NEW YORK, May 18, 2022 /PRNewswire/ -- As per Zion Market Research study, The Smart Medical Devices Market was worth around USD 25.7 billion in 2021 and is estimated to grow to about USD 47.8 billion by 2028, with a compound annual growth rate (CAGR) of approximately 10.9 percent over the forecast period. The report analyzes the Smart Medical Devices Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Smart Medical Devices Market.
Key Industry Insights & Finding of the Smart Medical Devices Market Reports:
- As per the analysis shared by our research analyst, the Smart Medical Devices Market is expected to grow annually at a CAGR of around 10.9 % (2022-2028).
- Through the primary research, it was established that the Smart Medical Devices Market was valued approximately USD 25.7 Billion in 2021 and is projected to reach to roughly USD 47.8 Billion by 2028.
- North America is likely to lead the market because of the widespread adoption of modern technologies and the presence of a well-developed healthcare industry.
- In North America region the healthcare system has profited tremendously from improving economic conditions, higher per capita income, and higher living standards.
- New opportunities will also emerge in Asia Pacific (APAC) for firms to capitalise on, as a result of a variety of variables such as an increase in disposable income and an increase in healthcare awareness levels
Zion Market Research published the latest report titled as "Smart Medical Devices Market By Type (Diagnostic and Monitoring Devices and Therapeutic Devices). By Application (Cardiovascular, Neurology, Respiratory, and Others). By End-User (Hospitals and Clinics, Ambulatory Care Centers, and Home Care Settings), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 - 2028" into their research database.
Smart Medical Devices Market: Overview
A smart medical device is medical equipment that can function independently and interactively and is typically linked to other medical devices or networks by different network protocols such as NFC, Bluetooth, or Wi-Fi. Smart medical devices are frequently based on wireless technology and deliver services using machine-to-machine technology, therefore improving the user experience. Consumer demand for smart medical devices is increasing due to rising health awareness and the prevalence of chronic diseases such as diabetes around the world, which drives the worldwide smart medical devices market. Additionally, rising illness incidences and increasing applications of smart medical devices are propelling the global market. Due to the existence of a large number of participants in the market, the global smart medical devices market is predicted to develop. Innovation and technological improvements are critical drivers of industry growth. Moreover, the growth in health concerns, prevalence of chronic diseases, increased healthcare spending, and high-pitched demand for wearable gadgets would propel the market value significantly.
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Industry Dynamics:
Smart Medical Devices Market: Growth Dynamics
Drivers:
Globally, the rising prevalence of chronic illnesses such as diabetes, asthma, hypertension, and other chronic obstructive pulmonary disorders is fuelling the growth of the Smart medical devices market. The growing prevalence of chronic illness has boosted the demand for services and management tools in the form of smart gadgets and wearable devices. New breakthroughs in smart medical devices, such as glucose monitors and wearable monitors, are propelling the Smart medical devices sector forward. Their ability to connect with smartphones and share their circumstances with medical experts, in particular, aids patients in controlling and managing their symptoms. Smart medical devices with such appealing characteristics are fuelling market expansion.
Restraints:
Inaccuracy in devices, as well as errors in such medical parameters, as well as technological issues, are presently limiting the total growth of the smart medical devices industry. A recent study was undertaken to test the accuracy of continuous glucose monitors, and the results revealed significant mistakes when compared to blood glucose meters. Errors in the results would result in the incorrect prescription, which might lead to serious life-threatening conditions.
The rising equipment costs are viewed as a stifling factor for the growth of the smart medical devices market. Such devices are difficult to obtain in undeveloped nations or in countries that are now experiencing economic problems.
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Opportunity:
The growing use of the Internet of Things in various sectors of life has had a significant impact on the expansion of the Smart medical devices market. In recent years, there has been an increase in the market for medical gadgets such as smartwatches, pulse oximeters, and portable blood pressure monitors. The demand for such smart medical devices is predicted to rise over the forecast period, creating significant opportunities in the Smart medical devices market.
The expansion of distribution channels, the rise of e-commerce and digital marketing, and other factors are all having an impact on the growth of the smart medical devices market. The incorporation of novel technologies like the internet of things, digital counseling, big data management, and expanding R&D in the industry are providing attractive growth prospects for the market.
Challenges:
Data breaches are becoming more common as these smart medical gadgets connect to the internet. The possibility of financial loss and the theft of private information, as well as identity theft, were identified as important challenges related to the smart medical devices business. The devices that are unable to communicate with updated software. The lack of interoperability among diverse platforms, as well as compliance rules, is regarded as a major problem in the market for smart medical devices.
Global Smart Medical Devices Market: Segmentation
- The Smart Medical Devices Market is segregated based on Type, Application, and End-User.
By Type, the market is classified into Diagnostic and Monitoring Devices and Therapeutic Devices. The diagnostic and monitoring segment of the smart medical devices market accounted for the largest share in the forecast period and is expected to grow throughout the forecast period, because of the government's encouraging attempts to enhance patient care and investment in smart medical devices. Furthermore, increased flexibility and simpler availability of a diverse range of products will propel the business forward. Furthermore, with the majority of suppliers focusing on the market through product launches, global growth, and investments, the segment is anticipated to generate lucrative industry prospects during the projection timeframe.
By End-User, the market is classified into Hospitals and Clinics, Ambulatory Care Centers, and Home Care Settings. Due to the use of various smart medical devices such as glucose meters and pulse oximeters, which may be utilized in home care settings, the homecare setting sector gained the largest market share in the forecast period. Furthermore, global population aging and rising patient desire for value-based healthcare are expected to drive industry demand.
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List of Key Players of Smart Medical Devices Market:
- Smart Medical Devices Inc.
- ViVO Smart Medical Devices Ltd
- Dexcom Inc
- Abbott Laboratories
- Medtronic Plc.
- NeuroMetrix Inc.
- Omron Healthcare Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Smart Medical Devices Market?
- What are the key driving factors propelling the Smart Medical Devices Market forward?
- What are the most important companies in the Smart Medical Devices Market Industry?
- What segments does the Smart Medical Devices Market cover?
- How can I receive a free copy of the Smart Medical Devices Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 25.7 Billion |
Revenue forecast in 2028 | USD 47.8 Billion |
Growth Rate | CAGR of almost 10.9 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Smart Medical Devices, Inc., ViVO Smart Medical Devices Ltd, Dexcom Inc, Abbott Laboratories, Medtronic Plc., NeuroMetrix, Inc., and Omron Healthcare, Inc. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. https://www.zionmarketresearch.com/custom/2692 |
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Recent Developments
- In 2021, GOQii has released the GOQii Vital 4, a new fitness band that includes a SpO2 and blood pressure monitor as well as the ability to track all-day activities such as steps, distance, and calories burnt.
- In 2020, Fitbit and FibriCheck, an innovative health screening and monitoring app, announced an expansion of their partnership to allow Fitbit smartwatch users in France, Germany, Italy, and Spain to monitor their heart rhythm for irregularities such as Atrial Fibrillation (AFib) directly from their Fitbit smartwatch. This plan is projected to develop their business throughout Europe, improving their market position.
Regional Dominance:
- Growth of the instrumentation market.
North America is likely to lead the market because of the widespread adoption of modern technologies and the presence of a well-developed healthcare industry. Furthermore, strong supplier concentration in the region, improved product acceptability trends, and high prevalence rates of diabetes and cardiovascular diseases, among other factors, will support regional growth. The healthcare system in this region has profited tremendously from improving economic conditions, higher per capita income, and higher living standards.
New opportunities will also emerge in Asia Pacific (APAC) for firms to capitalise on, as a result of a variety of variables such as an increase in disposable income and an increase in healthcare awareness levels. Furthermore, an increasing number of persons suffering from chronic conditions creates value-grab opportunities for market participants. The growing elderly population and chronic diseases among the Asian population enhance the demand for remote and home-based patient monitoring systems, which drives the market expansion under consideration.
Global Smart Medical Devices Market is segmented as follows:
Smart Medical Devices Market: By Type Outlook (2022-2028)
- Diagnostic and Monitoring Devices
- Therapeutic Devices
Smart Medical Devices Market: By Application Outlook (2022-2028)
- Cardiovascular
- Neurology
- Respiratory
- Others
Smart Medical Devices Market: By End-User Outlook (2022-2028)
- Hospitals and Clinics
- Ambulatory Care Centers
- Home Care Settings
Smart Medical Devices Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Smart Medical Devices Market: https://www.zionmarketresearch.com/news/global-smart-medical-devices-market
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Browse through Zion Market Research's coverage of the Global Medical Device Industry
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