Smart Medical Devices Market Share 2022, Top Companies Overview, Global Size, Growth, Key Trends and Forecast Report till 2027
Market Overview 2022-2027
The latest research study “Smart Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global smart medical devices market reached a value of US$ 36.92 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 58.58 Billion by 2027 exhibiting a CAGR of 7.50% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Definition and Application:
Smart medical devices represent wireless electronic instruments that are used for monitoring the health by collecting and communicating real-time updates. They are generally operated on a wireless network, such as Wi-Fi or Bluetooth. Some of the commonly available smart medical devices include insulin pumps, heart rate monitors, pulse oximeters, portable oxygen concentrators, blood pressure monitors, etc. They provide a high level of mobility and the ability to monitor patient status remotely. In line with this, smart medical devices aid in saving time, reducing workload, increasing patient engagement and control, minimizing errors, improving communication, enhancing safety, etc. Consequently, they are extensively utilized in clinics, hospitals, and home care settings across the globe.
Global Smart Medical Devices Market Trends and Drivers:
The rising prevalence of various chronic medical ailments, such as asthma, diabetes, blood pressure, chronic obstructive pulmonary disease (COPD), etc., is primarily driving the smart medical devices market. Additionally, the escalating product demand for disease management, providing feedback, suggesting adequate treatment, etc., owing to the sudden outbreak of the COVID-19 pandemic, is further catalyzing the market growth. Besides this, the growing consumer health consciousness is inflating the adoption of smart medical devices that can track the physical well-being of patients, which, in turn, is acting as another significant growth-inducing factor. Moreover, the introduction of artificial intelligence (AI), Internet of Things (IoT), and machine-to-machine technologies to offer greater precision, ensure accurate storing of patient information, enhance the overall user experience, etc., is anticipated to fuel the smart medical devices market over the forecasted period.
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|Smart Medical Devices Market Report Scope|
|Market size value in 2021||US$ 36.92 Billion|
|Market forecast in 2027||US$ 58.58 Billion|
|Growth Rate||CAGR of 7.50% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product Type, Distribution Channel, Application, End User and Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||Abbott Laboratories, Activinsights Ltd, Apple Inc., Debiotech SA, Enable Injections, Fitbit LLC (Google LLC), Koninklijke Philips N.V., Medtronic PLC, NeuroMetrix Inc., Omron Healthcare Co Ltd (Omron Corporation), Sonova Holding AG, Sotera Wireless Inc. and VitalConnect.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Product Type:
- Diagnostic and Monitoring
- Blood Glucose Monitors
- Heart Rate Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Breath Analyzer
- Other Diagnostic Monitoring Products
- Therapeutic Devices
- Portable Oxygen Concentrators and Ventilators
- Insulin Pumps
- Hearing Aid
- Other Therapeutic Devices
Breakup by Distribution Channel:
Breakup by Application:
- Auto-Immune Disorders
- Infectious Diseases
Breakup by End User:
- Hospitals and Clinics
- Home-Care Setting
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are Abbott Laboratories, Activinsights Ltd, Apple Inc., Debiotech SA, Enable Injections, Fitbit LLC (Google LLC), Koninklijke Philips N.V., Medtronic PLC, NeuroMetrix Inc., Omron Healthcare Co Ltd (Omron Corporation), Sonova Holding AG, Sotera Wireless Inc. and VitalConnect.
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