Smart Medical Device Market - Forecasts from 2023 to 2028

The global smart medical devices market is estimated to grow at a CAGR of 10.33% reaching US$271.343 billion in 2028 from US$136.395 billion in 2021.

The global smart medical devices market growth is being propelled by the increasing demand for wireless and smartphone-compatible medical equipment, device technology breakthroughs, and increased consumer awareness of fitness. Moreover, as these devices are simple to use and don't require a lot of specialized knowledge to understand the results, demand for wearable medical devices has increased like sensors, ECG devices, and smartwatches with fitness trackers. As a result, the user can monitor their vital signs to maintain tabs on their health status without having to often visit clinics or hospitals. Additionally, the elderly population is anticipated to adopt this aspect of smart medical devices more readily.

Furthermore, according to data updated by the UN in its World Population Prospectus 2022, which was published in July 2022, Europe and Northern America had the oldest populations in 2022, with nearly 19% of the population being 65 years of age or older.

Rising prevalence of chronic diseases

The rise in the prevalence of chronic diseases including diabetes, cardiovascular, and respiratory problems has a big impact on the global smart medical devices market. For instance, 10.5% of adults (20–79 years) have diabetes, according to the IDF Diabetes Atlas (2021), and as per the same source nearly 783 million adults, or one in eight, would have diabetes by 2045, a 46% rise. The healthcare sector is highly concerned with treating chronic illnesses, offering efficient aging-in-place support to an older population, and guaranteeing a seamless transition from inpatient hospital care to outpatient home care. By properly following the treatment plans and recognizing health metrics, smart medical devices assist in monitoring and managing solutions.

It is projected that the smart medical devices market in India will grow steadily.

India has been experiencing significant growth in the smart medical devices industry in recent years, making it a significant segment within the broader healthcare industry. Factors such as increasing healthcare expenditure followed by the Indian governmental initiatives to promote the use of technology in healthcare are driving the demand for smart medical devices, which in turn drives the need for specialized medical technologies making them more accessible and efficient. According to the Economic Survey 2022-23, India’s public expenditure on healthcare touched 2.1 % of GDP in FY23 and 2.2% in FY22, against 1.6% in FY21.

Increasing Government Initiatives in India

Indian government initiatives are also playing a significant role in the growth and development of the smart medical devices market in the country. The Make in India initiative has not only bolstered the country's manufacturing capabilities but has also paved the way for a robust and domestically developed digital infrastructure, greatly benefiting the citizens. In a bid to establish an ecosystem that delivers improved healthcare services across India, Prime Minister Narendra Modi announced the National Digital Health Mission (NDHM) on India's 84th Independence Day in 2020.

This existing digital infrastructure, which efficiently identifies and connects individuals and simplifies their daily lives through digital means, includes key components like the Aadhaar Unique Identity (UID), the JAM trinity (Jan Dhan-Aadhaar-Mobile), and the Unified Payments Interface (UPI). This strong digital foundation provides a solid launching pad for NDHM, facilitating further development and enhancement of healthcare services through digital management.

Market Key Developments

• In November 2022, Medtronic launched the “Medtronic Extended Fusion Set” in the US which uses advanced materials for reducing insulin preservative loss and thereby maintaining insulin flow.

Segmentation:

By Type

• Diagnostic and Monitoring Devices
• Therapeutic Devices

By Application

• Cardiovascular
• Neurology
• Respiratory
• Others

By End-User

• Hospitals and Clinics
• Ambulatory Care Centers
• Home Care Settings

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Others