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Global Smart Medical Devices Market Size, Trends, Report: By Product Type: Diagnostics and Monitoring Devices, Therapeutic Device; By Type: On-Body, Adhesive Patch, Off-Body, Belt Clip, Handheld, Others; By Technology; By Modality; By Applications; By End User; By Distribution Channel; Regional Analysis; Supplier Landscape; 2023-2031
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.
Key Highlights of the Report
| 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:
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| Breakup by Product Type |
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Modality |
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| Breakup by Applications |
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| Breakup by End User |
|
| Breakup by Distribution Channel |
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| Breakup by Region |
|
| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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| 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
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Smart Medical Devices Market Overview
3.1 Global Smart Medical Devices Market Historical Value (2016-2022)
3.2 Global Smart Medical Devices Market Forecast Value (2023-2031)
4 Global Smart Medical Devices Market Landscape
4.1 Global Smart Medical Devices Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Smart Medical Devices Product Landscape
4.2.1 Analysis by Product Type
4.2.2 Analysis by Applications
4.2.3 Analysis by End User
5 Global Smart Medical Devices Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Smart Medical Devices Market Segmentation
6.1 Global Smart Medical Devices Market by Product Type
6.1.1 Market Overview
6.1.2 Diagnostics and Monitoring Devices
6.1.3 Therapeutic Device
6.2 Global Smart Medical Devices Market by Type
6.2.1 Market Overview
6.2.2 On-Body
6.2.3 Adhesive Patch
6.2.4 Off-Body
6.2.5 Belt Clip
6.2.6 Handheld
6.2.7 Others
6.3 Global Smart Medical Devices Market by Technology
6.3.1 Market Overview
6.3.2 Spring-Based
6.3.3 Motor-Driven
6.3.4 Rotary Pump
6.3.5 Expanding Battery
6.3.6 Pressurized Gas
6.3.7 Others
6.4 Global Smart Medical Devices Market by Modality
6.4.1 Market Overview
6.4.2 Wearable
6.4.3 Non-Wearable
6.5 Global Smart Medical Devices Market by Applications
6.5.1 Market Overview
6.5.2 Oncology
6.5.3 Diabetes
6.5.4 Auto-Immune Disorders
6.5.5 Infection Diseases
6.5.6 Sports and Fitness
6.5.7 Sleep Disorders
6.5.8 Others
6.6 Global Smart Medical Devices Market by End User
6.6.1 Market Overview
6.6.2 Hospitals
6.6.3 Clinics
6.6.4 Home Care
6.6.5 Sports Club
6.6.6 Others
6.7 Global Smart Medical Devices Market by Distribution Channel
6.7.1 Market Overview
6.7.2 Pharmacies
6.7.3 Online Channel
6.7.4 Others
6.8 Global Smart Medical Devices Market by Region
6.8.1 Market Overview
6.8.2 North America
6.8.3 Europe
6.8.4 Asia Pacific
6.8.5 Latin America
6.8.6 Middle East and Africa
7 North America Smart Medical Devices Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Smart Medical Devices Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Smart Medical Devices Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Smart Medical Devices Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Smart Medical Devices Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 Johnson & Johnson Private Limited
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 Abbott
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Apple Inc.
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 Medtronic
17.4.1 Financial Analysis
17.4.2 Product Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 F. Hoffman-La Roche Ltd.
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Fitbit, Inc.
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 Dexcom Inc.
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 NeuroMetrix, Inc.
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 CeQur Simplicity
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 Huawei Devices Co., Ltd.
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 West Pharmaceutical Services, Inc.
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
17.12 Sonova
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.12.5 Certifications
17.13 BAE Systems
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
17.13.5 Certifications
17.14 Seiko Epson Corporation
17.14.1 Financial Analysis
17.14.2 Product Portfolio
17.14.3 Demographic Reach and Achievements
17.14.4 Mergers and Acquisitions
17.14.5 Certifications
17.15 Insulet Corporation
17.15.1 Financial Analysis
17.15.2 Product Portfolio
17.15.3 Demographic Reach and Achievements
17.15.4 Mergers and Acquisitions
17.15.5 Certifications
17.16 Garmin Ltd.
17.16.1 Financial Analysis
17.16.2 Product Portfolio
17.16.3 Demographic Reach and Achievements
17.16.4 Mergers and Acquisitions
17.16.5 Certifications
17.17 SAMSUNG
17.17.1 Financial Analysis
17.17.2 Product Portfolio
17.17.3 Demographic Reach and Achievements
17.17.4 Mergers and Acquisitions
17.17.5 Certifications
17.18 LG Electronics
17.18.1 Financial Analysis
17.18.2 Product Portfolio
17.18.3 Demographic Reach and Achievements
17.18.4 Mergers and Acquisitions
17.18.5 Certifications
18 Global Smart Medical Devices Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
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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