Home > Pressrelease > Smart Medical Devices Market size to exceed $84.5 Bn by 2032

Smart Medical Devices Market size to exceed $84.5 Bn by 2032

  • Published Date: February 8, 2023

Smart Medical Devices Market size is anticipated to surpass USD 84.5 billion by 2032, according to a new research report by Global Market Insights Inc.

Flourishing medical device industry as the chief driver for smart medical devices industry trends. The use of cutting-edge technology in Medicare, along with a variety of data analytic techniques and tools to effectively keep patient records, create better treatment plans, identify patients at risk for poor outcomes, and predict them, is anticipated to foster product development.

For instance, in September 2022, Medtronic, a medical devices firm, launched its smart MDI system that combines InPen with smart alerts of the Guardian 4 CGM system in Europe. This move came after the population suffered from constant mental decisions to inject insulin.

Increasing prevalence of diabetes to bolster therapeutic devices expansion

Heavy demand for therapeutic devices, especially in hospital settings. The smart medical devices market share from the therapeutic devices product segment is anticipated to exhibit more than 7.5% CAGR by 2032. The therapeutic devices segment is further classified into portable oxygen concentrators & ventilators, insulin pumps, hearing aids, and others. The segment progress is attributable to rising incidences of diabetes, which is accelerating the use of insulin pumps, thereby supporting product penetration.

Browse key industry insights spread across 145 pages with 208 market data tables & 10 figures & charts from the report,“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” In detail along with the table of contents:

Smart medical devices to witness extensive adoption in hospitals

The uptake of smart medical devices for the treatment of chronic illnesses in hospitals is likely to remain high in the upcoming years. The smart medical devices market size from the hospitals segment was registered at more than USD 13.5 billion in revenue in 2022. The increased utilization of digital therapeutic applications for patients to access affordable emergency treatment is projected to push product adoption.

To cite an instance, in July 2022, Healthcare Global Enterprises Ltd., a hospital corporation, announced its plans to deploy AI-driven smart digital scanning technology for cancer patients.

Supportive government efforts to boost digitalization to help Europe industry growth

Europe smart medical devices market valuation is speculated to exceed USD 24 billion by the end of 2032. The region may emerge as a major hub for this industry owing to favorable government initiatives and increasing patient awareness pertaining to the effective management of their medical issues

Continuous R&D in IoT medical devices to remain a key progression strategy

Some key companies profiled in the smart medical devices industry include Fitbit Inc, F. Hoffmann-La Roche Ltd, Abbott, Dexcom Inc, NeuroMetrix Inc, Medtronic, Omron Corporation (Omron Healthcare), VitalConnect Inc, and Sonova, among others.

Authors: Sumant Ugalmugle, Rupali Swain