
Smart Medical Devices Market
Smart Medical Devices Market Forecasts to 2030 - Global Analysis By Product Type (Therapeutic Devices, Diagnostic and Monitoring Devices, Injury Prevention & Rehabilitation Devices and Other Product Types), Modality (Wearable and Portable), Distribution Channel, Technology, Application, End User and By Geography

Years Covered |
2021-2030 |
Estimated Year Value (2023) |
US $46.9 BN |
Projected Year Value (2030) |
US $188.6 BN |
CAGR (2023 - 2030) |
22% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
North America |
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Smart Medical Devices Market is accounted for $46.9 billion in 2023 and is expected to reach $188.6 billion by 2030 growing at a CAGR of 22.0% during the forecast period. Wearables, helps to connect patients to doctors by delivering important medical data in real time from hospital beds and private residences, as well as mobile technology used at emergency sites and in transport vehicles. Despite the fact that patient data was collected long before the emergence of smart technology, the deployment of smart medical devices has enabled healthcare professionals to collect patient data.
According to the United Nations Population Fund, the region contributes to over 4.3 billion of the global population. According to American Heart Association 2021, heart disease and Stroke Statistics Update fact Sheet, Coronary Heart Disease (CHD) was the leading cause (42.1%) of deaths attributable to cardiovascular disease in the United States.
Market Dynamics:
Driver:
Rising demand of smart medical devices
Growing market investments also help the sector build a stronger growth trajectory. Massive changes are taking place in the healthcare sector, many of which are positive. One of the most significant and beneficial consequences stated here is technological advancement. The potential benefits are immense, and this abundance is driving up demand for smart medical devices that go even further in efforts to enhance healthcare outcomes.
Restraint:
Lack of proper infrastructure
The lack of appropriate electrical infrastructure in developing and low-income nations is hindering the growth of the smart medical device market. Because modern medical devices rely heavily on electricity-powered IT hardware and software, developing countries are unable to integrate smart medical devices without impacting healthcare operations. As a result, a power outage or a limited supply of electricity endangers the operation of smart devices.
Opportunity:
Increasing prevalence of chronic disorders
The prevalence of chronic diseases is rapidly increasing. As this development can be linked to a variety of lifestyle changes. One of these is a lack of exercise, poor eating habits, smoking, drinking, and other unhealthy habits. In addition, significantly elevated stress levels are a factor in a variety of health conditions. Additionally, chronic illnesses are highly common in the United States, a developed country with a strong healthcare system and favorable payment policies. Another factor boosting the global market for smart medical devices is the growing fitness trend. The need for smart medical devices grows as more people engage in physical activity for health reasons, such as running and sports, driving the use of medical devices.
Threat:
High cost and privacy concerns
The high cost of smart medical devices is due to their greater technological capabilities. Most middle- and lower-income people cannot afford these technologies, making them inaccessible to them. The high cost of smart medical devices may limit the market's growth over the forecast period. However, privacy issues will further limit the market growth.
Covid-19 Impact:
The COVID-19 pandemic has had a positive impact on the smart medical device enterprise. With the introduction of the coronavirus, many community centers and other fitness organizations in most parts of the world became inactive. Users were urged to use digital and other app-based solutions as a result of this. Furthermore, rising awareness and preference for AI-based medical equipment that aids in tracking and monitoring human vital signs are expected to drive market expansion. In India, for instance, Max Healthcare and MyHealthcare will launch an AI-based device connected with patient monitoring systems in June 2021.
The therapeutic device segment is expected to be the largest during the forecast period
The therapeutic device segment is expected to have the largest market share throughout the forecast period because an insulin pump is a medical device that provides insulin to diabetic patients. The insulin pump is made up of three parts: a pump, a disposable reservoir, and a disposable infusion set. The pump component is made up of controllers, a processing module, and batteries. Inside the pump, the disposable reservoir stores the insulin. However, a cannula and a tubing system to connect the insulin reservoir to the cannula comprise the disposable infusion set. Insulin pumps are portable and measure the exact amount of insulin to be supplied, reducing dosage waste and ensuring correct insulin delivery to patients.
The cardiovascular segment is expected to have the highest CAGR during the forecast period
The cardiovascular category is expected to develop at the highest rate of CAGR throughout the forecast period due to an increase in cardiovascular disease incidents such as diabetes and a surge in medical device research spending. Furthermore, the increased use of smart medical devices has contributed to an increase in demand for device applications, propelling market growth. Additionally, the demand for cardiovascular devices is expected to rise due to an increase in the aging population, technological improvements, and the efficacy of smart medical devices.
Region with largest share:
Regionally, North America has the largest share of the market and will continue to do so during the forecast period. North American healthcare facilities are of the highest standard and are available to a broad population due to favorable regulations that make healthcare inexpensive for many, if not all, people. This contributes to a higher selling rate across the country. Furthermore, the considerable expansion of this region's smart medical device market has been driven by technological developments and the early acceptance of modern medical equipment.
Region with highest CAGR:
Because of a large pool of patients and creative manufacturers bringing clever solutions to the market at partially cheaper costs, Asia Pacific region is projected to witness lucrative growth throughout the extrapolated period. Ten3T Healthcare Pvt. Ltd., an Indian manufacturer, for instance, created Cicer, a wearable monitoring device capable of recording ECG and other indications such as heart rate, blood oxygen, and temperature in real-time at a low cost. Additionally, the economic conditions of emerging economies like China and Japan have improved. The increasing population, rising living standards as disposable income rises, and a desire for new technologically advanced products have all boosted the demand for smart medical devices in the region.
Key players in the market
Some of the key players in Smart Medical Devices market include Samsung, Vital Connect, Koninklijke Philips N.V., Otsuka Holdings CO. LTD, Omron Corporation, NeuroMetrix Inc., Medtronic PLC, Fitbit Inc., F. Hoffmann-La Roche Ltd, Dexcom Inc., BIO-BEAT, Apple Inc. and Abbott Laboratories.
Key Developments:
In June 2022, Omron Ventures Co., Ltd. is pleased to announce an investment in Visby Medical, Inc., a company that develops and sells the world's first disposable portable PCR testing devices.
In June 2022, The integration of the technologies on the Carescape platform has received FDA clearance and CE mark approval, completing the system's full suite of Medtronic patient monitoring technologies. The combined solution also includes GE Healthcare FlexAcuity, which enables clinicians globally to select care options based on patient acuity needs, and assists them in their goal of detecting patient health deterioration as early as possible.
In May 2021, GOQii launched GOQii Vital 4, the latest fitness band with a SpO2 and blood pressure monitor, and tracks all-day activity like steps, distance, and the calories burned.
In January 2021, Facedrive Health launched V2 TraceSCAN Wearable Device. TraceSCAN V2 features an extensive set of improved functionalities to offer key health and safety advantages while enhancing the usual shortcomings of typical Bluetooth devices (which are not GPS-based), such as privacy considerations, accuracy, data management, and vital signs monitoring capability.
Product Types Covered:
• Therapeutic Devices
• Diagnostic and Monitoring Devices
• Injury Prevention & Rehabilitation Devices
• Other Product Types
Modalities Covered:
• Wearable
• Portable
Distribution Channels Covered:
• Online Channel
• Pharmacies
• Hypermarkets
Technologies Covered:
• Pressurized Gas
• Expanding Battery
• Rotary Pump
• Motor-Driven
• Spring-Based
• Other Technologies
Applications Covered:
• Cardiovascular
• Respiratory
• Neurology
• Oncology
• Sleep Disorders
• Infection Diseases
• Diabetes
• Auto-Immune Disorders
• Other Applications
End Users Covered:
• Home Care Setting
• Hospitals/Clinics
• Ambulatory Care Centers
• Sports and Fitness
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 Application Analysis
3.9 End User Analysis
3.10 Emerging Markets
3.11 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Medical Devices Market, By Product Type
5.1 Introduction
5.2 Therapeutic Devices
5.2.1 Hearing Aid
5.2.2 Insulin Pumps
5.2.3 Portable Oxygen Concentrators and Ventilators
5.2.4 Other Therapeutic Devices
5.3 Diagnostic and Monitoring Devices
5.3.1 Breath Analyzer
5.3.2 Blood Pressure Monitors
5.3.3 Pulse Oximeters
5.3.4 Heart Rate Monitors
5.3.5 Blood Glucose Monitors
5.3.6 Medical Tricorder
5.3.7 Smart Clothing
5.3.8 Other Diagnostic and Monitoring Devices
5.4 Injury Prevention & Rehabilitation Devices
5.5 Other Product Types
6 Global Smart Medical Devices Market, By Modality
6.1 Introduction
6.2 Wearable
6.3 Portable
7 Global Smart Medical Devices Market, By Distribution Channel
7.1 Introduction
7.2 Online Channel
7.3 Pharmacies
7.4 Hypermarkets
8 Global Smart Medical Devices Market, By Technology
8.1 Introduction
8.2 Pressurized Gas
8.3 Expanding Battery
8.4 Rotary Pump
8.5 Motor-Driven
8.6 Spring-Based
8.7 Other Technologies
9 Global Smart Medical Devices Market, By Application
9.1 Introduction
9.2 Cardiovascular
9.3 Respiratory
9.4 Neurology
9.5 Oncology
9.6 Sleep Disorders
9.7 Infection Diseases
9.8 Diabetes
9.9 Auto-Immune Disorders
9.10 Other Applications
10 Global Smart Medical Devices Market, By End User
10.1 Introduction
10.2 Home Care Setting
10.3 Hospitals/Clinics
10.4 Ambulatory Care Centers
10.5 Sports and Fitness
10.6 Other End Users
11 Global Smart Medical Devices Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Samsung
13.2 Vital Connect
13.3 Koninklijke Philips N.V.
13.4 Otsuka Holdings CO. LTD
13.5 Omron Corporation
13.6 NeuroMetrix Inc.
13.7 Medtronic PLC
13.8 Fitbit Inc.
13.9 F. Hoffmann-La Roche Ltd
13.10 Dexcom Inc.
13.11 BIO-BEAT
13.12 Apple Inc.
13.13 Abbott Laboratories
List of Tables
1 Global Smart Medical Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Medical Devices Market Outlook, By Product Type (2021-2030) ($MN)
3 Global Smart Medical Devices Market Outlook, By Therapeutic Devices (2021-2030) ($MN)
4 Global Smart Medical Devices Market Outlook, By Hearing Aid (2021-2030) ($MN)
5 Global Smart Medical Devices Market Outlook, By Insulin Pumps (2021-2030) ($MN)
6 Global Smart Medical Devices Market Outlook, By Portable Oxygen Concentrators and Ventilators (2021-2030) ($MN)
7 Global Smart Medical Devices Market Outlook, By Other Therapeutic Devices (2021-2030) ($MN)
8 Global Smart Medical Devices Market Outlook, By Diagnostic and Monitoring Devices (2021-2030) ($MN)
9 Global Smart Medical Devices Market Outlook, By Breath Analyzer (2021-2030) ($MN)
10 Global Smart Medical Devices Market Outlook, By Blood Pressure Monitors (2021-2030) ($MN)
11 Global Smart Medical Devices Market Outlook, By Pulse Oximeters (2021-2030) ($MN)
12 Global Smart Medical Devices Market Outlook, By Heart Rate Monitors (2021-2030) ($MN)
13 Global Smart Medical Devices Market Outlook, By Blood Glucose Monitors (2021-2030) ($MN)
14 Global Smart Medical Devices Market Outlook, By Medical Tricorder (2021-2030) ($MN)
15 Global Smart Medical Devices Market Outlook, By Smart Clothing (2021-2030) ($MN)
16 Global Smart Medical Devices Market Outlook, By Other Diagnostic and Monitoring Devices (2021-2030) ($MN)
17 Global Smart Medical Devices Market Outlook, By Injury Prevention & Rehabilitation Devices (2021-2030) ($MN)
18 Global Smart Medical Devices Market Outlook, By Other Product Types (2021-2030) ($MN)
19 Global Smart Medical Devices Market Outlook, By Modality (2021-2030) ($MN)
20 Global Smart Medical Devices Market Outlook, By Wearable (2021-2030) ($MN)
21 Global Smart Medical Devices Market Outlook, By Portable (2021-2030) ($MN)
22 Global Smart Medical Devices Market Outlook, By Distribution Channel (2021-2030) ($MN)
23 Global Smart Medical Devices Market Outlook, By Online Channel (2021-2030) ($MN)
24 Global Smart Medical Devices Market Outlook, By Pharmacies (2021-2030) ($MN)
25 Global Smart Medical Devices Market Outlook, By Hypermarkets (2021-2030) ($MN)
26 Global Smart Medical Devices Market Outlook, By Technology (2021-2030) ($MN)
27 Global Smart Medical Devices Market Outlook, By Pressurized Gas (2021-2030) ($MN)
28 Global Smart Medical Devices Market Outlook, By Expanding Battery (2021-2030) ($MN)
29 Global Smart Medical Devices Market Outlook, By Rotary Pump (2021-2030) ($MN)
30 Global Smart Medical Devices Market Outlook, By Motor-Driven (2021-2030) ($MN)
31 Global Smart Medical Devices Market Outlook, By Spring-Based (2021-2030) ($MN)
32 Global Smart Medical Devices Market Outlook, By Other Technologies (2021-2030) ($MN)
33 Global Smart Medical Devices Market Outlook, By Application (2021-2030) ($MN)
34 Global Smart Medical Devices Market Outlook, By Cardiovascular (2021-2030) ($MN)
35 Global Smart Medical Devices Market Outlook, By Respiratory (2021-2030) ($MN)
36 Global Smart Medical Devices Market Outlook, By Neurology (2021-2030) ($MN)
37 Global Smart Medical Devices Market Outlook, By Oncology (2021-2030) ($MN)
38 Global Smart Medical Devices Market Outlook, By Sleep Disorders (2021-2030) ($MN)
39 Global Smart Medical Devices Market Outlook, By Infection Diseases (2021-2030) ($MN)
40 Global Smart Medical Devices Market Outlook, By Diabetes (2021-2030) ($MN)
41 Global Smart Medical Devices Market Outlook, By Auto-Immune Disorders (2021-2030) ($MN)
42 Global Smart Medical Devices Market Outlook, By Other Applications (2021-2030) ($MN)
43 Global Smart Medical Devices Market Outlook, By End User (2021-2030) ($MN)
44 Global Smart Medical Devices Market Outlook, By Home Care Setting (2021-2030) ($MN)
45 Global Smart Medical Devices Market Outlook, By Hospitals/Clinics (2021-2030) ($MN)
46 Global Smart Medical Devices Market Outlook, By Ambulatory Care Centers (2021-2030) ($MN)
47 Global Smart Medical Devices Market Outlook, By Sports and Fitness (2021-2030) ($MN)
48 Global Smart Medical Devices Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY

We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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