How Has the Smart Medical Devices Market Evolved Historically and What is its Current Size?
The smart medical devices market has seen considerable growth due to a variety of factors.
• In recent times, the market size of smart medical devices has witnessed a quick expansion. The market is expected to grow from $41.31 billion in 2024 to $46.89 billion in 2025 with a compound annual growth rate (CAGR) of 13.5%.
The advancement during the historic period is due to factors such as the increase in the aging population, the rise in the number of chronic diseases, reduction in healthcare costs, preference by patients for home care, and a growing demand for tailored medicine.
What Does Future Hold for The Smart Medical Devices Market By 2029?
The smart medical devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for intelligent medical devices is projected to expand rapidly in the coming years, reaching a valuation of $77.1 billion in 2029 with a compound annual growth rate (CAGR) of 13.2%.
This predicted growth over the forecast period is rooted in AI and machine learning integration, escalating healthcare spending, a heightened emphasis on preventive care, a surge in demand for wearable devices, and an increase in diabetes prevalence. Noteworthy trends for the forecast period comprise of technological evolution, accelerating telemedicine uptake, IoT technology improvements, remote patient monitoring, and amalgamation with mobile health applications.
What Are The Primary Growth Drivers In The Smart Medical Devices Market?
The growth of the smart medical devices market is being fueled by an increasing number of infectious diseases. These diseases, which are caused by harmful microorganisms, such as bacteria, viruses, fungi, and parasites, are on the rise for a variety of reasons. These include factors such as globalization and increased travel, urbanization, alterations in climate, resistance to antibiotics, environmental modifications, emerging pathogens, and social and behavioral factors. Advanced technologies enable smart medical devices to manage and monitor infectious diseases through early detection, constant surveillance, and effective data management. For example, a report issued by the Canadian government in January 2024 indicated that there were a total of 13,953 cases of infectious syphilis reported throughout Canada in 2022, resulting in a rate of 36.1 cases per 100,000 people. This represents an 11% increase from 2021. Consequently, the growing incidence of infectious diseases is propelling the expansion of the smart medical devices market.
What Is The Segmentation Of The Global Smart Medical Devices Market?
The smart medical devices market covered in this report is segmented –
1) By Product: Diagnostics And Monitoring, Therapeutics Devices
2) By Distribution Channel: Pharmacies, Online Channel
3) By Modality: Portable, Wearable
4) By End-User: Homecare Settings, Hospitals, Other End-Users
Subsegments:
1) By Diagnostics and Monitoring: Wearable Health Monitors, Remote Patient Monitoring Devices, Smart Glucose Monitors, Continuous Blood Pressure Monitors, Smart Stethoscopes, Mobile Health Applications
2) By Therapeutics Devices: Smart Insulin Delivery Devices, Drug Delivery Systems, Smart Inhalers, Neuromodulation Devices, Smart Rehabilitation Devices, Implantable Devices
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How Are Emerging Trends Reshaping The Dynamics Of The Smart Medical Devices Market?
Major businesses in the smart medical devices industry are concentrating their efforts on pioneering advanced medical device technologies, such as wearable devices, to secure a competitive edge. Wearable tech refers to electronic devices designed to be worn on the body. For instance, in August 2022, GOQii, a fitness tech company headquartered in the US, unveiled the Smart Vital Ultra and GOQii Stream devices, targeted at young adults and youths. These innovatory wearables mark an important progression in meshing technology with healthcare, allowing users to manage their own health while benefiting from comprehensive insurance solutions. With capabilities like SpO2 monitoring, heart rate tracking, and sleep analysis, the Smart Vital Stream smartwatch is not just for monitoring health indicators but also for encouraging users to embrace healthier habits through engaging features and expert direction.
Who Are the Key Players In The Smart Medical Devices Market?
Major companies operating in the smart medical devices market are:
• Johnson & Johnson
• F. Hoffmann la Roche Ltd.
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Medtronic plc
• Becton
• Dickinson and Company
• Stryker Corporation
• GE Healthcare
• Boston Scientific Corporation
• Edwards Lifesciences Corporation
• Hologic Inc.
• ResMed Inc.
• AptarGroup Inc.
• Dexcom Inc.
• Insulet Corporation
• LivaNova plc
• iRhythm Technologies Inc.
• Proteus Digital Health Inc.
• Hearing Life
• NantHealth Inc.
• AliveCor Inc.
• Zebra Medical Vision
• Sonavex Inc.
What Are The Regional Insights Into The Smart Medical Devices Market?
North America was the largest region in the smart medical devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
