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Global Smart Medical Devices Market: By Product: Diagnostics and Monitoring Devices, Therapeutic Devices; By Distribution Channel: Pharmacies, Online channel, Others; By End-Use; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Smart Medical Devices Market Outlook
The global smart medical devices market attained a value of about USD 8.3 billion in 2020. The market is further expected to grow at a CAGR of 24% during the forecast period of 2023-2028 to reach nearly USD 30.3 billion by 2026.
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Robust Demand for Diagnostic and Monitoring Devices is Augmenting Market Growth
The diagnostics and monitoring devices segment is the fastest growing segment of the smart medical devices industry. Owing to the presence of prominent players in the market, ease in availability of cost-friendly self-monitoring devices like fitness bands and pulse oximeters, the demand for smart medical devices is invigorating the market growth. In addition, with the rise in disposable income, the availability of smartphones and the commonality of wireless networks like wi-fi and Bluetooth is enhancing the industry growth of smart medical devices. Further, the rising awareness regarding the benefits of physical health, especially among the younger generation, has led to individuals monitoring fitness levels on a regular basis, which, in turn, is propelling the demand for smart devices globally. Moreover, the market growth of smart medical devices can be attributed to the presence of extensive distribution channels, including pharmacies and online retail channels like Amazon, which has enhanced the availability of the product.
Smart Medical Devices: Market Segmentation
Smart medical devices are wireless equipment to monitor a patient’s health by communicating real-time updates regarding the patient’s vitals. These devices usually operate on a wireless network like wi-fi and Bluetooth and are driven by technologies like Artificial Intelligence (AI) and Internet of Things (IoT).
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On the basis of product, the market can be segmented into:
- Diagnostics and Monitoring Devices
- Therapeutic Devices
The diagnostic and monitoring segment is further classified into blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors, breath analyser, medical tricorder and smart clothing.
The therapeutic segment is further divided into portable oxygen concentrators and ventilators, insulin pumps, and hearing aids, among others. The ‘others’ segment is further bifurcated into wearable and others.
Based on distribution channels, the market can be categorised into:
- Pharmacies
- Online Channel
- Others
Based on end-use, the market can be divided into:
- Hospitals
- Clinics
- Home Care
- Others
The EMR report looks into the regional markets of smart medical devices like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
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Rising Demand from Home Care Sector is Expected to Propel Market Growth in the Coming Years
With the outburst of coronavirus and the resultant stringent rules to maintain social distancing, the demand for home care smart medical devices is vigorously increasing. To avoid the risk of infections and to address the problems of space scarcity in hospitals, healthcare workers are preaching the adoption of remote monitoring devices, including portable and wearable devices, that aid in remote data transmission over the internet. Driven on cloud-based storage systems and the Internet of Things (IoT), these devices are designed to send real-time updates to the concerned physician, invigorating the market growth of smart medical devices. Therapeutic smart medical devices like oxygen concentrators and ventilators witnessed robust demand from the Asia Pacific region amidst the second wave of coronavirus and are expected to remain the dominant driving factor over the forecast period. Furthermore, innovations in smart medical devices due to industry players and government investments are further expected to augment the demand for home care medical devices over the forecast period.
Key Industry Players in the Global Smart Medical Devices Market
The report presents a detailed analysis of the following key players in the global smart medical devices market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.
- Abbott Laboratories
- Apple Inc.
- Fitbit, Inc.
- F. Hoffmann-La Roche Ltd
- Johnson & Johnson Medical Devices Companies
- Others
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter's Five Forces Model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Distribution Channel, End-Use, Region |
| Breakup by Product | Diagnostics and Monitoring Devices, Therapeutic Devices |
| Breakup by Distribution Channel | Pharmacies, Online channel, Others |
| Breakup by End-Use | Hospitals, Clinics, Home Care, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Abbott Laboratories, Apple Inc., Fitbit, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Medical Devices Companies, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Smart Medical Devices Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Medical Devices Historical Market (2018-2022)
8.3 Global Smart Medical Devices Market Forecast (2023-2028)
8.4 Global Smart Medical Devices Market by Product
8.4.1 Diagnostics and Monitoring Devices
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.1.3.1 Blood Glucose Monitors
8.4.1.3.1.1 Wearable
8.4.1.3.1.2 Others
8.4.1.3.2 Heart Rate Monitors
8.4.1.3.2.1 Wearable
8.4.1.3.2.2 Others
8.4.1.3.3 Pulse Oximeters
8.4.1.3.3.1 Wearable
8.4.1.3.3.2 Others
8.4.1.3.4 Blood Pressure Monitors
8.4.1.3.4.1 Wearable
8.4.1.3.4.2 Others
8.4.1.3.5 Breath Analyser
8.4.1.3.5.1 Wearable
8.4.1.3.5.2 Others
8.4.1.3.6 Medical Tricorder
8.4.1.3.6.1 Wearable
8.4.1.3.6.2 Others
8.4.1.3.7 Smart Clothing
8.4.2 Therapeutic Devices
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.2.3.1 Portable Oxygen Concentrators and Ventilators
8.4.2.3.1.1 Wearable
8.4.2.3.1.2 Others
8.4.2.3.2 Insulin Pumps
8.4.2.3.2.1 Wearable
8.4.2.3.2.2 Others
8.4.2.3.3 Hearing Aids
8.4.2.3.4 Others
8.4.2.3.4.1 Wearable
8.4.2.3.4.2 Others
8.5 Global Smart Medical Devices Market by Distribution Channel
8.5.1 Pharmacies
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Online channel
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Others
8.6 Global Smart Medical Devices Market by End-Use
8.6.1 Hospitals
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Clinics
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Home Care
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Smart Medical Devices Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Smart Medical Devices Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Smart Medical Devices Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Smart Medical Devices Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Smart Medical Devices Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Smart Medical Devices Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Abbott Laboratories
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Apple Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Fitbit, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 F. Hoffmann-La Roche Ltd
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Johnson & Johnson Medical Devices Companies
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Smart Medical Devices Market: Key Industry Highlights, 2018 and 2028
2. Global Smart Medical Devices Historical Market: Breakup by Product (USD Million), 2018-2022
3. Global Smart Medical Devices Market Forecast: Breakup by Product (USD Million), 2023-2028
4. Global Smart Medical Devices Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
5. Global Smart Medical Devices Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
6. Global Smart Medical Devices Historical Market: Breakup by End-Use (USD Million), 2018-2022
7. Global Smart Medical Devices Market Forecast: Breakup by End-Use (USD Million), 2023-2028
8. Global Smart Medical Devices Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Smart Medical Devices Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Smart Medical Devices Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Smart Medical Devices Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Smart Medical Devices Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Smart Medical Devices Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Smart Medical Devices Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Smart Medical Devices Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Smart Medical Devices Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Smart Medical Devices Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Smart Medical Devices Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Smart Medical Devices Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Smart Medical Devices Market Structure
Key Questions Answered in the Report
The global smart medical devices market attained a value of nearly USD 8.3 billion in 2020.
The market is projected to grow at a CAGR of 24% in the forecast period of 2023-2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach about USD 30.3 billion by 2026.
The market growth can be attributed to the heightened demand for diagnostic and monitoring devices, rising disposable incomes, the increasing adoption of therapeutic devices, and rising demand from the younger generation.
The market is anticipated to be positively impacted by the lingering fear of COVID outbreak, which is boosting people to invest in smart medical devices to maintain social distancing and, in turn, protect themselves from the virus.
The major regional markets for smart medical devices are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The different types of products in the smart medical devices industry are diagnostics and monitoring devices, and therapeutic devices.
The significant distribution channels of smart medical devices are 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 players in the industry are Abbott Laboratories, Apple Inc., Fitbit Inc., F. Hoffmann-La Roche Ltd., and Johnson & Johnson Medical Devices Companies, among others.
Analyst Review
The global smart medical devices market attained a value of about USD 8.3 billion in 2020, driven by robust demand for self-monitoring devices. Aided by the adoption of therapeutic devices in the home care sector, the market is expected to grow at a CAGR of 24% in the forecast period of 2023-2028 to reach approximately USD 30.3 billion by 2026.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market, on the basis of products, is segmented into diagnostics and monitoring devices, and therapeutic devices. Based on distribution channels, the market is divided into pharmacies, and online channels, among others. On the basis of end-use, the market is categorised into hospitals, clinics, and home care, among others. The major regional markets for smart medical devices are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. The key players in the industry are Abbott Laboratories, Apple Inc., Fitbit Inc., F. Hoffmann-La Roche Ltd., and Johnson & Johnson Medical Devices Companies, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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