Smart Medical Devices Market Analysis

Smart Medical Devices Market Analysis

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.
 

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 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.