Smart Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

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.

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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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