According to the latest report by IMARC Group, “Global Smart Medical Devices Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global smart medical devices market reached a value of US$ 36.92 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 58.58 Billion by 2027 exhibiting a CAGR of 7.50% during 2022-2027.
Smart medical devices represent wireless electronic instruments that are used for monitoring the health by collecting and communicating real-time updates. They are generally operated on a wireless network, such as Wi-Fi or Bluetooth. Some of the commonly available smart medical devices include insulin pumps, heart rate monitors, pulse oximeters, portable oxygen concentrators, blood pressure monitors, etc. They provide a high level of mobility and the ability to monitor patient status remotely. In line with this, smart medical devices aid in saving time, reducing workload, increasing patient engagement and control, minimizing errors, improving communication, enhancing safety, etc. Consequently, they are extensively utilized in clinics, hospitals, and home care settings across the globe.
|Base Year: 2021|
|Forecast Year: 2022-2027|
Smart Medical Devices Market Trends and Drivers:
The rising prevalence of various chronic medical ailments, such as asthma, diabetes, blood pressure, chronic obstructive pulmonary disease (COPD), etc., is primarily driving the smart medical devices market. Additionally, the escalating product demand for disease management, providing feedback, suggesting adequate treatment, etc., owing to the sudden outbreak of the COVID-19 pandemic, is further catalyzing the market growth.
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Besides this, the growing consumer health consciousness is inflating the adoption of smart medical devices that can track the physical well-being of patients, which, in turn, is acting as another significant growth-inducing factor.
Moreover, the introduction of artificial intelligence (AI), Internet of Things (IoT), and machine-to-machine technologies to offer greater precision, ensure accurate storing of patient information, enhance the overall user experience, etc., is anticipated to fuel the smart medical devices market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Medical Devices Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Abbott Laboratories, Activinsights Ltd, Apple Inc., Debiotech SA, Enable Injections, Fitbit LLC (Google LLC), Koninklijke Philips N.V., Medtronic PLC, NeuroMetrix Inc., Omron Healthcare Co Ltd (Omron Corporation), Sonova Holding AG, Sotera Wireless Inc. and VitalConnect.
The report has segmented the market on the basis of region, product type, distribution channel, application and end user.
Breakup by Product Type:
- Diagnostic and Monitoring
- Blood Glucose Monitors
- Heart Rate Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Breath Analyzer
- Other Diagnostic Monitoring Products
- Therapeutic Devices
- Portable Oxygen Concentrators and Ventilators
- Insulin Pumps
- Hearing Aid
- Other Therapeutic Devices
Breakup by Distribution Channel:
Breakup by Application:
- Auto-Immune Disorders
- Infectious Diseases
Breakup by End User:
- Hospitals and Clinics
- Home-Care Setting
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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