Global Smart Medical Devices Market By Product Type (Diagnostics and Monitoring Devices, Blood Glucose Monitors), By Distribution Channel (Pharmacy and Others), By End-User (Hospital, Clinic and Others) and By Regions - Global Forecast to 2030

“Global Smart Medical Devices Market” is the title of a recently published market report compiled by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global smart medical devices market has been segmented on the basis of information technology, enabling technology, industry, as well as regions and countries.

The Global Smart Medical Devices Market was valued at UЅD $32,150.2 Мn in 2020, and is projected to achieve a valuation of UЅD $69,800.0 Мn by 2030, at a САGR of 9.4%.

Overview:

Smart medical devices refer to devices that use advanced technologies such as wireless miniaturized wearable devices, IoT, and mobile internet to dynamically access information, connect people, materials and institutions related to healthcare, and then actively manages and responds to medical ecosystem needs in an intelligent manner.

Dynamics:

Owing to the increasing need for efficient solutions to track, monitor and record all health-related issues, there has been a steady increase in the demand for smart medical devices. Moreover, there has been a sharp spike in the number of portable, wearable devices being introduced to the market, making more options available to numerous patients across the world. These are some of the primary factors that are anticipated to continue to boost the revenue growth of the global smart medical devices market over the next decade.

Furthermore, the increasing prevalence of chronic diseases such as cardiovascular disorders, hypertension or even drug-resistant hypertension across the world is also a factor that is expected to increase the demand for these products, thereby positively impacting the market growth of this global industry.

However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global smart manufacturing market is no different, and this factor is anticipated to have a significantly negative impact on the revenue growth of this industry. In addition, poor adoption rates of these product by end-users, especially in developing and non-developed economies across the globe, as well as the presence of inadequate healthcare infrastructures are also other factors that may restrain the revenue growth of the global smart medical devices market in the near future.

Nevertheless, the increased focus of key industry players towards the development of more reliable, advanced and efficient devices that will ensure better patient care is another major factor that is anticipated to increase the sales of these products, thereby boosting revenue growth for this global industry in the foreseeable future.

Segmentation of the Global Smart Medical Devices Market is as follows:

In terms of product type, the heart rate monitors segment accounted for the maximum number of revenue shares of the global smart medical devices market in 2020, and this segment is expected to register considerable revenue growth over the forecast period. However, the insulin pumps segment is anticipated to index the highest CAGR over the next 10 years.

On the basis of distribution channel, the pharmacy segment accounted for the maximum number of revenue shares of the global smart medical devices market in 2020, and this segment is slated to continue to do so over the next 10 years. The online channel segment is also expected to register a high CAGR over the forecast period.

With respect to end-user, the hospital segment accounted for the maximum number of revenue shares of the global smart medical devices market in 2020, and this segment is anticipated to retain its respective position over the next decade. However, the homecare segment is expected to register the highest CAGR in the years to come.

Regional Segmentation and Analysis:

North America accounted for the maximum number of revenue shares of the global smart medical devices market in 2020, and are indicative of retaining their respective market position over the next decade. However, the markets in the Asia Pacific region are anticipated to index the highest CAGR over the course of the forecast period.

Segmentation of the Global Smart Medical Devices Market:

Segmentation by Product Type:

• Diagnostics and Monitoring Devices
  • Blood Glucose Monitors
  • Heart Rate Monitors
  • Pulse Oximeters
  • Breath Analyzers
  • Medical Tricorders
  • Smart Clothing
  • Others (Smart Watches, Blood Pressure Monitors)
• Therapeutic Devices
  • Insulin Pumps
  • Portable Oxygen Concentrators & ventilators
  • Hearing Aids
  • Others (Wearable, Neuro-Stimulators)

Segmentation by Distribution Channel:

• Pharmacy
• Online Channels
• Hypermarkets

Segmentation by End-User:

• Hospital
• Clinic
• Home Care
• Other End Users

Segmentation by Regions:

• North America
• Europe
• APAC
• South America
• MEA