According to the latest report by IMARC Group, titled "Smart Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart medical devices market reached a value of US$ 36.92 Billion in 2021. Smart medical devices refer to equipment that are widely used by healthcare professionals for collecting data and delivering therapy to patients. They are mainly equipped with connectivity capabilities, such as wireless fidelity (Wi-Fi), near-field communication (NFC) and actuators, that trigger pre-set programmed functions. As a result, they are extensively adopted across clinics and hospitals to mitigate healthcare-related problems in order to deliver quality medical facilities to the masses. Besides this, they also assist in enhancing safety, reducing workload, increasing patient engagement, saving time, reducing errors and improving communication.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Medical Devices Market Trends:
The global market is primarily driven by significant growth in the healthcare sector. Along with this, the growing investments by public and private agencies for upgrading the overall healthcare infrastructure are creating a positive market outlook. Moreover, the increasing prevalence of chronic diseases among the masses and the rising geriatric population, which is more prone to developing medical ailments, are providing a boost to the demand for smart medical devices. Additionally, continual technological advancements, such as the integration of the internet of things (IoT), sensors and artificial intelligence (AI) with medical devices, are significantly supporting the market on the global level. Furthermore, the rapid outbreak of coronavirus disease (COVID-19) has also propelled the market growth. The market is further driven by numerous initiatives undertaken by the governments of several countries to spread awareness regarding disease prevention. Other factors, including rapid digitization, the growing preference for home treatments, the rising health consciousness among the masses and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 58.58 Billion by 2027, exhibiting a CAGR of 7.50% during 2022-2027.
- On the basis of product type, the market has been segmented into diagnostic and monitoring (blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors, breath analyzer and other diagnostic monitoring products) and therapeutic devices (portable oxygen concentrators and ventilators, insulin pumps, hearing aid and other therapeutic devices).
- Based on the distribution channel, the market has been segregated into pharmacies, online and others.
- On the basis of the application, the market has been categorized into oncology, diabetes, auto-immune disorders, infectious diseases and others.
- Based on the end-user, the market has been classified into hospitals and clinics, home-care setting and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Abbott Laboratories, Activinsights Ltd, Apple Inc., Debiotech SA, Enable Injections, Fitbit LLC (Google LLC), Koninklijke Philips N.V., Medtronic PLC, NeuroMetrix Inc., Omron Healthcare Co Ltd (Omron Corporation), Sonova Holding AG, Sotera Wireless Inc. and VitalConnect.
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