Smart Medical Devices Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Smart Medical Devices Market was worth USD 38 billion in 2023 and is anticipated to grow at 14.3% CAGR throughout 2024-2032. This impressive growth is driven by the rising adoption of smartphone-compatible and wireless medical devices, as well as an increasing focus on health and fitness. Several factors are propelling the market forward, including heightened healthcare concerns, the growing prevalence of chronic diseases, rising healthcare expenditures, and a significant demand for wearable devices. The emphasis on real-time data for diagnostics and treatment in hospitals and diagnostic centers is also enhancing the prospects for smart medical devices. Additionally, ongoing technological advancements in healthcare and the implementation of innovative solutions to improve patient outcomes are key contributors to the market's expansion.

The market is categorized into several product types, including diagnostic and monitoring devices, therapeutic devices, and other related products. The diagnostic and monitoring segment alone was valued at USD 25.8 billion in 2023. This segment encompasses a variety of devices, such as blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors, and breathalyzers. The therapeutic devices category includes portable oxygen concentrators, ventilators, insulin pumps, and hearing aids. Supportive government initiatives aimed at enhancing patient care, along with increased investments in smart medical devices, are driving the growth of these segments.

Distribution channels for these devices are divided into traditional retail and e-commerce. E-commerce is emerging as the fastest-growing segment, with an impressive CAGR of 17.1% projected during the forecast period. This growth can be attributed to the rising trend of online shopping via smartphones, which offers consumers greater flexibility and access to a broader range of products. The shift toward online sales channels is influenced by the convenience of purchasing from home, the variety of products available, and the ability to compare prices and read reviews.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$38 Billion
Forecast Value	$129.2 Billion
CAGR	14.3%

E-commerce platforms facilitate a seamless purchasing experience, allowing patients to obtain smart medical devices without the need to visit physical stores or healthcare facilities. North American smart medical devices market generated revenues of USD 13.9 billion in 2023 and is poised for significant growth in the coming years. This region stands as a leader in healthcare technology innovation, where various factors are contributing to the advancement and widespread adoption of smart medical devices. Key technological advancements, particularly in wearable technology and sensor accuracy, are paving the way for more effective and reliable medical solutions.

Product Code: 1969

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Research design
- 1.2.1 Research approach
- 1.2.2 Data collection methods
1.3 Base estimates & calculations
- 1.3.1 Base year calculation
- 1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
- 1.5.1 Primary sources
- 1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Industry impact forces
- 3.2.1 Growth drivers
  - 3.2.1.1 Increasing prevalence of diabetes, asthma and other diseases
  - 3.2.1.2 Booming medical device industry
  - 3.2.1.3 Increasing internet penetration rate and adoption of big data
  - 3.2.1.4 Rising importance of real time data driven approach for diagnostics and treatment
- 3.2.2 Industry pitfalls & challenges
  - 3.2.2.1 Privacy concerns
  - 3.2.2.2 Lack of suitable infrastructure in low- and middle-income countries
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Reimbursement scenario
3.6 Technological landscape
3.7 Pricing analysis
3.8 Future market trends
3.9 Supplier landscape
3.10 M&A activities
3.11 Porter's analysis
3.12 PESTEL analysis
3.13 Gap analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company matrix analysis
4.3 Company market share analysis
4.4 Competitive positioning matrix
4.5 Strategy dashboard

Chapter 5 Market Estimates and Forecast, By Product Type, 2021 - 2032 ($ Mn)

5.1 Key trends
5.2 Diagnostic and monitoring devices
- 5.2.1 Blood glucose monitors
- 5.2.2 Heart rate monitors
- 5.2.3 Pulse oximeters
- 5.2.4 Blood pressure monitors
- 5.2.5 Breathalyzers
- 5.2.6 Other diagnostic and monitoring devices
5.3 Therapeutic devices
- 5.3.1 Portable oxygen concentrators and ventilators
- 5.3.2 Insulin pumps
- 5.3.3 Hearing aid
- 5.3.4 Other therapeutic devices
5.4 Other product types

Chapter 6 Market Estimates and Forecast, By End Use, 2021 - 2032 ($ Mn)

6.1 Key trends
6.2 Hospitals
6.3 Homecare settings
6.4 Other End Use

Chapter 7 Market Estimates and Forecast, By Distribution Channel, 2021 - 2032 ($ Mn)

7.1 Key trends
7.2 Brick & mortar
7.3 E-commerce

Chapter 8 Market Estimates and Forecast, By Region, 2021 - 2032 ($ Mn)

8.1 Key trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 France
- 8.3.4 Spain
- 8.3.5 Italy
- 8.3.6 Netherlands
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 Japan
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 South Korea
8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Argentina
8.6 Middle East and Africa
- 8.6.1 South Africa
- 8.6.2 Saudi Arabia
- 8.6.3 UAE

Chapter 9 Company Profiles

9.1 Abbott
9.2 Apple
9.3 Biobeat
9.4 Boston Scientific Corporation
9.5 Dexcom
9.6 F Hoffmann-La Roche
9.7 Fitbit
9.8 Medtronic
9.9 NeuroMetrix
9.10 Novo Nordisk
9.11 Omron Corporation
9.12 SAMSUNG
9.13 VitalConnect
9.14 West Pharmaceutical Services

Smart Medical Devices Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032