In 2021, Off-Body (Belt Clip) Segment Dominated the Global Smart Medical Devices Market with 51.7% Market Share Because of Increasing Healthcare Expenditure

Smart medical devices are essential medical tools that physicians use to monitor the vital physiological parameters of various diseases. These smart devices are intended to enhance patient care quality by monitoring real-time data and communicating the same to physicians through a connected device. The use of smart medical devices has several benefits. It saves time and hospital visit expenses, thereby helping people become more aware of their health and fitness.    

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Data Bridge Market Research analyses that the Smart Medical Devices Market which was USD 36.92 billion in 2021, would rocket up to USD 213.12 billion by 2029, and is expected to undergo a CAGR of 24.5% during the forecast period 2022 to 2029. The rising demand for smart devices because of their easy handling, growing technological advancement, and rising prevalence of chronic diseases which require round the clock monitoring are the major drivers propelling the demand for smart medical devices market in the forecast period. However, the discrepancies in results are expected to hamper the smart medical devices market growth in the forecast period.

Rising adoption of wireless connected devices across the world will drive the market's growth rate

Advanced technology has brought a revolutionary age in healthcare and people are getting more aware of their health and fitness daily. The rising use of smartphones has changed lifestyle. Smart devices link patients to doctor, transmitting critical medical data in real-time from hospital, homes, and mobile equipment. With the rising adoption of wireless devices and smart phone compatible devices, the manufacturers are also developing more innovative and advanced medical devices which is expected to drive the market.

Report Scope and Market Segmentation

Segment Analysis:

Global smart medical devices market is categorized into seven notable segments which are based on product type, type, technology, modality, application, end user and distribution channel.

• On the basis of product type, global smart medical devices market is segmented into diagnostics and monitoring devices and therapeutic devices. In 2021, diagnostics and monitoring devices segment dominated the global smart medical devices market with 74.3% market share due to high technology adoption by key players in the market.
• On the basis of type, global smart medical devices market is segmented into on-body (adhesive patch), off-body (belt clip) and hand held. In 2021, off-body (belt clip) segment dominated the global smart medical devices market with 51.7 % market share because of increasing healthcare expenditure.
• On the basis of technology, global smart medical devices market is segmented into spring-based, motor-driven, rotatory pump, expanding battery, pressurized gas and others. In 2021, spring-based segment dominated the global smart medical devices market with 35.9% market share due to increasing demand of smart devices in the market.
• On the basis of modality, global smart medical device market is segmented into wearable and non-wearable. In 2021, wearable dominated the global smart medical devices market with 71.9 % market share because of increasing demand of wireless devices to monitor the health condition.
• On the basis of end user, global smart medical devices market is segmented into hospitals, clinics, home care, sport club and others. In 2021, home care segment dominated the global smart medical devices market with 49.5% market share because of increasing geriatric population and prevalence of chronic diseases which requires continuous monitoring.

The home care segment will dominate the end user segment of the smart medical devices market

The home care segment will emerge as the dominating segment under smart medical devices. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the chemicals and materials industry all around the globe will further bolster the growth of this segment.

• On the basis of distribution channel, global smart medical devices market is segmented into pharmacies, online channel and others. In 2021, online channel segment dominated the global smart medical devices market with 63.2 % market share because of increasing demand of wireless and smart devices.

The online channel segment will dominate the distribution channel segment of the smart medical devices market

The online channel segment will emerge as the dominating segment distribution channel segment. This is because of the growing availability via online channel in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

Major Players         

Data Bridge Market Research recognizes the following companies as the market players in market: Johnson & Johnson Private Limited (U.S.), Abbott (U.S.), Apple Inc. (U.S.), Medtronic (Ireland), F. Hoffman-La Roche Ltd. (U.S.), Fitbit, Inc. (U.S.), Dexcom Inc. (U.S.), NeuroMetrix, Inc. (U.S.), CeQur Simplicity (Switzerland), Huawei Devices Co., Ltd. (China), West Pharmaceutical Services, Inc. (U.S.), Sonova (Switzerland), BAE Systems (U.K.), Seiko Epson Corporation (Japan), Insulet Corporation (U.S.), Garmin Ltd. (U.S.), SAMSUNG (South Korea),  LG Electronics (South Korea).

Market Development

• Fitbit, Inc. announced the release of Fitbit Sense in August 2020. It is the market's most advanced health smartwatch, featuring the world's first electro-thermal activity sensor on a smartwatch to help with stress management and advanced heart rate tracking technology. Users can detect minor electrical changes in the sweat level of their skin by placing their palm over the device's face. The results are displayed by the EDA Scan app.
• NeuroMetrix, Inc. announced the release of the Quell App for Apple Watch for pain relief in September 2020. Quell is an over-the-counter TENS device for pain in the knee, foot, and leg. It can be worn during the day as well as at night. Users can customise and manage therapy using the mobile software for iPhone and Android phones.
• Facedrive Health announced the release of the V2 TraceSCAN Wearable Device in January 2021. TraceSCAN V2 includes a slew of new features aimed at improving the accuracy, data management, privacy concerns, and vital sign monitoring capabilities of traditional Bluetooth (non-GPS) devices.

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in smart medical devices market during the forecast period 2022 to 2029

North America will continue to dominate the Smart medical devices market in terms of market share and revenue during the forecast period, with rising investments in smart device development in this region. Because of the increased use of smart phones and increased awareness of their health and fitness, the United States dominates the North American region.

Asia-Pacific is estimated to be the fastest-growing region in smart medical devices market the forecast period 2022 to 2029

The Asia-Pacific region is expected to grow at the fastest rate during the forecast period of 2022-2029, owing to rising healthcare expenditures and chronic disease prevalence. China is expected to dominate Asia-Pacific due to rising investment and government support.

COVID-19 Impact

Smart medical devices, including sensors and nano-bio sensors, have gained significant importance during the COVID-19 pandemic due to contactless-based healthcare diagnoses. Wearable sensors can detect vital human body signals like heart rate, blood pressure, skin color, body temperature, respiratory rate, sleep duration, and body motion. Researchers from Imperial College London and the University of Freiburg announced in April 2021 that they were developing wearable devices that could be used to create a network of health data about a patient, allowing for early diagnosis of COVID-19 even when the patient is asymptomatic.

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