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Smart Medical Devices Market

Global Smart Medical Devices Market Size, Trends, Report: By Product Type: Diagnostics and Monitoring Devices, Therapeutic Device; By Type: On-Body, Adhesive Patch, Off-Body, Belt Clip, Handheld, Others; By Technology; By Modality; By Applications; By End User; By Distribution Channel; Regional Analysis; Supplier Landscape; 2024-2032

Global Smart Medical Devices Market Outlook

The global smart medical devices market attained a value of about USD 15.82 billion in 2023. The market is further expected to grow at a CAGR of 24% during the forecast period of 2024-2032 to reach nearly USD 110.15 billion by 2032.

 

Global Smart Medical Devices Market

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Robust Demand for Diagnostic and Monitoring Devices is Augmenting Market Growth

The diagnostics and monitoring devices segment is the fastest growing segment of the smart medical devices industry. Owing to the presence of prominent players in the market, ease in availability of cost-friendly self-monitoring devices like fitness bands and pulse oximeters, the demand for smart medical devices is invigorating the market growth. In addition, with the rise in disposable income, the availability of smartphones and the commonality of wireless networks like wi-fi and Bluetooth is enhancing the industry growth of smart medical devices. Further, the rising awareness regarding the benefits of physical health, especially among the younger generation, has led to individuals monitoring fitness levels on a regular basis, which, in turn, is propelling the demand for smart devices globally. Moreover, the market growth of smart medical devices can be attributed to the presence of extensive distribution channels, including pharmacies and online retail channels like Amazon, which has enhanced the availability of the product.

 

Smart Medical Devices: Market Segmentation

Smart medical devices are wireless equipment to monitor a patient’s health by communicating real-time updates regarding the patient’s vitals. These devices usually operate on a wireless network like wi-fi and Bluetooth and are driven by technologies like Artificial Intelligence (AI) and Internet of Things (IoT).

 

Global Smart Medical Devices Market by Segment

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On the basis of product, the market can be segmented into:

  • Diagnostics and Monitoring Devices
  • Therapeutic Devices

The diagnostic and monitoring segment is further classified into blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors, breath analyser, medical tricorder and smart clothing.

The therapeutic segment is further divided into portable oxygen concentrators and ventilators, insulin pumps, and hearing aids, among others. The ‘others’ segment is further bifurcated into wearable and others.

Based on distribution channels, the market can be categorised into:

  • Pharmacies
  • Online Channel
  • Others

Based on end-use, the market can be divided into:

  • Hospitals
  • Clinics
  • Home Care
  • Others

The EMR report looks into the regional markets of smart medical devices like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

 

Global Smart Medical Devices Market by Region

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Rising Demand from Home Care Sector is Expected to Propel Market Growth in the Coming Years

With the outburst of coronavirus and the resultant stringent rules to maintain social distancing, the demand for home care smart medical devices is vigorously increasing. To avoid the risk of infections and to address the problems of space scarcity in hospitals, healthcare workers are preaching the adoption of remote monitoring devices, including portable and wearable devices, that aid in remote data transmission over the internet. Driven on cloud-based storage systems and the Internet of Things (IoT), these devices are designed to send real-time updates to the concerned physician, invigorating the market growth of smart medical devices. Therapeutic smart medical devices like oxygen concentrators and ventilators witnessed robust demand from the Asia Pacific region amidst the second wave of coronavirus and are expected to remain the dominant driving factor over the forecast period. Furthermore, innovations in smart medical devices due to industry players and government investments are further expected to augment the demand for home care medical devices over the forecast period.

 

Key Industry Players in the Global Smart Medical Devices Market

The report presents a detailed analysis of the following key players in the global smart medical devices market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

  • Abbott Laboratories
  • Apple Inc.
  • Fitbit, Inc.
  • F. Hoffmann-La Roche Ltd
  • Johnson & Johnson Medical Devices Companies
  • Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter's Five Forces Model.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Type
  • Technology
  • Modality
  • Applications
  • End User
  • Distribution Channel
  • Region
Breakup by Product Type
  • Diagnostics and Monitoring Devices
  • Therapeutic Device
Breakup by Type
  • On-Body
  • Adhesive Patch
  • Off-Body
  • Belt Clip
  • Handheld
  • Others
Breakup by Technology
  • Spring-Based
  • Motor-Driven
  • Rotary Pump
  • Expanding Battery
  • Pressurized Gas
  • Others
Breakup by Modality
  • Wearable
  • Non-Wearable
Breakup by Applications
  • Oncology
  • Diabetes
  • Auto-Immune Disorders
  • Infection Diseases
  • Sports and Fitness
  • Sleep Disorders
  • Others
Breakup by End User
  • Hospitals
  • Clinics
  • Home Care
  • Sports Club
  • Others
Breakup by Distribution Channel
  • Pharmacies
  • Online Channel
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • Johnson & Johnson Private Limited
  • Abbott
  • Apple Inc.
  • Medtronic
  • F. Hoffman-La Roche Ltd.
  • Fitbit, Inc.
  • Dexcom Inc.
  • NeuroMetrix, Inc.
  • CeQur Simplicity
  • Huawei Devices Co., Ltd.
  • West Pharmaceutical Services, Inc.
  • Sonova
  • BAE Systems
  • Seiko Epson Corporation
  • Insulet Corporation
  • Garmin Ltd.
  • SAMSUNG
  • LG Electronics
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
    1.1    Objectives of the Study
    1.2    Key Assumptions 
    1.3    Report Coverage – Key Segmentation and Scope  
    1.4    Research Methodology
2    Executive Summary
3    Global Smart Medical Devices Market Overview 

    3.1    Global Smart Medical Devices Market Historical Value (2017-2023) 
    3.2    Global Smart Medical Devices Market Forecast Value (2024-2032)
4    Global Smart Medical Devices Market Landscape
    4.1    Global Smart Medical Devices Developers Landscape
        4.1.1    Analysis by Year of Establishment
        4.1.2    Analysis by Company Size
        4.1.3    Analysis by Region
    4.2    Global Smart Medical Devices Product Landscape
        4.2.1    Analysis by Product Type
        4.2.2    Analysis by Applications
        4.2.3    Analysis by End User
5    Global Smart Medical Devices Market Dynamics
    5.1    Market Drivers and Constraints
    5.2    SWOT Analysis
    5.3    Porter’s Five Forces Model 
    5.4    Key Demand Indicators
    5.5    Key Price Indicators
    5.6    Industry Events, Initiatives, and Trends 
    5.7    Value Chain Analysis
6    Global Smart Medical Devices Market Segmentation 
    6.1    Global Smart Medical Devices Market by Product Type
        6.1.1    Market Overview
        6.1.2    Diagnostics and Monitoring Devices
        6.1.3    Therapeutic Device
    6.2    Global Smart Medical Devices Market by Type
        6.2.1    Market Overview
        6.2.2    On-Body
        6.2.3    Adhesive Patch
        6.2.4    Off-Body
        6.2.5    Belt Clip
        6.2.6    Handheld
        6.2.7    Others
    6.3    Global Smart Medical Devices Market by Technology
        6.3.1    Market Overview
        6.3.2    Spring-Based
        6.3.3    Motor-Driven
        6.3.4    Rotary Pump
        6.3.5    Expanding Battery
        6.3.6    Pressurized Gas
        6.3.7    Others
    6.4    Global Smart Medical Devices Market by Modality
        6.4.1    Market Overview
        6.4.2    Wearable
        6.4.3    Non-Wearable
    6.5    Global Smart Medical Devices Market by Applications
        6.5.1    Market Overview
        6.5.2    Oncology
        6.5.3    Diabetes
        6.5.4    Auto-Immune Disorders
        6.5.5    Infection Diseases
        6.5.6    Sports and Fitness
        6.5.7    Sleep Disorders
        6.5.8    Others
    6.6    Global Smart Medical Devices Market by End User
        6.6.1    Market Overview
        6.6.2    Hospitals
        6.6.3    Clinics
        6.6.4    Home Care
        6.6.5    Sports Club
        6.6.6    Others
    6.7    Global Smart Medical Devices Market by Distribution Channel
        6.7.1    Market Overview
        6.7.2    Pharmacies
        6.7.3    Online Channel
        6.7.4    Others
    6.8    Global Smart Medical Devices Market by Region
        6.8.1    Market Overview
        6.8.2    North America 
        6.8.3    Europe
        6.8.4    Asia Pacific
        6.8.5    Latin America
        6.8.6    Middle East and Africa
7    North America Smart Medical Devices Market
    7.1    Market Share by Country
    7.2    United States of America
    7.3    Canada
8    Europe Smart Medical Devices Market
    8.1    Market Share by Country
    8.2    United Kingdom
    8.3    Germany
    8.4    France
    8.5    Italy
    8.6    Others
9    Asia Pacific Smart Medical Devices Market
    9.1    Market Share by Country
    9.2    China
    9.3    Japan
    9.4    India
    9.5    ASEAN
    9.6    Australia
    9.7    Others
10    Latin America Smart Medical Devices Market
    10.1    Market Share by Country
    10.2    Brazil
    10.3    Argentina
    10.4    Mexico
    10.5    Others
11    Middle East and Africa Smart Medical Devices Market
    11.1    Market Share by Country
    11.2    Saudi Arabia
    11.3    United Arab Emirates
    11.4    Nigeria
    11.5    South Africa
    11.6    Others
12    Patent Analysis
    12.1    Analysis by Type of Patent
    12.2    Analysis by Publication year
    12.3    Analysis by Issuing Authority
    12.4    Analysis by Patent Age
    12.5    Analysis by CPC Analysis
    12.6    Analysis by Patent Valuation 
    12.7    Analysis by Key Players
13    Grants Analysis
    13.1    Analysis by year
    13.2    Analysis by Amount Awarded
    13.3    Analysis by Issuing Authority
    13.4    Analysis by Grant Application
    13.5    Analysis by Funding Institute
    13.6    Analysis by NIH Departments
    13.7    Analysis by Recipient Organization 
14    Funding Analysis
    14.1    Analysis by Funding Instances
    14.2    Analysis by Type of Funding
    14.3    Analysis by Funding Amount
    14.4    Analysis by Leading Players
    14.5    Analysis by Leading Investors
    14.6    Analysis by Geography
15    Partnership and Collaborations Analysis
    15.1    Analysis by Partnership Instances
    15.2    Analysis by Type of Partnership
    15.3    Analysis by Leading Players
    15.4    Analysis by Geography
16    Regulatory Framework
    16.1    Regulatory Overview
        16.1.1    US FDA
        16.1.2    EU EMA
        16.1.3    INDIA CDSCO
        16.1.4    JAPAN PMDA
        16.1.5    Others
17    Supplier Landscape
    17.1    Johnson & Johnson Private Limited
        17.1.1    Financial Analysis
        17.1.2    Product Portfolio
        17.1.3    Demographic Reach and Achievements
        17.1.4    Mergers and Acquisitions
        17.1.5    Certifications
    17.2    Abbott
        17.2.1    Financial Analysis
        17.2.2    Product Portfolio
        17.2.3    Demographic Reach and Achievements
        17.2.4    Mergers and Acquisitions
        17.2.5    Certifications
    17.3    Apple Inc.
        17.3.1    Financial Analysis
        17.3.2    Product Portfolio
        17.3.3    Demographic Reach and Achievements
        17.3.4    Mergers and Acquisitions
        17.3.5    Certifications
    17.4    Medtronic
        17.4.1    Financial Analysis
        17.4.2    Product Portfolio
        17.4.3    Demographic Reach and Achievements
        17.4.4    Mergers and Acquisitions
        17.4.5    Certifications
    17.5    F. Hoffman-La Roche Ltd.
        17.5.1    Financial Analysis
        17.5.2    Product Portfolio
        17.5.3    Demographic Reach and Achievements
        17.5.4    Mergers and Acquisitions
        17.5.5    Certifications
    17.6    Fitbit, Inc.
        17.6.1    Financial Analysis
        17.6.2    Product Portfolio
        17.6.3    Demographic Reach and Achievements
        17.6.4    Mergers and Acquisitions
        17.6.5    Certifications
    17.7    Dexcom Inc.
        17.7.1    Financial Analysis
        17.7.2    Product Portfolio
        17.7.3    Demographic Reach and Achievements
        17.7.4    Mergers and Acquisitions
        17.7.5    Certifications
    17.8    NeuroMetrix, Inc.
        17.8.1    Financial Analysis
        17.8.2    Product Portfolio
        17.8.3    Demographic Reach and Achievements
        17.8.4    Mergers and Acquisitions
        17.8.5    Certifications
    17.9    CeQur Simplicity
        17.9.1    Financial Analysis
        17.9.2    Product Portfolio
        17.9.3    Demographic Reach and Achievements
        17.9.4    Mergers and Acquisitions
        17.9.5    Certifications
    17.10    Huawei Devices Co., Ltd.
        17.10.1    Financial Analysis
        17.10.2    Product Portfolio
        17.10.3    Demographic Reach and Achievements
        17.10.4    Mergers and Acquisitions
        17.10.5    Certifications
    17.11    West Pharmaceutical Services, Inc.
        17.11.1    Financial Analysis
        17.11.2    Product Portfolio
        17.11.3    Demographic Reach and Achievements
        17.11.4    Mergers and Acquisitions
        17.11.5    Certifications
    17.12    Sonova
        17.12.1    Financial Analysis
        17.12.2    Product Portfolio
        17.12.3    Demographic Reach and Achievements
        17.12.4    Mergers and Acquisitions
        17.12.5    Certifications
    17.13    BAE Systems
        17.13.1    Financial Analysis
        17.13.2    Product Portfolio
        17.13.3    Demographic Reach and Achievements
        17.13.4    Mergers and Acquisitions
        17.13.5    Certifications
    17.14    Seiko Epson Corporation
        17.14.1    Financial Analysis
        17.14.2    Product Portfolio
        17.14.3    Demographic Reach and Achievements
        17.14.4    Mergers and Acquisitions
        17.14.5    Certifications
    17.15    Insulet Corporation
        17.15.1    Financial Analysis
        17.15.2    Product Portfolio
        17.15.3    Demographic Reach and Achievements
        17.15.4    Mergers and Acquisitions
        17.15.5    Certifications
    17.16    Garmin Ltd.
        17.16.1    Financial Analysis
        17.16.2    Product Portfolio
        17.16.3    Demographic Reach and Achievements
        17.16.4    Mergers and Acquisitions
        17.16.5    Certifications
    17.17    SAMSUNG
        17.17.1    Financial Analysis
        17.17.2    Product Portfolio
        17.17.3    Demographic Reach and Achievements
        17.17.4    Mergers and Acquisitions
        17.17.5    Certifications
    17.18    LG Electronics
        17.18.1    Financial Analysis
        17.18.2    Product Portfolio
        17.18.3    Demographic Reach and Achievements
        17.18.4    Mergers and Acquisitions
        17.18.5    Certifications
18    Global Smart Medical Devices Market - Distribution Model (Additional Insight)
    18.1    Overview 
    18.2    Potential Distributors 
    18.3    Key Parameters for Distribution Partner Assessment 
19    Key Opinion Leaders (KOL) Insights (Additional Insight)
20    Company Competitiveness Analysis (Additional Insight)

    20.1    Very Small Companies
    20.2    Small Companies
    20.3    Mid-Sized Companies
    20.4    Large Companies
    20.5    Very Large Companies
21    Payment Methods (Additional Insight)
    21.1    Government Funded
    21.2    Private Insurance
    21.3    Out-of-Pocket

 

*Additional insights provided are customisable as per client requirements.

Key Questions Answered in the Report

The global smart medical devices market attained a value of nearly USD 15.82 billion in 2023.

The market is projected to grow at a CAGR of 24% in the forecast period of 2024-2032.

The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 110.15 billion by 2032.

The market growth can be attributed to the heightened demand for diagnostic and monitoring devices, rising disposable incomes, the increasing adoption of therapeutic devices, and rising demand from the younger generation.

The market is anticipated to be positively impacted by the lingering fear of COVID outbreak, which is boosting people to invest in smart medical devices to maintain social distancing and, in turn, protect themselves from the virus.

The major regional markets for smart medical devices are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

The different types of products in the smart medical devices industry are diagnostics and monitoring devices, and therapeutic devices.

The significant distribution channels of smart medical devices are pharmacies, and online channels, among others.

The major end-use sectors of smart medical devices are hospitals, clinics, and home care, among others.

The major players in the industry are Abbott Laboratories, Apple Inc., Fitbit Inc., F. Hoffmann-La Roche Ltd., and Johnson & Johnson Medical Devices Companies, among others. 

Analyst Review

The global smart medical devices market attained a value of about USD 15.82 billion in 2023, driven by robust demand for self-monitoring devices. Aided by the adoption of therapeutic devices in the home care sector, the market is expected to grow at a CAGR of 24% in the forecast period of 2024-2032 to reach approximately USD 110.15 billion by 2032.

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market, on the basis of products, is segmented into diagnostics and monitoring devices, and therapeutic devices. Based on distribution channels, the market is divided into pharmacies, and online channels, among others. On the basis of end-use, the market is categorised into hospitals, clinics, and home care, among others. The major regional markets for smart medical devices are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. The key players in the industry are Abbott Laboratories, Apple Inc., Fitbit Inc., F. Hoffmann-La Roche Ltd., and Johnson & Johnson Medical Devices Companies, among others.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.

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