Smart Medical Devices Market, By Product Type (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) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Smart medical gadgets are crucial medical instruments that doctors employ to track vital physiological characteristics in patients with varied disorders. These smart devices are designed to improve the quality of patient care by monitoring real-time data and communicating it to physicians via a linked device. The usage of smart medical devices offers various advantages, including saving time and money on hospital visits, as well as assisting people in becoming more conscious of their health and fitness. Smart medical gadgets are becoming increasingly popular around the world, particularly in emerging nations. Smart gadgets can also analyse a patient's health status by continuously monitoring health metrics and taking prompt action in response to difficulties. A smart medical device is a medical gadget that can operate independently and interactively and is usually connected to other medical devices or networks by various network protocols such as NFC, Bluetooth, or Wi-Fi. The majority of smart medical devices are wireless and employ machine-to-machine technology to provide services, which improves the user experience. Furthermore, while social distance norms are maintained, digital health and telemedicine solutions are becoming increasingly popular. A number of COVID-19 protocols require people to stay indoors and avoid congestion. As a result, as more individuals use the aforementioned technologies for regular health checks, the need for smart medical devices is expected to rise significantly. COVID-19 is projected to have a positive impact on the market due to the benefits of smart medical devices. The Global Smart Medical Devices Market accounted for US$ 7.044 billion in 2020 and is estimated to be US$ 42.24 billion by 2030 and is anticipated to register a CAGR of 19.8%.

Growing need for smartphone-compatible and wireless medical equipment will drive the growth of the Market

The growing need for smartphone-compatible and wireless medical equipment, as well as technological advancements in devices and increased awareness and attention on fitness, are driving the smart medical devices market. The demand for wearable medical devices such as sensors, ECG devices, and smart watches with fitness trackers has increased because these devices are simple to use and interpret the results do not require a great deal of expertise. As a result, the user can keep track of his or her health condition by monitoring vital signs without having to visit clinics or hospitals on a regular basis. Wearable medical gadgets with this capability are predicted to gain popularity among the elderly population. According to the United Nations' World Population Prospects 2019 report, one in every six persons on the planet will be over the age of 65 by 2050, up from one in every eleven in 2019. In 2019, the world's population of people aged 65 and up totaled 703 million. In 2050, the number of elderly people is expected to increase to 1.5 billion. Globally, the proportion of people aged 65 and more climbed from 6% in 1990 to 9% in 2019, with a projected growth to 16% by 2050. The measurement of blood glucose levels, heart rate, and ECG requires users to use simple navigation buttons on the device or control the settings through a connect mobile application, making these devices more accessible to the elderly and those with limited technological knowledge.

Smart Medical Devices Market is segmented based on product type, therapeutic devices, end-user and region.

On the basis of Product Type, the Smart Medical Devices Market is segmented into Diagnostic and Monitoring {Blood Glucose Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors}. Based on Therapeutic Devices, the target market is segmented into Portable Oxygen Concentrators and Ventilators, Insulin Pumps, Hearing Aid. Based on End-User, the target market is segmented into Hospitals, Homecare Setting.

Regional Insights:                                 

On region the Smart Medical Devices Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has the biggest market share throughout the forecast period and is expected to continue to do so. Because of advantageous regulations that make healthcare inexpensive to many, if not all, North American healthcare facilities are of the greatest quality and are accessible to a broad population. This aids in achieving a higher national selling rate. The tremendous expansion of the smart medical devices market in this area has been fueled by technical advancements and a high rate of early adoption of innovative medical equipment. Coronary Heart Disease (CHD) was the major cause (42.1 percent) of deaths attributed to Cardiovascular disease in the United States, according to the American Heart Association's 2021 heart disease and stroke statistics update fact sheet. The growing senior population and prevalence of chronic diseases in the United States has increased the demand for remote and home-based patient monitoring systems.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Smart Medical Devices Market report based on Product Type, Therapeutic Devices, End-User and region.

Smart Medical Devices Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The smart medical devices market is moderately competitive and there are few companies that are holding most of the market share. Owing to the technological advancements in the healthcare industry and the rising R&D expenditure of the companies, new players are coming up in the market. The major companies which are dealing in the global smart medical devices market are Johnson & Johnson Services, Inc, Abbott, Apple Inc., Medtronic, F. Hoffman-La Roche Ltd., Fitbit, Inc., Dexcom, NeuroMetrix, Inc., CeQur SA, Huawei Devices Co., Ltd., West Pharmaceutical Services, Inc., Sonova, BAE Systems, Seiko Epson Corporation, Insulet Corporation, Garmin Ltd., SAMSUNG ELECTRONICS CO., LTD., LG Electronics, Enable Injections, Debiotech S.A. among others domestic and global players. For instance, Dexcom announced in April 2020 that, due to the COVID-19 public health crisis and the need to preserve personal protective equipment while reducing the frequency of hospital staff exposure to the coronavirus, the company is temporarily making its Dexcom G6 CGM System available for remote patient monitoring in the hospital setting. This plan is expected to broaden their product offering across a variety of health industries, bolstering their market position.

Fitbit and FibriCheck, an innovative health screening and monitoring app, announced in March 2020 that their partnership would be expanded to allow Fitbit smartwatch users in France, Germany, Italy, and Spain to monitor their heart rhythm for irregularities like Atrial Fibrillation (AFib) directly from their Fitbit smartwatch. This plan is projected to extend their operations throughout Europe, bolstering their market position.

• Johnson & Johnson Services, Inc
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Abbott
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Apple Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Medtronic
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• F. Hoffman-La Roche Ltd.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Fitbit
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Dexcom
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• LG Electronics
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies