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Smart Medical Devices Market

Smart Medical Devices Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Medical Devices | Author Name: Sayali

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Swelling Demand for Smartphone-compatible, and Wireless Medical Devices Drive Smart Medical Devices Market

Adopting intelligent medical devices provides several advantages, including time and money savings on hospital visits, which helps people become more conscious of their health and fitness. Usage of intelligent medical devices is growing worldwide. By continuously monitoring health parameters, the clever gadgets may also analyse the patient's health status and respond quickly to problems. Smart devices have the advantage that patients can use them confidently and conveniently. Smartphones significantly impact the healthcare sector. Global smartphone adoption increase, escalating need for wireless and smartphone-compatible medical devices, rising public awareness of and interest in health and fitness, and increasing home healthcare demand are all projected to drive the expansion of smart medical devices market.

Sales of smartphones will increase due to rising disposable income, rising consumer electronics expenditure, and changing lifestyles. The number of smartphone users worldwide in 2022 will reach 6.648 billion, or 83.72 percent of the world's population. 7.26 billion people worldwide—91.54 percent of the world's population—own a smart or feature phone. In the upcoming years, the market for smartphone-compatible intelligent medical devices will expand due to the increasing use of smartphones.

Smart Medical Devices Market Significantly Gains from Innovative Launches

Innovative products have been released by businesses like Apple, Inc., Fitbit, Inc., and Medtronic, which is also anticipated to support smart medical devices market growth. The unexpected, widespread coronavirus outbreak has offered a healthy push to telehealth services and mobile health products like tele-ICU devices to improve caregivers' ability to interact with patients during the pandemic and address their medical needs. In 2020, LIVI, the UK arm of Europe's largest digital healthcare supplier, KRY, announced the launch of a free web-based platform dubbed 'LIVI Interact' across Europe, allowing healthcare professionals to connect with remote patients via video consultations during COVID-19.

To meet the increased need for improved healthcare services, wireless portable medical devices, widely utilised in applications such as monitoring, medical treatments, diagnosis, fitness, and wellness, have proven to be highly helpful. The market for portable medical devices has been expanding over the past few years due to the expanding population, rising income levels, ageing of the population, and increased awareness of health and wellness. According to the United Nations Database on World Population Ageing 2020, there will be 1.5 billion older people worldwide by 2050, up from 727 million in 2020. Therefore, with an increase in the ageing population, the demand for wireless medical devices will increase due to immobility in the older adults associated with various diseases. This will fuel the expansion of smart medical devices market in the following years.

Diagnostic and Monitoring Remains Top-performing Category in Smart Medical Devices Market

The diagnostic and monitoring segment of the market for innovative medical devices held the largest share during the forecast period and is anticipated to expand throughout the forecast period due to the government's encouraging initiatives to improve patient care and investment in innovative medical devices. The firm will advance due to enhanced flexibility and the easier accessibility of a wide range of items. The category is predicted to produce profitable industry chances during the projection period because most suppliers focus on the market through new launches, global growth, and investments. The need for patient monitoring devices is rising due to chronic diseases like diabetes, stroke, and renal disease.

Pioneering Position in Health Tech Upholds North America’s Smart Medical Devices Market

Northmost significant will hold the most critical market share, and this trend is anticipated throughout the projection period. North America's healthcare facilities are of the most outstanding calibre because of reasonable regulations that make healthcare available to most people. This contributes to a greater selling rate throughout the nation. This region's market for innovative medical devices has grown significantly due to technological innovation and the high rate of early adoption of innovative medical equipment. According to the American Heart Association's 2021 heart disease and stroke statistics update information sheet, coronary heart disease (CHD) accounted for 42.1% of all fatalities in the country that could be attributed to cardiovascular disease. The growing elderly population, and higher prevalence of chronic diseases among Americans raise the demand for remote and at-home patient monitoring equipment, which fuels smart medical devices market expansion.

A majority of the leading players in global smart medical devices market, including Garmin Ltd., Fitbit, Inc., and Biotelemetry, Inc., are based in this region and have been investing in the development of intelligent medical devices as well as introducing novel products there. Fitbit, Inc. introduced Fitbit Sense in August 2020. This enhanced health smartwatch aids in identifying the body's reactions to stimuli by recording electrodermal activity responses. Thus, with these facts, it is anticipated that the studied market would experience rapid growth in North America over the projected time.

Smart Medical Devices Market to Exhibit the Fastest Growth in Asia Pacific

The Asia Pacific will account for a significant share of the market's overall revenue in the forecast period and will be noted as the region with the fastest-growing smart medical devices market. China, and Japan are two growing economies where the economic climate has improved. The demand for innovative medical devices in the area has been positively impacted by factors such as the growing population, rising disposable income, and the need for more technologically advanced items. People with chronic illnesses are becoming more prevalent, which allows market players to take advantage of low prices. A sizable fraction of the Chinese population had chronic diseases in 2020.

Overweight or obesity affects more than 500 million people, and high blood pressure affects more than 400 million people. The need for remote and home-based patient monitoring systems is increased by the rising older population and the prevalence of chronic diseases among Asians, which propels the market expansion under evaluation. In Asia and the Pacific, one in four persons will be older than 60 by 2050. Between 2010 and 2050, the number of senior people (those over 60) in the region will quadruple, growing to around 1.3 billion. The ageing population will increase the demand for innovative medical devices, particularly remote monitoring, in the coming years.

Global Smart Medical Devices Market: Competitive Landscape

In January 2021, Facedrive Health released the V2 TraceSCAN Wearable Device. To address the common drawbacks of ordinary Bluetooth devices (which are not GPS-based), such as privacy concerns, accuracy, data management, and the capacity to monitor vital signs, TraceSCAN V2 offers a wide range of enhanced functionality. In September 2020, NeuroMetrix, Inc. announced the release of the Quell App for the Apple Watch, a pain relief gadget. High-level integration and new pain alleviation functionality will be made possible. This will make it easier for the user to operate the device and track wrist pain relief. This will increase market demand and aid in the expansion of the business.

Few of the players in the smart medical devices market include Abbott Laboratories, Apple, Inc., Dexcom, Inc., Fitbit, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc, NeuroMetrix, Inc., Sonova, and Samsung Electronics Co., Ltd.

Global Smart Medical Devices Market is Differentiated as Below:

By Product Type

  • Diagnostic & Monitoring Devices
  • Therapeutic Devices
  • Injury Prevention and Rehabilitation Devices

By Test Type

  • Portable
  • Wearable
  • Others

By End User

  • Hospitals
  • Clinics
  • Home Care Settings
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East

Key elements included in the study: Global Smart Medical Devices Market 

  • Smart Medical Devices Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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