Smart Medical Devices Market Size By Product Type (Diagnostic and Monitoring {Blood Glucose Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors}, Therapeutic Devices {Portable Oxygen Concentrators and Ventilators, Insulin Pumps, Hearing Aid}), By End-use (Hospitals, Homecare Setting), COVID19 Impact Analysis, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry trends

Smart Medical Devices Market size exceeded USD 25.3 billion in 2020 and is estimated to grow at over 11.2% between 2021 and 2027. The market growth is owing to the rising demand for smartphone-compatible & wireless medical devices and rising awareness & focus on health and fitness. Moreover, rise in health concerns, preponderance of chronic diseases, strengthening expenditure on healthcare and the high-pitched demand for wearable devices will further impel the market value exponentially.
 

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Smart medical device is a medical device, usually connected to other medical devices or networks via various network protocols such as NFC, Bluetooth or Wi-Fi and can operate autonomously and interactively. Smart medical devices are usually based on wireless technology and use machine-to-machine technology to offer services, enhancing the user experience.
 

Furthermore, as social distancing norms continue to be followed, digital health and telemedicine solutions are largely gaining popularity. Several COVID-19 protocols mandate people to stay indoors and refrain from crowding. Hence, as an increasing number of people adopt aforementioned technologies for periodic health check-up, a considerable increase in the demand for smart medical devices is anticipated. Given the advantages of smart medical devices, COVID-19 is expected to have an overall optimistic impact on the market.  
 

Due to high prevalence of chronic diseases, acceptance and development of smart medical device is slated to boost the market progression

Increasing prevalence of chronic diseases such as diabetes and asthma is predicted to stimulate the smart medical devices market demand. For instance, according to the World Health Organization (WHO), nearly 10% of the global population aged between 20 and 79 will have diabetes by the year 2045. Also, it is poised that the altering lifestyle and among other factors will majorly contribute to the high prevalence rate of diabetes. Thus, to monitor such disease conditions, individuals will opt for smart medical devices such as blood glucose monitors and insulin pumps, thereby fostering the market growth. Additionally, disorders such as multiple sclerosis (MS) and chronic obstructive pulmonary disease (COPD) among others are also witnessing a high prevalence rate in recent years. Thus, development of smart medical devices for treatment, monitoring and early diagnosis is gaining prominence among manufacturers, thereby augmenting the industry growth.
 

Lack of suitable infrastructure in low-middle level countries may limit the market expansion

Most of the medical devices, both smart and conventional, are IT-dependent hardware and software while being powered with the help of electricity. Failure of hardware or bugs in software can impact the overall performance of the device while risking healthcare operations. Further, a power failure or large dependence on rechargeable batteries also poses a risk in areas with limited electrical infrastructure. Also, as most of the developed world is largely electrified, low- and middle-income countries are still noted to struggle with providing adequate electricity in remote regions. This can cause limitations in the penetration of smart medical devices across regions, thereby hampering the industry value.
 

Supportive initiatives by the government to improve patient care and investment in the field of smart medical devices will spur the market revenue

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The diagnostic and monitoring segment in the smart medical devices market accounted for USD 19.2 billion in 2020 and is set to observe an 11.3% growth rate through 2027 led by the supportive initiatives by the government to improve patient care and investment in the field of smart medical devices. Also, higher flexibility and easier availability of a wide range of products will further surge the industry progression. In addition, with majority of suppliers targeting the segment with product launches, geographical expansion and investments, the segment is poised to create lucrative industry opportunities during the forecast timeframe.
 

Aging population around the world and demand for more patient-centric healthcare services will boost the segment growth

Homecare setting segment captured 49.6% of the market share in 2020 due to the usage of various smart medical devices such as glucose meter and pulse oximeters, as they can be used in homecare settings. Furthermore, population aging around the world and increased patient preference for value-based healthcare are anticipated to fuel the industry demand.
 

High acceptance of advanced technologies is likely to promote the growth of smart medical devices in the North American region

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North America smart medical devices market size was over USD 9.9 billion in 2020 owing to the high adoption of advanced technologies and the existence of a well-developed healthcare sector. In addition, significant supplier concentration in the region, better product acceptance trends, considerable prevalence rates of diabetes as well as cardiovascular illnesses among others will further foster the regional growth. The healthcare system in this region has benefited greatly from favourable economic conditions, improved per capita income, and improved standard of living.
 

Adoption of business strategies will pave growth opportunities for companies operating in the market

Prominent market players operating in the market include F. Hoffmann-La Roche Ltd, Abbott, Medtronic, Omron Corporation, Dexcom and Fitbit among others. New product launch, partnerships and collaborations are the most commonly adopted business strategies to sustain the market position.
 

Some of the recent industry developments:

• In April 2020, Dexcom announced that due to the public health crisis of COVID-19 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. This strategy is estimated to expand their product offering in various health sectors, thereby strengthening the market presence.
   
• 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. This strategy is expected expand their business across Europe, thereby strengthening its market position.
   

The smart medical devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:
 

Market, By Product Type

• Diagnostic and monitoring
  • Blood glucose monitors
  • Heart rate monitors
  • Pulse oximeters
  • Blood pressure monitors
  • Others
• Therapeutic devices
  • Portable oxygen concentrators and ventilators
  • Insulin pumps
  • Hearing aids
  • Others

Market, By end-use

• Hospitals
• Homecare setting
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia