Portland, OR, Oct. 06, 2022 (GLOBE NEWSWIRE) -- A new business intelligence report released by Allied Market Research, the Global Smart Medical Devices Market generated $31.5 billion in 2021, and is expected to generate $132.1 billion by 2031, registering a CAGR of 15.4% from 2022 to 2031. The report offers an in-depth analysis of changing market trends, key segments, competitive scenario, value chain, and the impact of the Covid-19 pandemic. This research provides a detailed guidance to market players, investors, stakeholders, and startups in devising strategies for achieving a long-term growth and gaining competitive edge across the global market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Market Size in 2031 | $132.1 billion |
| CAGR | 15.4% |
| No. of Pages in Report | 276 |
| Drivers | Surge in demand for smart medical devices with increase in prevalence of chronic diseases |
| Rapidly evolving information and software technology | |
| Opportunities | Technological advancements in medical devices |
| Rise in healthcare expenditure |
Covid-19 Scenario:
- The Covid-19 pandemic impacted the global smart medical devices market negatively. This was due to disruptions in manufacturing activities, shortage of raw material supply, and lack of availability of workforce with lockdown restrictions in place.
- The lockdown restrictions and transportation bans led to moderate disruptions in the global distribution operations. This, in turn, impacted the overall revenue for market players.
- Remote monitoring increased considerably as visits to hospitals and clinics reduced considerably to avoid possibility of cross-contamination. This reduced the usage of smart medical devices and lowered the demand for smart medical devices. However, the demand is expected to increase post-pandemic.
The research provides detailed segmentation of the global smart medical devices market based on product type, application, distribution channel, and region. The research analyzes their sub-segments to determine fastest growing and highest revenue generating segments for market players and new entrants. Market size and estimations for each segment and sub-segment are offered in the report to determine the steps to be taken in the coming years.
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Based on product type, the diagnostic and monitoring devices segment held the highest share in 2021, accounting for more than four-fifths of the total share, and is projected to continue its leadership status during the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 15.7% from 2022 to 2031. The report also analyzes the therapeutic devices segment.
Based on application, the cardiovascular segment accounted for the highest share in 2021, contributing to nearly three-fourths of the global smart medical devices market, and is projected to maintain its lead in terms of revenue during the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 16.0% from 2022 to 2031. The report also analyzes the segments including blood glucose monitoring and others.
Based on distribution channel, the pharmacies segment accounted for the largest share in 2021, contributing to around four-fifths of the global market share, and is projected to maintain its dominance in terms of revenue in 2031. However, the online channel segment is expected to manifest the fastest CAGR of 16.9% during the forecast period.
Based on region, North America segment accounted for the highest share in 2021, holding around two-fifths of the global market, and is expected to dominate in terms of revenue by 2031. However, Asia-Pacific is estimated to grow at the fastest CAGR of 19.7% during the forecast period. The report also analyzes the regions including LAMEA and Europe.
Leading market players of the global smart medical devices market analyzed in the research include Abbott Laboratories, Biotronik, Apple Inc., DexCom, Inc., Boston Scientific Corporation, Medtronic, Inc., Fitbit, Inc., Omron Corporation (Omron Healthcare), Novo Nordisk, VitalConnect Inc., Sonova, and West Pharmaceutical Services, Inc.
The report analyzes these key players based on various parameters such as product portfolio, operating segments, business performance, and key developments and outlines different strategies such as expansion, partnerships, new product launches, and others adopted by them to raise their market penetration and consolidate the position in the global market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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