Global Smart Medical Devices Market, By Product Type (Diagnostics and Monitoring Devices and Therapeutic Device), Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand Held), Technology (Spring-Based, Motor-Driven, Rotary Pump, Expanding Battery, Pressurized Gas and others), Modality (Wearable and Non-Wearable), Application (Oncology, Diabetes, Auto-Immune Disorders, Infection Diseases, Sports and Fitness, Sleep Disorders and others), End User (Hospitals, Clinics, Home Care, Sports Club and Others), Distribution Channel (Pharmacies, Online Channel and Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The adoption of smart medical devices provides a number of advantages, including time and money savings on hospital visits, which helps people become more conscious of their health and fitness. Globally and in emerging nations in particular, the usage of smart medical devices is growing in popularity. By continuously monitoring health parameters, the smart gadgets may also analyse the patient's health status and respond quickly to problems. Smart devices have the advantage that patients can use them confidently and conveniently.
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. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Diagnostics and Monitoring Devices and Therapeutic Device), Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand Held), Technology (Spring-Based, Motor-Driven, Rotary Pump, Expanding Battery, Pressurized Gas and others), Modality (Wearable and Non-Wearable), Application (Oncology, Diabetes, Auto-Immune Disorders, Infection Diseases, Sports and Fitness, Sleep Disorders and others), End User (Hospitals, Clinics, Home Care, Sports Club and Others), Distribution Channel (Pharmacies, Online Channel and Others)
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Countries Covered
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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
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Market Players Covered
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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)
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Market Opportunities
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Market Definition
Doctors employ smart medical devices as crucial medical instruments to track the critical physiological indicators of a variety of disorders. By collecting real-time data and sending the same to a doctor via a linked device, these smart devices aim to improve the quality of patient treatment.
Smart Medical Devices Market Dynamics
Drivers
- Increasing popularity of smartphones
The market is expanding due to the rising popularity of smartphones and the desire for wearable and medical devices compatible with smartphones. The global market for smart medical devices is expanding due to advanced approaches already in use.
- Increasing demand of smart medical devices
Growing market investments are also assisting the sector in establishing a stronger growth trajectory. Massive changes are being made in the healthcare sector, and many of them are good. Technology advancement is among the most important and beneficial effects mentioned here. The rewards are enormous, and this abundance is fuelling an increase in demand for smart medical devices that go even further in efforts to improve healthcare outcomes.
- Rising prevalence of chronic disorders
There is a sharp rise in the prevalence of chronic disorders. Additionally, this development can be related to a number of lifestyle modifications. One of these is not getting enough exercise, eating poorly, smoking, drinking, and other unhealthy habits. Additionally, dramatically elevated stress levels are a factor in a number of health problems. Additionally, the prevalence of chronic illnesses is extremely high in the United States, a developed nation with a strong healthcare infrastructure and advantageous payment rules. The rising trend toward fitness is another element driving the market for smart medical devices worldwide. The need for smart medical devices increases as more individuals engage in physical activity for health reasons, such as running and playing sports, which propels the use of medical devices even further.
Opportunities
- Increase in rate of diabetes
The prevalence rate of diabetes is increasing as a result of changing lifestyles. People will use smart medical gadgets like blood glucose monitors and insulin pumps to monitor such disease conditions This will likely drive the global market in the next years.
Restraints/Challenges
- Privacy concerns
On the other hand, privacy concerns and lack of suitable infrastructure in low- and middle-income countries will restrain the market’s growth.
- High price
The high cost of smart medical gadgets is a result of their superior technological characteristics. Most people in the middle and lower classes cannot afford these technologies, making them unavailable to them. The market's expansion throughout the forecast period may be constrained by the high cost of smart medical devices.
This smart medical devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart medical devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Smart Medical Devices Market
The new coronavirus pandemic has benefited the market for smart medical devices since it has made people more aware of their health. People are willing to put more money into the medical and healthcare industries. Medical device producers have been under pressure from the epidemic to increase the production of smart medical gadgets to keep up with the high demand. The world's health care systems are overburdened, making it difficult to provide all patients with competent medical care. While managing supply chain networks and increasing production to keep up with the demand, smart medical device makers.
Recent Development
- In August 2020, Fitbit, Inc. announced the release of Fitbit Sense, the world's first electro-thermal activity sensor on a smart watch that will assist manage stress in addition to cutting-edge heart rate tracking technology. Fitbit Sense is the most sophisticated health smart watch. In the upcoming years, this will assist the business in generating more revenue.
- In September 2020, The debut of the Quell App for the Apple Watch for pain management was announced by NeuroMetrix, Inc. High level integration and new pain alleviation functionality will be made possible. This will make it easier for the user to operate the device and track wrist pain relief. This will increase market demand and aid in the expansion of the business.
Global Smart Medical Devices Market Scope
The smart medical devices market is segmented on the basis of product type, type, technology, modality, application, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Diagnostics and Monitoring Devices
- Therapeutic Device
Type
- On-Body
- Adhesive Patch
- Off-Body
- Belt Clip
- Hand Held
Technology
- Spring-Based
- Motor-Driven
- Rotary Pump
- Expanding Battery
- Pressurized Gas
- others
Modality
- Wearable
- Non-Wearable
Application
- Oncology
- Diabetes
- Auto-Immune Disorders
- Infection Diseases
- Sports and Fitness
- Sleep Disorders
- others
End User
- Hospitals
- Clinics
- Home Care
- Sports Club
- Others
Distribution Channel
- Pharmacies
- Online Channel
- Others
Smart Medical Devices Market Regional Analysis/Insights
The smart medical devices market is analysed and market size insights and trends are provided by country, product type, type, technology, modality, application, end user and distribution channel as referenced above.
The countries covered in the smart medical devices 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.
North America dominates the smart medical devices market dominate the market due to the rising investments in development of smart devices. The U.S. dominates in North America due to the rise in use of smart phones and increasing awareness towards their health and fitness. Germany is dominating the market due to the rise in geriatric population and the rising prevalence of chronic diseases requiring round-the-clock monitoring.
Asia-Pacific is expected to grow China is expected to dominate the Asia-Pacific market due to the rising investments and also due to the government support.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The global smart medical devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Global smart medical devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Global smart medical devices market. The data is available for historic period 2010-2020.
Competitive Landscape and Smart Medical Devices Market Share Analysis
The smart medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart medical devices market.
Some of the major players operating in the smart medical devices market are:
- 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)
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