The global Smart medical devices market is expected to reach the value of USD 23.50 Billion at a CAGR of 23.5% from 2020 to 2027
Smart medical devices market size is projected to reach USD 23.50 billion by 2027 end, at a CAGR of 23.5%. Smart medical devices are electronic devices that are designed to monitor the patients’ health parameters and thereby collecting the data effectively and communicating them to the caretaker or physicians over the internet. The role of the internet of things and Artificial intelligence has created attractive features in the existing smart medical devices which enable them to alert the patients about the symptoms and offer personalized and precise medications. The alert for the treatment appointments, refilling the medications, and other health-related reminders have enhanced the quality of treatment.
The smart sensors, communication technologies, and algorithms integrated with smart medical devices have increased the overall growth of the Smart medical devices industry. Smart medical devices to monitor diabetes type 1 and bone density have helped surgeons in making effective medical decisions. Additionally, the increasing incidences of chronic illness, increasing prevalence of asthma across the globe as the primary growth stimulating factors that fueled the overall growth of the smart medical devices market.
COVID 19 Analysis:
The COVID widespread has invariably affected several medical departments across the globe. The prolonged lockdown and restrictions in movements have affected the routine medical checkups and hospital visits for diabetic patients and pregnant women and another sector of people who require regular medical monitoring. Such factors have stimulated the demand for the smart medical devices market growth. The facility that smart medical devices provide the patients enables them to continuously monitor their health parameters while staying at home.
The increasing cases of COVID have also affected the demand for the pulse oximeter, the sales of pulse oximeters have increased throughout the pandemics. The awareness regarding maintaining a healthy lifestyle has also increased during the pandemic. Such factors have fueled the growth of the Smart medical devices industry in recent times.
The increasing incidences of chronic illnesses such as diabetes, asthma, hypertension, and other chronic obstructive pulmonary disorders across the globe are stimulating the Smart medical devices market growth. The increasing chronic illness has increased the demand for the services and management tools that are in the form of wearable medical devices. A recent report of WHO has stated that over 240 million people are affected by asthma globally, such factors have stimulated the growth of asthma monitoring devices that are capable of predicting asthma attacks well-advanced.
The new advancements in smart medical devices such as blood glucose monitors and wearable monitors are driving the overall growth of the Smart medical devices industry. Especially, their capability of connecting with smartphones and sharing their conditions with the medical personnel are helping the patients in controlling and managing their symptoms. Such attractive features of smart medical devices are stimulating market growth.
The increasing utilization of the Internet of Things in several aspects of life has a significant impact on the growth of the Smart medical devices industry. The demand for medical devices such as smartwatches, pulse oximeters, portable blood pressure monitors is surging in recent times. The demand for such smart medical devices is expected to grow in the forecast period and thereby increase the Smart medical devices market growth.
The increasing distribution channels, growth in eCommerce, digital marketing, and other factors are also impacting the growth of the smart medical devices market. The integration of novel technologies such as the internet of things, digital counseling, big data management, and rising research and development in the sector is presenting lucrative growth opportunities for the smart medical devices market.
The inaccuracy in the devices and errors in such medical parameters, technical failures, are currently hindering the overall growth of the smart medical devices market. A recent study was conducted to check the accuracy of the continuous glucose monitors, and the study showed up huge errors when the results were compared with blood glucose meters. Errors in the results would end up in the wrong medication and can lead to severe life-threatening situations.
The higher costs of the devices are considered as the restraining factor for the growth of the smart medical devices market. The developing countries or the countries which are currently facing economic crises are finding it difficult to purchase such devices. The medical device for detecting Ischemia is estimated to cost around USD 49,000.
As these smart medical devices utilize the internet, the occurrence of data breaches is increasing. The risk of financial loss and private information, identity theft was considered major challenges associated with the smart medical devices industry.
The devices that are failing to integrate with updated software. The lack of interoperability among the various platforms, compliance regulations is considered a major challenge in the smart medical devices market.
Cumulative Growth Analysis:
The growing diseases and contagious viral infections across the globe have stimulated the demand for the diagnostic and monitoring segment in the Smart Medical devices industry. The increasing demand for remote monitoring devices due to the widespread pandemics is also considered a significant growth-stimulating factor in the smart medical devices market.
The demand for continuous glucose monitors has been increasing in recent times, owing to the increasing incidence of type 2 diabetes. The device helps in monitoring the patients continuously and store real-time information effectively. Additionally, the devices enable the patients to have more control over their condition and thereby increased the overall quality of life and treatment.
Devices such as continuous glucose monitors (CGMs), for example, provide invaluable data that offers insight into diabetic symptoms and epidemiological trends, enable healthcare providers to monitor patients in real-time, and generally give people with diabetes more control over their quality of life and treatment.
Value Chain Analysis:
Smart medical devices are intensively used for patients who are confined in wheelchairs and for the geriatric population. The restrictions imposed by the government due to pandemics and lack of proper transportation facilities have restricted patients to access medical services. The advent of technologies like miniaturization and wireless connectivity has increased the flexibility of these smart medical devices. The increasing trend of activity monitoring devices, smartwatches, wearable patches, and fabrics has increased the overall growth of the smart medical devices market. Additionally, the devices that are capable of sensing asthma attacks well in advance are driving the overall growth of the market.
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North America is expected to grow at significant CAGR, since the region possesses an increasing number of incidences of chronic illness in recent times. Additionally, the emerging small and medium-sized enterprises and leading market players in the region are stimulating the overall growth of the smart medical devices market. Especially, the usage of Epocrates, Medscape, medical are intensively used in the region by medical professionals to save time and speed up the diagnosis processes. Such devices have also helped in reducing hospital visits and taxing resources.
On the other hand, the countries in the Asia Pacific region are also expected to showcase exponential growth owing to the economic condition and higher disposable income. The emerging novel technologies in the smart medical devices market are also stimulating the overall growth. Additionally, the governmental support in detecting diabetes at the early stages and another diagnosis at the early stages is fostering the overall growth of the Smart medical devices industry.
In the year 2021, the GOQII brand has launched the smart fitness band which is capable of continuous monitoring of blood pressure, SpO2, all-day activity such as steps, distance, and calories burned which enhances the fitness of the individual.
In the year 2021, the recent launch of health wearable devices has features with an extensive set of functionalities. In addition to that, the device can combat the disadvantages that come with Bluetooth devices and other privacy considerations, while efficiently managing data and providing data with accuracy.
This report has covered:
|Market Size||2027: USD 23.50 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Technology By Application and By End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Becton Dickinson and Company, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Amgen, Inc., Unilife Corporation, Debiotech S.A., SteadyMed Therapeutics, Inc., Insulet Corporation, Enable Injections, Sensile Medical AG, West Pharmaceutical Services, Inc., and CeQur SA|
|Key Market Opportunities||The conversion of commercialized patient-centric biologics from intravenous infusion to subcutaneous injection.|
|Key Market Drivers||
The players involved in the smart medical devices market are Johnson & Johnson Services, Inc., Becton Dickinson and Company, Amgen, Inc., F. Hoffmann-La Roche Ltd., Debiotech S.A., SteadyMed Therapeutics, Inc., Unilife Corporation, Enable Injections, Insulet Corporation, West Pharmaceutical Services, Inc., Sensile Medical AG, and CeQur SA.
The report on smart medical devices market includes the motor-driven, spring-based, expanding battery, rotary pump, collapsible reservoir, pressurized gas, and others.
The smart medical devices market report includes segments like infectious diseases, diabetes, oncology, cardiovascular diseases, auto-immune disorders, and others.
The end users of smart medical devices market are a hospital, clinic, home care settings, ambulatory surgery centers, and others.
The types included in smart medical devices market are Off-body (belt clip), On-body (adhesive patch), and Hand-held.