Analysts’ Viewpoint on Smart Medical Devices Market Scenario
There is an increasing demand for smart medical devices from consumers due to rising health awareness and prevalence of chronic diseases such as diabetes, etc., across the globe, which drive the global smart medical devices market. Technological advancements in medical devices, significant presence of manufacturers, and digitalization help product manufacturers to stay ahead of the competition. Companies in the global smart medical devices should accelerate product development to gain edge over their competitors. In addition, increasing incidences of diseases and rising applications of smart medical devices are driving the global market. However, high costs and lack of suitable infrastructure are major restraining factors affecting the global market growth.
The global smart medical devices market is expected to witness growth opportunities due to the presence of significant number of players in the market. Innovation and technological advancements are key factors for the growth of the market players. Moreover, other than these two factors, it is worth noting that players will also try to enter key alliances to secure growth. Growing investments in the market are also helping it chart a higher growth trajectory. The healthcare industry is undergoing massive changes, and a large section of these is positive. One of the most significant and positive impacts noted here is that of technological advancement. The benefits accrued are immense, and this multitude is contributing to the growth in demand for smart medical devices, which are a step further in efforts directed at improving healthcare outcomes.
The radical change brought about by these to the quality of lives of patients is particularly helpful in pushing the demand upward. It is significant to note here that a comprehensive understanding of the market growth requires a deep dive into patterns and projections of health issues and chronic illnesses. The higher the incidence, the more the demand for smart medical devices will be as they will provide critical data to healthcare providers, track health parameters, warn in case of approaching danger, etc. It is extremely important for old people, especially those that live alone.
Chronic illnesses are witnessing a steep increase in the number of cases. In addition, a number of lifestyle changes can be attributed to this growth. One of these is lack of proper exercise, poor dietary habits, smoking & drinking, etc. Besides, massively increasing stress levels are also contributing to a number of health issues. Moreover, in the U.S., a developed country with a robust healthcare infrastructure and favorable reimbursement policies, cases of chronic illnesses are quite high. Another factor that is propelling the global smart medical devices market is the growing inclination toward fitness. Not only do these factors track progress, but also it helps in monitoring rehabilitation. The higher the number of people doing physical exercise, running, and playing sports for fitness, the higher the demand for smart medical devices, driving the use of medical devices to further growth.
The growing demand for smart medical devices such as therapeutic device, diagnostic & monitoring device, and injury prevention and rehabilitation devices is due to rising consciousness about the health and fitness after the COVID-19 pandemic. Consumers across the globe are more likely to purchase portables and wearables devices to keep an eye on their health. There is an increasing demand for such devices from home care settings, clinics, and hospitals.
The growing sales of diagnostic and monitoring devices is due to sudden outbreak of coronavirus across the globe. The smart medical devices market is significantly driven by the rise in geriatric population and growing need for these devices in injury rehabilitation. The increase in chronic illnesses is also a significant factor responsible for rising sales of smart medical devices.
North America will hold a prominent place in the regional segment, owing to high adoption of technology and rapid advancement in the region. This paves the way for extensive and intense use of smart medical devices. Besides, improvements in healthcare infrastructure and medical services are also responsible for the smart medical devices market growth in the region. Additionally, there is a rapid growth in the aging population across North America. This factor is contributing to the market expansion during the forecast period.
New opportunities will also arise in the Asia Pacific (APAC) for players to tap into, owing to a number of factors such as increase in disposable income and rise in healthcare awareness levels. Besides, an increasing number of people suffering from chronic diseases is creating value-grab opportunities for the market players.
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Attribute |
Detail |
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Market Size Value in 2020 |
US$ 48.6 Bn |
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Market Forecast Value in 2028 |
US$ 70.1 Bn |
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Growth Rate (CAGR) |
7.5% |
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Forecast Period |
2021–2028 |
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Quantitative Units |
US$ Mn for Value |
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Market Analysis |
It includes cross segment analysis at global as well as regional level. Moreover, qualitative analysis includes drivers, restraints, opportunities, key trends, and parent industry overview. |
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Competition Landscape |
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Format |
Electronic (PDF) + Excel |
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Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope |
Available upon request |
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Pricing |
Available upon request |
Smart Medical Devices Market – Segmentation
| Product Type |
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| Test Type |
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| End-user |
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| Region |
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Smart medical devices market is expected to reach the value of US$ 70.1 Bn by the end of 2028
Smart medical devices market is estimated to expand at a CAGR of 7.5% from 2021 to 2028
Smart medical devices market is driven by increasing incidences of diseases and rising applications of smart medical devices and increase in cases of chronic diseases, including diabetes and asthma
The diagnostic & monitoring devices segment accounted for the largest share of the global smart medical devices market in 2020, and the trend is expected to continue during the forecast period
Key players operating in the global smart medical devices market are Abbott Laboratories, Apple, Inc., Dexcom, Inc., Fitbit, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic plc, NeuroMetrix, Inc.
1. Preface
2. Research Methodology & Assumptions
3. Executive Summary
4. Global Smart Medical Devices Market Overview
4.1. Introduction (Product Definition)
4.2. Industry Evolution/Development
4.3. Key Market Indicators
4.4. Market Dynamics
4.4.1. Drivers
4.4.2. Restraints
4.4.3. Opportunity
4.5. Global Smart Medical Devices Market Analysis and Forecast, 2014 – 2028
4.6. Smart Medical Devices Market - Global Supply Demand Scenario
4.7. Porter’s Five Force Analysis
4.8. Value Chain Analysis
4.9. Market Outlook
5. Global Smart Medical Devices Market Analysis and Forecast, by Product Type
5.1. Key Findings
5.2. Introduction
5.3. Market Size (US$ Mn) Forecast, by Product Type
5.3.1. Diagnostic & Monitoring Devices
5.3.2. Therapeutic Devices
5.3.3. Injury Prevention & Rehabilitation Devices
5.3.4. Others
5.4. Market Attractiveness, by Product Type
5.5. Key Trends
6. Global Smart Medical Devices Market Analysis and Forecast, by Modality
6.1. Key Findings
6.2. Introduction
6.3. Market Size (US$ Mn) Forecast, by Modality
6.3.1. Portable
6.3.2. Wearable
6.3.3. Others
6.4. Market Attractiveness, by Modality
6.5. Key Trends
7. Global Smart Medical Devices Market Analysis and Forecast, by End-user
7.1. Key Findings
7.2. Introduction
7.3. Market Size (US$ Mn) Forecast, by End-user
7.3.1. Hospitals
7.3.2. Clinics
7.3.3. Home Care Settings
7.3.4. Others
7.4. Market Attractiveness, by End-user
7.5. Key Trends
8. Global Smart Medical Devices Market Analysis and Forecast, by Region
8.1. Key Findings
8.2. Introduction
8.2.1. Market Size (US$ Mn) Forecast, by Region
8.2.2. North America
8.2.3. Europe
8.2.4. Asia Pacific
8.2.5. Latin America
8.2.6. Middle East & Africa
9. North America Smart Medical Devices Market Analysis and Forecast
9.1. Key Findings
9.2. North America Smart Medical Devices Market Forecast, by Product Type
9.3. North America Smart Medical Devices Market Forecast, by Modality
9.4. North America Smart Medical Devices Market Forecast, by End-user
9.5. North America Smart Medical Devices Market Forecast, by Country
9.5.1. U.S. Smart Medical Devices Market Overview
9.5.2. Canada Smart Medical Devices Market Overview
9.6. North America Market Attractiveness Analysis
9.7. Market Trends
10. Europe Smart Medical Devices Market Analysis and Forecast
10.1. Key Findings
10.2. Europe Smart Medical Devices Market Forecast, by Product Type
10.3. Europe Smart Medical Devices Market Forecast, by Modality
10.4. Europe Smart Medical Devices Market Forecast, by End-user
10.5. Europe Smart Medical Devices Market Forecast, by Country/Sub-region
10.5.1. Germany Smart Medical Devices Market Overview
10.5.2. France Smart Medical Devices Market Overview
10.5.3. UK Smart Medical Devices Market Overview
10.5.4. Rest of Europe Smart Medical Devices Market Overview
10.6. Europe Market Attractiveness Analysis
10.7. Market Trends
11. Asia Pacific Smart Medical Devices Market Analysis and Forecast
11.1. Key Findings
11.2. Asia Pacific Smart Medical Devices Market Forecast, by Product Type
11.3. Asia Pacific Smart Medical Devices Market Forecast, by Modality
11.4. Asia Pacific Smart Medical Devices Market Forecast, by End-user
11.5. Asia Pacific Smart Medical Devices Market Forecast, by Country/Sub-region
11.5.1. China Smart Medical Devices Market Overview
11.5.2. Japan Smart Medical Devices Market Overview
11.5.3. Australia & New Zealand Smart Medical Devices Market Overview
11.5.4. Rest of APAC Smart Medical Devices Market Overview
11.6. Asia Pacific Market Attractiveness Analysis
11.7. Market Trends
12. Latin America Smart Medical Devices Market Analysis and Forecast
12.1. Key Findings
12.2. Latin America Smart Medical Devices Market Forecast, by Product Type
12.3. Latin America Smart Medical Devices Market Forecast, by Modality
12.4. Latin America Smart Medical Devices Market Forecast, by End-user
12.5. Latin America Smart Medical Devices Market Forecast, by Country/Sub-region
12.5.1. Brazil Smart Medical Devices Market Overview
12.5.2. Mexico Smart Medical Devices Market Overview
12.5.3. Rest of LATAM Smart Medical Devices Market Overview
12.6. Latin America Market Attractiveness Analysis
12.7. Market Trends
13. Middle East & Africa Smart Medical Devices Market Analysis and Forecast
13.1. Key Findings
13.2. Middle East & Africa Smart Medical Devices Market Forecast, by Product Type
13.3. Middle East & Africa Smart Medical Devices Market Forecast, by Modality
13.4. Middle East & Africa Smart Medical Devices Market Forecast, by End-user
13.5. Middle East & Africa Smart Medical Devices Market Forecast, by Country/Sub-region
13.5.1. Saudi Arabia Smart Medical Devices Market Overview
13.5.2. South Africa Smart Medical Devices Market Overview
13.5.3. Rest of MEA Smart Medical Devices Market Overview
13.6. Middle East & Africa Market Attractiveness Analysis
13.7. Market Trends
14. Competitive Landscape
14.1. Market Share Analysis, by Company
14.2. Competition Matrix
14.3. Company Profiles
14.3.1. Abbott Laboratories
14.3.1.1. Company Details
14.3.1.2. Business Overview
14.3.1.3. Financial Overview
14.3.1.4. Strategic Overview
14.3.1.5. SWOT Analysis
14.3.2. Apple, Inc.
14.3.2.1. Company Details
14.3.2.2. Business Overview
14.3.2.3. Financial Overview
14.3.2.4. Strategic Overview
14.3.2.5. SWOT Analysis
14.3.3. Dexcom, Inc.
14.3.3.1. Company Details
14.3.3.2. Business Overview
14.3.3.3. Financial Overview
14.3.3.4. Strategic Overview
14.3.3.5. SWOT Analysis
14.3.4. Fitbit, Inc.
14.3.4.1. Company Details
14.3.4.2. Business Overview
14.3.4.3. Financial Overview
14.3.4.4. Strategic Overview
14.3.4.5. SWOT Analysis
14.3.5. F. Hoffmann-La Roche Ltd.
14.3.5.1. Company Details
14.3.5.2. Business Overview
14.3.5.3. Financial Overview
14.3.5.4. Strategic Overview
14.3.5.5. SWOT Analysis
14.3.6. Johnson & Johnson
14.3.6.1. Company Details
14.3.6.2. Business Overview
14.3.6.3. Financial Overview
14.3.6.4. Strategic Overview
14.3.6.5. SWOT Analysis
14.3.7. Medtronic plc
14.3.7.1. Company Details
14.3.7.2. Business Overview
14.3.7.3. Financial Overview
14.3.7.4. Strategic Overview
14.3.7.5. SWOT Analysis
14.3.8. NeuroMetrix, Inc.
14.3.8.1. Company Details
14.3.8.2. Business Overview
14.3.8.3. Financial Overview
14.3.8.4. Strategic Overview
14.3.8.5. SWOT Analysis
14.3.9. Samsung Electronics Co., Ltd.
14.3.9.1. Company Details
14.3.9.2. Business Overview
14.3.9.3. Financial Overview
14.3.9.4. Strategic Overview
14.3.9.5. SWOT Analysis
14.3.10. Sonova
14.3.10.1. Company Details
14.3.10.2. Business Overview
14.3.10.3. Financial Overview
14.3.10.4. Strategic Overview
14.3.10.5. SWOT Analysis
List of Tables
Table 01: Global Smart Medical Devices Market Size (US$ Mn) Forecast, by Product Type, 2018–2028
Table 02: Global Diagnostic & Monitoring Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 03: Global Therapeutic Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 04: Global Injury Prevention & Rehabilitation Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 05: Global Smart Medical Devices Market Size (US$ Mn) and Forecast, by Modality, 2018–2028
Table 06: Global Smart Medical Devices Market Size (US$ Mn) and Forecast, by End-user, 2018–2028
Table 07: Global Smart Medical Devices Market Size (US$ Mn) and Forecast, by Region Type, 2018-2028
Table 08: North America Smart Medical Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 09: North America Diagnostic & Monitoring Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 10: North America Therapeutic Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 11: North America Injury Prevention & Rehabilitation Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 12: North America Smart Medical Devices Market Size (US$ Mn) and Forecast, by Modality, 2018–2028
Table 13: North America Smart Medical Devices Market Size (US$ Mn) and Forecast, by End-user, 2018–2028
Table 14: North America Smart Medical Devices Market Size (US$ Mn) and Forecast, by Country, 2018–2028
Table 15: Europe Smart Medical Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 16: Europe Diagnostic & Monitoring Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 17: Europe Therapeutic Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 18: Europe Injury Prevention & Rehabilitation Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 19: Europe Smart Medical Devices Market Size (US$ Mn) and Forecast, by Modality, 2018–2028
Table 20: Europe Smart Medical Devices Market Size (US$ Mn) and Forecast, by End-user, 2018–2028
Table 21: Europe Smart Medical Devices Market Size (US$ Mn) and Forecast, by Country/Sub-region, 2018–2028
Table 22: Asia Pacific Smart Medical Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 23: Asia Pacific Diagnostic & Monitoring Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 24: Asia Pacific Therapeutic Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 25: Asia Pacific Injury Prevention & Rehabilitation Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 26: Asia Pacific Smart Medical Devices Market Size (US$ Mn) and Forecast, by Modality, 2018–2028
Table 27: Asia Pacific Smart Medical Devices Market Size (US$ Mn) and Forecast, by End-user, 2018–2028
Table 28: Asia Pacific Smart Medical Devices Market Size (US$ Mn) and Forecast, by Country/Sub-region, 2018–2028
Table 29: Latin America Smart Medical Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 30: Latin America Diagnostic & Monitoring Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 31: Latin America Therapeutic Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 32: Latin America Injury Prevention & Rehabilitation Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 33: Latin America Smart Medical Devices Market Size (US$ Mn) and Forecast, by Modality, 2018–2028
Table 34: Latin America Smart Medical Devices Market Size (US$ Mn) and Forecast, by End-user, 2018–2028
Table 35: Latin America Smart Medical Devices Market Size (US$ Mn) and Forecast, by Country/Sub-region, 2018–2028
Table 36: Middle East & Africa Smart Medical Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 37: Middle East & Africa Diagnostic & Monitoring Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 38: Middle East & Africa Therapeutic Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 39: Middle East & Africa Injury Prevention & Rehabilitation Devices Market Size (US$ Mn) and Forecast, by Product Type, 2018–2028
Table 40: Middle East & Africa Smart Medical Devices Market Size (US$ Mn) and Forecast, by Modality, 2018–2028
Table 41: Middle East & Africa Smart Medical Devices Market Size (US$ Mn) and Forecast, by End-user, 2018–2028
Table 42: Middle East & Africa Smart Medical Devices Market Size (US$ Mn) and Forecast, by Country/Sub-region, 2018–2028
List of Figures
Figure 01: Global Smart Medical Devices Market Size (US$ Mn) and Forecast, 2018-2028
Figure 02: Global Smart Medical Devices Market Value Share Analysis, by Product Type, 2018 and 2028
Figure 03: Global Blood Glucose Monitors Market Revenue
Figure 04: Global Heart Rate Monitors Market Revenue
Figure 05: Global EEG/ECG Monitors Market Revenue
Figure 06: Global Cardiac Event Monitors Market Revenue
Figure 07: Global Pulse Oximeters Devices Market Revenue
Figure 08: Global Blood Pressure Monitors Market Revenue
Figure 09: Global Fetal Monitor Market Revenue
Figure 10: Global Others Devices Market Revenue
Figure 11: Global Portable Oxygen Concentrators and Ventilators Smart Medical Devices Market Revenue
Figure 12: Global Insulin Pumps Smart Medical Devices Market Revenue
Figure 13: Global Neuro-stimulators Smart Medical Devices Market Revenue
Figure 14: Global Mobile Bearing Smart Medical Devices Market Revenue
Figure 15: Global Others Smart Medical Devices Market Revenue
Figure 16: Global Body Motion Devices Smart Medical Devices Market Revenue
Figure 17: Global Fall Detection Devices Smart Medical Market Revenue
Figure 18: Global Others Smart Medical Devices Market Revenue
Figure 19: Smart Medical Devices Market Attractiveness Analysis, by Product Type
Figure 20: Global Smart Medical Devices Market Value Share Analysis, by Modality, 2018 and 2028
Figure 21: Global Portable Smart Medical Devices Market Revenue
Figure 22: Global Wearable Smart Medical Devices Market Revenue
Figure 23: Global Others Smart Medical Devices Market Revenue
Figure 24: Smart Medical Devices Market Attractiveness Analysis, by Modality
Figure 25: Global Smart Medical Devices Market Value Share Analysis, by End-user, 2018 and 2028
Figure 26: Global Hospital Smart Medical Devices Market Revenue
Figure 27: Global Clinics Smart Medical Devices Market Revenue
Figure 28: Global Home Care Settings Smart Medical Devices Market Revenue
Figure 29: Global Others Smart Medical Devices Market Revenue
Figure 30: Smart Medical Devices Market Attractiveness Analysis, by End-user
Figure 31: Global Smart Medical Devices Market Value Share Analysis, by Region Type, 2018 and 2028
Figure 32: Smart Medical Devices Market Attractiveness Analysis, by Region Type
Figure 33: North America Smart Medical Devices Market Size (US$ Mn) Forecast, 2018-2028
Figure 34: North America Market Attractiveness Analysis, by Country
Figure 35: North America Smart Medical Devices Market Value Share Analysis, by Product Type, 2018 and 2028
Figure 36: North America Smart Medical Devices Market Value Share Analysis, by Modality, 2018 and 2028
Figure 37: North America Smart Medical Devices Market Value Share Analysis, by End-user, 2018 and 2028
Figure 38: North America Market Value Share Analysis by Country, 2018 and 2028
Figure 39: North America Market Attractiveness Analysis, by Modality
Figure 40: North America Market Attractiveness Analysis, by Product Type
Figure 41: North America Market Attractiveness Analysis, by End-user
Figure 42: Europe Smart Medical Devices Market Size (US$ Mn) and Forecast, 2018-2028
Figure 43: Europe Market Attractiveness Analysis, by Country/Sub-region
Figure 44: Europe Smart Medical Devices Market Value Share Analysis, by Product Type, 2018 and 2028
Figure 45: Europe Smart Medical Devices Market Value Share Analysis, by Modality, 2018 and 2028
Figure 46: Europe Smart Medical Devices Market Value Share Analysis, by End-user, 2018 and 2028
Figure 47: Europe Market Value Share Analysis, by Country, 2018 and 2028
Figure 48: Europe Market Attractiveness Analysis, by Modality
Figure 49: Europe Market Attractiveness Analysis, by Product Type
Figure 50: Europe Market Attractiveness Analysis, by End-user
Figure 51: Asia Pacific Smart Medical Devices Market Size (US$ Mn) and Forecast, 2018-2028
Figure 52: Asia Pacific Market Attractiveness Analysis, by Country/Sub-region
Figure 53: Asia Pacific Smart Medical Devices Market Value Share Analysis, by Product Type, 2018 and 2028
Figure 54: Asia Pacific Smart Medical Devices Market Value Share Analysis, by Modality, 2018 and 2028
Figure 55: Asia Pacific Smart Medical Devices Market Value Share Analysis, by End-user, 2018 and 2028
Figure 56: Europe Market Value Share Analysis, by Country, 2018 and 2028
Figure 57: Asia Pacific Market Attractiveness Analysis, by Modality
Figure 58: Asia Pacific Market Attractiveness Analysis, by Product Type
Figure 59: Asia Pacific Market Attractiveness Analysis, by End-user
Figure 60: Latin America Smart Medical Devices Market Size (US$ Mn) and Forecast, 2018-2028
Figure 61: Latin America Market Attractiveness Analysis, by Country/Sub-region
Figure 62: Latin America Smart Medical Devices Market Value Share Analysis, by Product Type, 2018 and 2028
Figure 63: Latin America Smart Medical Devices Market Value Share Analysis, by Modality, 2018 and 2028
Figure 64: Latin America Smart Medical Devices Market Value Share Analysis, by End-user, 2018 and 2028
Figure 65: Latin America Market Value Share Analysis, by Country/Sub-region, 2018 and 2028
Figure 66: Latin America Market Attractiveness Analysis, by Modality
Figure 67: Latin America Market Attractiveness Analysis, by Product Type
Figure 68: Latin America Market Attractiveness Analysis, by End-user
Figure 69: Middle East & Africa Smart Medical Devices Market Size (US$ Mn) and Forecast, 2018-2028
Figure 70: Middle East & Africa Market Attractiveness Analysis, by Country/Sub-region
Figure 71: Middle East & Africa Smart Medical Devices Market Value Share Analysis by Product Type, 2018 and 2028
Figure 72: Middle East & Africa Smart Medical Devices Market Value Share Analysis, by Modality, 2018 and 2028
Figure 73: Middle East & Africa Smart Medical Devices Market Value Share Analysis, by End-user, 2018 and 2028
Figure 74: Middle East & Africa Market Value Share Analysis, by Country/Sub-region, 2018 and 2028
Figure 75: Middle East & Africa Market Attractiveness Analysis, by Modality
Figure 76: Middle East & Africa Market Attractiveness Analysis, by Product Type
Figure 77: Middle East & Africa Market Attractiveness Analysis, by End-user
Figure 78: Global Smart Medical Devices Market Share Analysis, by Company, 2020
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Smart Medical Devices Market
