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LONDON , Oct. 3, 2022 /PRNewswire/ -- The Smart Medical Devices Market Size is valued at USD 50.32 Billion in 2021 and is Projected to Garner USD 83.48 Billion by 2028 with a Growing CAGR of 7.5% over the forecast period.
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.
Smart Medical Devices Market Scope
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.
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Smart Medical Devices Market: Competitive Analysis
The healthcare system in the region has been greatly benefiting from many favorable economic conditions, an improved per capita income, and an improvement in the standard of living. Apple, Inc.; Abbott; Dexcom, Inc.; Fitbit, Inc.; Zephyr; F. Hoffmann-La Roche Ltd; Medtronic; Johnson & Johnson and Sonova, NeuroMetrix, Inc. are the top companies in the market.
Smart Medical Devices Market: Segmentation Analysis
On the basis of the product type, the devices have been segmented on the diagnostic and monitoring along with therapeutic devices. The diagnostic and monitoring devices segment have been segmented further into the blood glucose monitors, ECG monitors, blood pressure monitors and others. The diagnostic & monitoring segment has dominated the share of the market but has been seeing a little less growth in the recent past. The main reason behind the growth is the increase in the awareness, increase in the healthcare spending and the supportive initiatives by the government which support the patient care.
The blood pressure monitors are holding the largest share in the market. This can be attributed to the sedentary lifestyle and the unhealthy diet which is being followed. The distribution segment is seeing a great development in the online channels and is the fastest growing segment due to the increase in the online purchasing through the smartphone, the higher flexibility and the easy availability of many product ranges.
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Smart Medical Devices Market: Regional Analysis
Smart Medical Devices statistics suggest that the North American region is going to be the one which is going to show the greatest amount of development in the market and that is because of the continuous adoption of technology. Also, higher incomes allow more air travel which is going to benefit this market. Further, it is the Asia Pacific market which is going to show a growth in this market as the travel takes place after coronavirus pandemic. However, the travel restrictions which currently exist for China are one of the main reasons why the market has been restricted a bit but it is expected to rise in the coming years. Europe too has a good adoption of this market and will be growing continuously in the coming years.
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Smart Medical Devices Market: Key Drivers
The global smart medical devices market is going to see a great amount of growth in the coming years. The market of smartphones is going to see application in the healthcare industry. There is an increase in the adoption of the smartphones all over the world with the rise in the demand for the wireless and the medical devices which are smartphone compatible, increase in awareness and the focus on the fitness and health and growth in the demand for the home healthcare will be seeing growth in the market.
There is a rise in the health concern all over the world with the increase in the prevalence of the chronic diseases, increase in the expenditure on healthcare and the rise in the demand for the wearable devices are going to be expected to boost this market. There are companies which are now launching many innovative products which is going to facilitate the growth in the market. This will grow the market share considerably.
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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%.
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.
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.
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