Smart Medical Devices Market By Type (Diagnostics and monitoring devices (Blood Pressure Monitors, Heart Rate Monitors, Blood Glucose Monitors, Pulse Oximeters, and Others) and Therapeutic device (Insulin Pumps, Portable Oxygen Concentrators and Ventilators, Hearing Aid, and Others)), By Application (Portable and Wearable), By End User (Hospitals, Clinics, Home Healthcare, and Others), Industry Trends, Estimation & Forecast, 2023-2030

Market Definition

Smart medical devices enhance patient care by collecting patient data and effective communication. Smart medical devices are portable and wearable due to miniaturization and wireless connectivity. Smart medical devices help to analyze the health condition of patients. Smart medical devices encompass a range of product types, activity monitors, smartwatches, wearable patches, and smart clothing.

Market Dynamics

Technological advancements in smart medical devices is a key driving factor of the market. Smart healthcare devices use information technologies, such as big data, cloud computing, internet of things (loT), and artificial intelligence, to transform the traditional medical system into a more efficient, more convenient, and more personalized medical device. The technologically advanced smart medical device includes a wearable and portable device. For instance, GOQii has introduced GOQii Smart Vitaland has entered into the smartwatch category. GOQii Smart Vital is a device with an integrated Pulse Oximeter that measures the rate of oxygen in the blood and gives real-time updates of variation in blood oxygen levels. Further, Casio America, Inc. has introduced the WSD-F21HR. The new WSD-F21HR is a heart rate monitor for pace management during activities such as road and trail running, cycling, climbing, and more. WSD-F21HR is the first PRO TREK Smart to offer an optical sensor. However, the risk associated with smart medical devices might hamper market growth. Smart medical devices face cyber threats. According to a survey in the United States, a 35.6% report experienced cybersecurity incidents for smart medical devices. The cybercriminals are interested in hacking internet-connected heart rate monitors, implantable defibrillators, and insulin pumps. The hacking is done to exploit the larger hospital networks and the treasure troves of personal health information (PHI). Moreover, rising investments for smart medical devices would provide lucrative opportunities for the market in the coming years.

Market Segmentation

The global smart medical devices market is mainly classified based on type, application, and end-user. Type is further segmented into Diagnostics and monitoring devices (Blood Pressure Monitors, Heart Rate Monitors, Blood Glucose Monitors, Pulse Oximeters, and Others) and Therapeutic Devices (Insulin Pumps, Portable Oxygen Concentrators and Ventilators, Hearing Aid, and Others). By application, the market is divided into Portable and Wearable. By end-user, the market is further divided into Hospitals, Clinics, Home Healthcare, and Others.

Diagnostics and monitoring devices were dominating the smart medical devices market in 2019. Blood pressure monitors accounts for the largest market share in 2019, in the diagnostic & monitoring segment, owing to the rising investment by companies to develop smart medical devices and commercialization of regulatory approved smart medical devices. For instance, OMRON Healthcare has introduced Smart Elite+ HEM-7600T Tubeless Upper Arm Blood Pressure Monitor (BPM). It features an IntelliWrap cuff allowing accurate readings through its 360-degree wrap and eliminating regular tubes. Smart Elite HEM-7600T integrates OMRON’s Intellisense technology, whose algorithm allows rapid detection of minute changes in blood pressure.

Regional Analysis

Based on geography, the global smart medical devices market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the smart medical devices market in 2019, due to the partnership between companies to develop and commercialize smart medical devices, technological advancement, rising healthcare expenditure, adoption and awareness of smart medical devices, and increasing regulatory approval of smart medical devices. For instance, Royal Philips has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor, Philips Biosensor BX100. Philips Biosensor BX100 helps to manage confirmed and suspected COVID-19 patients. It is the next generation wireless wearable biosensor that helps clinicians to detect risk so they can intervene earlier and help improve patient care in lower acuity care areas.

Competitive landscape

Key players operating in the smart medical devices industry include Dexcom, Inc., Abbott Laboratories, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Medtronic plc, NeuroMetrix Inc, Omron Corporation, Apple Inc., Fitbit Inc., and Sonova.

The collaboration between companies to expand the smart medical devices business globally, R&D activities for smart medical devices, technological advancement, increasing regulatory approval for smart medical devices, rising investment for smart medical devices, and commercialization of innovative and new smart medical devices are some of the strategies adopted by the major companies. For instance, on Smart Meter, has introduced its iGlucose LTE Cat-M cellular-connected diabetes blood glucose monitor and remote patient monitoring system. The iGlucose solution uses LTE Cat-M1 technology to provide patients with seamless connectivity to the physicians for remote patient monitoring (RPM). iGlucose is the first blood glucose monitor powered by Cat-M technology. The Cat-M technology provides broader geographic coverage, deeper building penetration, and longer life battery.

Smart Medical Devices Market Key Segments:

By Type
• Diagnostics and monitoring devices
o Blood Pressure Monitors
o Heart Rate Monitors
o Blood Glucose Monitors
o Pulse Oximeters
o Others
• Therapeutic device
o Insulin Pumps
o Portable Oxygen Concentrators and Ventilators
o Hearing Aid
o Others

By Application
• Portable
• Wearable

By End User
• Hospitals
• Clinics
• Home Healthcare
• Others

Key Global Smart Medical Devices Industry Players
• Dexcom, Inc.
• Abbott Laboratories
• Johnson & Johnson
• F. Hoffmann-La Roche Ltd.
• Medtronic plc
• NeuroMetrix Inc
• Omron Corporation
• Apple Inc.
• Fitbit Inc.
• Sonova

Table of Content

1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope

2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources

3. Smart Medical Devices Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Technological Advancements in Smart Medical Devices
3.4. Restraints
3.4.1. Risk Associated with Smart Medical Devices
3.5. Opportunity
3.5.1. Rising Investments for Smart Medical Devices
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis

4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Diagnostics and monitoring devices
4.2.1. Market Size & Forecast
4.2.1.1. Blood Pressure Monitors
4.2.1.1.1. Market Size & Forecast
4.2.1.2. Heart Rate Monitors
4.2.1.2.1. Market Size & Forecast
4.2.1.3. Blood Glucose Monitors
4.2.1.3.1. Market Size & Forecast
4.2.1.4. Pulse Oximeters
4.2.1.4.1. Market Size & Forecast
4.2.1.5. Others
4.2.1.5.1. Market Size & Forecast
4.3. Therapeutic device
4.3.1. Market Size & Forecast
4.3.1.1. Insulin Pumps
4.3.1.1.1. Market Size & Forecast
4.3.1.2. Portable Oxygen Concentrators and Ventilators
4.3.1.2.1. Market Size & Forecast
4.3.1.3. Hearing Aid
4.3.1.3.1. Market Size & Forecast
4.3.1.4. Others
4.3.1.4.1. Market Size & Forecast

5. Application Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. Portable
5.2.1. Market Size & Forecast
5.3. Wearable
5.3.1. Market Size & Forecast

6. End User Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. Hospitals
6.2.1. Market Size & Forecast
6.3. Clinics
6.3.1. Market Size & Forecast
6.4. Home Healthcare
6.4.1. Market Size & Forecast
6.5. Others
6.5.1. Market Size & Forecast

7. Smart Medical Devices Market Regional Overview
7.1. Introduction
7.1.1. Market Size & Forecast
7.2. North America Smart Medical Devices Market
7.2.1. North America Market Size & Forecast, By Country
7.2.2. North America Market Size & Forecast, By Type
7.2.3. North America Market Size & Forecast, By Application
7.2.4. North America Market Size & Forecast, By End User
7.2.5. U.S.
7.2.5.1. Market Size and Forecast
7.2.6. Canada
7.2.6.1. Market Size and Forecast
7.2.7. Mexico
7.2.7.1. Market Size and Forecast
7.3. Europe Smart Medical Devices Market
7.3.1. Europe Market Size & Forecast, By Country
7.3.2. Europe Market Size & Forecast, By Type
7.3.3. Europe Market Size & Forecast, By Application
7.3.4. Europe Market Size & Forecast, By End User
7.3.5. Germany
7.3.5.1. Market Size and Forecast
7.3.6. France
7.3.6.1. Market Size and Forecast
7.3.7. UK
7.3.7.1. Market Size and Forecast
7.3.8. Italy
7.3.8.1. Market Size and Forecast
7.3.9. Spain
7.3.9.1. Market Size and Forecast
7.3.10. Rest of Europe
7.3.10.1. Market Size and Forecast
7.4. Asia-Pacific Smart Medical Devices Market
7.4.1. Asia-Pacific Market Size & Forecast, By Country
7.4.2. Asia-Pacific Market Size & Forecast, By Type
7.4.3. Asia-Pacific Market Size & Forecast, By Application
7.4.4. Asia-Pacific Market Size & Forecast, By End User
7.4.5. Japan
7.4.5.1. Market Size and Forecast
7.4.6. China
7.4.6.1. Market Size and Forecast
7.4.7. Australia
7.4.7.1. Market Size and Forecast
7.4.8. India
7.4.8.1. Market Size and Forecast
7.4.9. South Korea
7.4.9.1. Market Size and Forecast
7.4.10. Rest of Asia-Pacific
7.4.10.1. Market Size and Forecast
7.5. South America Smart Medical Devices Market
7.5.1. South America Market Size & Forecast, By Country
7.5.2. South America Market Size & Forecast, By Type
7.5.3. South America Market Size & Forecast, By Application
7.5.4. South America Market Size & Forecast, By End User
7.5.5. Brazil
7.5.5.1. Market Size and Forecast
7.5.6. Argentina
7.5.6.1. Market Size and Forecast
7.5.7. Rest of South America
7.5.7.1. Market Size and Forecast
7.6. Middle East & Africa Smart Medical Devices Market
7.6.1. Middle East & Africa Market Size & Forecast, By Country
7.6.2. Middle East & Africa Market Size & Forecast, By Type
7.6.3. Middle East & Africa Market Size & Forecast, By Application
7.6.4. Middle East & Africa Market Size & Forecast, By End User
7.6.5. GCC Countries
7.6.5.1. Market Size and Forecast
7.6.6. Egypt
7.6.6.1. Market Size and Forecast
7.6.7. South Africa
7.6.7.1. Market Size and Forecast
7.6.8. Rest of Middle East & Africa
7.6.8.1. Market Size and Forecast

8. Company Profile
8.1. Dexcom, Inc.
8.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
8.1.2. Dexcom, Inc. Product Category, Application, and Specification
8.1.3. Dexcom, Inc. Financial Performance (2016-2018)
8.1.4. Main Business/Business Overview
8.2. Abbott Laboratories
8.3. Johnson & Johnson
8.4. F. Hoffmann-La Roche Ltd.
8.5. Medtronic plc
8.6. NeuroMetrix Inc
8.7. Omron Corporation
8.8. Apple Inc.
8.9. Fitbit Inc.
8.10. Sonova