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Smart Medical Devices Market Size By Product (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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2032

  • Report ID: GMI1969
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Statistics

Smart Medical Devices Market size was valued at over USD 35 billion in 2022. Driven by positive government efforts to increase patient access to smart healthcare, the industry is estimated to progress at more than 8.5% CAGR between 2023 and 2032.
 

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Burgeoning cases of diabetes, asthma, and other diseases across the globe are set to complement the market outlook. The prevalence of chronic diseases including diabetes and asthma is increasing the significance of medical devices among patients. Additionally, changing lifestyles and efforts toward health are also projected to encourage the use of smart medical devices.
 

Furthermore, the growing importance of real-time data-driven approaches for diagnostics and treatment in hospitals & diagnostic centers is fostering the smart medical devices market progress. Prominent technological developments in healthcare, along with the adoption of innovative solutions to achieve better patient outcomes, are driving medical devices, which is speculated to accelerate industry expansion.
 

Lack of proper infrastructure may restrain industry progression

The lack of suitable electrical infrastructure in developing and low-income countries is restraining smart medical devices market development. As these medical devices depend highly on electricity-powered IT hardware and software, underdeveloped nations are unable to implement the use of smart medical devices while risking healthcare operations. Thus, a power failure or limited electricity supply pose threat to the workability of smart devices. However, notable technological advancements are likely to aid product adoption.
 

Supportive government measures to impel diagnostic & monitoring devices demand

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Based on product, the smart medical devices market is classified into diagnostic and monitoring and therapeutic devices. The diagnostic and monitoring segment was worth over USD 27 billion in 2022. The diagnostic and monitoring segment is further divided into pulse, blood pressure, blood glucose, and heart rate monitors, among other devices. Favorable government measures to enhance patient care as well as rising investments in the smart medical devices sector are contributing to segment expansion.
 

Expanding aging population to aid homecare setting segment revenue

Global Smart Medical Devices Market Share, By End-use, 2022 (%)

Segment

Market share (%), 2022

Hospitals

38.90%

Homecare Setting

49.80%

Others

11.30%

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In terms of end-use, the smart medical devices market is classified into homecare setting, hospitals, and others. The homecare setting segment is anticipated to depict over 8.5% CAGR from 2023 to 2032. The growing aging population globally and soaring patient demand for value-based healthcare in their homes is slated to fuel segment progress. As per WHO, the total number of people aged above 60 or older would reach 1.4 billion by the year 2030. This is expected to boost the demand for patient-centered healthcare services, especially in-home care services.  
 

Asia Pacific industry to benefit from changing living standards of people

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Asia Pacific smart medical devices market accounted for more than USD 8 billion in revenue in 2022, the report claims. Rising demand for novel smart medical devices due to the growing population, escalating disposable income, and other factors are fostering product adoption in the APAC region. According to the United Nations Population Fund, the region contributes to over 4.3 billion of the global population.
 

Increasing R&D initiatives by companies to favor the smart medical devices market outlook

Abbott, Dexcom Inc, Fitbit Inc, VitalConnect Inc, F Hoffmann-La Roche Ltd, NeuroMetrix Inc, Medtronic, Omron Corporation (Omron Healthcare), and Sonova are some key participants operating in the market. These firms majorly engage in lucrative acquisitions and partnerships to remain ahead in the competitive landscape.
 

Impact of COVID-19 on the smart medical devices market trends

The COVID-19 pandemic had an optimistic impact on the smart medical devices industry. With the emergence of the coronavirus, many community centers and other fitness institutions became inactive in most parts of the world. This encouraged users to adopt digital and various other app-based solutions. Moreover, escalating awareness and growing preference for AI-based medical equipment that aids in tracking and monitoring human vital signs is speculated to boost the market growth. For instance, in June 2021, Max Healthcare and MyHealthcare launched an AI-based device integrated with patient monitoring systems in India.
 

The smart medical devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

By Product

  • 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

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
    • Japan
    • China
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia

 

Authors: Rupali Swain, Subodh Kharad

Frequently Asked Questions (FAQ) :

Global market for smart medical devices accounted for over USD 35 billion in revenue in 2022 and is set to progress at more than 8.5% CAGR between 2023 and 2032 owing to the rising prevalence of chronic diseases, including diabetes and asthma.
Homecare setting end-use segment is anticipated to depict over 8.5% CAGR from 2023 to 2032 due to the expanding aging population and soaring patient demand for value-based healthcare.
Diagnostic and monitoring segment was worth over USD 27 billion in 2022 and is slated to grow steadily in the forthcoming period as a result of favorable government measures to enhance patient care and investment in the field of smart medical devices.
Asia Pacific smart medical devices market accounted for more than USD 8 billion in revenue in 2022 on account of the growing population, escalating living standards, cumulative disposable income, and other factors in the APAC region.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 9
  • Tables & Figures: 218
  • Countries covered: 15
  • Pages: 145
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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