Global Smart Medical Devices Market to Grow at a CAGR of 24% During 2024-2032, Aided by Advancement in Healthcare Sector

The global demand for smart medical devices accelerated due to the outburst of the coronavirus in 2020. Owing to stringent government regulations and the need to practice social distancing during COVID-19, manufacturers of medical devices are compelled to include the latest technology in medical devices to enable communication between the patient and the doctor, consequently aiding the market growth. The integration of smart technology like big data enables healthcare providers to collect patient data on a large scale, along with cloud-based storage solutions to store the data for long durations. Such integrations are strengthening the market growth as data collection allows the base for future developments in the diagnostic and therapeutic segment. With a cloud-based storage system, patient data can be transferred, if need be, across the globe, thereby maintaining the flow of treatment. Furthermore, owing to investments in research and development (R&D) projects to incorporate technology in medical devices, innovations like wireless glucose/ insulin monitoring devices are aiding the growth of the industry.

Philips (AMS: PHIA), a global leader in technological manufacturing, has recently unveiled its new production, a medical tablet for patient monitoring, in February 2021. The medical tablet is designed to provide easy access to patient information via wired or wireless hospital systems. The tablet is integrated with Philips IntelliVue XDS software that provides remote access to information without establishing a central monitoring system. In addition, the success of the product can also be attributed to the fact that it will allow doctors and patients to practice social distancing, thereby reducing the risk of infections. Furthermore, in small healthcare settings like clinics and homecare settings, the product allows ease of installation, thus making it cost-effective and favourable. Such innovations by market players are providing impetus to market growth.

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Market Analysis by Product, Distribution Channel, End-Use, and Region:

• On the basis of product, the market can broadly be categorised into diagnostics and monitoring devices, and therapeutic devices.

• Based on distribution channel, the market can be divided into pharmacies and online channels, among others.

• The major end-use sectors of smart medical devices are hospitals, clinics, and home care, among others.

• The major regional markets for smart medical devices are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

• The market for smart medical devices is being driven by the outburst of coronavirus, and the consequent need to establish smart patient monitoring systems.

• The rising popularity of smart watches with features like steps monitoring, pulse oximeter, blood and pressure monitoring, is augmenting the market growth of the industry.

• Owing to the presence of extensive distribution channels and the rising prevalence of e-commerce websites, the market growth of smart medical devices is bolstering.

• Technological integration like big data management is supporting industry growth.

• The rising research and development in diagnostic and therapeutic segments of the healthcare sector are boosting the market growth. 

Key Offerings of the Report:

• The EMR report gives an overview of the global smart medical devices market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) markets for products, distribution channels, end-uses, and major regions of smart medical devices.

• The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global market of smart medical devices are Abbott Laboratories, Apple Inc., Fitbit Inc., F. Hoffmann-La Roche Ltd., and Johnson & Johnson Medical Devices Companies, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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