Smart medical devices are crucial medical instruments that doctors utilize to assess vital physiological indices in patients with varied disorders. These smart devices are designed to improve the quality of patient care by monitoring real-time data and communicating it to physicians through the use of a linked device. The global smart medical devices market is said to register a CAGR of 23.5% till 2027. The estimated market value of the market is anticipated to reach USD 23.50 Billion by the end of the forecast period.
The usage of Smart Medical Device Market offers significant benefits, which include saving time and money on hospital visits, as well as assisting people in becoming more conscious of their health and fitness. Smart medical gadgets are becoming increasingly popular around the world, particularly in developing nations. The market is growing due to rising smartphone usage and demand for smart phone compatible medical devices and wearable gadgets. The development of advanced techniques in the industry is also boosting the worldwide smart medical devices market forward. The rising need for easy-to-use smart medical devices is also due to the prevalence of lifestyle-related ailments and diseases that necessitate round-the-clock monitoring of physiological data. In addition, the integration of modern Bluetooth technology with smart medical devices provides physicians and medical practitioners with real-time access to the device, which helps to minimize errors. Smart medical devices’ optional smart functionality and reduced time usage are some of the other benefits that are prompting them to gain widespread adoption, which is driving the market forward.
The Portable Medical Devices has prospered from the transition of commercialized patient-centric biologics from intravenous infusion to subcutaneous injection. This market is expected to increase rapidly during the forecast period, owing to a strong emphasis on self-administration of biosimilars and a preference for single-use smart medical devices.
Segmental Analysis
The segmentation of the smart medical devices market is done by type, technology, application, end use and region. By type, the market is subdivided into on-body (adhesive patch), hand-held and off body (belt-clip) categories. By technology, the market is segmented into spring based, rotary pump, motor driven, pressurized gas, expanding battery, and collapsible reservoir devices. By application, the sub categories are auto-immune disorders, oncology, cardiovascular diseases, diabetes and infectious diseases. By end use, the global smart devices market can be segmented into hospitals, home care settings, clinics and ambulatory surgery centers. By region, the market can be divided into North America, Asia-Pacific, Europe and the rest of the world.
Detailed Regional Analysis
Due to increased investments in smart device development, North America is likely to lead the industry. Owing to the increase in the usage of smartphones and increased awareness of their health and fitness, the United States of America dominates the North American market. As the key firms like Apple and Fitbit are foraying into the industry, and investing in developing smart gadgets that favor results with high accuracy and minimal turnaround time, this region is predicted to grow at the fastest rate from 2021 to 2028.
The European region shows a promising surge in the smart medical devices market. Due to the significant growth of the geriatric population and the increased prevalence of chronic conditions that necessitate round-the-clock monitoring, Germany dominates the European market.
The Asia Pacific region is likely to grow sustainably. Countries like Japan, Australia, and India have a lot of potential because of their strong healthcare IT infrastructure and expanding investments in smart healthcare. Due to the increased investments and government assistance, China is likely to dominate the Asia-Pacific market with the CAGR of 20.8%.
Competitive Analysis
Some of the leading players in the smart medical devices market are Medtronic plc, Siemens Healthineers, Johnson Johnson, GE Healthcare, Philips Healthcare, F. Hoffman La Roche Ltd., Baxter International, Abbott Laboratories and Cardinal Health and Boston Scientific Corporation.
Industry Updates
In August 2021, Google tied up with FitBit to introduce a new FitBit smartwatch designer collection.
In August 2021, Ersa Roan and Joshua Herwig co-founded SOMAVAC Medical solutions and received a patent for their continuous negative pressure ‘Smart’ pump.
In February 2021, Capsule Technologies, Inc. was acquired by Royal Philips, a global leader in health technologies. Philips’ acquisition of Capsule is in line with the company’s primary strategy of using combination solutions to revolutionise healthcare delivery across the health continuum.
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