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

Smart Medical Devices Market Size And Forecast

The Smart Medical Devices Market was worth around USD 25.7 billion in 2021 and is estimated to grow to about USD 47.8 billion by 2028, with a compound annual growth rate (CAGR) of approximately 10.9 percent over the forecast period. The report analyzes the Smart Medical Devices Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Smart Medical Devices Market.

Request Free Sample

Smart Medical Devices Market: Overview

A smart medical device is medical equipment that can function independently and interactively and is typically linked to other medical devices or networks by different network protocols such as NFC, Bluetooth, or Wi-Fi. Smart medical devices are frequently based on wireless technology and deliver services using machine-to-machine technology, therefore improving the user experience. Consumer demand for smart medical devices is increasing due to rising health awareness and the prevalence of chronic diseases such as diabetes around the world, which drives the worldwide smart medical devices market.

Additionally, rising illness incidences and increasing applications of smart medical devices are propelling the global market. Due to the existence of a large number of participants in the market, the global smart medical devices market is predicted to develop. Innovation and technological improvements are critical drivers of industry growth. Moreover, the growth in health concerns, prevalence of chronic diseases, increased healthcare spending, and high-pitched demand for wearable gadgets would propel the market value significantly.

Covid-19 Impact

The broad expansion of COVID has invariably impacted various medical disciplines around the world. The lengthy lockdown and movement restrictions have hampered routine medical examinations and hospital visits for diabetic patients, pregnant women, and others who require regular medical monitoring. Such reasons have fuelled the expansion of the smart medical devices market. Smart medical devices enable patients to continuously check their health metrics while staying at home. Furthermore, when social distance norms are maintained, digital health and telemedicine options are gaining traction. Several COVID-19 protocols require people to stay indoors and avoid crowding. As a result, as more individuals use the aforementioned technologies for routine health checks, the demand for smart medical devices is expected to skyrocket. Given the benefits of smart medical devices, COVID-19 is projected to have a positive overall influence on the market.

Smart Medical Devices Market: Driver

Globally, the rising prevalence of chronic illnesses such as diabetes, asthma, hypertension, and other chronic obstructive pulmonary disorders is fuelling the growth of the Smart medical devices market. The growing prevalence of chronic illness has boosted the demand for services and management tools in the form of smart gadgets and wearable devices. New breakthroughs in smart medical devices, such as glucose monitors and wearable monitors, are propelling the Smart medical devices sector forward. Their ability to connect with smartphones and share their circumstances with medical experts, in particular, aids patients in controlling and managing their symptoms. Smart medical devices with such appealing characteristics are fuelling market expansion.

Request Free Sample

Smart Medical Devices Market: Restraint

Inaccuracy in devices, as well as errors in such medical parameters, as well as technological issues, are presently limiting the total growth of the smart medical devices industry. A recent study was undertaken to test the accuracy of continuous glucose monitors, and the results revealed significant mistakes when compared to blood glucose meters. Errors in the results would result in the incorrect prescription, which might lead to serious life-threatening conditions.

The rising equipment costs are viewed as a stifling factor for the growth of the smart medical devices market. Such devices are difficult to obtain in undeveloped nations or in countries that are now experiencing economic problems.

Smart Medical Devices Market: Opportunity

The growing use of the Internet of Things in various sectors of life has had a significant impact on the expansion of the Smart medical devices market. In recent years, there has been an increase in the market for medical gadgets such as smartwatches, pulse oximeters, and portable blood pressure monitors. The demand for such smart medical devices is predicted to rise over the forecast period, creating significant opportunities in the Smart medical devices market.

The expansion of distribution channels, the rise of e-commerce and digital marketing, and other factors are all having an impact on the growth of the smart medical devices market. The incorporation of novel technologies like the internet of things, digital counseling, big data management, and expanding R&D in the industry are providing attractive growth prospects for the market.

Smart Medical Devices Market: Challenges

Data breaches are becoming more common as these smart medical gadgets connect to the internet. The possibility of financial loss and the theft of private information, as well as identity theft, were identified as important challenges related to the smart medical devices business. The devices that are unable to communicate with updated software. The lack of interoperability among diverse platforms, as well as compliance rules, is regarded as a major problem in the market for smart medical devices.

Report Scope:

Smart Medical Devices Market: Segmentation

The Smart Medical Devices Market is segregated based on Type, Application, and End-User.

By Type, the market is classified into Diagnostic and Monitoring Devices and Therapeutic Devices. The diagnostic and monitoring segment of the smart medical devices market accounted for the largest share in the forecast period and is expected to grow throughout the forecast period, because of the government's encouraging attempts to enhance patient care and investment in smart medical devices. Furthermore, increased flexibility and simpler availability of a diverse range of products will propel the business forward. Furthermore, with the majority of suppliers focusing on the market through product launches, global growth, and investments, the segment is anticipated to generate lucrative industry prospects during the projection timeframe.

By End-User, the market is classified into Hospitals and Clinics, Ambulatory Care Centers, and Home Care Settings. Due to the use of various smart medical devices such as glucose meters and pulse oximeters, which may be utilized in home care settings, the homecare setting sector gained the largest market share in the forecast period. Furthermore, global population aging and rising patient desire for value-based healthcare are expected to drive industry demand.

Recent Developments

• In 2021, GOQii has released the GOQii Vital 4, a new fitness band that includes a SpO2 and blood pressure monitor as well as the ability to track all-day activities such as steps, distance, and calories burnt.
• In 2020, Fitbit and FibriCheck, an innovative health screening and monitoring app, announced an expansion of their partnership to allow Fitbit smartwatch users in France, Germany, Italy, and Spain to monitor their heart rhythm for irregularities such as Atrial Fibrillation (AFib) directly from their Fitbit smartwatch. This plan is projected to develop their business throughout Europe, improving their market position.

Regional Landscape

 North America is likely to lead the market because of the widespread adoption of modern technologies and the presence of a well-developed healthcare industry. Furthermore, strong supplier concentration in the region, improved product acceptability trends, and high prevalence rates of diabetes and cardiovascular diseases, among other factors, will support regional growth. The healthcare system in this region has profited tremendously from improving economic conditions, higher per capita income, and higher living standards.

New opportunities will also emerge in Asia Pacific (APAC) for firms to capitalise on, as a result of a variety of variables such as an increase in disposable income and an increase in healthcare awareness levels. Furthermore, an increasing number of persons suffering from chronic conditions creates value-grab opportunities for market participants. The growing elderly population and chronic diseases among the Asian population enhance the demand for remote and home-based patient monitoring systems, which drives the market expansion under consideration.

Competitive Landscape

Some of the main competitors dominating the Smart Medical Devices Market include - Smart Medical Devices, Inc., ViVO Smart Medical Devices Ltd, Dexcom Inc, Abbott Laboratories, Medtronic Plc., NeuroMetrix, Inc., and Omron Healthcare, Inc.

Smart Medical Devices Market is segmented as follows:

By Type

• Diagnostic and Monitoring Devices
• Therapeutic Devices

By Application

• Cardiovascular
• Neurology
• Respiratory
• Others

By End-User

• Hospitals and Clinics
• Ambulatory Care Centers
• Home Care Settings

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa