Smart Medical Devices Market Analysis

Smart Medical Devices Market Analysis

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Based on product type, the market is classified into diagnostic and monitoring devices, therapeutic devices and other product types. The diagnostic and monitoring segment was valued at USD 25.8 billion in 2023. The diagnostic and monitoring devices segment is further divided into blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors, breathalyzers, and other diagnostic & monitoring devices. The therapeutic devices segment is further segmented into portable oxygen concentrators and ventilators, insulin pumps, hearing aid, and other therapeutic devices. Favourable government measures to enhance patient care as well as rising investments in the smart medical devices sector are contributing to segment expansion.
 

• Chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders require continuous monitoring. Smart diagnostic and monitoring devices provide patients and healthcare providers with real-time data, enabling better disease management and timely interventions.
   
• The development of advanced sensors has significantly enhanced the capabilities of diagnostic and monitoring devices. These sensors can accurately measure various physiological parameters, such as glucose levels, blood pressure, heart rate, and oxygen saturation, facilitating more precise and reliable monitoring.
   
• The market players in this segment are focusing on product development strategies. For instance, In July 2022, Medtronic launched MiniMed 780G system in India. The Minimed 780G is a next-generation closed-loop insulin pump system for treating type 1 diabetes in people aged seven to 80. Later in September 2020, Medtronic received U.S. Food and Drug Administration approval for its MiniMed 770G insulin pump system built on the 670G system. The 770G features smartphone connectivity and is embedded with indications for ages 2 and above. Thus, owing to the advantages mentioned above of using insulin pumps and the increasing prevalence of diabetes worldwide, the insulin pump segment is expected to register growth over the forecast period.
   
• CGMs are a prime example of smart monitoring devices that have revolutionized diabetes management. These devices continuously measure glucose levels in real-time, providing valuable insights for patients to manage their condition more effectively.
   

Based on end use, the smart medical devices market is classified into hospitals, homecare setting, and other end users. The homecare setting segment is anticipated to depict over 14.5% CAGR from 2023 to 2032. The growing aging population globally and soaring patient demand for value-based healthcare in their homes is slated to fuel segment progress. As per WHO, the total number of people aged above 60 or older would reach 1.4 billion by the year 2030. This is expected to boost the demand for patient-centred healthcare services, especially in-home care services.
 

• The global population is aging, leading to a higher prevalence of chronic diseases and age-related health conditions. Smart medical devices designed for homecare enable elderly individuals to monitor their health, manage chronic conditions, and maintain independence, reducing the need for frequent hospital visits.
   
• Chronic diseases such as diabetes, cardiovascular diseases, and respiratory conditions require continuous monitoring and management. Homecare smart medical devices provide patients with the tools to track their health parameters regularly, facilitating better disease management and early intervention.
   
• Advancements in sensor technology, wireless communication, and data analytics have enhanced the capabilities of homecare medical devices. These devices are now more accurate, reliable, and user-friendly, making them suitable for home use by patients of all ages.
   
• The COVID-19 pandemic accelerated the adoption of remote monitoring and telehealth solutions. With social distancing measures and the need to reduce hospital visits, many patients and healthcare providers turned to homecare smart medical devices for continuous monitoring and virtual consultations.
   

The distribution channel segment includes brick & mortar and e-commerce. E-commerce is the fastest-growing segment with a CAGR of 17.1% during the forecast period, owing to an increase in online purchasing through smartphones, higher flexibility, and easier availability of a wide range of products.
 

• The shift towards online sales channels for medical devices is driven by several factors, including the convenience of online shopping, the wide range of available products, and the ability to compare prices and read reviews.
   
• E-commerce platforms provide a convenient and accessible way for consumers to purchase smart medical devices. Patients can order devices from the comfort of their homes, eliminating the need to visit physical stores or healthcare facilities.
   
• Online marketplaces offer a vast selection of smart medical devices, from wearable fitness trackers to advanced diagnostic tools. Consumers can easily find and purchase the specific devices they need, often with more options than available in traditional brick-and-mortar stores.
   
• E-commerce platforms allow consumers to compare prices across different sellers and read reviews from other buyers. This transparency helps consumers make informed purchasing decisions and find the best value for their money.
   
• The availability of home delivery services makes it easy for consumers to receive their devices quickly and conveniently. Additionally, subscription models for certain medical supplies and devices ensure regular, hassle-free deliveries.
   
• The rise of telehealth and online health services has driven more consumers to seek out smart medical devices online. These devices are often recommended by telehealth providers, leading to direct purchases from e-commerce platforms.
   

North America smart medical devices market accounted for USD 13.9 billion in revenue in 2023 and is predicted to witness substantial market growth over the analysis timeline.
 

• North America is at the forefront of technological innovation in healthcare. Advances in wearable technology, sensor accuracy, artificial intelligence (AI), and data analytics are driving the development and adoption of smart medical devices. These technologies enhance the functionality, reliability, and user-friendliness of the devices, making them more attractive to both healthcare providers and patients.
   
• The aging population in North America is a significant driver of the smart medical devices market. Older adults are more likely to have chronic conditions that require continuous monitoring and management. Smart medical devices provide a means to monitor health parameters remotely, reducing the need for frequent hospital visits and enabling seniors to maintain their independence.
   
• Additionally, most of the major players, such as Garmin Ltd, Fitbit, Inc, and Biotelemetry, Inc, are concentrated in this region and have been investing in the research and development of smart medical devices launching innovative products in this region. For instance, in August 2020, Fitbit, Inc. launched Fitbit Sense, an advanced health smart watch that helps detect the body's responses to stressors by measuring electrodermal activity responses. Thus, owing to these factors, the market is expected to grow significantly in North America over the forecast period.