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Smart Medical Devices Market - By Product Type By End Use, By Distribution Channel, & Global Forecast, 2024 – 2032
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Smart Medical Devices Market
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Premium Report Details
Base Year: 2023
Companies covered: 14
Tables & Figures: 173
Countries covered: 21
Pages: 130
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Smart Medical Devices Market Size
The global smart medical devices market was valued at around USD 38 billion in 2023 and is expected to reach around USD 129.2 billion by 2032 at a CAGR of 14.3% during the forecast period.
The market is witnessing robust growth due to the increasing adoption of smartphone-compatible and wireless medical devices, alongside rising awareness and focus on health and fitness. The surge in healthcare concerns, the prevalence of chronic diseases, increased healthcare spending, and the high demand for wearable devices are key drivers accelerating market expansion.
Wearable medical equipment such as sensors, ECG devices, and fitness-tracking smartwatches are in high demand because they are easy to use and do not require expert interpretation. These devices enable users, especially the elderly, to monitor their vital signs from home without frequent clinic or hospital visits, enhancing convenience and promoting widespread adoption among older populations.
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 are speculated to accelerate industry expansion.
Smart medical devices are advanced healthcare tools that use technology to monitor, diagnose, or treat medical conditions. These devices are often connected to smartphones, tablets, or other wireless systems, enabling real-time data collection, analysis, and communication. Smart medical devices include wearables like fitness trackers, smartwatches, glucose monitors, ECG sensors, and blood pressure monitors, as well as implantable or portable devices.
Smart Medical Devices Market Trends
The smart medical devices industry is experiencing strong growth due to advancements in technology, rising demand for remote monitoring, and increasing focus on personalized healthcare.
Smart Medical Devices Market Analysis
Based on product type, the market is classified into diagnostic and monitoring devices, therapeutic devices and other product types. The diagnostic and monitoring segment was valued at USD 25.8 billion in 2023. The diagnostic and monitoring devices segment is further divided into blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors, breathalyzers, and other diagnostic & monitoring devices. The therapeutic devices segment is further segmented into portable oxygen concentrators and ventilators, insulin pumps, hearing aid, and other therapeutic devices. Favourable government measures to enhance patient care as well as rising investments in the smart medical devices sector are contributing to segment expansion.
Based on end use, the smart medical devices market is classified into hospitals, homecare setting, and other end users. The homecare setting segment is anticipated to depict over 14.5% 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-centred healthcare services, especially in-home care services.
The distribution channel segment includes brick & mortar and e-commerce. E-commerce is the fastest-growing segment with a CAGR of 17.1% during the forecast period, owing to an increase in online purchasing through smartphones, higher flexibility, and easier availability of a wide range of products.
North America smart medical devices market accounted for USD 13.9 billion in revenue in 2023 and is predicted to witness substantial market growth over the analysis timeline.
Smart Medical Devices Market Share
The smart medical devices industry is moderately competitive, and few companies hold most of the market share. New players are coming up in the market due to the technological advancements in the healthcare industry and the rising R&D expenditure of the companies. Some of the companies which are currently dominating the market are Abbott laboratories, Apple, Bio-beat, Dexcom, F. Hoffmann la Roche, Fitbit, Medtronic, Neurometric, Omron Corporation, Otsuka Holdings, Koninklijke Philips N.V., Vital Connect, Samsung and others.
Smart Medical Devices Market Companies
Some of the eminent market participants operating in the smart medical devices industry include:
Smart Medical Devices Industry News:
Smart medical devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032 for the following segments:
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Market, By Product Type
Market, By End Use
Market, By Distribution Channel
The above information is provided for the following regions and countries: