Smart Medical Devices Market

Smart Medical Devices Market Research, 2031

The global smart medical devices market was valued at $31.5 billion in 2021, and is projected to reach $132.1 billion by 2031, growing at a CAGR of 15.4% from 2022 to 2031. Smart medical devices such as wearables, help to connect the patients to doctors, transmitting critical medical data in real time from hospital beds and private homes as well as mobile equipment used at emergency sites and in transport vehicles. Though patient data was recorded long before the advent of smart technology, the adoption of smart medical devices has enabled healthcare providers to collect patient data. The wireless devices implanted in the body permit patients to be continuously monitored to alert health care providers of changes that may require necessary action. Smart personal medical devices allow patients unprecedented mobility while providing clinicians real-time data to ensure patients the highest level of care. Smart medical devices need to adhere to strict regulations and must be tested and certified according to established requirements such as Federal Communications Commission (FCC) in the U.S. market and Radio Equipment Directive (RED) compliance for the Europe market. The diabetes industry has also presented opportunities for smart innovation as many established and startup medical device companies continue to push medical technology boundaries with wireless glucose monitoring solutions that improve patient comfort and outcomes.

The COVID-19 pandemic had a fairly negative impact on the smart medical devices industry owing to the complexities in supply of materials, and manufacturing and logistics processes in the pandemic situation. However, the situation is expected to change post the COVID-19 pandemic.

The growth of the smart medical devices market size is driven by surge in demand for smart medical devices, increase in prevalence of chronic diseases and increase in geriatric population. Furthermore, increase in healthcare expenditure, rise in incidence of diabetes, rapidly evolving information and software technology and rise in healthcare expenditure are considerably contributing toward the smart medical devices market growth.

However, stringent government regulations for medical devices and high cost of smart medical devices are negatively impacting the growth of smart medical devices market size. Conversely, the smart medical devices market opportunity can be created by adopting technological advancements in medical devices.

Impact of COVID-19 Pandemic on Smart Medical Devices Market Share

The COVID-19 pandemic affected the smart medical devices industry in a negative way, like various other cell and gene therapies industries were affected. COVID-19 severely impacted the overall medical devices market, with different segments of the industry experiencing wide-ranging effects. The smart medical device manufacturers were subjected to challenging social and economic conditions created as a result of the novel strain of coronavirus, SARS-CoV-2, or COVID-19. These conditions continued to create various financial impacts to the manufacturing operations by necessitating precautions for personnel to operate safely both in person as well as remotely. Moreover, the costs incurred include items such as incremental payroll costs, consulting support, IT infrastructure and facilities-related costs. The market players also have experienced moderate disruptions in global distribution operations. Furthermore, the market players experienced constrained supply or curtailed customer demand due to customer loss of private health insurance coverage for the products, that could materially adversely impact the business, results of operations and overall financial performance of the companies.

Smart Medical Devices Market Segmentation

The smart medical devices market is segmented into product type, application, distribution channel and region. By product type, the market is classified into diagnostic & monitoring devices and therapeutic devices. Furthermore, the diagnostic and monitoring devices segment is sub-classified as wearable and non-wearable. By application, the market is classified into blood glucose monitoring, cardiovascular and others. By distribution channel, the market is classified into pharmacies and online channel. Region wise, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).

Market By Product Type Segment Review

By product type, diagnostic and monitoring devices segment is anticipated to witness growth with the largest share throughout the forecast period. This is attributed to increase in prevalence of cardiovascular diseases and surge in government support for expenditure. Recent advances in smart medical device technology have contributed to improve the demand for products capability; thus, driving the growth of the market. Moreover, the demand for diagnostic and monitoring devices is projected to exhibit the fastest market growth during the forecast period, due to its increase the usage of devices, and expected launch of pipeline products.

Market By Application Segment Review

By application, the cardiovascular segment is anticipated to grow with the largest share throughout the forecast period. This is attributed to increase in incidences of cardiovascular disease such as diabetes and surge in expenditure in research in the field of medical devices. Moreover, increase in applications of smart medical devices have contributed to improve the demand for device applications; thus, driving the growth of the market. On the other side, the demand for cardiovascular segment is projected to exhibit the fastest market growth during the forecast period, due to increase in geriatric population, increase in technological advancements, and rise in efficacy of smart medical devices.

Market By Distribution Channel Segment Review

By distribution channel, the pharmacies segment was the major revenue contributor in 2021, and is anticipated to continue this trend during the forecast period, due to increase in number of pharmacies. In addition, increase in target geriatric population, rise in awareness of smart medical devices and increase in governmental initiatives also contributed toward the growth of the market. On the other side, the online channel is projected to exhibit the fastest market growth during the smart medical devices market forecast period, owing to higher shift in the preferences of population toward online purchase of the medical devices.

Market By Region Review

North America accounted for the largest share of revenue in 2021, and is anticipated to maintain its dominance from 2021 to 2031, owing to presence of large patient population, strong presence of key players, ease of products availability, well developed healthcare infrastructure, favorable expenditure policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced products. However, Asia-Pacific is expected to grow at the highest CAGR, owing to increase in number of cardiovascular patients and rise in awareness related to smart medical devices.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart medical devices market analysis from 2021 to 2031 to identify the prevailing smart medical devices market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the smart medical devices market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global smart medical devices market trends, key players, market segments, application areas, and market growth strategies.

 Smart Medical Devices Market Report Highlights