Smart Medical Devices Market Size Report | Growth, Statistics and Forecasts 2030

[Research Report] The smart medical device market size is expected to grow from US$ 34,800.23 million in 2022 to US$ 1,14,900.88 million by 2031; it is estimated to register a CAGR of 15.7% from 2022 to 2031.

Analyst’s ViewPoint

The smart medical device market analysis explains market drivers, such as the rising prevalence of chronic diseases, as a standalone factor responsible for influential market growth. Further, technological advancement is expected to introduce new trends in the market during 2022-2031. Based on product type, the market is segmented as diagnostic devices, therapeutic devices, injury prevention & rehabilitation devices, and others. The diagnostic devices segment accounted for a larger share in 2022. Based on test type, the wearable segment dominated the market by accounting for the maximum share. By end-user segment, the hospitals & clinics segment is likely to account for a considerable share of the smart medical device market during the forecast period.

Smart medical devices integrate advanced technology and computational capabilities to enhance medical diagnosis, treatment, and monitoring. These smart medical devices utilize sensors, AI, machine learning, and connectivity features to collect, analyze, and interpret patient's health data. The data collected helps to facilitate personalized and proactive care, improve healthcare outcomes, and empower both patients and medical professionals with actionable insights and decision support for physicians. ECG Monitors, spirometers, insulin pumps, and inhalers are examples of such smart medical devices. Further, smart medical devices help to connect patients to doctors, transmitting critical medical data in real-time from hospital beds and private homes, as well as mobile equipment used at emergency sites and transport vehicles. Such collected patient data will enable the healthcare providers that help the physicians and patients to monitor health changes continuously, ultimately providing real-time data and providing patients the highest level of care.

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Smart Medical Devices Market: Strategic Insights

Smart Medical Devices Market

• Market Size 2023
  US$ 40.26 Billion
• Market Size 2031
  US$ 129.30 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product Type

• Diagnostic Devices
• Therapeutic Devices
• Injury Prevention & Rehabilitation Devices

Test Type

• Portable and Wearable

End User

• Hospitals & Clinics
• Homecare Settings

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Market Insights

Rising Prevalence of Chronic Diseases

According to the National Health Council (NHC) report, chronic disease affects approx. 133 million Americans, representing more than 40% of the total population in the US alone. Additionally, about half of all adults have a chronic condition, with approx. 8% of children are affected at the age of 5 to 17, reporting suffering from at least one chronic disease or disability. The Centers for Disease Control and Prevention (CDC) report in the US alone, chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability, accounting for US$4.1 trillion in healthcare costs annually. The most impacting factors of the US population suffering from chronic diseases include high exposure to tobacco and smoking, poor nutrition, less physical activity, and excessive alcohol use. Therefore, there is a high adoption of smart medical devices globally that interacts with the physical systems of the population suffering from health ailments, offering significant safety implications. For example, heart disease is the leading cause of death globally. Therefore, an artificial heart remains only a temporary solution until a donor is found for carrying implant cardiac surgery. However, the adoption of smart devices proves beneficial for the early discovery of abnormalities to avoid long-term damage or predict the risk of cardiac arrest.

Further, several companies are launching innovative smart medical device products. For example, in April 2022, Abbott announced a partnership with CamDiab and Ypsomed to develop and commercialize an integrated automated insulin delivery (AID) system. The new AID system will lessen the burden of round-the-clock diabetes management for people who have diabetes. Also, the new AID system will be designed to connect with "Abbott's FreeStyle Libre 3 Sensor" to "CamDiab's CamAPS FX mobile app" and, finally, Ypsomed's "YpsoPump" to create an innovative and automated process to deliver insulin based on real-time glucose data.

Therefore, the high adoption of smart medical devices for managing chronic diseases among the population for early detection of disease is a standalone factor responsible for the influential growth of the market in the forecast period 2021-2031.

Future Trend

Technological Advancement

Technological progress is advancing scientific knowledge, reducing costs, and presenting the healthcare sector with innovative medical devices and procedures capable of diagnosing, monitoring, and treating medical conditions. Also, the Food and Drug Administration's (FDA) approval of new innovative smart medical device products further enhances the adoption among the population globally to improve patient care and reduce operational costs. The "Vios Chest Sensor" is a wireless device and is one such example of an FDA-approved medical device. The "Vios Chest Sensor" enables continuous monitoring of a patient's vital signs data, and its small size and wireless connectivity offer a 7-lead ECG, heart rate, respiratory rate, SpO2, pulse rate, posture, and activity. The "Vios Central Station Monitor and Software solution enables monitoring of vital signs of multiple patients simultaneously and intuitively navigates between screens to view vital signs summary information or customized patient reports. Thus, technological advancement in smart medical devices could propel the growth of the smart medical device market in the future.

Report Segmentation and Scope

Product Type-Based Insights

Based on product type, the smart medical device market is bifurcated into diagnostic devices, therapeutic devices, injury prevention & rehabilitation devices, and others. The diagnostic devices segment held a larger market share in 2022. Smart devices help improve well-being and stay healthy by making them reliable, convenient, personalized, and secure. Therefore, intelligent sensors, microcontrollers, actuators, connectivity modules, and others, together with software, have IoT possess a great potential to prevent diseases and improve health. Additionally, next-generation sleep monitors with "XENSIV" radar sensors are examples of improved sleep quality. People suffering from sleep apnea experience developing lifestyle disorders such as obesity, depression, and type 2 diabetes. However, radar solutions such as "Sleepiz" or "Tsingray" act as a critical factor that enables the digitalization of medical healthcare to improve the sleeping patterns of the population suffering from sleep apnea. The rising number of diagnostics devices intended for detecting chronic diseases results in high demand, thereby catalyzing the market for the diagnostic device segment for the forecast period 2022-2031.

Test Type-Based Insights

Based on test type, the global smart medical device market is segmented as portable, wearable, and others. The wearable segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022-2031. Wearable smart medical devices, including smartphones and tablets, are utilized with software applications to support healthcare services. Also, wearable technology serves the healthcare business in several ways. Fitness smart devices, remote patient monitoring devices, and wearable medical gadgets are a few examples of smart medical devices.

Moreover, utilizing wearable medical devices enhances the treatment of chronic illnesses by monitoring vital risk factors such as blood pressure, glucose, and others. For example, an insulin pump is a wearable medical device used to provide insulin in the management of diabetes. This smart wearable medical device delivers consistent doses of continuous infusion insulin among patients who have diabetes. Further, compared to daily injections, a wearable medical device is anticipated to produce long-term cost savings as well as effective and quick readings to lower glucose levels. The factors mentioned above are responsible for influential segmental growth for the forecast period of 2021-2031.

End User-Based Insights

Based on end users, the global smart medical device market is segmented as hospitals & clinics, homecare settings, and others. The hospitals & clinics segment will account for the largest share of the smart medical devices market. There is a high adoption of innovative medical devices in hospitals & clinics. Technological advancements in smart devices assist clinicians or physicians in detecting patient abnormalities. Paramedic patient monitoring is one such example where the ambulance is delivering a patient to the hospital, where wireless patient monitoring solutions will allow doctors in the hospitals to track a patient's condition in real-time and plan the patient care (including emergency surgeries well in advance). Such notable developments in intelligent medical devices will enhance adoption in hospitals, thereby dominating market growth for the forecast period 2021-2031.

Regional Analysis

The North American smart medical device market is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the rising chronic diseases-a standalone factor positively influencing the growth of the market. Additionally, technological advancements in monitoring devices further enhance the overall market growth. Moreover, companies launching innovative products by the US manufacturers further enhance the smart medical devices adoption in the US, thereby dominating the market growth for the forecast period 2021-2031. For instance, in September 2023, B. Braun Medical Inc. announced the receipt of FDA approval for "AQUAbase nX Reverse Osmosis System". The AQUAbase nX is a single-stage reverse osmosis device offering high-quality water intended for dialysis patients without the utility of chemicals. Therefore, the product has upto a 75% raw water conversion rate that may conserve water usage, reducing the cost of power, pre-treatment, and maintenance of equipment.

Further, companies are developing innovative products through collaboration. For example, in March 2023, Medtronic announced a collaboration with NVIDIA to build an Artificial Intelligence (AI) platform for medical devices. The collaboration enhanced the integration of NVIDIA healthcare and edge AI technologies into Medtronic's "Medtronic’s GI Genius intelligent endoscopy module. Genius is the first FDA-approved AI-assisted colonoscopy tool that will help physicians detect polyps that can lead to colorectal cancer. Such notable developments will accelerate the adoption of smart medical devices in the US for the forecast period 2021-2031.

Likewise, Asia Pacific will account for the highest CAGR for the smart medical devices market for the forecast period 2021-2031.

The report profiles leading players operating in the global smart medical device market. These include Abbott Laboratories, Apple, Inc., Dexcom, Inc., Fitbit, Inc., F. Hoffman-La-Roche Ltd., Johnson & Johnson, Medtronic, Zephyr, and Sonova.

In March 2021, Fitbit LLC announced a partnership with FibriCheck, an innovative health screening and monitoring app company to enable users in France, Germany, Italy, and Spain to monitor patient's heart rhythm for irregularities such as atrial fibrillation (AFib) directly from Fitbit LLC smartwatch. This strategy will help to expand Fitbit LLC's business across Europe, thereby strengthening its market position in Europe.

In April 2021, Dexcom announced that amid the COVID-19 pandemic, it announced a new product launch of the "Dexcom G6 CGM System". This new product launch is capable of remote patient monitoring in the hospital setting. Such a development strategy is likely to expand product offerings in various healthcare sectors, thereby strengthening Dexcom's market presence worldwide.

Company Profiles

• Abbott Laboratories
• Apple, Inc.
• Dexcom, Inc.
• Fitbit, Inc.
• F. Hoffman-La-Roche Ltd.
• Johnson & Johnson
• Medtronic
• NeuroMetrix, Inc.
• Zephyr
• Sonova

Smart Medical Devices Market Report Scope