Smart Medical Devices Market - Forecast (2020 - 2025)

Smart medical devices are connected electronic devices that are intended for enhancing patient care by collecting real-time patient data and effectively communicating with physicians over other connected devices. They are also capable of analyzing the health condition of patients. They enable medications become more precise and personalized. Based on product type, the Smart Medical devices market segmented into different diagnostics and monitoring devices, and therapeutic devices. The market is also categorized based on distribution channel and end use. The smart medical devices market is estimated to grow at a CAGR of 6.61% during the forecast period 2020-2025. 

Smart Medical Devices Market Outlook

Smart medical devices are important tools used by physicians across the globe to monitor vital signs of various diseases. These devices have significantly reduced the workload of many healthcare providers by closely observing patient health and taking quick action against major changes in the readings. Among the product types, blood pressure monitors are estimated to record the highest CAGR of 9.42% during the forecast period. Based on end-use, the home care segment dominates the market as it is reliable for patients to use the products according to their convenience. Online channel is the fastest-growing segment because of the availability of a wide range of products and strong inclination of consumers towards online purchasing through smartphones.

Smart Medical Devices Market Growth Drivers

The Global Smart Medical Devices market is largely driven by the rising geriatric population in several nations. The rising health consciousness and increasing spending on healthcare among the population are boosting the growth of the smart medical devices market. The surging penetration of smartphones is rising the demand for connected devices that can transfer real-time patient data to physicians. The other driving factors include the rise in demand for smartphone-compatible and wireless medical devices, and rising awareness and focus on fitness.

Smart Medical Devices Market Challenges 

The higher costs associated with smart devices such as pulse oximeters, heart rate monitors, and therapeutic devices are hindering the growth of the smart medical devices market. Safety and privacy concerns associated with these devices are also hindering the growth of the market. Occurrence of healthcare data breaches and phishing of patient records have resulted in data loss and unauthorized access into personal and medical information of the patients.                                       

Smart Medical Devices Market Research Scope

The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on volume shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Smart Medical Devices market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of products and their specific applications.

Smart Medical Devices Market Report: Industry Coverage

• Types of Products: Diagnostics and Monitoring Devices, Therapeutic Devices.

• By Distribution Channel: Pharmacy, Online Channels, and Hypermarkets.

• By End Use: Hospital, Clinic,And Home Care

The Smart Medical Devices report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions.

The regions and countries covered in the study include:

• North America: The U.S, Canada, Mexico

• South America: Brazil, Argentina, Ecuador, Peru, Colombia, Costa Rica

• Europe: The U.K, France, Germany, Italy, Spain, Netherland, Belgium ,Denmark

• APAC: China, India, Japan, South Korea, Australia, Taiwan, Malaysia, Hong Kong

• Middle East: Israel, Saudi Arabia, The U.A.E.

• Africa: South Africa, Rest of Africa, and The Middle East

Smart Medical Devices Market Key Players Perspective

David Aubert, General Manager of Philips’ Light & Health business said that “As a company, we aim to improve people’s health with a broad portfolio of proven therapy solutions to enable patients with chronic conditions to manage their health at home”.

Some of the key players in this market are Philips, Abbott, Apple Inc., Fitbit Inc., Dexcom Inc., Samsung , Medtronic, and F. Hoffmann-La Roche Ltd.

Smart Medical Devices Trends

Acquisition was the dominant strategy adopted by the prominent players of the Smart Medical Devices market, crediting up to 37% of the share of the total market followed by product launch.

In November2020,  Medtronic, Inc. acquired Nutrino Health Ltd. to leverage Nutritno’s technology and infrastructure with continuous glucose monitoring (CGM) and closed loop systems