Smart Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smart Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global smart medical devices market size reached US$ 40.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 62.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.39% during 2023-2028.

Smart medical devices are wireless electronic instruments intended to monitor patients' health by collecting and communicating real-time updates. Insulin pumps, heart rate monitors, pulse oximeters, portable oxygen concentrators and blood pressure monitors are some of the commonly used smart medical devices. These devices are usually operated on a wireless network like wi-fi, Bluetooth, and various technologies and are widely used to monitor, analyze and transmit patient’s critical data. Smart medical devices provide a high level of mobility, ability to monitor patient status remotely. They also assist in reducing workload, saving time, increasing patient engagement and control, reducing errors, improving communication, and enhancing safety. As a result, smart medical devices are widely used in hospitals, clinics and home care settings.

Smart Medical Devices Market Trends:

Significant growth in the healthcare industry across the globe is one of the key factors creating a positive outlook of the market. The increasing prevalence of chronic medical ailments, such as asthma, diabetes, blood pressure and chronic obstructive pulmonary disease (COPD), has facilitated the usage of these devices across various healthcare settings. Additionally, the widespread adoption of smart wearable medical devices due to the rising health consciousness among the masses is favoring the market growth. Moreover, various technological advancements, such as the integration of artificial intelligence (AI), Internet of Things (IoT) and machine-to-machine technology, are providing a thrust to market growth. These technologies offer greater precision, ensure accurate storing and monitoring of patient information, and enhance the overall user experience. In line with this, the increasing product demand in home care settings due to the sudden outbreak of coronavirus disease (COVID-19) for disease management, monitoring, providing feedback and suggesting adequate treatment is positively impacting the market growth. Other factors, including rising expenditure capacity of consumers, rising geriatric population, along with the implementation of various government initiatives to spread awareness about disease prevention, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart medical devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, distribution channel, application and end user.

Breakup by Product Type:

Diagnostic and Monitoring

Blood Glucose Monitors

Heart Rate Monitors

Pulse Oximeters

Blood Pressure Monitors

Breath Analyzer

Other Diagnostic Monitoring Products

Therapeutic Devices

Portable Oxygen Concentrators and Ventilators

Insulin Pumps

Hearing Aid

Other Therapeutic Devices

Breakup by Distribution Channel:

Pharmacies

Online

Others

Breakup by Application:

Oncology

Diabetes

Auto-Immune Disorders

Infectious Diseases

Others

Breakup by End User:

Hospitals and Clinics

Home-Care Setting

Others

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Activinsights Ltd, Apple Inc., Debiotech SA, Enable Injections, Fitbit LLC (Google LLC), Koninklijke Philips N.V., Medtronic PLC, NeuroMetrix Inc., Omron Healthcare Co Ltd (Omron Corporation), Sonova Holding AG, Sotera Wireless Inc. and VitalConnect.

Key Questions Answered in This Report

1. What was the size of the global smart medical devices market in 2022?

2. What is the expected growth rate of the global smart medical devices market during 2023-2028?

3. What are the key factors driving the global smart medical devices market?

4. What has been the impact of COVID-19 on the global smart medical devices market?

5. What is the breakup of the global smart medical devices market based on the product type?

6. What is the breakup of the global smart medical devices market based on the distribution channel?

7. What are the key regions in the global smart medical devices market?

8. Who are the key players/companies in the global smart medical devices market?