The smart healthcare devices market is projected to grow at a CAGR of 18.45% during the forecast period, reaching a total market size of US$90.303 billion in 2027 from US$27.604 billion in 2020.
Smart Healthcare means the use of electronics and the internet of things (IoT) for better diagnosis of diseases, improved treatment of patients, and enhanced quality of life. It helps in giving real-time health-related information to patients and thereby supports chronic disease management and remote patient monitoring. It also enables preventive care, home-based care, and short-term care before or after the treatment in the hospital. The market for smart healthcare devices market is driven by the increased engagement and consciousness of consumers in terms of health. It is one of the important factors which has driven the market. Also, the increased adoption of cloud storage technologies and growing penetration to the internet and other gateways like Bluetooth and WiFi for device connectivity. Furthermore, technological advancements in the field of smart healthcare devices will also boost market demand.
In addition, the healthcare business is undergoing significant transformations, especially after the COVID-19 pandemic. The healthcare industry around the world has enhanced its business operations by considerably implementing technological advancements and massive investments by governments and corporates. Furthermore, according to the American Heart Association (2021), coronary heart disease (CHD) was the leading cause of cardiovascular disease fatalities in the United States with almost 42.1%. Thus, chronic illnesses and health awareness are also prominent factors raising the need for smart medical devices and home-based patient monitoring devices, propelling market expansion.
Growing strategic investments along with the rising incorporation of smart healthcare devices by end-user applications are expected to increase the market size in the projected period.
Collaborations and acquisitions have majorly contributed to the market’s development in addition to providing market expansion and revenue. For instance, Fitbit and FibriCheck, an innovative health screening and monitoring app, announced the extension of their partnership in March 2020, enables consumers in France, Germany, Italy, and Spain to monitor their heart rhythm for abnormalities such as atrial fibrillation (AFib) immediately from their Fitbit smartwatch. This plan is anticipated to boost the company's market position by expanding its operations across Europe. As a result, all these technological evolutions and other factors will surge the market to drive growth during the projected period.
Increased emphasis on R&D
Moreover, companies in the global smart medical devices market are boosting their research investments to manufacture novel and high-efficiency products. Hospitals and other end users are incorporating smart technologies that are positively influencing the smart healthcare devices market. These initiatives are projected to drive the market forward throughout the forecast period. For instance, Dozee, an Indian-connected health device developer, teamed with Midmark India, South Asia's largest hospital bed supplier, to offer a linked bed platform for non-ICU settings in August 2022. The smart bed may be linked to the hospital's central command center and HMIS. Dozee claims clinical-grade efficiency of 98.4% for their AI-powered RPM sensor. Similarly, in March 2022, Intuitive MB (Intuitive Medical Buildings) released its medical building operating system, which employs the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning technologies to create "smart" hospitals and medical office blocks. The method, which is based on software created in Europe and already utilized in commercial real estate and healthcare organizations across various nations, allows any medical building, old or new, to become "Smart Ready" in around four weeks.
Rapid growth in chronic diseases in addition to health concerns
According to the World Health Organization (WHO), diabetes will affect approximately 10% of the world population aged 20 to 79 by 2045. Noncommunicable diseases (NCDs), which include heart disease, cancer, stroke, diabetes, and chronic lung disease, are responsible for 74% of all deaths globally. More than 3 of all NCD fatalities take place in low- and middle-income countries, where 86% of the 17 million persons died young, or before reaching the age of 70, according to the same source. Thus, the rise in chronic illnesses such as diabetes, asthma, heart diseases, and others is predicted to drive the smart medical devices industry forward. Hence, there has been an increase in demand for smart medical devices to track these diseases. This, in turn, is driving sales growth in the market for smart medical devices. Xplore Lifestyle, a Pune-based health monitoring service company, for example, announced a wristwatch for constant monitoring of heart health in July 2022. The invention, which claims to be the world's first healthcare continuous monitoring gadget in watch form, was created in collaboration with the Israeli business CardiacSense. Additionally, consumers are becoming health-conscious, and they are more likely to embrace healthier lives. As a result, people may be observed engaging in various physical activities such as jogging, playing sports for fitness, and other exercises.
Frequently Asked Questions (FAQs)
Q1. What will be the smart healthcare devices market size by 2027?
A1. The smart healthcare devices market is projected to reach a market size of US$90.303 billion by 2027.
Q2. What are the growth prospects for the smart healthcare devices market?
A2. The global smart healthcare devices market is projected to grow at a CAGR of 18.45% during the forecast period.
Q3. How is the global smart healthcare devices market segmented?
A3. The smart healthcare devices market has been segmented by application, end-user, and geography.
Q4. What is the size of the global smart healthcare devices market?
A4. The global smart healthcare devices market was valued at US$27.604 billion in 2020.
Q5. What factors are anticipated to drive the smart healthcare devices market growth?
A5. The smart healthcare devices market is driven by the increased engagement and consciousness of consumers in terms of health.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SMART HEALTHCARE DEVICES MARKET, BY APPLICATION
5.2. Diagnostic and Monitoring
5.3. Injury Prevention and Rehabilitation
6. SMART HEALTHCARE DEVICES MARKET, BY END-USER
6.3. Hospitals and Clinics
7. SMART HEALTHCARE DEVICES MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.2. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Siemens Medical Solutions USA, Inc.
9.2. Fresenius Medical Care
9.3. Cardinal Health
9.4. Abbott Laboratories
9.5. Koninklijke Philips N.V.
9.6. Thermo Fisher Scientific Inc.
9.7. GENERAL ELECTRIC COMPANY
9.8. Johnson & Johnson Services, Inc.
Siemens Medical Solutions USA, Inc.
Koninklijke Philips N.V.
Thermo Fisher Scientific Inc.
GENERAL ELECTRIC COMPANY
Johnson & Johnson Services, Inc.
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