The global smart medical devices market was valued at $31,448.8 million in 2021, and is projected to reach $132,133.42 million by 2031, registering a CAGR of 15.4% from 2022 to 2031.
Recently evolved smart medical device technologies have helped to prevent & diagnose chronical diseases and provide real-time monitoring. Database records and servers play a vital role to maintain medical records, and provide facilities to the patients in need of hour. It describes the internet of things integrated advanced technologies useful in domain of healthcare. Early diagnosis might prevent severe illness & saves patients from untimely death. So, early diagnosis might save patients life. In current times, the internet of things based health applications focus on medical treatments of the diseases and monitoring the health of the patients via analyzing various parameters using smart devices. The healthcare system is slowly switching to remote healthcare by providing E-health services at homes. There are many applications existing for patient monitoring. In addition, various networks such as Wireless Body Area Network (WBAN), Wireless Local Area Network (WLAN), Radio-frequency Identification (RFID) and Wireless Personal Area Network (WPAN) assist in automatic identification and data capturing.
The global smart medical devices market is anticipated to show significant market growth during the forecast period, owing to surge in demand of smart medical devices, increase in prevalence of chronic diseases and increase in geriatric population. Furthermore, increase in healthcare expenditure, rise in incidence of diabetes, the rapidly evolving information and software technology and rise in healthcare expenditure are considerably contributing toward the market growth. However, stringent government regulations for medical devices and high cost of smart medical devices are negatively impacting the market growth. Conversely, the technological advancements in medical devices offers lucrative opportunities for the growth of the market.
The global smart medical devices market is segmented on the basis of product type, application, distribution channel and region. By on product type, the market is classified into diagnostic & monitoring devices and therapeutic devices. Furthermore, the diagnostic and monitoring devices segment is sub-classified as wearable and non-wearable. By application, the market is classified into blood glucose monitoring, cardiovascular and others. By distribution channel, the market is classified into pharmacies and online channel. Region wise, the market is studied across North America (U. S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).
The major companies profiled in the report include Abbott Laboratories, Alphabet Inc. (Fitbit Inc. ), Apple Inc., Biotronik SE & Co. KG, Boston Scientific Corporation, Dexcom Inc, Medtronic plc, Novo Nordisk A/S, Omron Corporation, Sonova, VitalConnect Inc., and West Pharmaceutical Services, Inc.
Recently evolved smart medical device technologies have helped to prevent & diagnose chronical diseases and provide real-time monitoring. Database records and servers play a vital role to maintain medical records, and provide facilities to the patients in need of hour. It describes the internet of things integrated advanced technologies useful in domain of healthcare. Early diagnosis might prevent severe illness & saves patients from untimely death. So, early diagnosis might save patients life. In current times, the internet of things based health applications focus on medical treatments of the diseases and monitoring the health of the patients via analyzing various parameters using smart devices. The healthcare system is slowly switching to remote healthcare by providing E-health services at homes. There are many applications existing for patient monitoring. In addition, various networks such as Wireless Body Area Network (WBAN), Wireless Local Area Network (WLAN), Radio-frequency Identification (RFID) and Wireless Personal Area Network (WPAN) assist in automatic identification and data capturing.
The global smart medical devices market is anticipated to show significant market growth during the forecast period, owing to surge in demand of smart medical devices, increase in prevalence of chronic diseases and increase in geriatric population. Furthermore, increase in healthcare expenditure, rise in incidence of diabetes, the rapidly evolving information and software technology and rise in healthcare expenditure are considerably contributing toward the market growth. However, stringent government regulations for medical devices and high cost of smart medical devices are negatively impacting the market growth. Conversely, the technological advancements in medical devices offers lucrative opportunities for the growth of the market.
The global smart medical devices market is segmented on the basis of product type, application, distribution channel and region. By on product type, the market is classified into diagnostic & monitoring devices and therapeutic devices. Furthermore, the diagnostic and monitoring devices segment is sub-classified as wearable and non-wearable. By application, the market is classified into blood glucose monitoring, cardiovascular and others. By distribution channel, the market is classified into pharmacies and online channel. Region wise, the market is studied across North America (U. S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).
The major companies profiled in the report include Abbott Laboratories, Alphabet Inc. (Fitbit Inc. ), Apple Inc., Biotronik SE & Co. KG, Boston Scientific Corporation, Dexcom Inc, Medtronic plc, Novo Nordisk A/S, Omron Corporation, Sonova, VitalConnect Inc., and West Pharmaceutical Services, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart medical devices market analysis from 2021 to 2031 to identify the prevailing smart medical devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart medical devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart medical devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Distribution Channel
- Pharmacies
- Online Channel
By Product Type
- Diagnostic and Monitoring Devices
- Modality
- Wearable
- Non-Wearable
- Therapeutic Devices
By Application
- Blood glucose monitoring
- Cardiovascular
- Othres
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest Of LAMEA
Key Market Players
- Abbott Laboratories
- Apple Inc.
- biotronik
- Boston Scientific Corporation
- DexCom, Inc.
- Fitbit, Inc.
- Medtronic, Inc.
- Novo Nordisk
- Omron Corporation (Omron Healthcare)
- Sonova
- VitalConnect Inc
- West Pharmaceutical Services, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: SMART MEDICAL DEVICES MARKET, BY PRODUCT TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Diagnostic and Monitoring Devices
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.2.4 Diagnostic and Monitoring Devices Smart Medical Devices Market by Modality
4.2.4.1 Wearable Market size and forecast, by region
4.2.4.2 Non-Wearable Market size and forecast, by region
4.3 Therapeutic Devices
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
CHAPTER 5: SMART MEDICAL DEVICES MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Blood glucose monitoring
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Cardiovascular
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Othres
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
CHAPTER 6: SMART MEDICAL DEVICES MARKET, BY DISTRIBUTION CHANNEL
6.1 Overview
6.1.1 Market size and forecast
6.2 Pharmacies
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Online Channel
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
CHAPTER 7: SMART MEDICAL DEVICES MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Product Type
7.2.2.1 North America Diagnostic and Monitoring Devices Smart Medical Devices Market by Modality
7.2.3 North America Market size and forecast, by Application
7.2.4 North America Market size and forecast, by Distribution Channel
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Market size and forecast, by Product Type
7.2.5.1.2 Market size and forecast, by Application
7.2.5.1.3 Market size and forecast, by Distribution Channel
7.2.5.2 Canada
7.2.5.2.1 Market size and forecast, by Product Type
7.2.5.2.2 Market size and forecast, by Application
7.2.5.2.3 Market size and forecast, by Distribution Channel
7.2.5.3 Mexico
7.2.5.3.1 Market size and forecast, by Product Type
7.2.5.3.2 Market size and forecast, by Application
7.2.5.3.3 Market size and forecast, by Distribution Channel
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Product Type
7.3.2.1 Europe Diagnostic and Monitoring Devices Smart Medical Devices Market by Modality
7.3.3 Europe Market size and forecast, by Application
7.3.4 Europe Market size and forecast, by Distribution Channel
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Market size and forecast, by Product Type
7.3.5.1.2 Market size and forecast, by Application
7.3.5.1.3 Market size and forecast, by Distribution Channel
7.3.5.2 France
7.3.5.2.1 Market size and forecast, by Product Type
7.3.5.2.2 Market size and forecast, by Application
7.3.5.2.3 Market size and forecast, by Distribution Channel
7.3.5.3 UK
7.3.5.3.1 Market size and forecast, by Product Type
7.3.5.3.2 Market size and forecast, by Application
7.3.5.3.3 Market size and forecast, by Distribution Channel
7.3.5.4 Italy
7.3.5.4.1 Market size and forecast, by Product Type
7.3.5.4.2 Market size and forecast, by Application
7.3.5.4.3 Market size and forecast, by Distribution Channel
7.3.5.5 Spain
7.3.5.5.1 Market size and forecast, by Product Type
7.3.5.5.2 Market size and forecast, by Application
7.3.5.5.3 Market size and forecast, by Distribution Channel
7.3.5.6 Rest of Europe
7.3.5.6.1 Market size and forecast, by Product Type
7.3.5.6.2 Market size and forecast, by Application
7.3.5.6.3 Market size and forecast, by Distribution Channel
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Product Type
7.4.2.1 Asia-Pacific Diagnostic and Monitoring Devices Smart Medical Devices Market by Modality
7.4.3 Asia-Pacific Market size and forecast, by Application
7.4.4 Asia-Pacific Market size and forecast, by Distribution Channel
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 Japan
7.4.5.1.1 Market size and forecast, by Product Type
7.4.5.1.2 Market size and forecast, by Application
7.4.5.1.3 Market size and forecast, by Distribution Channel
7.4.5.2 China
7.4.5.2.1 Market size and forecast, by Product Type
7.4.5.2.2 Market size and forecast, by Application
7.4.5.2.3 Market size and forecast, by Distribution Channel
7.4.5.3 Australia
7.4.5.3.1 Market size and forecast, by Product Type
7.4.5.3.2 Market size and forecast, by Application
7.4.5.3.3 Market size and forecast, by Distribution Channel
7.4.5.4 India
7.4.5.4.1 Market size and forecast, by Product Type
7.4.5.4.2 Market size and forecast, by Application
7.4.5.4.3 Market size and forecast, by Distribution Channel
7.4.5.5 South Korea
7.4.5.5.1 Market size and forecast, by Product Type
7.4.5.5.2 Market size and forecast, by Application
7.4.5.5.3 Market size and forecast, by Distribution Channel
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Market size and forecast, by Product Type
7.4.5.6.2 Market size and forecast, by Application
7.4.5.6.3 Market size and forecast, by Distribution Channel
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Product Type
7.5.2.1 LAMEA Diagnostic and Monitoring Devices Smart Medical Devices Market by Modality
7.5.3 LAMEA Market size and forecast, by Application
7.5.4 LAMEA Market size and forecast, by Distribution Channel
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Brazil
7.5.5.1.1 Market size and forecast, by Product Type
7.5.5.1.2 Market size and forecast, by Application
7.5.5.1.3 Market size and forecast, by Distribution Channel
7.5.5.2 Saudi Arabia
7.5.5.2.1 Market size and forecast, by Product Type
7.5.5.2.2 Market size and forecast, by Application
7.5.5.2.3 Market size and forecast, by Distribution Channel
7.5.5.3 South Africa
7.5.5.3.1 Market size and forecast, by Product Type
7.5.5.3.2 Market size and forecast, by Application
7.5.5.3.3 Market size and forecast, by Distribution Channel
7.5.5.4 Rest of LAMEA
7.5.5.4.1 Market size and forecast, by Product Type
7.5.5.4.2 Market size and forecast, by Application
7.5.5.4.3 Market size and forecast, by Distribution Channel
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Abbott Laboratories
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Apple Inc.
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 biotronik
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 Boston Scientific Corporation
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 DexCom, Inc.
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Fitbit, Inc.
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Medtronic, Inc.
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Novo Nordisk
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Omron Corporation (Omron Healthcare)
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Sonova
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
9.11 VitalConnect Inc
9.11.1 Company overview
9.11.2 Company snapshot
9.11.3 Operating business segments
9.11.4 Product portfolio
9.11.5 Business performance
9.11.6 Key strategic moves and developments
9.12 West Pharmaceutical Services, Inc.
9.12.1 Company overview
9.12.2 Company snapshot
9.12.3 Operating business segments
9.12.4 Product portfolio
9.12.5 Business performance
9.12.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Smart Medical Devices Market,' the smart medical devices market was valued at $31.5 billion in 2021, and is estimated to reach $132.1 billion by 2031, growing at a CAGR of 15.4% from 2022 to 2031.The wearable and non-wearable both smart medical devices are efficiently used for remote patient monitoring, care delivery, diagnosing, and more. IoT-based systems powering medical devices automate routine tasks such as vitals collection, predict disease risks and disease flow, and improve efficiency of medical staff. The popularity of smart medical devices is based on the need to closely check such chronic diseases as diabetes, asthma, COPD, and limited access to on-site medical monitoring due to the COVID-19 pandemic. The smart medical devices are mainly used collect patient data or deliver therapy. It is equipped with connectivity capabilities like Wi-Fi, NFC and actuators to trigger a set of pre-programmed actions such as insulin pumps to adjust insulin dosage.
The key drivers of the global smart medical devices market size are increase in number of diabetes patients, increase in government support for product development and increase in healthcare expenditure have significantly contributed toward the growth of the market. Moreover, the development of new technologies with high potential of emerging economies are further expected to provide lucrative opportunities for market expansion. However, high cost of medical devices impedes the smart medical devices market growth.
The COVID-19 pandemic had a fairly negative impact on the smart medical devices industry owing to the complexities in supply of materials, and manufacturing and logistics processes in the pandemic situation. The market players also have experienced moderate disruptions in global distribution operations. However, the situation is expected to change post the COVID-19 pandemic.
By product type, the market is classified into diagnostic & monitoring devices and therapeutic devices. Furthermore, the diagnostic and monitoring devices segment is sub-classified as wearable and non-wearable. The demand for diagnostic and monitoring devices is projected to exhibit the fastest market growth during the forecast period due to its increase in usage of devices, and expected launch of pipeline products. For instance, VitalConnect, Inc., a leader in remote and in-hospital wearable biosensor technology, announced it has launched its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring in November 2020. Moreover, in October 2019, West Pharmaceutical Services, Inc. announced two innovative product offerings at the 2019 PDA Universe of Pre-Filled Syringes and Injection Devices (PDA PFS). West launched the NovaPure 3mL Cartridge components, comprised of plunger and lined seal components, specifically designed for consistent delivery for higher-volume injectable drug delivery systems and the SmartDose Gen. II 10mL injector, which enables subcutaneous delivery of a wide range of drug formulation viscosities up to 10mL in volume.
By application, the market is classified into blood glucose monitoring, cardiovascular and others. The demand for cardiovascular segment is projected to exhibit the fastest market growth during the forecast period, due to increase in number of geriatric population, increase in technological advancements, and rise in efficacy of smart medical devices. For instance, according to the data of United Nations Department of Economic and Social Affairs, in 2019, there were 703 million persons aged 65 years or over globally. This number of older persons is projected to be doubled to 1.5 billion in 2050. The share of the population aged 65 years or over increased from 6.0% in 1990 to 9.0% in 2019. That proportion is projected to rise further to 16.0% by 2050, so that one in six people in the world will be aged 65 years or over.
By distribution channel, the market is classified into pharmacies and online channel. The online channel is projected to exhibit the fastest market growth during the forecast period, owing to higher shift in the preferences of population toward the online purchase of the medical devices. For instance, according to the survey of Census Bureau’s Annual Retail Trade Survey (ARTS) in 2021, e-commerce sales increased by $244.2 billion or 43% in 2020 in the first year of the COVID-19 pandemic. It has risen from $571.2 billion in 2019 to $815.4 billion in 2020.
North America accounted for the largest share of revenue in 2021, and is anticipated to maintain its dominance from 2021 to 2031, owing to presence of large patient population, strong presence of key players, ease of products availability, well developed healthcare infrastructure, favorable expenditure policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced products. However, Asia-Pacific is expected to grow at the highest CAGR, owing to smart medical devices market trends like increase in number of cardiovascular patients and rise in awareness related to smart medical devices.
KEY FINDINGS OF STUDY
By product type, the diagnostic and monitoring devices segment accounted for major share of the global smart medical devices market in 2021.By application, the cardiovascular segment is anticipated to grow with the highest CAGR throughout the forecast period.
By distribution channel, the pharmacies segment is anticipated to grow with the highest CAGR throughout the forecast period.
By region, North America smart medical devices market share was largest in 2021 and is expected to continue this trend during the forecast period.
Companies Mentioned
- Abbott Laboratories
- Apple Inc.
- Biotronik
- Boston Scientific Corporation
- Dexcom, Inc.
- Fitbit, Inc.
- Medtronic, Inc.
- Novo Nordisk
- Omron Corporation (Omron Healthcare)
- Sonova
- Vitalconnect Inc.
- West Pharmaceutical Services, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 276 |
| Published | October 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 31448.8 million |
| Forecasted Market Value ( USD | $ 132133.42 million |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
