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Smart Medical Devices Market

Smart Medical Devices Market Size, Share & Trends Analysis Report

Smart Medical Devices Market Size, Share & Trends Analysis Report By Product Type (Injury Prevention & Rehabilitation Devices, Diagnostic & Monitoring Devices, Therapeutic Devices), By Test Type (Wearable, Portable), By End-Use (Home Care Settings, Hospitals, Clinics), Based On Region, And Segment Forecasts, 2022 - 2028

Published
Report ID : BMRC 2100
Number of pages : 300
Published Date : Nov 2022
Category : Medical Device
Delivery Timeline : 48 hrs

Smart Medical Devices Market is valued at USD 50.32 Billion in 2021 and expected to reach USD 83.48 Billion by 2028 with a CAGR of 7.5% over the forecast period. 

Global Smart Medical Devices Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing awareness regarding health and fitness, rising number of technological advancements in this field, and growing geriatric population are some of the major factors driving the growth of the Global Smart Medical Devices Market. 

Scope of Global Smart Medical Devices Market Report- 

Smart medical devices are electronic devices designed to monitor patient health parameters and thereby effectively collect data and communicate with caregivers or doctors over the internet. The role of the internet of things and artificial intelligence has created attractive features in current smart medical devices that can alert patients to symptoms and provide personalized and precise medication. Quality of care is enhanced by alerting of treatment appointments, medication refills, and other health-related reminders. Smart sensors, communication technology, and algorithms combined with smart medical devices have fueled the overall growth of the smart medical device industry. Smart medical devices to monitor type 1 diabetes and bone density have helped surgeons make effective medical decisions. 

The Covid-19 pandemic has positively impacted on the growth of the global smart medical devices market. Rising cases of Covid have also augmented the demand for pulse oximeters, with sales of pulse oximeters increasing throughout the pandemic. Awareness about maintaining a healthy lifestyle has also increased during the pandemic. Smart medical devices provide facilities to patients enabling them to continuously monitor their health parameters at home. These factors have fueled the growth of the smart medical device market during the pandemic. 

The global smart medical devices market is segmented on the product type, test type, end-use and region & country level. Based on product type, the global smart medical devices market is classified into injury prevention & rehabilitation devices, diagnostic & monitoring devices, therapeutic devices, and others. By test type, the global market is classified into wearable, portable, and others. By end-use, the global smart medical devices market is segmented into home care settings, hospitals, clinics, and others. 

The regions covered in the global smart medical devices market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global smart medical devices is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc. 

Key Players of Global Smart Medical Devices Market Report

Some major key players for the global smart medical devices market report cover prominent players like Abbott, Apple, Inc., Dexcom, Inc., F. Hoffmann-La Roche Ltd, Zephyr, Sonova, NeuroMetrix, Inc., Johnson & Johnson, Medtronic, Fitbit, Inc., and others.  

News- 

Indian Medical Device Maker Dozee Launched Smart Connected Bed with Midmark India 

On August 24th, 2022; Indian connected health device maker Dozee partnered with Midmark India, South Asia's largest hospital bed manufacturer, has launched a connected bed platform for non-ICU settings. The smart bed can be connected to the central command center and HMIS of the hospital. Dozee claims its AI-powered RPM sensor has clinical-grade accuracy of 98.4%. 

Pune-based Xplore Lifestyle Launched Smartwatch to Monitor Cardiac Health 

On July 28th, 2022; Xplore Lifestyle, a Pune-based patient monitoring solution provider, launched a smartwatch for continuous monitoring of heart health. Claiming to be the world's first medical-grade continuous monitoring device in watch form, the product has been developed in partnership with Israeli company CardiacSense. 

TFDA Announced the Establishment of the Smart Medical Device Office 

On January 15th, 2020; To promote the development of artificial intelligence and machine learning (AI/ML) based medical devices and support the recently enacted medical devices Act, TFDA announced on the 7th the establishment of a smart medical devices office to provide one-stop consulting services. The TFDA expressed that AI/ML-based medical devices can be used to aid in patient triage, disease detection &, to some extent, diagnosis. 

GE Healthcare Unveiled New Applications & Smart Devices Built on """"Edison"""" a Next Generation Intelligence Platform 

On November 24th, 2018; Expanding GE Healthcare's 200+ imaging applications, Addison incorporates new technologies to improve scan consistency, help clinicians detect and prioritize acute cases, and extend device lifecycles. One of the 100+ GE Healthcare Developer Services on Edison is a tool that tracks the source and use of data in AI development, facilitating developers' ability to create tailored algorithms.  

Increasing Awareness regarding Health and Fitness, Rising Number of Technological Advancements in This Field, and Growing Geriatric Population are Driving the Market Growth  

One of the major factors driving the growth of the smart medical devices market is the increasing awareness regarding the health and fitness. And, the Covid-19 pandemic has also increased the demand for smart medical devices such as therapeutic devices, diagnostic and monitoring devices, and injury prevention and rehabilitation devices. Consumers around the world buy portable and wearable devices to monitor their health. Demand for such devices is increasing from home care settings, clinics, and hospitals. The rising sales of diagnostic and monitoring devices are due to the sudden outbreak of the coronavirus worldwide. The smart medical devices market is significantly driven by the growth in the geriatric population and the growing need for these devices for the rehabilitation of injuries. The rise in chronic diseases is also an important factor driving the growing sales of smart medical devices. For example as per WHO; Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. 

In addition, the rising technological advancements in this field are also supplementing the market growth. New advancements in smart medical devices such as glucose monitors and wearable monitors are driving the overall growth of the smart medical device industry. In particular, their ability to connect to smartphones and share their conditions with medical staff is helping patients control and manage their symptoms. These kind of attractive features of smart medical devices are fostering the demand for smart medical devices. For instance; on February 19th, 2021; RhythMedix launched a wearable cardiac monitor for arrhythmia detection. Therefore, many innovations in various wearable monitors promote the growth of the smart medical devices market. 

Moreover, the growing geriatric population is also supplementing the smart medical devices market growth. For instance; according to United Nation; in 2019, there were 703 million people in the world 65 aged. The geriatric people are projected to double to 1.5 billion by 2050. The shift towards home care for an aging population has been occurring for several years due to the advancement of smart medical device technologies.  

However, the high cost, and inaccuracy in the devices, and errors associated with smart medical devices may hinder the growth of the global smart medical devices market. Despite that, increasing utilization of the internet of things, and technological advancements in this field may create more opportunities for the further growth of the market. 

North America is Expected to Dominate the Global Smart Medical Devices Market 

Geographically, North America is expected to dominate the global smart medical devices market within the forecast period due to the increasing prevalence of chronic diseases, rising health care expenditure, and growing technological advancements in this region. The increasing prevalence of chronic diseases is driving the growth of the smart medical devices market. For example; according to the Center for Disease Control Gov., on September 14th, 2018; 20.4% (50.0 million) of United States adults have chronic (severe) pain, and 8.0% of U.S. adults. In addition, the rising health care expenditure leading to rising demand for better medical devices & health care services is another factor supplementing the market growth in this region. For instance; according to the Centers for Medicare and Medicaid Services; United States health care spending rose 9.7 percent in 2020 to $ 4.1 trillion, or $ 12,530 per capita. As a share of the country’s GDP, a share of health expenditure is 19.7 percent. 

The Asia Pacific is the fastest-growing region in the global smart medical devices market due to the increasing prevalence of chronic and lifestyle diseases, rising awareness about health, and a growing percentage of geriatric population in this region. For instance; according to ageing Asia; in 2019, they were 139 million geriatric population in India. 

Global Smart Medical Devices Market Segmentation:

By Product Type

  • Injury Prevention & Rehabilitation Devices 
  • Diagnostic & Monitoring Devices
  • Therapeutic Devices
  • Others 

By Test Type

  • Wearable 
  • Portable
  • Others  

By End-Use

  • Home Care Settings 
  • Hospitals 
  • Clinics
  • Others  

Smart Medical Devices Market Key Players:

  • Abbott, Apple, Inc.
  • Dexcom, Inc.
  • Hoffmann-La Roche Ltd
  • Zephyr
  • Sonova
  • NeuroMetrix, Inc.
  • Johnson & Johnson
  • Medtronic
  • Fitbit, Inc.

By Regional Analysis

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

Key Benefits of Global Smart Medical Devices Market Report– 

  • Global Smart Medical Devices Market report covers in-depth historical and forecast analysis 
  • Global Smart Medical Devices Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level. 
  • Global Smart Medical Devices Market report helps to identify opportunities in marketplace.
  • Global Smart Medical Devices Market report covers extensive analysis of emerging trends and competitive landscape. 
SUMMARY
VishalSawant
Vishal Sawant
Business Development
vishal@brandessenceresearch.com
+91 8830 254 358
Segmentation
Segments

By Product Type

  • Injury Prevention & Rehabilitation Devices 
  • Diagnostic & Monitoring Devices
  • Therapeutic Devices
  • Others 

By Test Type

  • Wearable 
  • Portable
  • Others  

By End-Use

  • Home Care Settings 
  • Hospitals 
  • Clinics
  • Others  
Country
Regions and Country

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherlands
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of MEA
Company
Key Players
  • Abbott, Apple, Inc.
  • Dexcom, Inc.
  • Hoffmann-La Roche Ltd
  • Zephyr
  • Sonova
  • NeuroMetrix, Inc.
  • Johnson & Johnson
  • Medtronic
  • Fitbit, Inc.

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