|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The smart medical devices market is expected to register a CAGR of 7.5% during the forecast period..
During the COVID-19 pandemic, smart medical devices including sensors and nano-bio sensors have gained considerable importance due to the contactless-based healthcare diagnosis. The wearable sensors are capable of measuring vital signals of the human physical body such as heart rate, blood pressure, skin coloration, body temperature, respiratory rate, sleep duration, and body motion. In April 2021, Researchers at Imperial College London and the University of Freiburg reported that they were developing wearable devices that could be used to develop a network of health data about a patient, allowing for early diagnosis of COVID-19, even when the patient is asymptomatic.
The smart medical devices market is driven by the rising demand for smartphone-compatible and wireless medical devices, technological advancement in devices, and rising awareness and focus on fitness.
The demand for wearable medical devices, such as sensors, ECG devices, smart watches with fitness trackers has increased owing to the fact that these devices are easy to use and interpreting the results doesn’t need a great expertise and thus, the user can keep the track of his/her health condition by monitoring the vital signs, without the need to visit clinics/hospitals frequently. This feature of wearable medical devices is expected to witness an increased acceptance among the geriatric population.
According to the data from United Nations’ World Population Prospects 2019 report, by 2050, 1 in 6 people in the world will be over the age of 65, up from 1 in 11 in 2019. There were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6 per cent in 1990 to 9 per cent in 2019 and this proportion is projected to rise further to 16 per cent by 2050.
The measurement of blood glucose levels, heart rate, ECG, require the users to use simple navigation buttons on the device or control the settings through a connect mobile application, thus making the use of these devices comfortable for elderly population and people with low technology acumen.
The key players have been investing heavily in the research and development of new and existing wearable medical devices. For instance, Apple has launched Watch series 1,2,3,4,5 and 6 over past few years. The advancements in technology can be witnessed through the features available in series 1 to series 6. Apple watch series 1, 2, and 3 possess features such as optical heart sensor (high heart rate notification), optical heart sensor (low heart rate notification), and optical heart sensor (irregular rhythm notification).
The lifestyle of the people across developing countries such as India, South Africa, etc. are making them fall prey to the diseases and hence, there are efforts being done by these people to cope with such diseases. Therefore, it is believed that the market for advanced smart medical devices will grow in the coming future.
Scope of the Report
Smart medical devices are equipped with the technology for the sake of ease of monitoring health or the portability of the same which enables a person to carry it anywhere.
The Smart Medical Devices Market is segmented by Product Type (Diagnostic and Monitoring and Therapeutic Devices), End User (Hospitals/Clinics, Home-care Setting, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|By Product Type|
|By End User|
Key Market Trends
Insulin Pumps are Expected to Witness Good Growth in the Market Over the Forecast Period
An insulin pump is a medical device used for administrating insulin in diabetic patients. The insulin pump consists of a pump, a disposable reservoir, and a disposable infusion set. The pump part consists of controls, a processing module, and batteries. The disposable reservoir holds the insulin inside the pump. The disposable infusion set consists of a cannula and a tubing system to connect the insulin reservoir to the cannula. Insulin pumps are relatively easy to carry and measure the exact quantity of insulin to be delivered, which reduces the wastage of dose and achieves proper delivery of insulin to the patients. The smart mechanism of insulin pumps is a great boon to the world of diabetes.
The market players in this segment are focusing on product development strategies. For instance, in December 2019, Medtronic acquired California-based Klue, an AI specialist to bring future development in AI-based insulin delivery solutions technology. Later in September 2020, Medtronic received United States Food and Drug Administration approval for its MiniMed 770G insulin pump system builds on the 670G system, the 770G features smartphone connectivity and is also embedded with indications for ages 2 and above. Thus, owing to the advantages mentioned above of using insulin pumps and the increasing prevalence of diabetes across the world, the insulin pump segment is expected to register growth over the forecast period.
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North America is Expected to be the Major Contributor in the Market Over the Forecast Period
Regionally, North America held the largest market share and is expected to do so even in the forecast period. The healthcare facilities in North America are of the highest standards, and are accessible to the large population, because of favorable policies making healthcare affordable to many, if not all. This helps in gaining a higher selling rate across the country. The increase in technological advancements and the high early adoption of advanced medical devices have been the driving factors for the significant growth of the smart medical devices market in this region.
As per the American Heart Association 2021 heart disease and Stroke Statistics Update fact Sheet, Coronary Heart Disease (CHD) was the leading cause (42.1%) of deaths attributable to Cardiovascular disease in the United States. The increasing geriatric population and chronic diseases among the American population increase the need for remote and home-based patient monitoring devices, which in turn drives the studied market growth.
Additionally, most of the major players such as Garmin Ltd, Fitbit, Inc, and Biotelemetry, Inc of the studied market are concentrated in this region and has been investing in the research and development of smart medical devices and launching innovative products in this region. For instance, in August 2020, Fitbit, Inc launched Fitbit Sense, advanced health smart watch that helps in detecting the body’s responses to stressors by measuring electrodermal activity responses. Thus, in view of the facts, the studied market is expected to grow significantly in North America over the forecast period.
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The smart medical devices market is moderately competitive and there are few companies that are holding most of the market share. Owing to the technological advancements in the healthcare industry and the rising R&D expenditure of the companies, new players are coming up in the market.
In May 2021, GOQii launched GOQii Vital 4, the latest fitness band that has a SpO2 and blood pressure monitor and track all-day activity like steps, distance, and the calories burned.
In January 2021, Facedrive Health launched V2 TraceSCAN Wearable Device. TraceSCAN V2 features an extensive set of improved functionalities to offer key health and safety advantages while enhancing the usual shortcomings of typical Bluetooth devices (which are not GPS-based) such as privacy considerations, accuracy, data management, and vital sign monitoring capability.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Demand for Smartphone-compatible and Wireless Medical Devices
4.2.2 Technological Advancement in Devices
4.2.3 Rising Awareness and Focus on Fitness
4.3 Market Restraints
4.3.1 High Cost of Devices
4.3.2 Patients Privacy Concerns
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 By Diagnostic and Monitoring
184.108.40.206 Blood Glucose Monitors
220.127.116.11 Heart Rate Monitors
18.104.22.168 Pulse Oximeters
22.214.171.124 Blood Pressure Monitors
126.96.36.199 Breath Analyzer
188.8.131.52 Other Diagnostic Monitoring Products
5.1.2 By Therapeutic Devices
184.108.40.206 Portable Oxygen Concentrators and Ventilators
220.127.116.11 Insulin Pumps
18.104.22.168 Hearing Aid
22.214.171.124 Other Therapeutic Devices
5.2 By End User
5.2.2 Home-care Setting
5.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.3.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Apple Inc.
6.1.4 Dexcom Inc.
6.1.5 F. Hoffmann-La Roche Ltd
6.1.6 Fitbit Inc.
6.1.7 Medtronic PLC
6.1.8 NeuroMetrix Inc.
6.1.9 Omron Corporation
6.1.10 Otsuka Holdings CO. LTD
6.1.11 Koninklijke Philips N.V.
6.1.12 Vital Connect
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Smart Medical Devices Market market is studied from 2018 - 2026.
What is the growth rate of Global Smart Medical Devices Market?
The Global Smart Medical Devices Market is growing at a CAGR of 7.5% over the next 5 years.
Which region has highest growth rate in Global Smart Medical Devices Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Smart Medical Devices Market?
North America holds highest share in 2020.
Who are the key players in Global Smart Medical Devices Market?
Fitbit Inc., Medtronic Plc, F. Hoffmann-La Roche Ltd, Omron Corporation, Abbott Laboratories are the major companies operating in Global Smart Medical Devices Market.