New York, Dec. 13, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Market.us, the Global Smart Medical Devices Market size is expected to be worth around USD 474 Billion by 2032 from USD 172 Billion in 2023, growing at a CAGR of 12.3% during the forecast period from 2023 to 2032.
Smart medical devices play a pivotal role in healthcare, acting as essential tools for physicians to monitor vital physiological parameters associated with various diseases. These intelligent devices aim to improve patient care by continuously collecting real-time data and sending it via connected devices directly to healthcare professionals. Their market has experienced impressive expansion due to smartphones becoming compatible with more medical devices and increased demand for smartphone-compatible medical devices.
Smart Medical Devices provide numerous advantages. Not only can they save both time and money at hospital visits, but also enable individuals to take a proactive approach to their health and fitness. Their global popularity is on the rise - especially among emerging markets. They allow physicians to monitor patients' health status by continuously tracking key parameters while responding quickly when issues arise; additionally, their reliability makes these devices accessible for patient use at their convenience.
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Key Takeaway
- Market Size: Smart Medical Devices Market size is expected to be worth around USD 474 Billion by 2032 from USD 172 Billion in 2023.
- Market Growth: The market is growing at a CAGR of 12.3 %from 2023 to 2032.
- Product Analysis: By product, Diagnostics, and Monitoring Devices Dominating segment of the market.
- End-Use Analysis: By End-use, the homecare setting segment will experience an 8.5% CAGR.
- Regional Analysis: North America held the largest market share, with 42% and holding USD 64.9 Bn market revenue of smart medical devices.
- Rising healthcare costs: Smart medical devices offer cost-effective solutions for remote patient monitoring, hospital readmission reduction and improved patient outcomes.
- Growing Chronic Disease Burden: With the rising incidence of chronic illnesses like diabetes, heart disease and respiratory illness soaring steadily upward, self-monitoring devices have become more necessary than ever.
- Technological Advancements: Recent developments in miniaturization, connectivity and artificial intelligence (AI) are helping create more advanced yet user-friendly smart medical devices.
- Government initiatives: Government regulations and initiatives supporting telehealth and remote patient monitoring have further contributed to market expansion.
Factors affecting the growth of the Smart Medical Devices Market
Various factors influence the growth of Smart Medical Devices Market are;
- Technological Advances: Advancements in technology such as sensors, connectivity, and data analytics enable the creation of more advanced medical devices that improve functionality and performance - appealing both to healthcare providers as well as their patients.
- Rise of Chronic Diseases: With diabetes, cardiovascular disorders, and respiratory conditions becoming more prevalent than ever before, smart medical devices offer effective solutions for monitoring patients' health and contributing to market expansion.
- Remote Patient Monitoring and Telehealth Services: In light of global events like the COVID-19 pandemic, remote patient monitoring services have gained significant momentum, and smart medical devices have become more widely adopted by healthcare professionals for use remotely monitoring patients, improving care while decreasing hospital visits.
- Consumer Awareness and Health Consciousness: Increased consumer understanding of the importance of fitness has driven up demand for personal health monitoring devices, with smart medical devices catering to this demand by offering real-time health data that facilitates an active approach to healthcare.
- Integration with Smartphones: Integrating smart medical devices with smartphones has vastly increased their accessibility and usability, as their widespread use enables seamless data transfer, analysis, and communication between patients and healthcare providers - ultimately driving market expansion.
Regional Analysis
North America is projected to lead the market, accounting for 42% and holding revenue of USD 64.9 billion for smart medical devices. Demand for Smart Medical Devices has seen exponential growth over the past several years among an ever-increasing patient population battling conditions like asthma, COPD, and diabetes in North America; thus establishing it as an authoritative market. Smart medical equipment offers multiple advantages that will spur sales in the coming years, making its widespread integration a powerful force to be reckoned with. The United States stands out as an especially prominent contributor, thanks to the engagement and launches of major enterprises and technologically advanced products that propel its overall development of the Smart Medical Devices Market in this region.
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Competitive Landscape
At our market analysis services, our analysts take great care in providing insights into major players. In this segment, they offer insight into financial statements as well as product benchmarking and SWOT analyses of these companies. Furthermore, the competitive landscape provides an expansive overview of key development strategies, market shares, and global ranking analysis of all such players.
Market Key Players
- Abbott Laboratories
- Apple Inc.
- Dexcom, Inc.
- Fitbit, Inc.
- Hoffmann La-Roche Ltd.
- Johnson & Johnson Pvt Ltd.
- Medtronic plc.
- NeuroMetrix, Inc.
- Samsung Electronics Co., Ltd.
- Sonova
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 172 Billion |
| Forecast Revenue 2032 | USD 474 Billion |
| CAGR (2023 to 2032) | 12.3% |
| North America Revenue Share | 42% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The Smart Medical Devices Market is propelled by rapid advancements in sensors, connectivity, and data analytics technologies that enhance medical device capabilities for real-time monitoring and remote patient management. Furthermore, chronic diseases have increased demand for smart medical solutions as effective tools for continuous health monitoring; their integration into smartphones facilitates easy accessibility for widespread adoption.
Market Restraints
While growth remains strong for the Smart Medical Devices, challenges related to data security and privacy present significant restraints. Concerns related to sensitive health data collection raise anxiety among users, necessitating robust security measures as well as regulatory compliance measures. Likewise, implementation costs and resistance from traditional healthcare systems may hinder the widespread adoption of smart medical devices.
Market Opportunities
This market offers immense promise driven by an increasing trend of remote patient monitoring and rising awareness of personal health. Telehealth services combined with supportive regulatory environments create a favorable landscape for smart medical device growth. In addition, opportunities arise due to demand from an aging population for continuous health monitoring solutions that drive innovation and market expansion.
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Report Segmentation of the Smart Medical Devices Market
Product Type Analysis
The market for smart medical devices can be divided into three segments, including Diagnostics & Monitoring, Therapeutics Devices, and Injury Prevention and Rehabilitation Devices. Diagnostic and Monitoring devices stand out as one of the most profitable segments of the global market, driven largely by cardiovascular disease prevalence growth and government spending increases.
Recent advancements in smart medical technology have made a considerable contribution to market expansion, with diagnostic and monitoring equipment anticipated to experience the fastest rate of expansion. Anticipation for this market's expansion can be found in its projected increase in device usage and new pipeline products being introduced into it. Furthermore, diagnostic and monitoring device categories contain both wearable and non-wearable devices, adding diversity to this sector and creating the potential for market expansion over the forecast period.
End-Use Analysis
The smart medical device market can be divided into hospitals and homecare settings. From 2023 to 2032, homecare settings are projected to experience an 8.5% compound annual growth rate from homecare settings; this increase should be driven by factors like increased global aging populations as well as rising patient demands for high-quality healthcare services provided from within their own homes.
Homecare settings represent an evolving healthcare preference by emphasizing personalized and convenient medical solutions; contributing substantially to smart medical device sales growth within this segment.
Recent Developments in the Smart Medical Devices Market
- January 2023: Fitbit Inc. officially acquired Luxottica Eyewear Group for an estimated total value of $3.1 billion, in an expected move to expand its presence within the health and wellness market.
- March 2023: Apple Inc. unveiled watchOS 9, offering new health and fitness tracking features such as Blood Oxygen app updates and Sleep Stages tracking.
- April 2023: Hoffmann La-Roche Ltd. recently earned FDA approval for their Accu-Chek Guide Connected system, a CGM system using Bluetooth-enabled transmitters to transmit glucose data directly into smartphone apps.
- May 2023: Dexcom, Inc. has received FDA approval for their G7 CGM system with an innovative smaller and discreet sensor and longer battery life.
- July 2023: Abbott Laboratories recently unveiled the Freestyle Libre 3 sensor, the world's smallest and thinnest continuous glucose monitoring (CGM) sensor.
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Market Segmentation
Based on Product Type
- Diagnostics and Monitoring Devices
- Therapeutic Devices
- Injury Prevention and Rehabilitation Devices
- Others
Based on End-User
- Hospitals
- Clinics
- Homecare Settings
- Others
By Geography
North America
- The US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
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