Smart Medical Devices Market Outlook 2023-2028 | Industry Overview Size, Share, Trends, Growth, Report

How Big is the Global Smart Medical Devices Market?

The global smart medical devices market size reached US$ 40.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 62.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.39% during 2023-2028.

What are Smart Medical Devices?

Smart medical devices, also known as connected medical or digital health devices, integrate cutting-edge technology with medical applications to enhance the monitoring, diagnosis, and treatment of various health conditions. They encompass various products, including wearable fitness trackers, smartwatches, insulin pumps, continuous glucose monitors, and remote patient monitoring systems. They are manufactured using advanced tools and sensors, integrated into medical equipment and wearables, unlike traditional medical devices. They are designed to meet strict regulatory standards and undergo rigorous examinations to ensure their accuracy and reliability in medical applications. They aim to improve patient care, diagnosis, and treatment by collecting real-time data and providing valuable insights to healthcare professionals and patients. They are utilized in various healthcare settings like hospitals and clinics for remote patient monitoring.

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Global Smart Medical Devices Market Trends and Drivers:

At present, the increasing prevalence of chronic diseases, such as diabetes, cardiovascular disorders, and respiratory conditions among individuals, represents one of the crucial factors impelling the growth of the market. Additionally, the growing aging population around the world, which needs remote patient monitoring and senior care solutions, is positively influencing the market. Besides this, the rising implementation of government initiatives and policies aimed at promoting digital health and the use of smart medical devices are bolstering the market growth. Moreover, the increasing integration of smart medical devices with electronic health records (EHRs) and healthcare information systems for streamlining data sharing and improving the overall efficiency of healthcare delivery is supporting the growth of the market. In addition, the growing focus on designing smart medical devices with a user-friendly interface and a patient-centric approach by manufacturers is offering a favorable market outlook. Furthermore, the rising employment of artificial intelligence (AI) and machine learning (ML) in smart medical devices for more accurate diagnostics and predictive insights is strengthening the market growth. Apart from this, the increasing collaboration between technology companies and healthcare providers is driving innovation in and improving the functionalities of smart medical devices.

Global Smart Medical Devices Market 2023-2028 Analysis and Segmentation:

Top Key Players covered in this report are:

Abbott Laboratories
Activinsights Ltd
Apple Inc.
Debiotech SA
Enable Injections
Fitbit LLC (Google LLC)
Koninklijke Philips N.V.
Medtronic PLC
NeuroMetrix Inc.
Omron Healthcare Co Ltd (Omron Corporation)
Sonova Holding AG
Sotera Wireless Inc.
VitalConnect.

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The report segmented the market on the basis of region, product type, distribution channel, application and end user.

Breakup by Product Type:

Diagnostic and Monitoring
Blood Glucose Monitors
Heart Rate Monitors
Pulse Oximeters
Blood Pressure Monitors
Breath Analyzer
Other Diagnostic Monitoring Products
Therapeutic Devices
Portable Oxygen Concentrators and Ventilators
Insulin Pumps
Hearing Aid
Other Therapeutic Devices

Breakup by Distribution Channel:

Pharmacies
Online
Others

Breakup by Application:

Oncology
Diabetes
Auto-Immune Disorders
Infectious Diseases
Others

Breakup by End User:

Hospitals and Clinics
Home-Care Setting
Others

Breakup By Regions:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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