Increasing incidences of diseases and rising applications of smart medical devices are driving the global market.
Wilmington, Delaware, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global smart medical devices market stood at US$ 48.6 billion in 2020 and the global market is projected to reach US$ 70.1 billion in 2028. The global smart medical market is anticipated to expand at a CAGR of 7.5% between 2021 and 2028.
The global smart medical devices market is expected to witness growth opportunities due to the presence of significant number of players in the market. Innovation and technological advancements are key factors for the growth of the market players. Moreover, other than these two factors, it is worth noting that players will also try to enter key alliances to secure growth. Growing investments in the market are also helping it chart a higher growth trajectory. The healthcare industry is undergoing massive changes, and a large section of these is positive.
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One of the most significant and positive impacts noted here is that of technological advancement. The benefits accrued are immense, and this multitude is contributing to the growth in demand for smart medical devices, which are a step further in efforts directed at improving healthcare outcomes.
Higher flexibility and easy availability of a range of products are projected to augment the global smart medical devices market. Additionally, majority of suppliers target the segment with product launches, geographical expansion, and investments. This is projected to create lucrative opportunities in the global market during the forecast period.
Key Takeaways of Market Report
- Global smart medical devices market to generate absolute dollar opportunity worth US$ 70.1 billion until 2028.
- Global smart medical devices market is valued at US$ 48.6 million in 2020.
- The global smart medical devices market value from 2021 to 2028 is 7.5%.
Smart Medical Devices Market: Growth Drivers
- Changing lifestyles contributes to the rise in prevalence rate of diabetes. In order to monitor such disease conditions, individuals would opt for smart medical devices such as blood glucose monitors and insulin pumps. This in turn is likely to drive the global market in the next few years.
- Prevalence of disorders such as multiple sclerosis (MS) and chronic obstructive pulmonary disease (COPD) has increased in the past few years. Hence, development of smart medical devices for treatment, monitoring, and early diagnosis is gaining prominence among manufacturers, thereby propelling the global smart medical devices market.
Smart Medical Devices Market: Regional Landscape
- North America will hold a prominent place in the regional segment, owing to high adoption of technology and rapid advancement in the region. This paves the way for extensive and intense use of smart medical devices. Besides, improvements in healthcare infrastructure and medical services are also responsible for the smart medical devices market growth in the region.
- Additionally, there is a rapid growth in the aging population across North America. This factor is contributing to the market expansion during the forecast period.
- New opportunities will also arise in the Asia Pacific (APAC) for players to tap into, owing to a number of factors such as increase in disposable income and rise in healthcare awareness levels. Besides, an increasing number of people suffering from chronic diseases is creating value-grab opportunities for the market players.
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Smart Medical Devices Market: Key Players
- In April 2020, Dexcom announced that owing to the COVID-19 pandemic and the need to preserve personal protective equipment and reduce the frequency of hospital staff exposure to the coronavirus, the company is making its Dexcom G6 CGM System temporarily available for remote patient monitoring in the hospital setting.
- In March 2020, Fitbit and FibriCheck, an innovative health screening and monitoring app, announced that they are expanding their partnership to enable users in France, Germany, Italy, and Spain to monitor their heart rhythm for irregularities such as atrial fibrillation (AFib) directly from their Fitbit smartwatch.
Smart Medical Devices Market: Segmentation
- By Product Type
- Diagnostic & Monitoring Devices
- Blood Glucose Monitors
- Heart Rate Monitors
- EEG/ECG Monitors
- Cardiac Event
- Pulse Oximeters
- Blood Pressure Monitors
- Fetal Monitors
- Breathalyzers
- Medical Tricorders
- Blood Analyte Analyzers
- Others
- Therapeutic Devices
- Portable Oxygen Concentrators & Ventilators
- Insulin Pumps
- Neuro-stimulators
- Hearing Aids
- Others
- Injury Prevention and Rehabilitation Devices
- Body Motion Devices
- Fall Detection Devices
- Others
- Others
- Diagnostic & Monitoring Devices
- By Test Type
- Portable
- Wearable
- Others
- By End User
- Hospitals
- Clinics
- Home Care Settings
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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