The smart medical devices market is projected to grow at a CAGR of 14.61% during the forecast period, reaching a total market size of US$286.013 billion in 2026 from US$110.089 billion in 2019.
A “smart” device is defined as an electronic device generally connected to other devices or networks via different protocols (e.g. BlueTooth, WiFi) that can operate to some extent interactively and autonomously. Smart medical devices are important medical equipment, which is used by doctors to monitor the vital physiological parameters of various diseases. These smart devices are used for enhancing the quality of patient care by monitoring real-time data and communicating the same to the doctor through a connected device.
The market for smart devices is expected to show significant growth during the forecast period owing to the quick shift from the traditional methods to smart medical devices to obtaining real-time information, tracking past health records, identifying potential health issues, devising a better and accurate treatment plan, saving on medical expenses and creating more awareness towards healthcare and fitness amongst the people. The continuous advancements in smart medical device technologies will also help to boost the market for smart medical devices during the forecast period. For instance, in April 2018, Sweden-based respiratory monitor maker NuvoAir announced the launch of its smart, wireless spirometer ‘Air Next’ for home use, which is a portable device connected to user’s smartphones or tablets via Bluetooth LE. The emergence of smart medical devices is gaining popularity across the globe as these devices have multiple uses.
These smart devices are made to monitor parameters simultaneously. The devices are capable of monitoring the heart rate, oxygen levels, pulse rate, etc. The adoption of smart medical devices has enabled healthcare providers to collect the patient's data on a large scale, which further helps them in taking better diagnostic and treatment decisions. The major key driver for the growth of the smart medical device market is the increasing adoption of smartphones and the demand for smartphone-compatible medical and wearable devices as they are extremely convenient for patients to use. Another factor propelling the growth of the smart medical device market is the rising health concerns globally. According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by the year 2020.
The increasing health concerns have accelerated the expenditure on healthcare. People have become more aware and conscious about their health, which has resulted in them spending a major chunk of their income on health-related products, especially in the urban areas. As per the National Health Expenditure Accounts (NHEA) in the United States, health care spending grew 4.6% in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7%.
In addition, recent developments and innovations in the field of diabetes by the key players in the smart medical market are further expected to accelerate the demand in the market.
For instance, Medtronic Plc, a global leader in medical technology, In April 2021, launched the world’s first infusion set to help diabetic patients. Also, Dexcom, Inc., a leader in real-time continuous glucose monitoring (CGM), in April 2021, along with the governments of governments of Saskatchewan and Manitoba is working towards CGM systems for people with Type 1 diabetes.
The global smart medical devices market is segmented based on Type, Mode of Application, End-User Industry, and Geography.
The rising need for efficient solutions to track, monitor, and record all health-related issues will be key drivers for the smart medical device market. Furthermore, there has been a rapid spike in the number of portable, wearable devices being introduced in the market, making more options available to patients across the globe. The increasing cases of chronic diseases such as cardiovascular disorders, hypertension, or even drug-resistant hypertension across the world are also a major factor that is expected to increase the demand for smart medical devices during the forecast period. Further, the rise in disposable income of the people has contributed towards the total spending in the healthcare sector.
The key players in the market are extending their product range for smart medical devices to cater to the increasing demand for the same. The companies have been innovating, inventing, and creating new products to reap the benefits from the growing market. For instance, In August 2020, Fitbit launched the Fitbit Sense, which is an advanced health smartwatch comprising the world’s first electrothermal activity sensor in a smartwatch which will help manage stress along with advanced heart rate tracking technology.
Due to the advanced technological features, the cost of smart medical devices is high. These devices are expensive to afford which makes them inaccessible for the majority of the middle and lower-middle-class population. The high costs associated with smart medical devices could restrict the growth of the market during the forecast period.
The novel coronavirus pandemic has impacted the smart medical device market positively as due to the pandemic people have become more concerned about their health. People are ready to invest more amount of funds in the medical and healthcare sector. The pandemic has put pressure on medical device manufacturers to accelerate the production of smart medical devices to meet the excessive demand. The health care systems are overwhelmed, and the effective delivery of medical care to all patients has become a challenge worldwide. Although, the smart medical device manufacturers have increased their production and managed the supply chain networks to meet the rapidly growing demand.
Prominent/major key market players in the Global Smart Medical Device Market include Smart Medical Devices, Inc., ViVO Smart Medical Devices Ltd., Dexcom Inc., Abbott Laboratories, Medtronic Plc, NeuroMetrix, Inc., and Omron Healthcare, Inc. The players in the Global Smart Medical Device Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, In September 2020, NeuroMetrix, Inc. launched the Quell App for Apple Watches as a pain relief device.
This device will enable a high level of integration and novel pain relief functionality, which will help the user to control the device and monitor pain relief from the wrist. Major market players in the market have been covered along with their relative competitive strategies in this report and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Global Smart Medical Device Market.
|Market size value in 2019||US$110.089 billion|
|Market size value in 2026||US$286.013 billion|
|Growth Rate||CAGR of 14.61% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Smart Medical Devices, Inc., ViVO Smart Medical Devices Ltd, Dexcom Inc, Abbott Laboratories, Medtronic Plc., NeuroMetrix, Inc., Omron Healthcare, Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the smart medical devices market size by 2026?
A1. The smart medical devices market is projected to reach a market size of US$286.013 billion in 2026.
Q2. What is the size of global smart medical devices market?
A2. Smart Medical Devices market was valued at US$110.089 billion in 2019.
Q3. What are the growth prospects for the smart medical devices market?
A3. The global smart medical devices market is projected to grow at a CAGR of 14.61% during the forecast period.
Q4. Who are the major players in the smart medical devices market?
A4. Prominent/major key market players in the global smart medical devices market include Smart Medical Devices, Inc., ViVO Smart Medical Devices Ltd., Dexcom Inc., Abbott Laboratories, Medtronic Plc, NeuroMetrix, Inc., and Omron Healthcare, Inc.
Q5. What factors are anticipated to drive the smart medical devices market growth?
A5. The continuous advancements in smart medical device technologies will help to boost the smart medical devices market during the forecast period.