Smart Medical Devices Market: Introduction
According to the report, the global smart medical devices market was valued at US$ 48.6 Bn in 2020 and is projected to expand at a CAGR of 7.5% from 2021 to 2028. Smart medical devices are electronic devices, which are portable, have a processing system, memory to store data, and sensors to diagnose and monitor activity and can exchange the data.
Smart medical devices help physicians to detect various diseases from various vital signs of the body and to monitor the various chronic diseases such as hypertension and diabetes. These devices also help individuals to keep track of health and fitness. These devices reduce the workload of the healthcare provider by tracking patient health remotely and take quick action on available data.
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Lack of Suitable Infrastructure in Low-middle Income Countries to Restrain Market
Most of the medical devices, including smart and conventional, are IT-dependent hardware and software powered by electricity. Failure of hardware or bugs in software could affect the overall performance of the device while risking healthcare operations. A power failure or dependence on rechargeable batteries poses a risk in areas with limited electrical infrastructure. Moreover, most of the developed world is largely electrified; however, low- and middle-income countries still struggle with providing adequate electricity in remote regions. This could cause limitations in the penetration of smart medical devices across regions, thereby hampering the growth of the global market.
Diagnostic & Monitoring Devices Gaining Preference
In terms of product type, the global smart medical devices market has been segmented into diagnostic & monitoring devices, therapeutic devices, injury prevention & rehabilitation devices, and others. The diagnostic & monitoring devices segment has been split into blood glucose monitors, heart rate monitors, EEG/ECG monitors, cardiac event monitors, pulse oximeters, blood pressure monitors, fetal monitors, breathalyzers, medical tricorders, blood analyte analyzers, and others. The therapeutic devices segment has been segregated into portable oxygen concentrators & ventilators, insulin pumps, neuro-stimulators, hearing aids, and others. The injury prevention & rehabilitation devices segment has been categorized into body motion devices, fall detection devices, and others.
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The diagnostic & monitoring devices segment accounted for the largest share of the global smart medical devices market in 2020, and the trend is expected to continue during the forecast period. Increase in preference for fitness bands and portable monitoring devices drives the diagnostic & monitoring devices segment.
Portable Segment to Lead Global Market
Based on modality, the global smart medical devices market has been classified into portable, wearable, and others. The portable segment held the largest share of the global smart medical devices market in 2020 and the trend is expected to continue during the forecast period. This can be attributed to rise in prevalence of infectious diseases in developing countries, increase in incidence of lifestyle diseases, surge in the geriatric population, and technological advancements with regard to development of advanced, faster, and easy to-use devices.
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Home Care Settings to Drive Demand
In terms of end-user, the global smart medical devices market has been divided into hospitals, clinics, home care settings, and others (industrial, institutions, academics, nursing facility, etc.). The home care settings segment dominated the global smart medical devices market in 2020. Home care settings are mostly preferred because these are convenient, accessible, monitor health continuously, and provide faster results.
Asia Pacific to Present Significant Opportunities
In terms of region, the global smart medical devices market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America accounted for the major share of the global market in 2020, followed by Europe. North America’s large market share can be attributed to high prevalence of chronic diseases, increase in health care expenditure leading to rise in demand for better medical devices & health care services, and technological advancements in smart medical devices.
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However, the market in Asia Pacific is projected to grow at a rapid pace from 2021 to 2028 due to unhealthy lifestyle resulting in rise in prevalence of chronic and lifestyle diseases. Additionally, high percentage of geriatric population, rise in awareness about health, and increase in disposable income are anticipated to drive the market in the region during the forecast period.
The global smart medical devices market is fragmented in terms of number of players. Key players in the global market include Abbott Laboratories, Apple, Inc., Dexcom, Inc., Fitbit, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc, NeuroMetrix, Inc., Samsung Electronics Co., Ltd, and TRB Chemedica Int. SA.
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