Global Smart Medical Devices Market Report and Forecast 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.

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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).

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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.

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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