Top 10 Companies in the Global Smart Medical Devices Market in 2025

The global smart medical devices market was valued at USD 15.82 billion in 2024. The market is expected to grow at a CAGR of 24% during the forecast period of 2025-2034, with the values likely to reach USD 110.15 billion by 2034. The market is driven by the increasing adoption of IoT and AI in healthcare globally.

Smart medical devices include advanced healthcare tools embedded with sensors, software, and connectivity features to collect, monitor, and analyze data in real-time. These devices boost patient care through more precise diagnoses, remote monitoring, and suggested treatment plans. Various types of devices include wearables, glucose meters, and AI-informed imaging systems. Their coupling with cloud-based platforms offers healthcare professionals the opportunity for timely decisions, thereby allowing better patient outcomes and ultimately optimizing healthcare delivery.

The global smart medical devices market is growing rapidly due to technological advancements and increased healthcare demands. Smart medical devices are transforming patient monitoring, diagnostics, and treatment into more accurate, convenient, and real-time insights. The growing adoption of IoT and AI in healthcare further accelerates the market's growth, allowing remote care, improving patient outcomes, and reducing healthcare costs. Smart medical devices are thus becoming an essential part of modern healthcare systems worldwide, making them more efficient and accessible.

In December 2024, Teltonika’s TeltoHeart wristband received key medical device certification, highlighting innovation in wearable health monitoring. Such milestone drives growth in the global market for smart medical devices by enhancing trust in connected, patient-centric healthcare solutions.

Let’s explore the profile of top companies leading the global smart medical devices market in 2024

1.    BPL Medical Technologies

BPL Medical Technologies is one of the leading smart medical devices in the world. Its products include some innovative solutions like the Smart Oxy Jr pulse oximeter. The company is popular for its technologically advanced product line and ease of use, targeting the rapidly increasing need for reliable, portable, and efficient health monitoring and diagnostic devices.

2.    CAIRE Inc.

CAIRE Inc. is a leading provider that introduces innovation into the global market of smart medical devices dealing with oxygen therapy solutions. Its technology with smart medical devices features real-time monitoring and connectivity that enables doctors and health caregivers with direct precision data for patient care. Their products are famous due to their efficiency and innovation for better respiratory health management care.

3.    Cavagna Group S.P.A

Cavagna Group specializes in gas control systems and is a well-known player in the market. With products like Viproxy i-1Touch, the company focuses on integrating precision and innovation to enhance safety and efficiency in medical gas management and address evolving healthcare demands globally.

4.    Drive DeVilbiss International

Drive DeVilbiss International leads the global smart medical devices market with its innovative portable oxygen concentrators. Their product focuses on innovation, with adaptive technology to help patients breathe according to their patterns, catering to the need for more advanced respiratory care. The company is known for quality and reliability, thus enhancing patient mobility and independence in healthcare.

5.    Inogen Inc.

Inogen is one of the top-rated medical device companies. It employs portable oxygen concentrators. The company is known for innovative and lightweight solutions to cater to the growing need for effective respiratory care by enabling the movement of patients with increased independence using advanced, user-centric healthcare technologies.

6.    Koninklijke Philips N.V.

Koninklijke Philips is among the key players in the market of smart medical devices. It is involved in integration and interoperability solutions, which means it integrates the systems for easy data sharing between healthcare settings and creates efficient clinical workflow with good patient care, catering to the rising need for smart and connected medical technologies worldwide.

7.    Longfian Scitech Co. Ltd.

Longfian Scitech is a prominent company in the market offering smart medical devices such as oxygen concentrators and respiratory care solutions. The company has a focus on advanced technology with user-centered design which makes it possible to provide effective patient care solutions with the rising demand for smart portable medical devices within global healthcare sectors.

8.    Nidek Medical Products Inc.

Nidek Medical Products is one of the leading companies in the global smart medical devices market having a specialty in oxygen concentrators. Its innovative respiratory solutions provide efficient oxygen therapy, serving homecare and clinical requirements, for enhanced patient care and rising demand for advanced medical technologies.

9.    Murata Vios

Murata Vios specializes in innovative health monitoring solutions. Its smart device products, including wearable devices, allow for the seamless integration of smart technology to monitor patients continuously, enhancing the efficiency and accuracy of healthcare management in various clinical settings.

10.    Dr Trust

Dr Trust is one of the leading brands in the market having several types of connected health products like digital thermometers, blood pressure monitors, and pulse oximeters. The use of these devices can promote enhanced patient care through the real-time monitoring of health data and hence ensures accurate and efficient management of health at home.