Smart Medical Devices Market is anticipated to Reach USD 213.12 billion with CAGR of 24.5% by 2029, Market Share, Size, Price, Growth, Demand, Statistics and Segmentation Analysis
BIRMINGHAM, England, Aug. 11, 2022 /PRNewswire/ -- Data Bridge Market research has recently published the comprehensive business research on "Global Smart Medical Devices Market" includes historic data, present market trends, future product environment, marketing strategies, technological innovation, upcoming technologies, emerging trends or opportunities, and the technical progress in the related industry. Smart Medical Devices Market analysis report covers detailed value chain analysis of the market. The value chain analysis helps to analyse major upstream raw materials, major equipment, manufacturing process, and downstream customer analysis and major distributor analysis are mentioned in the report along with all the drivers and restraints for the market. It presents a comparative detailed analysis of the all regional and player segments, offering readers a better knowledge of the areas in which they can place their existing resources and gauging the priority of a particular region in order to boost their standing in the market.
Data Bridge Market Research analyses that the smart medical devices market which was USD 36.92 billion in 2021, would rocket up to USD 213.12 billion by 2029, and is expected to undergo a CAGR of 24.5% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Overview:-
The adoption of smart medical devices provides a number of advantages, including time and money savings on hospital visits, which helps people become more conscious of their health and fitness. Globally and in emerging nations in particular, the usage of smart medical devices is growing in popularity. By continuously monitoring health parameters, the smart gadgets may also analyse the patient's health status and respond quickly to problems. Smart devices have the advantage that patients can use them confidently and conveniently.
Doctors employ smart medical devices as crucial medical instruments to track the critical physiological indicators of a variety of disorders. By collecting real-time data and sending the same to a doctor via a linked device, these smart devices aim to improve the quality of patient treatment.
Smart Medical Devices Market Dynamics
Key Drivers
- Increasing popularity of smartphones
The market is expanding due to the rising popularity of smartphones and the desire for wearable and medical devices compatible with smartphones. The global market for smart medical devices is expanding due to advanced approaches already in use.
- Increasing demand of smart medical devices
Growing market investments are also assisting the sector in establishing a stronger growth trajectory. Massive changes are being made in the healthcare sector, and many of them are good. Technology advancement is among the most important and beneficial effects mentioned here. The rewards are enormous, and this abundance is fuelling an increase in demand for smart medical devices that go even further in efforts to improve healthcare outcomes.
- Rising prevalence of chronic disorders
There is a sharp rise in the prevalence of chronic disorders. Additionally, this development can be related to a number of lifestyle modifications. One of these is not getting enough exercise, eating poorly, smoking, drinking, and other unhealthy habits. Additionally, dramatically elevated stress levels are a factor in a number of health problems. Additionally, the prevalence of chronic illnesses is extremely high in the United States, a developed nation with a strong healthcare infrastructure and advantageous payment rules. The rising trend toward fitness is another element driving the market for smart medical devices worldwide. The need for smart medical devices increases as more individuals engage in physical activity for health reasons, such as running and playing sports, which propels the use of medical devices even further.
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Recent Development
In August 2020, Fitbit, Inc. announced the release of Fitbit Sense, the world's first electro-thermal activity sensor on a smart watch that will assist manage stress in addition to cutting-edge heart rate tracking technology. Fitbit Sense is the most sophisticated health smart watch. In the upcoming years, this will assist the business in generating more revenue.
In September 2020, The debut of the Quell App for the Apple Watch for pain management was announced by NeuroMetrix, Inc. High level integration and new pain alleviation functionality will be made possible. This will make it easier for the user to operate the device and track wrist pain relief. This will increase market demand and aid in the expansion of the business.
Opportunities for New Entrants
- Increase in rate of diabetes
The prevalence rate of diabetes is increasing as a result of changing lifestyles. People will use smart medical gadgets like blood glucose monitors and insulin pumps to monitor such disease conditions This will likely drive the global market in the next years.
Some of the major players operating in the smart medical devices market are:
- Johnson & Johnson Private Limited (U.S.)
- Abbott (U.S.)
- Apple Inc. (U.S.)
- Medtronic (Ireland)
- F. Hoffman-La Roche Ltd. (U.S.)
- Fitbit, Inc. (U.S.)
- Dexcom Inc. (U.S.)
- NeuroMetrix, Inc. (U.S.)
- CeQur Simplicity (Switzerland)
- Huawei Devices Co., Ltd. (China)
- West Pharmaceutical Services, Inc. (U.S.)
- Sonova (Switzerland)
- BAE Systems (U.K.)
- Seiko Epson Corporation (Japan)
- Insulet Corporation (U.S.)
- Garmin Ltd. (U.S.)
- SAMSUNG (South Korea)
- LG Electronics (South Korea)
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Segmentation: Smart Medical Devices Market
The smart medical devices market is segmented on the basis of product type, type, technology, modality, application, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Spring-Based
- Motor-Driven
- Rotary Pump
- Expanding Battery
- Pressurized Gas
- others
Product Type
- Diagnostics and Monitoring Devices
- Therapeutic Device
Type
- On-Body
- Adhesive Patch
- Off-Body
- Belt Clip
- Hand Held
Modality
- Wearable
- Non-Wearable
Application
- Oncology
- Diabetes
- Auto-Immune Disorders
- Infection Diseases
- Sports and Fitness
- Sleep Disorders
- others
End User
- Hospitals
- Clinics
- Home Care
- Sports Club
- Others
Distribution Channel
- Pharmacies
- Online Channel
- Others
Regional Analysis/Insights:-
The smart medical devices market is analysed and market size insights and trends are provided by country, product type, type, technology, modality, application, end user and distribution channel as referenced above. The countries covered in the smart medical devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the smart medical devices market dominate the market due to the rising investments in development of smart devices. The U.S. dominates in North America due to the rise in use of smart phones and increasing awareness towards their health and fitness. Germany is dominating the market due to the rise in geriatric population and the rising prevalence of chronic diseases requiring round-the-clock monitoring. Asia-Pacific is expected to grow China is expected to dominate the Asia-Pacific market due to the rising investments and also due to the government support.
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Frequently asked questions
- What is the growth rate of smart medical devices market?
- What will be the maximum market value in the future?
- What is the technology segment?
- What is the application segment?
Browse Related Reports:-
Asia-Pacific Smart Medical Devices Market, By Product Type (Diagnostics and Monitoring Devices and Therapeutic Devices), Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand Held), Technology (Spring-Based, Motor-Driven, Rotary Pump, Expanding Battery, Pressurized Gas and Others), Modality (Wearable and Non-Wearable), Application (Oncology, Diabetes, Auto-Immune Disorders, Infection Diseases, Sports and Fitness, Sleep Disorders and Others), End User (Hospitals, Clinics, Home Care, Sports Club and Others), Distribution Channel (Pharmacies, Online Channel and Others) https://www.databridgemarketresearch.com/reports/asia-pacific-smart-medical-devices-market
Europe Smart Medical Devices Market, By Product Type (Diagnostics and Monitoring Devices and Therapeutic Devices), Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand Held), Technology (Spring-Based, Motor-Driven, Rotary Pump, Expanding Battery, Pressurized Gas and Others), Modality (Wearable and Non-Wearable), Application (Oncology, Diabetes, Auto-Immune Disorders, Infection Diseases, Sports and Fitness, Sleep Disorders and Others), End User (Hospitals, Clinics, Home Care, Sports Club and Others), Distribution Channel (Pharmacies, Online Channel and Others) https://www.databridgemarketresearch.com/reports/europe-smart-medical-devices-market
Middle East and Africa Smart Medical Devices Market, By Product Type (Diagnostics and Monitoring Devices and Therapeutic Devices), Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand Held), Technology (Spring-Based, Motor-Driven, Rotary Pump, Expanding Battery, Pressurized Gas and Others), Modality (Wearable and Non-Wearable), Application (Oncology, Diabetes, Auto-Immune Disorders, Infection Diseases, Sports and Fitness, Sleep Disorders and Others), End User (Hospitals, Clinics, Home Care, Sports Club and Others), Distribution Channel (Pharmacies, Online Channel and Others) https://www.databridgemarketresearch.com/reports/middle-east-and-africa-smart-medical-devices-market
North America Smart Medical Devices Market, By Product Type (Diagnostics and Monitoring Devices and Therapeutic Devices), Type (On-Body (Adhesive Patch), Off-Body (Belt Clip) and Hand Held), Technology (Spring-Based, Motor-Driven, Rotary Pump, Expanding Battery, Pressurized Gas and Others), Modality (Wearable and Non-Wearable), Application (Oncology, Diabetes, Auto-Immune Disorders, Infection Diseases, Sports and Fitness, Sleep Disorders and Others), End User (Hospitals, Clinics, Home Care, Sports Club and Others), Distribution Channel (Pharmacies, Online Channel and Others) https://www.databridgemarketresearch.com/reports/north-america-smart-medical-devices-market
Wearable Medical Devices Market, By Type (Diagnostic Devices and Therapeutic Devices), Site (Headband, Handheld, Arm and Wrist, Clip, Shoe Sensor, Others), Device (Wristwatch/Wristband, Smart Clothing, Smartwatch, Ear Wear, Others), Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking) https://www.databridgemarketresearch.com/reports/global-wearable-medical-devices-market
Nanotechnology in Medical Devices Market By Product (Active Implantable Devices, Biochips, Implantable Materials, Medical Textiles and Wound Dressings, Others), Application (Therapeutic Applications, Diagnostic Applications, Research Applications) https://www.databridgemarketresearch.com/reports/global-nanotechnology-in-medical-devices-market
Connected Health Personal Medical Devices Market, By Product (Insulin Pumps, BP Monitors, Portable GPS PERS, Glucose Monitor, Personal Pulse Oximeter, Smart Pill Dispenser, Personal ECG), Application (Hospitals/Clinic, Home Monitoring, Others), Type (Healthcare IT, Health Information Exchange, Healthcare Analytics) https://www.databridgemarketresearch.com/reports/global-connected-health-personal-medical-devices-market
IoT Medical Devices Market, By Application (Telemedicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management), Connectivity Technology (Bluetooth Low Energy, Wi-Fi, Cellular, Near Field Communication (NFC), Satellite), End Users (Hospitals, Surgical Centers, and Clinics, Clinical Research Organization (CRO), Research and Diagnostics Laboratories) https://www.databridgemarketresearch.com/reports/global-iot-medical-devices-market
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