Smart Medical Devices Market
Global Smart Medical Devices Market Size, Share & Trends Analysis Report by Product Type (Diagnostic And Monitoring Devices, Therapeutic Devices, and Injury Prevention And Rehabilitation Devices), By Device Type (Portable, and Wearable), By End-Users (Hospitals and Clinics, Home Care, Laboratories, and Others) Forecast, 2021-2027 Update Available - Forecast 2024-2030
The global smart medical devices market is anticipated to grow siginificantly at a CAGR of 24.5% during the forecast period. A smart medical device is a software-based appliance that may be utilized for a wide range of therapeutic and diagnostic applications. It's been employed in a variety of applications, including heart rate monitoring, glucose monitoring, pain management, and insulin delivery, among others. Smartphones are playing a vital role in controlling these smart medical devices in the healthcare industry. The increased adoption of medical devices that are compatible with smartphones, as well as the increasing usage of smartphones across the globe, are important driving factors that are propelling the global smart medical devices market during the forecast period.
Furthermore, the growing geriatric population, rising demand for wireless & smartphone-compatible medical devices, increasing awareness and focus on health & fitness, and growing demand for home healthcare are boosting the market. The expanding geriatric population is driving up demand for smart medical devices, as the elderly are more susceptible to chronic diseases including CVD, cancer, and diabetes. Apart from this, the technological advancements by the major players are driving the growth of the global smart devices market. However, certain factors such as the high cost of medical devices, as well as patient security and privacy concerns (for instance, personal data of patients can be hacked), are restraining the market's growth.
Impact of COVID-19 Pandemic on Global Smart Medical Devices Market
Due to the COVID-19 pandemic, almost every industry has been severely impacted. The manufacturing industries have been halted their operations impacting the overall supply chain. The automotive and transportation industries are among the most vulnerable sectors to the ongoing COVID-19 pandemic, and they are currently experiencing unprecedented uncertainty. On the contrary, it has bolstered the growth of smart medical and therapeutic equipment to enhance the medical facilities and healthcare systems across the globe.
Many companies are assisting society during this pandemic, one of them is Ioterra, a marketplace that assists in finding suitable IoT service providers. It has also extended its services in helping the community to fight against Covid-19 by partnering with various other companies in providing smart medical devices and products. For instance, monitoring a patient's temperature has long been the first and most important step in determining whether or not he or she has been impacted. Wearable smart medical devices, such as smartwatches, can provide vital information regarding a patient's heart rate, blood sugar level, blood oxygen level, and among others, all without requiring human intervention. The market witnessed positive growth and is expected to grow in near future owing to technological advancements by the major players for smart medical devices.
Segmental Outlook
The global smart medical devices market can be segmented based on product type, device type, and end-users. Based on the product, the market is classified into diagnostic and monitoring devices, therapeutic devices, and injury prevention and rehabilitation devices. Among these, the diagnostic and monitoring devices segment is expected to dominate the market owing to high technology adoption by key players. Based on the device type, the market is segmented into portable, and wearable. Based on the end-users, the market is classified into hospitals and clinics, home care, laboratories, and others.
Global Smart Medical Devices Market Share by Device Type, 2020 (%)
Wearable Smart Device Segment holds the significant share in the Global Smart Medical Devices Market
Among the device type for the global smart medical devices market, the wearable device segment held the highest share in 2020 and is also anticipated to grow significantly during the forecast period. This is growing due to the rising adoption of sedentary and unhealthy lifestyles, increasing adoption of self-monitoring vitals, and rising prevelance of lifestyle disease. Apart from it, the presence of major key players in the manufacturing of the multi-functionally medical device, and the availability of activity trackers with low cost is propelling the growth of the segment during the forecast period.
Regional Outlook
The global smart medical devices market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). North America has been predicted to dominate the global smart medical devices market, followed by Europe. The growth is mainly attributed due to well-developed healthcare infrastructure and increasing advancements in technologies.
Global Smart Medical Devices Market Growth, by Region 2021-2027
Asia-Pacific is projected to have a considerable growth in the Global Smart Medical Devices Market
Asia-Pacific is anticipated to grow significantly in the global smart medical devices marke during the forecast period. In the region, countries such as China and India are the most promising economies in terms of growth. This is due to the increasing population and rising disposable incomes. For instance, it is estimated by the World Economic Forum that by 2030, the region will roughly contribute 60% to global growth. Apart from it, according to the United Nations Population Fund, the region is home to 60% of global population, which is around 4.3 billion people and includes the most populous countries China and India.
Market Players Outlook
The key players of the global smart medical devices market include Johnson & Johnson Services Inc., Fitbit Inc., Dexcom Inc., Medtronic plc, NeuroMetrix Inc., Olympus Corp., Abbott Laboratories, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2020, Fitbit, Inc. announced the release of Fitbit Sense, the most sophisticated health smartwatch with the world's first electrothermal activity sensor on a smartwatch to assist manage stress, as well as sophisticated heart rate tracking technology. This will aid the company's revenue generation in the approaching years.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart medical devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Smart Medical DevicesIndustry
• Recovery Scenario of Global Smart Medical DevicesIndustry
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Smart Medical Devices Market by Product Type
5.1.1. Diagnostic And Monitoring Devices
5.1.2. Therapeutic Devices
5.1.3. Injury Prevention And Rehabilitation Devices
5.2. Global Smart Medical Devices Market by Device Type
5.2.1. Portable
5.2.2. Wearable
5.3. Global Smart Medical Devices Market by End-Users
5.3.1. Hospitals and Clinics
5.3.2. Home Care
5.3.3. Laboratories
5.3.4. Others
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. 3M Co.
7.2. Abbott Laboratories
7.3. Apple Inc.
7.4. Autonomic Technologies Inc.
7.5. Baxter International Inc.
7.6. BIOTRONIK SE & Co. KG
7.7. Dexcom, Inc.
7.8. F. Hoffmann-La Roche AG
7.9. Fitbit, Inc.
7.10. Google LLC
7.11. Johnson & Johnson Services, Inc
7.12. Medtronic Plc
7.13. NeuroMetrix, Inc.
7.14. Olympus Corp.
7.15. Koninklijke Philips N.V.
7.16. Samsung Electronics Co., Ltd.
7.17. Siemens Healthcare GmbH
7.18. Smart Medical Systems Ltd.
7.19. Sonova Holding AG.
7.20. ViVO Smart Medical Devices Ltd.
1. GLOBAL SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS, 2020-2027 ($ MILLION)
2. GLOBAL SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2020-2027 ($ MILLION)
3. GLOBAL DIAGNOSTIC AND MONITORING SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL THERAPEUTIC SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL INJURY PREVENTION AND REHABILITATION SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2020-2027 ($ MILLION)
7. GLOBAL PORTABLE SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL WEARABLE SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY END-USERS, 2020-2027 ($ MILLION)
10. GLOBAL SMART MEDICAL DEVICES IN HOSPITALS AND CLINICS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL SMART MEDICAL DEVICES IN HOME CARE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL SMART MEDICAL DEVICES IN LABORATORIES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL SMART MEDICAL DEVICES IN OTHERS END-USERS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
15. NORTH AMERICAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
16. NORTH AMERICAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2020-2027 ($ MILLION)
17. NORTH AMERICAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2020-2027 ($ MILLION)
18. NORTH AMERICAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY END-USERS, 2020-2027 ($ MILLION)
19. EUROPEAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
20. EUROPEAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2020-2027 ($ MILLION)
21. EUROPEAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2020-2027 ($ MILLION)
22. EUROPEAN SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY END-USERS, 2020-2027 ($ MILLION)
23. ASIA-PACIFIC SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
24. ASIA-PACIFIC SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2020-2027 ($ MILLION)
25. ASIA-PACIFIC SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2020-2027 ($ MILLION)
26. ASIA-PACIFIC SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY END-USERS, 2020-2027 ($ MILLION)
27. REST OF THE WORLD SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
28. REST OF THE WORLD SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2020-2027 ($ MILLION)
29. REST OF THE WORLD SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2020-2027 ($ MILLION)
30. REST OF THE WORLD SMART MEDICAL DEVICES MARKET RESEARCH AND ANALYSIS BY END-USERS, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL SMART MEDICAL DEVICES MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL SMART MEDICAL DEVICES MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL SMART MEDICAL DEVICES MARKET, 2021-2027 (%)
4. GLOBAL SMART MEDICAL DEVICES MARKET SHARE BY PRODUCT TYPE, 2020 VS 2027 (%)
5. GLOBAL SMART MEDICAL DEVICES MARKET SHARE BY DEVICE TYPE, 2020 VS 2027 (%)
6. GLOBAL SMART MEDICAL DEVICES MARKET SHARE BY END-USERS, 2020 VS 2027 (%)
7. GLOBAL SMART MEDICAL DEVICES MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL DIAGNOSTIC AND MONITORING SMART MEDICAL DEVICES MARKET SHARE BY REGION, 2020 VS 2027(%)
9. GLOBAL THERAPEUTIC SMART MEDICAL DEVICES MARKET SHARE BY REGION, 2020 VS 2027 (%)
10. GLOBAL INJURY PREVENTION AND REHABILITATION SMART MEDICAL DEVICES MARKET SHARE BY REGION, 2020 VS 2027 (%)
11. GLOBAL PORTABLE SMART MEDICAL DEVICES MARKET SHARE BY REGION, 2020 VS 2027 (%)
12. GLOBAL WEARABLE SMART MEDICAL DEVICES MARKET SHARE BY REGION, 2020 VS 2027 (%)
13. GLOBAL SMART MEDICAL DEVICES IN HOSPITALS AND CLINICS MARKET SHARE BY REGION, 2020 VS 2027 (%)
14. GLOBAL SMART MEDICAL DEVICES IN HOME CARE MARKET SHARE BY REGION, 2020 VS 2027 (%)
15. GLOBAL SMART MEDICAL DEVICES IN LABORATORIES MARKET SHARE BY REGION, 2020 VS 2027 (%)
16. GLOBAL SMART MEDICAL DEVICES IN OTHERS END-USERS MARKET SHARE BY REGION, 2020 VS 2027 (%)
17. US SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
18. CANADA SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
19. UK SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
20. FRANCE SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
21. GERMANY SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
22. ITALY SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
23. SPAIN SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
24. REST OF EUROPE SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
25. INDIA SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
26. CHINA SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
27. JAPAN SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
28. SOUTH KOREA SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
29. REST OF THE ASIA-PACIFIC SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
30. REST OF THE WORLD SMART MEDICAL DEVICES MARKET SIZE, 2020-2027 ($ MILLION)
