Smart Medical Devices Market

Publisher: AnalystView Market Insights
Publication Date: June, 2020
Healthcare / Medical Devices
Pages: 247
Delivery Format: PDF

By Products (Injury Prevention & Rehabilitation Devices, Therapeutic Devices, and Diagnostic & Monitoring Devices), By Modality Type (Portable and Wearable), By Application (Diabetes, Oncology, Auto-Immune Disorders, Infectious Diseases, and Cardiovascular Diseases), By Distribution Channel (Online Channel and Pharmacies), By End-Use (Home Healthcare, Clinics, Hospitals), and By Geography (NA, EU, LATAM, APAC, and MEA) Ð Analysis, Size, Share, Trends, & Forecast from 2020-2026

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REPORT HIGHLIGHT

Smart medical devices market was valued at USD 6.80 billion by 2019, growing with 22.8% CAGR during the forecast period, 2020-2026.

Smart medical devices are defined as electronic devices that are intended for improving patient care by gathering real-time patient data and efficiently communicating with physicians with other connected devices. These devices are technology equipped for the sake of ease of monitoring health, which also enables a person to carry it anywhere. Smart medical devices are capable of analyzing the patientÕs health condition. These devices have substantially minimized the workload of many healthcare providers as they are used to closely observe patient health and take quick actions if there are major changes in the readings.

Market Dynamics

The growing adoption of smartphones and increasing demand for wireless & smartphone-compatible healthcare devices are the major factors boosting the growth of the global smart medical devices market. According to Statista, there are more than 3 billion smartphone users all across the globe as of 2020 and this number is expected to grow by several hundred million in the next few years. The U.S., India, and China have the highest number of smartphone users. Furthermore, the rising demand for home healthcare and the growing awareness amongst people regarding health & fitness are other factors propelling the market growth.

In addition, the rising need for cost-containment in the delivery of healthcare and the evolution of networking technologies with high-speed will fuel the market growth in the coming future. However, inadequate internet of things (IoT) technology skills and high deployment costs associated with smart medical devices are predicted to hamper the market growth. Conversely, government initiatives to promote digital health and growth in the reliance on self-operated e-health platforms are expected to create lucrative growth opportunities in the overall market during the period of forecast.

Products Takeaway

ÒDiagnostic & monitoring devices segment to be most lucrative in the forecast period.Ó

Based on the products, the global market for smart medical devices is trifurcated into diagnostic & monitoring devices, therapeutic devices, and injury prevention & rehabilitation devices. The diagnostic monitoring devices are further sub-categorized into blood glucose monitors, EEG/ECG monitors, heart rate monitors, pulse oximeters, fetal monitors, blood pressure monitors, breathalyzers, blood analyzers, and smart clothing. The therapeutic devices segment is further sub-categorized into insulin pumps, portable oxygen concentrators & ventilators, hearing aids, and neuro-stimulators. The injury prevention & rehabilitation devices segment is further sub-categorized into body motion devices and fall detection devices.

The diagnostic & monitoring devices segment subjugated the market in 2019 and is likely to grow at a considerable rate during the forecast period. This is majorly owing to growing awareness amongst people, supportive initiatives by government, and rising healthcare spending to enhance patient care. Among the sub-categories of the diagnostic & monitoring devices segment, the blood pressure monitors accounted for the largest market share in 2019 and are anticipated to witness notable growth in the projected timeframe owing to consumption of unhealthy diet and sedentary lifestyle of people.

Modality Type Takeaway

ÒPortable devices segment to register for the largest market share by 2026Ó

On the basis of the modality type, the worldwide smart medical devices market is bifurcated into portable and wearable devices. Of these, the portable devices segment accounted for the majority of the market share in 2019 and is expected to lead the market during the forecast period. This is mainly because of the increasing adoption of smartphones, tablets, and other smart portable devices all across the globe. On the other hand, the wearable devices segment is projected to grow at a steady pace by 2026 owing to the rise in awareness of people regarding health & fitness.

Application Takeaway

ÒCardiovascular diseases segment to dominated the market by the end of forecastÓ

Based on the application, the overall market is categorized into oncology, auto-immune disorders, diabetes, infectious diseases, and cardiovascular diseases. Among these, the cardiovascular diseases segment accounted for the largest market share in 2019 and is anticipated to witness notable growth during the forecast period. This is primarily owing to the growing geriatric population and rising incidences of cardiovascular diseases such as coronary artery disease, stroke, heart failure, and others. Cardiovascular diseases are the primary cause of deaths all across the globe, states the World Health Organization (WHO).

Distribution Channel Takeaway

ÒOnline channel segment to grow at the fastest rate by 2026Ó

On the basis of the distribution channel, the global market is bifurcated into the online channel and pharmacies. Of these, the online channel segment is estimated to be the fastest-growing market during the forecast period due to an increase in online purchases through smartphones, easier availability of an extensive range of products, and higher flexibility. On the other hand, the pharmacies segment is projected to grow at a significant pace by 2026 mainly because it is the first point of contact for companies in order to supply samples and products. In addition, the growth in retail business coupled with the provision of improved access to products will contribute to the segmental market growth.

End-Use Takeaway

ÒHospitals segment to lead the industry during the estimated periodÓ

Based on end-use, the overall market for smart medical devices is classified into hospitals, clinics, and home healthcare. Among these, the hospitals segment is anticipated to hold the highest market share in terms of revenue during the period of forecast owing to well-established healthcare infrastructure and rising focus regarding the patientÕs safety. On the other hand, the home healthcare segment is expected to witness substantial growth by 2026 owing to a surge in demand for home healthcare and wearable medical devices.

Regional Takeaway

ÒNorth America region to create enormous growth opportunities for the market players by 2026Ó

Depending on the region, the global industry is divided into North America, Europe, Middle East & Africa, Asia Pacific, and Latin America. The North American market for smart medical devices played a dominant role in 2019 and is expected to continue its dominance throughout the forecast. This is majorly attributed to the presence of a well-established healthcare sector and the increasing adoption of technologically advanced products in this region. On the other hand, the Asia Pacific region is estimated to be the fastest-growing industry during the period of forecast owing to improvement in the standard of living coupled with rising disposable income, growing population, and a surge in demand for advanced technological products.

COVID-19 Impact

The recent COVID-19 pandemic has hugely impacted on the global smart medical devices market owing to the rising influence of telemedicine. To prevent life-threatening COVID-19 disease, people are supposed to follow social distancing and avoid public gathering. This is making the doctors opt for the technology route where they can treat patients from a distance. The development of smart medical devices by the major players of the industry to provide patients with smart treatment by assisting medical personnel has encouraged the growth of the overall industry in these uncertain times.

Key Vendor Takeaway

The leading players functioning in the worldwide smart medical devices industry include Abbott Laboratories, Fitbit, Inc., Apple, Inc., Dexcom, Inc., Zephyr Technology Corporation, F. Hoffmann-La Roche Ltd, Sonova, Medtronic, NeuroMetrix, Inc., Johnson & Johnson, Everist Genomics, Philips Electronics, Vital Connect, Omron Corporation, and Sotera Wireless. These players are adopting strategies such as mergers & acquisitions, collaboration, and product launches to hold a strong market position.

For instance, in January 2019, Medtronic and Eris Lifesciences entered into a collaborative agreement to launch the worldÕs first smart diabetes monitoring medical device namely, ÔGuardian Connect.Õ Guardian Connect is the U.S. FDA approved smart medical device for real-time evaluation of glucose changeability in diabetes patients.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year Ð 2015 to2018
Base Year Ð 2019
Estimated Year Ð 2020
Projected Year Ð 2026
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

GLOBAL SMART MEDICAL DEVICES MARKET KEY PLAYERS

Abbott Laboratories
Fitbit, Inc.
Apple, Inc.
Dexcom, Inc.
Zephyr Technology Corporation
Hoffmann-La Roche Ltd
Sonova
Medtronic
NeuroMetrix, Inc.
Johnson & Johnson
Everist Genomics
Philips Electronics
Vital Connect
Omron Corporation
Sotera Wireless
GLOBAL SMART MEDICAL DEVICES MARKET, BY PRODUCTS

Diagnostic & Monitoring Devices
Fetal Monitors
Breathalyzers
Blood Glucose Monitors
Heart Rate Monitors
EEG/ECG Monitors
Pulse Oximeters
Blood Pressure Monitors
Blood Analyzers
Smart Clothing
Others
Therapeutic Devices
Neuro-Stimulators
Portable Oxygen Concentrators & Ventilators
Insulin Pumps
Hearing Aids
Others
Injury Prevention & Rehabilitation Devices
Fall Detection Devices
Body Motion Devices
Others
GLOBAL SMART MEDICAL DEVICES MARKET, BY MODALITY TYPE

Portable
Wearable
GLOBAL SMART MEDICAL DEVICES MARKET, BY APPLICATION

Auto-Immune Disorders
Cardiovascular Diseases
Oncology
Diabetes
Infectious Diseases
Others
GLOBAL SMART MEDICAL DEVICES MARKET, BY DISTRIBUTION CHANNEL

Online Channels
Pharmacies
Others (Hypermarkets)
GLOBAL SMART MEDICAL DEVICES MARKET, BY END-USE

Clinics
Home Healthcare
Hospital
Others
GLOBAL SMART MEDICAL DEVICES MARKET, BY REGION

North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Singapore
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of MEA

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Smart Medical Devices Market

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