Smart Medical Devices Market By Product Type (Diagnostic and Monitoring Devices, Therapeutic Devices), By Application (Blood glucose monitoring, Cardiovascular, Othres), By Distribution Channel (Pharmacies, Online Channel): Global Opportunity Analysis and Industry Forecast, 2021-2031
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.
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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