New York, USA, June 22, 2023 (GLOBE NEWSWIRE) -- Smart Medical Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Medical Devices Market Information By Type, Technology, Application, End-Use, And Region - Forecast till 2030", the market size is projected to reach USD 122.3 billion by 2030 at 18.1% CAGR during the forecast period 2022-2030.
Market Synopsis
Smart medical devices are electronic devices that are designed to monitor the patients’ health parameters and thereby collecting the data effectively and communicating them to the caretaker or physicians over the internet. By transmitting vital medical data within the actual time from hospital rooms, private homes, mobile equipment utilized at emergency sites, and vehicles, wearable smart medical devices, such as those used in transportation, help to connect patients with doctors. Due to the growing health consciousness among consumers and the growing number of long-term illnesses like diabetes worldwide, which fuel the global market for smart medical devices, consumers have increased demand for smart medical devices. Product manufacturers can stay one step ahead of the competition thanks to technological developments in medical devices, manufacturers' widespread presence, and digitalization. Businesses in the global market for smart medical devices ought to accelerate the development of new products to gain an advantage over rivals. In addition, the prevalence of diseases is rising, and smart medical devices are being used more frequently.
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Even though patient data had been kept track of for a long time before the development of smart technology, the use of smart medical equipment has made it possible for healthcare providers to do so. The market participants have also encountered mild disruptions in their international distribution operations. The loss of health insurance protection for the products by customers also resulted in limited supply or reduced customer demand, which harmed the market participants' businesses, operational results, and overall financial performance. With the help of wireless implants, it is now possible to continuously monitor patients and notify medical professionals of any changes that might call for immediate action. While offering medical professionals’ real-time data to ensure patients receive the highest level of care, smart personal medical devices give patients unprecedented mobility. There is a sharp rise in the prevalence of chronic illnesses. Several lifestyle modifications can also be linked to this growth. One of these is not getting enough exercise, smoking, eating poorly, drinking, and other unhealthy habits. Additionally, dramatically higher stress levels are a factor in several health problems.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 122.3 Billion |
| CAGR | 18.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Technology, Application and End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The new advancements in smart medical devices such as blood glucose monitors and wearable monitors |
Smart Medical Devices Market Competitive Landscape:
The market background includes:
- Abbott Laboratories
- Apple Inc.
- Dexcom, Inc.
- Everist Genomics
- F.Hoffmann-La Roche Ltd.
- Fitbit, Inc.
- Johnson & Johnson
- Medtronic plc.
- NeuroMetrix, Inc.
- Omron Corporation
- Philips Electronics
- Samsung Electronics Co., Ltd
- Sonova
- Sotera Wireless
- Vital Connect
- Zephyr Technology Corporation
Smart Medical Devices Market Trends:
Market Drivers:
The rise of interest in smart medical devices, the prevalence of chronic diseases, and the rise in the elderly population all contribute to the market size for these devices growing. In addition, rising healthcare costs, an increase in the prevalence of diabetes, rapidly advancing software and information technology, and rising healthcare costs are all significantly boosting the market for smart medical devices. Due to the large number of market participants, the global market for smart medical devices is anticipated to experience growth opportunities. The development of the market players is largely dependent on innovation and technological advancement. In addition, players will attempt to form important alliances to guarantee growth in addition to these two factors.
Expanding capital investments are also helping the market set itself up for greater growth. Numerous positive changes have already been implemented throughout the healthcare sector. One of the most significant and advantageous effects mentioned here is the advancement of technology. The benefits are tremendous, and this quantity is driving interest in smart medical devices, which make efforts to enhance healthcare outcomes even further.
Restraints
The development of the smart medical devices marketplace is negatively impacted by the stringent government guidelines for medical devices and the prohibitively priced nature of smart medical devices.
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COVID 19 Analysis
The COVID-19 pandemic negatively affected the market for smart medical devices because of the difficulties in obtaining materials and managing production and logistics during the pandemic. However, after the COVID-19 pandemic, the situation is anticipated to change. The COVID-19 pandemic adversely impacted the market for smart medical devices, just as it did the markets for cell and gene therapies. The medical device market was severely impacted by COVID-19, with various industry segments suffering extensive effects. The novel coronavirus strain, SARS-CoV-2 or COVID-19, created difficult economic and social circumstances passed on to smart medical device producers.
Smart Medical Devices Market Segmentation
By technology, the market includes spring-based, motor-driven, rotary pumps, expanding batteries, and pressurized gas.
By type, the market includes on-body, off-body, and hand-held.
By application, the market includes oncology, diabetes, auto-immune disorders, and infectious diseases.
The market includes hospital, clinic, and home care settings by end-use.
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Smart Medical Devices Market Regional Insights
Due to the recent rise in chronic illness cases in the region, North America is predicted to experience significant CAGR growth. Additionally, the region's leading market players and developing small and medium-sized businesses are promoting the overall market expansion for smart medical devices. However, due to their favorable economic climate and higher levels of disposable income, the nations of the Asia-Pacific region are also anticipated to experience exponential growth. Newly developed novel technologies are stimulating the market for smart medical devices. The government's assistance in early diabetes detection and other early diagnoses also promotes the expansion of the market for smart medical devices.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
