New York, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The Global Smart Medical Devices Market to Exhibit Growth at a CAGR of 7.22% During the Forecast Period (2022–2027) | DelveInsight
The smart medical devices market is expected to surge owing to the factors such as unhealthy eating & lifestyle, the increasing awareness, and demand of internet use in smart medical devices in the healthcare industry and adoption of it in data management, increasing awareness and demand of real-time data of the patient, the rising demand of home-care therapeutic and diagnostic settings across the world, among others.
DelveInsight’s Smart Medical Devices Market Insights report provides the current and forecast market, forthcoming device innovation, individual leading companies’ market shares, challenges, smart medical devices market drivers, barriers, and trends, and key smart medical devices companies in the market.
Key Takeaways from the Smart Medical Devices Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global smart medical devices market during the forecast period.
- Notable smart medical devices companies such as Sonova., Abbott., Samsung Electronics Co., Ltd., Medtronic Plc., CeQur Simplicity, DEXCOM, INC., Enable Injections, Garmin LTD., Insulet Corporation, Johnson & Johnson Services, Inc, Neurometrix, INC., Omron Healthcare, INC., F. HOFFMAN-LA ROCHE LTD, Sotera Wireless, INC., Vitalconnect, West Pharmaceutical Services, INC., FitBit, Qardio, Inc., Novo Nordisk A/S, Emperra GmbH E-Health Technologies, and several others are currently operating in the smart medical devices market.
- In April 2022, FitBit Inc. announced that it had received approval from the US Food and Drug Administration for an AFib Detection algorithm that can identify atrial fibrillation (AFib).
- In March 2022, Novo Nordisk, multinational pharmaceutical company, announced that two smart connected insulin pens, NovoPen 6 and NovoPen Echo Plus, are now available on prescription for people living with diabetes treated with Novo Nordisk insulin in the UK.
- In January 2022, Insulet, an innovative medical device company dedicated to simplifying life for people with diabetes, announced that its Omnipod 5 insulin pump had gained FDA clearance for the use in diabetic patient. Omnipod 5 is a patch-like device capable of adjusting daily doses to changes in the wearer’s blood sugar levels.
- In February 2021, Qardio, Inc., an American technology company that specializes in heart health monitoring products, announced that the U.S. Food and Drug Administration (FDA) had granted the company 510k clearance for its QardioCore ambulatory ECG device.
- In August 2020, Medtronic announced the acquisition of Companion Medical, manufacturer of InPen. The InPen is a reusable smart insulin pen that uses Bluetooth technology to send dose information to a mobile app.
To read more about the latest highlights related to the smart medical devices market, get a snapshot of the key highlights entailed in the Global Smart Medical Devices Market Report
Smart Medical Devices Overview
A smart medical device is a type of medical device that uses wireless loT technology. This technology connects patients to doctors and transmits critical medical data from hospital beds and private homes in real-time. Smart personal medical devices provide clinicians with real-time data to ensure patients receive the best possible care.
Smart medical devices assist physicians in detecting diseases based on the body’s vital signs and monitoring chronic diseases such as hypertension and diabetes. These devices also assist people in keeping track of their health and fitness. These devices reduce the workload of healthcare providers by remotely tracking patient health and taking action on available data.
Smart Medical Devices Market Insights
North America is expected to account for the largest share of the global smart medical devices market among all regions. Diabetes, hypertension, high triglyceride levels, asthma, chronic obstructive pulmonary disorder (COPD), and other chronic diseases are rising due to increased processed food consumption, lack of physical activity and lifestyle changes, increased pollution exposure, and other factors.
Another factor driving product demand is the adoption of cloud-based and real-time data systems in the healthcare industry. These advancements benefit the healthcare industry by providing the doctor with real-time information about the patient. Smart insulin pens or blood glucose monitoring devices provide real-time information about a diabetic patient's insulin and glucose levels. With this information, the doctor can adjust the insulin dosage. Similarly, the doctor can continuously monitor blood pressure and heart rate via the cloud-based system. The advancements assist physicians or doctors in adjusting treatment based on the patient's condition.
Thus, various features of cloud-based data management in smart medical devices will positively drive the smart medical device market, leading to overall market growth of smart medical devices in North America.
To know more about why North America is leading the market growth in the smart medical devices market, get a snapshot of the Smart Medical Devices Market Trends
Smart Medical Devices Market Dynamics
The smart medical devices market is experiencing increased product demand for a variety of factors. The rising prevalence of chronic diseases such as diabetes mellitus, hypertension, cardiovascular disease, and others due to genetics, age, obesity, unhealthy lifestyles, poor eating habits, and a lack of physical activity, and an increasing number of geriatric patients prone to chronic diseases are among the prominent factors driving the growth of the smart medical devices market.
Furthermore, the growing awareness and demand for cloud-based systems in medical devices will drive the overall growth of the smart medical device market. Moreover, product launches in the local market drive the smart medical devices market growth.
However, a lack of appropriate infrastructure and operability among people in low- and middle-income countries, privacy, and data breach concerns, and technical complexity with certain medical devices may all impede the growth of the smart medical devices market.
Additionally, the COVID-19 pandemic has significantly increased the smart medical devices market by increasing demand for various devices such as pulse oximeters, oxygen concentrators, blood monitoring devices, and blood sugar monitoring devices. All of these devices contributed to COVID-19 patients receiving promising treatment. During the early stages of the lockdown, the supply and manufacturing of the devices were halted for some time due to a lack of resources and raw materials. However, as normalcy returned and the masses were vaccinated, the smart medical devices market regained momentum. On the other hand, as telemedicine and e-commerce have advanced, the pandemic has increased demand for smart medical devices due to online sales. Many users preferred home-delivery products such as smart medical devices to avoid virus exposure. As a result, the smart medical devices market is impacted positively.
Get a sneak peek at the smart medical devices market dynamics @Smart Medical Devices Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2019–2027 |
| Projected Market Size by 2027 | USD 42.5 Billion |
| Market CAGR | 7.22% |
| Key Smart Medical Devices Companies | Sonova., Abbott., Samsung Electronics Co., Ltd., Medtronic Plc., CeQur Simplicity, DEXCOM, INC., Enable Injections, Garmin LTD., Insulet Corporation, Johnson & Johnson Services, Inc, Neurometrix, INC., Omron Healthcare, INC., F. HOFFMAN-LA ROCHE LTD, Sotera Wireless, INC., Vitalconnect, West Pharmaceutical Services, INC., FitBit, Qardio, Inc., Novo Nordisk A/S, Emperra GmbH E-Health Technologies, and others |
Smart Medical Devices Market Segmentation
- Market Segmentation By Product Type: Diagnostic & Monitoring Devices (Blood Glucose Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors, Breath Analyzers, And Others) and Therapeutic Devices (Oxygen Concentrators & Ventilators, Insulin Pumps & Pens, Hearing Aids, and Others)
- Market Segmentation By Distribution Channel: Hospital & Retail Pharmacy, E-Commerce, and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Which MedTech key players in the smart medical devices market are set to emerge as the trendsetter explore @Smart Medical Devices Companies
Table of Contents
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Smart Medical Devices Market |
| 7 | Smart Medical Devices Market Layout |
| 8 | Global Company Share Analysis – Key 3-5 Companies |
| 9 | Smart Medical Devices Market Company and Product Profiles |
| 10 | Project Approach |
| 11 | About DelveInsight |
Interested in knowing the smart medical devices market by 2027? Click to get a snapshot of the Smart Medical Devices Market Research
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