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Smart Medical Devices Market Size

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

Smart Medical Devices Market Size

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.


Smart Medical Devices Market

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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.

Authors: Mariam Faizullabhoy

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.

Smart Medical Devices Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 9
  • Tables & Figures: 218
  • Countries covered: 15
  • Pages: 145
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