Smart Medical Devices Market - Forecast(2024 - 2030)

Report Code: HCR 30669 Report Format: PDF + Excel
Smart Medical Devices Market Overview

Smart medical devices are connected electronic devices that are intended for enhancing patient care by collecting real-time patient data and effectively communicating with physicians over other connected devices. They are also capable of analyzing the health condition of patients. They enable medications become more precise and personalized. Based on product type, the Smart Medical devices market segmented into different diagnostics and monitoring devices, and therapeutic devices. The market is also categorized based on distribution channel and end use. The smart medical devices market is estimated to grow at a CAGR of 6.61% during the forecast period 2018-2023.  

Smart Medical Devices Market Outlook

Smart medical devices are important tools used by physicians across the globe to monitor vital signs of various diseases. These devices have significantly reduced the workload of many healthcare providers by closely observing patient health and taking quick action against major changes in the readings. Among the product types, blood pressure monitors are estimated to record the highest CAGR of 9.42% during the forecast period. Based on end use, the home care segment dominates the market as it is reliable for patients to use the products according to their convenience. Online channel is the fastest growing segment because of the availability of a wide range of products and strong inclination of consumers towards online purchasing through smartphones.

Smart Medical Devices Market Growth Drivers 

The Global Smart Medical Devices market is largely driven by the rising geriatric population in several nations. The rising health consciousness and increasing spending on healthcare among the population are boosting the growth of the smart medical devices market. The surging penetration of smartphones is rising the demand for connected devices that can transfer real-time patient data to physicians. The other driving factors include the rise in demand for smartphone-compatible and wireless medical devices, and rising awareness and focus on fitness.

Smart Medical Devices Market Challenges  

The higher costs associated with smart devices such as pulse oximeters, heart rate monitors, and therapeutic devices are hindering the growth of the smart medical devices market. Safety and privacy concerns associated with these devices are also hindering the growth of the market. Occurrence of healthcare data breaches and phishing of patient records have resulted in data loss and unauthorized access into personal and medical information of the patients.                                        



Smart Medical Devices Market Research Scope

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on volume shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Smart Medical Devices market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of products and their specific applications.

Smart Medical Devices Market Report: Industry Coverage 

Types of Products: Diagnostics and Monitoring Devices, Therapeutic Devices. 

By Distribution Channel: Pharmacy, Online Channels, and Hypermarkets.

By End Use: Hospital, Clinic,And Home Care 

The Smart Medical Devices report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

  • North America: The U.S, Canada, Mexico
  • South America: Brazil, Argentina, Ecuador, Peru, Colombia, Costa Rica
  • Europe: The U.K, France, Germany, Italy, Spain, Netherland, Belgium ,Denmark
  • APAC: China, India, Japan, South Korea, Australia, Taiwan, Malaysia, Hong Kong
  • Middle East: Israel, Saudi Arabia, The U.A.E.
  • Africa: South Africa, Rest of Africa, and The Middle East 

Smart Medical Devices Market Key Players Perspective

David Aubert, General Manager of Philips’ Light & Health business said that “As a company, we aim to improve people’s health with a broad portfolio of proven therapy solutions to enable patients with chronic conditions to manage their health at home”.
Some of the key players in this market are Philips, Abbott, Apple Inc., Fitbit Inc., Dexcom Inc., Samsung , Medtronic, and F. Hoffmann-La Roche Ltd.

Smart Medical Devices Trends

  • Acquisition was the dominant strategy adopted by the prominent players of the Smart Medical Devices market, crediting up to 37% of the share of the total market followed by product launch.
  • In November2018,  Medtronic, Inc. acquired Nutrino Health Ltd. to leverage Nutritno’s technology and infrastructure with continuous glucose monitoring (CGM) and closed loop systems.

Key Questions Addressed in the Smart Medical Devices Report

1.Is the market for Smart Medical Devices growing? How long will it continue to grow and at   what rate? 
2.Which type of Smart Medical Devices presents the major growth opportunities? 
3.Is there a possibility for change in the market structure over time? 
4.Are additional developments needed for the existing product offerings or do the existing    products meet the customer demands? 
5.What is the current status of Smart Medical Devices Market? 
6.Which are the major relevant product segments within Smart Medical Devices market?
7.Which type of Light will witness heavy growth in Smart Medical Devices Market? 
8.What are the short-term, long-term, and medium-term growth drivers for the market? 
9.What are the short-term, medium-term, and long-term challenges for the market? 
10.What are the short-term, medium-term, and long-term opportunities for the market 
11.Who are the top players/companies of the market? 
12.What are the recent innovations in the market? 
13.How many patents have been filed by the leading players? 
14.What are the types of patents filed by the leading players? 
15.What is the futuristic scenario for the adoption of Smart Medical Devices? 
16.What is our Vision 2030 for the Smart Medical Devices Market?

A few focus points of this Research are given below:

  • Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
  • Provide an overview of the product portfolio, including product planning, development, and positioning
  • Discuss the role of technology companies in partnerships
  • Explore the regional sales activities
  • Analyze the market size and give the forecast for current and future Smart Medical Devices during the forecast period 2018–2023
  • Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures

IndustryARC Research Best Practices

The Smart Medical Devices market size is evaluated based on the number of products per organization type along with the varying price points pertaining to specific applications. These were identified as key informational conjectures for market estimation in 2017/2018.
The Smart Medical Devices market share is thoroughly checked against all data points that have been incorporated and rechecked against various data sources. Various C-level executives and key opinion leaders are contacted for verification of the data.
The Smart Medical Devices market forecast and growth rate are achieved by applying the time series forecasting methodology on the various factors. The market forecast and growth rate are further backed with historical trends of the market along with a regressive mathematical model that assesses the value based on factors such as capital expenditure, equipment lifespan, R&D investments, and so on.
The Smart Medical Devices market demand has been researched taking into account the prominent economies across the different cities to understand their corresponding impact on the market.
The Smart Medical Devices market drivers are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.
The Smart Medical Devices market challenges are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.
The Smart Medical Devices market outlook provides a brief overview of the market performance and anticipated change in market dynamics. 
The Smart Medical Devices market analysis also involves the identification of new companies that have entered the market scenario and their impact on the market dynamics in the future.
1. Smart Medical Devices Market – Market Overview
    1.1. Definitions and Scope
2. Smart Medical Devices Market – Executive Summary
    2.1. Market Revenue, Market Size and Key Trends
    2.2. Key Trends by type of Application
    2.3. Key Trends segmented by Geography
3. Smart Medical Devices Market
    3.1. Comparative analysis
        3.1.1. Product Benchmarking – Key  companies
        3.1.2. Top 5 Financials Analysis
        3.1.3. Market Value split by Top 10 companies
4. Smart Medical Devices Market – Startup Companies Scenario
    4.1. Top 10 startup company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Smart Medical Devices Market – Market Forces
    5.1. Drivers
    5.2. Constraints & Challenges
    5.3. Porter’s five force model
        5.3.1. Bargaining power of suppliers
        5.3.2. Bargaining powers of customers 
        5.3.3. Threat of new entrants
        5.3.4. Rivalry among existing players
        5.3.5. Threat of substitutes
6. Smart Medical Devices Market – Strategic Analysis
    6.1. Value chain analysis
    6.2. Opportunities analysis
    6.3. Market life cycle
7. Smart Medical Devices Market – By Product (Market Size – $Million/$Billion)
    7.1. Market Size and Market Share Analysis
    7.2.  Application Revenue and Trend Research
    7.3.  Product Segment Analysis
        7.3.1. Diagnostics And Monitoring Device
                7.3.1.1. Blood glucose monitors
                7.3.1.2. Heart rate monitors
                7.3.1.3. Pulse oximeters
                7.3.1.4. Blood pressure monitors
                7.3.1.5. Breath analyzer
                7.3.1.6. Medical tricorder
                7.3.1.7. Smart clothing
        7.3.2. Therapeutic Device
                7.3.2.1. Portable oxygen concentrators and ventilators
                7.3.2.2. Insulin pumps
                7.3.2.3. Hearing aids
                7.3.2.4. Others
8. Smart Medical Devices Market – By Distribution Channel (Market Size – $Million/$Billion)
    8.1. Pharmacy
    8.2. Online Channel
    8.3. Others
9. Smart Medical Devices Market – By End Use (Market Size – $Million/$Billion)
    9.1. Hospitals
    9.2. Clinic 
    9.3. Home Care
10. Smart Medical Devices Market – By Geography (Market Size – $Million/$Billion)
    10.1. Smart Medical Devices Market - North America Segment Research
    10.2. North America Market Research ($Million/$Billion)
        10.2.2. Segment type Size and Market Size Analysis
        10.2.3. North America 
                10.2.3.1. U.S.
                10.2.3.2. Canada
                10.2.3.3. Mexico
    10.3. Smart Medical Devices Market - South America Segment Research
    10.4. South America Market Research (Market Size – $Million/$Billion)
        10.4.2. Segment type Size and Market Size Analysis
        10.4.3. South America 
                10.4.3.1. Brazil
                10.4.3.2. Argentina
                10.4.3.3. Ecuador
                10.4.3.4. Peru
                10.4.3.5. Colombia
                10.4.3.6. Costa Rica
                10.4.3.7. Rest of South America
    10.5. Smart Medical Devices Market – Europe Segment Research
    10.6. Europe Market Research (Market Size – $Million/$Billion)
        10.6.2. Segment type Size and Market Size Analysis
        10.6.3. Europe 
                10.6.3.1. U.K.
                10.6.3.2. Germany
                10.6.3.3. Italy
                10.6.3.4. France
                10.6.3.5. Netherlands
                10.6.3.6. Belgium
                10.6.3.7. Spain
                10.6.3.8. Denmark
                10.6.3.9. Rest of Europe
    10.7. Smart Medical Devices Market – APAC Segment Research
    10.8. APAC Market Research (Market Size – $Million/$Billion)
        10.8.2. Segment Type Size and Market Size Analysis
        10.8.3. APAC 
                10.8.3.1. China
                10.8.3.2. Australia
                10.8.3.3. Japan
                10.8.3.4. South Korea
                10.8.3.5. India
                10.8.3.6. Taiwan
                10.8.3.7. Malaysia
                10.8.3.8. Hong-Kong
                10.8.3.9. Rest of APAC
    10.9. Smart Medical Devices Market – Middle East Segment and Africa Segment Research
    10.10. Middle East Segment Market Research (Market Size – $Million/$Billion)
        10.10.2. Segment type Size and Market Size Analysis
        10.10.3. Middle East
                10.10.3.1. Israel
                10.10.3.2. Saudi Arabia
                10.10.3.3. UAE
                10.10.3.4. Rest of Middle East
        10.10.4. Africa segment Analysis
                10.10.4.1. South Africa
                10.10.4.2. Rest of South Africa
11. Smart Medical Devices Market – Entropy
    11.1. New product launches
    11.2. M&As, collaborations, JVs, and partnerships
12. Smart Medical Devices Market – Industry/Segment Competition landscape Premium 
    12.1. Market Share Analysis
        12.1.2. Market Share by Region – Top companies
        12.1.3. Market Share at global level – Top 10 companies
        12.1.4. Best Practices for companies
13. Smart Medical Devices Market – Key Company List by Country Premium 
14. Smart Medical Devices Market Company Analysis 
    14.1. Market Share, Company Revenue, Products, M&As, Developments
    14.2. Philips
    14.3. Abbott
    14.4. Apple Inc.
    14.5. Fitbit Inc.
    14.6. Dexcom Inc.
    14.7. Samsung
    14.8. Medtronic
    14.9. F. Hoffmann-La Roche Ltd.
    14.10. Company 9
    14.11. Company 10 and more
"*Financials of private companies would be provided on a best-efforts basis."
15. Smart Medical Devices Market – Appendix 
    15.1. Abbreviations
    15.2. Sources
16. Smart Medical Devices Market – Research Methodology 
    16.1. Research Methodology
        16.1.2. Company Expert Interviews
        16.1.3. Industry Databases
        16.1.4. Associations
        16.1.5. Company News
        16.1.6. Company Annual Reports
        16.1.7. Application Trends
        16.1.8. New Products and Product database
        16.1.9. Company Transcripts
        16.1.10. R&D Trends
        16.1.11. Key Opinion Leaders Interviews
        16.1.12. Supply and Demand Trends

LIST OF TABLES

1.Global Smart Medical Device Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
1.1 And Trend Analyses, For The Following Product Market 2023-2030 ($M) - Global Industry Research
1.1.1 Diagnostics And Monitoring Device Market 2023-2030 ($M)
1.1.2 Therapeutic Device Market 2023-2030 ($M)
2.Global Smart Medical Device Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
2.1 And Trend Analyses, For The Following Distribution Channel Market 2023-2030 ($M) - Global Industry Research
2.1.1 Pharmacy Market 2023-2030 ($M)
2.1.2 Online Channel Market 2023-2030 ($M)
3.Global Smart Medical Device Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
3.1 Hospital Market 2023-2030 ($M) - Global Industry Research
3.2 Clinic Market 2023-2030 ($M) - Global Industry Research
3.3 Home Care Market 2023-2030 ($M) - Global Industry Research
4.Global Smart Medical Device Market:Product Estimate Trend Analysis Market 2023-2030 (Volume/Units)
4.1 And Trend Analyses, For The Following Product Market 2023-2030 (Volume/Units) - Global Industry Research
4.1.1 Diagnostics And Monitoring Device Market 2023-2030 (Volume/Units)
4.1.2 Therapeutic Device Market 2023-2030 (Volume/Units)
5.Global Smart Medical Device Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 (Volume/Units)
5.1 And Trend Analyses, For The Following Distribution Channel Market 2023-2030 (Volume/Units) - Global Industry Research
5.1.1 Pharmacy Market 2023-2030 (Volume/Units)
5.1.2 Online Channel Market 2023-2030 (Volume/Units)
6.Global Smart Medical Device Market:End-Use Estimate Trend Analysis Market 2023-2030 (Volume/Units)
6.1 Hospital Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Clinic Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Home Care Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Smart Medical Device Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
7.1 And Trend Analyses, For The Following Product Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Diagnostics And Monitoring Device Market 2023-2030 ($M)
7.1.2 Therapeutic Device Market 2023-2030 ($M)
8.North America Smart Medical Device Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
8.1 And Trend Analyses, For The Following Distribution Channel Market 2023-2030 ($M) - Regional Industry Research
8.1.1 Pharmacy Market 2023-2030 ($M)
8.1.2 Online Channel Market 2023-2030 ($M)
9.North America Smart Medical Device Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
9.1 Hospital Market 2023-2030 ($M) - Regional Industry Research
9.2 Clinic Market 2023-2030 ($M) - Regional Industry Research
9.3 Home Care Market 2023-2030 ($M) - Regional Industry Research
10.South America Smart Medical Device Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
10.1 And Trend Analyses, For The Following Product Market 2023-2030 ($M) - Regional Industry Research
10.1.1 Diagnostics And Monitoring Device Market 2023-2030 ($M)
10.1.2 Therapeutic Device Market 2023-2030 ($M)
11.South America Smart Medical Device Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
11.1 And Trend Analyses, For The Following Distribution Channel Market 2023-2030 ($M) - Regional Industry Research
11.1.1 Pharmacy Market 2023-2030 ($M)
11.1.2 Online Channel Market 2023-2030 ($M)
12.South America Smart Medical Device Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
12.1 Hospital Market 2023-2030 ($M) - Regional Industry Research
12.2 Clinic Market 2023-2030 ($M) - Regional Industry Research
12.3 Home Care Market 2023-2030 ($M) - Regional Industry Research
13.Europe Smart Medical Device Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
13.1 And Trend Analyses, For The Following Product Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Diagnostics And Monitoring Device Market 2023-2030 ($M)
13.1.2 Therapeutic Device Market 2023-2030 ($M)
14.Europe Smart Medical Device Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
14.1 And Trend Analyses, For The Following Distribution Channel Market 2023-2030 ($M) - Regional Industry Research
14.1.1 Pharmacy Market 2023-2030 ($M)
14.1.2 Online Channel Market 2023-2030 ($M)
15.Europe Smart Medical Device Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
15.1 Hospital Market 2023-2030 ($M) - Regional Industry Research
15.2 Clinic Market 2023-2030 ($M) - Regional Industry Research
15.3 Home Care Market 2023-2030 ($M) - Regional Industry Research
16.APAC Smart Medical Device Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
16.1 And Trend Analyses, For The Following Product Market 2023-2030 ($M) - Regional Industry Research
16.1.1 Diagnostics And Monitoring Device Market 2023-2030 ($M)
16.1.2 Therapeutic Device Market 2023-2030 ($M)
17.APAC Smart Medical Device Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
17.1 And Trend Analyses, For The Following Distribution Channel Market 2023-2030 ($M) - Regional Industry Research
17.1.1 Pharmacy Market 2023-2030 ($M)
17.1.2 Online Channel Market 2023-2030 ($M)
18.APAC Smart Medical Device Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
18.1 Hospital Market 2023-2030 ($M) - Regional Industry Research
18.2 Clinic Market 2023-2030 ($M) - Regional Industry Research
18.3 Home Care Market 2023-2030 ($M) - Regional Industry Research
19.MENA Smart Medical Device Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
19.1 And Trend Analyses, For The Following Product Market 2023-2030 ($M) - Regional Industry Research
19.1.1 Diagnostics And Monitoring Device Market 2023-2030 ($M)
19.1.2 Therapeutic Device Market 2023-2030 ($M)
20.MENA Smart Medical Device Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
20.1 And Trend Analyses, For The Following Distribution Channel Market 2023-2030 ($M) - Regional Industry Research
20.1.1 Pharmacy Market 2023-2030 ($M)
20.1.2 Online Channel Market 2023-2030 ($M)
21.MENA Smart Medical Device Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
21.1 Hospital Market 2023-2030 ($M) - Regional Industry Research
21.2 Clinic Market 2023-2030 ($M) - Regional Industry Research
21.3 Home Care Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Smart Medical Devices Market Revenue, 2023-2030 ($M)
2.Canada Smart Medical Devices Market Revenue, 2023-2030 ($M)
3.Mexico Smart Medical Devices Market Revenue, 2023-2030 ($M)
4.Brazil Smart Medical Devices Market Revenue, 2023-2030 ($M)
5.Argentina Smart Medical Devices Market Revenue, 2023-2030 ($M)
6.Peru Smart Medical Devices Market Revenue, 2023-2030 ($M)
7.Colombia Smart Medical Devices Market Revenue, 2023-2030 ($M)
8.Chile Smart Medical Devices Market Revenue, 2023-2030 ($M)
9.Rest of South America Smart Medical Devices Market Revenue, 2023-2030 ($M)
10.UK Smart Medical Devices Market Revenue, 2023-2030 ($M)
11.Germany Smart Medical Devices Market Revenue, 2023-2030 ($M)
12.France Smart Medical Devices Market Revenue, 2023-2030 ($M)
13.Italy Smart Medical Devices Market Revenue, 2023-2030 ($M)
14.Spain Smart Medical Devices Market Revenue, 2023-2030 ($M)
15.Rest of Europe Smart Medical Devices Market Revenue, 2023-2030 ($M)
16.China Smart Medical Devices Market Revenue, 2023-2030 ($M)
17.India Smart Medical Devices Market Revenue, 2023-2030 ($M)
18.Japan Smart Medical Devices Market Revenue, 2023-2030 ($M)
19.South Korea Smart Medical Devices Market Revenue, 2023-2030 ($M)
20.South Africa Smart Medical Devices Market Revenue, 2023-2030 ($M)
21.North America Smart Medical Devices By Application
22.South America Smart Medical Devices By Application
23.Europe Smart Medical Devices By Application
24.APAC Smart Medical Devices By Application
25.MENA Smart Medical Devices By Application
26.Abbott Laboratory, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Apple Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Dexcom Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Fitbit Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.F. Hoffmann-La Roche Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Johnson Johnson, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Medtronic Plc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Neurometrix Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Sonova, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Zephyr Technology Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Everist Genomics, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Vital Connect, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Philip Electronics, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Sotera Wireless, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.Omron Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)