Smart Medical Devices Market to Present Lucrative Growth Opportunities Over 2021-2027

July 20, 2021

According to the research report titled ‘Smart Medical Devices Market Size By Product Type (Diagnostic and Monitoring {Blood Glucose Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors}, Therapeutic Devices {Portable Oxygen Concentrators and Ventilators, Insulin Pumps, Hearing Aid}), By End-use (Hospitals, Homecare Setting), COVID19 Impact Analysis, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with Market Study Report LLC, worldwide smart medical devices market is poised to grow momentously through 2027.

Rising prevalence of asthma, diabetes, and other diseases, escalating internet penetration rate and adoption of Big Data, coupled with exceptional developments in IoT, and proliferation of smart wearables are propelling the growth of global smart medical devices market.

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Additionally, rising importance of real time data driven approach for treatment and diagnostics, surging adoption of smart phones as well as technological advancements and new product launches are catalyzing the industry scenario.

For the unversed, smart medical devices, such as wearables, can connect patients to physicians in actual time to convey crucial medical information from mobile equipment, hospital beds, transport vehicles, and homes to provide patients with the highest level of care.

On the contrary, dearth of suitable infrastructure in low- and middle-income nations as well as privacy concerns are likely to hamper the growth of the business domain over the analysis timeframe.

In terms of product type, smart medical devices industry space is bifurcated into therapeutic devices, and diagnostic & monitoring. The therapeutic devices segment was valued at USD 6.1 billion in 2020 and is reckoned to grow further over the projected timeframe, owing to availability of varied smart therapeutic devices to cater to the needs of the customers. For instance, Nerivio, a smartphone-controlled wearable, is approved by The United States Food & Drug Administration for relieving symptoms of onset migraine.

Speaking of end-user terrain, the market scenario is classified into hospitals, homecare setting, and others. The hospital segment is anticipated to amass USD 21.6 billion by the end of 2027.

Moving on to regional scope, Latin America held 6.8% industry share in 2020 and is expected to showcase significant growth through 2027. Parallelly, Middle East & Africa market is anticipated to record an annual growth rate of 12.6% through 2027, creditable to bolstering innovations, soaring healthcare sector in UAE as well as formation of new partnerships among players.

Leading companies in smart medical devices market sphere include F. Hoffmann-La Roche Ltd., Fitbit Inc., NeuroMetrix Inc., Abbott Laboratories, Omron Corporation, Medtronic plc, VitalConnect Inc., and DexCom Inc. among others.

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