on modality, the market is segmented portable and wearable. Based on the end user, the market is segmented into hospitals, clinics, home healthcare, and others.

Regionally North America holds a larger share of the smart medical devices market due to huge acceptance for advanced medical technologies and well-developed healthcare sector, which is promoting the growth of the market in this region. Also, the healthcare system is highly benefited by the improved per capita income, favorable economic conditions, and a high standard of living. Followed by which is the Europe market which is expected to gain substantial market share in the forecast period. According to the Reflection and Orientation Paper, for innovation and collaborative projects, the European Union contributed USD 43.5 million in 2016, for wearable medical devices.

Some of the key players in smart medical devices market include Apple, Inc., Abbott Laboratories, Fitbit, Inc., Dexcom, Inc., Johnson & Johnson, NeuroMetrix, Inc., Samsung Electronics Co., Ltd., F. Hoffmann-La Roche Ltd., Medtronic Plc, and Sonova.