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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.
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.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 25,269.8 Million |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 11.5% |
2027 Value Projection: | USD 55,830.5 Million |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 145 |
Tables, Charts & Figures: | 223 |
Segments covered: | Product, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.
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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.
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.
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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.
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.
Market, By Product Type
Market, By end-use
The above information is provided for the following regions and countries: