Global Smart Medical Devices Market Is Likely To Grow At A CAGR Value Of Around 10.9% By 2028

17-May-2022 | Zion Market Research

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.

Smart medical gadgets are critical medical instruments that doctors employ to monitor the vital physiological characteristics of various disorders. These smart technologies are designed to improve patient care quality by monitoring real-time data and sending it to physicians via a linked device. The usage of smart medical devices offers various advantages, including the ability to save time and money on hospital visits, allowing individuals to become more conscious of their health and fitness. Smart medical gadgets are becoming increasingly popular across the world, particularly in emerging nations. The growing popularity of smartphones is seen as a significant element driving industry expansion. Additionally, technological developments, as well as increased awareness and attention to fitness, are propelling the market. The rising demand for wireless and smartphone-compatible gadgets that improve diagnosis and enable accurate detection, making it possible for patients to monitor their health from anywhere and record the results on the linked device, is also propelling the market. During the COVID-19 pandemic, smart medical equipment such as sensors and nano-bio sensors have gained significant importance because of contactless-based healthcare diagnostics. The demand for wearable medical devices, such as sensors, ECG devices, and smartwatches with fitness trackers, has increased because these devices are simple to use, and interpreting the results does not require a high level of expertise. As a result, the user can keep track of his/her health condition by monitoring vital signs without having to visit clinics/hospitals on a regular basis. This feature of wearable medical devices is predicted to gain popularity among the older population.

The Smart Medical Devices Market is segregated based on Type, Application, and End-User. Based on Type, the global market is distinguished into Diagnostic and Monitoring Devices and Therapeutic Devices. Based on Application, the global market is distinguished into Cardiovascular, Neurology, Respiratory, and Others. Based on End-User, the global market is distinguished into Hospitals and Clinics, Ambulatory Care Centers, and Home Care Settings.

Global Smart Medical Devices Market

North America is likely to lead the market because of increased investments in the development of smart gadgets. Due to the increased use of smartphones and increased awareness of their health and fitness, the North America dominates the market. The United States is dominating the market due to an increase in the geriatric population and an increase in the incidence of chronic diseases that necessitate round-the-clock monitoring. In addition, due to the presence of major companies foraying into the market such as Apple Inc., Fitbit, Inc. West pharmaceutical services that are investing in developing smart devices that favor results with high accuracy and minimum turnaround time, the region is expected to grow with the most promising growth rate during the forecast period. Countries in the Asia Pacific region are also predicted to experience exponential development as a result of improved economic conditions and increasing disposable income. The introduction of new technologies in the market for smart medical devices is also boosting overall growth. Furthermore, government assistance in diagnosing diabetes and other diseases in their early stages is promoting the overall expansion of the Smart medical devices business.

Key players functioning in the Smart Medical Devices Market include Smart Medical Devices, Inc., ViVO Smart Medical Devices Ltd, Dexcom Inc, Abbott Laboratories, Medtronic Plc., NeuroMetrix, Inc., and Omron Healthcare, Inc.

Recent developments:

  • In 2021, Facedrive Health has released the V2 TraceSCAN Wearable Device. TraceSCAN V2 includes a plethora of enhanced functionalities that provide essential health and safety benefits while improving the customary weaknesses of ordinary Bluetooth devices (which are not GPS-based), such as privacy considerations, accuracy, data administration, and vital sign monitoring capability.
  • In 2020, Dexcom announced that in response to the COVID-19 public health crisis and the need to preserve personal protective equipment and reduce the frequency of hospital staff exposure to the coronavirus, the company is temporarily making its Dexcom G6 CGM System available for remote patient monitoring in the hospital setting. This plan is expected to broaden its product offering in several health sectors, bolstering its market dominance.

Browse the full 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 Report at https://www.zionmarketresearch.com/report/smart-medical-devices-market

Smart Medical Devices Market is segmented as follows:

By Type

  • Diagnostic and Monitoring Devices
  • Therapeutic Devices

By Application

  • Cardiovascular
  • Neurology
  • Respiratory
  • Others

By End-User

  • Hospitals and Clinics
  • Ambulatory Care Centers
  • Home Care Settings

By Region

  • 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

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