Smart Medical Devices Market Expected to Reach $132.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Medical Devices Market," The smart medical devices market was valued at $31.5 billion in 2021, and is estimated to reach $132.1 billion by 2031, growing at a CAGR of 15.4% from 2022 to 2031.

The wearable and non-wearable both smart medical devices are efficiently used for remote patient monitoring, care delivery, diagnosing, and more. IoT-based systems powering medical devices automate routine tasks such as vitals collection, predict disease risks and disease flow, and improve efficiency of medical staff. The popularity of smart medical devices is based on the need to closely check such chronic diseases as diabetes, asthma, COPD, and limited access to on-site medical monitoring due to the COVID-19 pandemic. The smart medical devices are mainly used collect patient data or deliver therapy. It is equipped with connectivity capabilities like Wi-Fi, NFC and actuators to trigger a set of pre-programmed actions such as insulin pumps to adjust insulin dosage.

The key drivers of the global smart medical devices market size are increase in number of diabetes patients, increase in government support for product development and increase in healthcare expenditure have significantly contributed toward the growth of the market. Moreover, the development of new technologies with high potential of emerging economies are further expected to provide lucrative opportunities for market expansion. However, high cost of medical devices impedes the smart medical devices market growth.

The COVID-19 pandemic had a fairly negative impact on the smart medical devices industry owing to the complexities in supply of materials, and manufacturing and logistics processes in the pandemic situation. The market players also have experienced moderate disruptions in global distribution operations. However, the situation is expected to change post the COVID-19 pandemic.

By product type, the market is classified into diagnostic & monitoring devices and therapeutic devices. Furthermore, the diagnostic and monitoring devices segment is sub-classified as wearable and non-wearable. The demand for diagnostic and monitoring devices is projected to exhibit the fastest market growth during the forecast period due to its increase in usage of devices, and expected launch of pipeline products. For instance, VitalConnect, Inc., a leader in remote and in-hospital wearable biosensor technology, announced it has launched its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring in November 2020. Moreover, in October 2019, West Pharmaceutical Services, Inc. announced two innovative product offerings at the 2019 PDA Universe of Pre-Filled Syringes and Injection Devices (PDA PFS). West launched the NovaPure 3mL Cartridge components, comprised of plunger and lined seal components, specifically designed for consistent delivery for higher-volume injectable drug delivery systems and the SmartDose Gen. II 10mL injector, which enables subcutaneous delivery of a wide range of drug formulation viscosities up to 10mL in volume.

By application, the market is classified into blood glucose monitoring, cardiovascular and others. The demand for cardiovascular segment is projected to exhibit the fastest market growth during the forecast period, due to increase in number of geriatric population, increase in technological advancements, and rise in efficacy of smart medical devices. For instance, according to the data of United Nations Department of Economic and Social Affairs, in 2019, there were 703 million persons aged 65 years or over globally. This number of older persons is projected to be doubled to 1.5 billion in 2050. The share of the population aged 65 years or over increased from 6.0% in 1990 to 9.0% in 2019. That proportion is projected to rise further to 16.0% by 2050, so that one in six people in the world will be aged 65 years or over.

By distribution channel, the market is classified into pharmacies and online channel. The online channel is projected to exhibit the fastest market growth during the forecast period, owing to higher shift in the preferences of population toward the online purchase of the medical devices. For instance, according to the survey of Census Bureau’s Annual Retail Trade Survey (ARTS) in 2021, e-commerce sales increased by $244.2 billion or 43% in 2020 in the first year of the COVID-19 pandemic. It has risen from $571.2 billion in 2019 to $815.4 billion in 2020.

North America accounted for the largest share of revenue in 2021, and is anticipated to maintain its dominance from 2021 to 2031, owing to presence of large patient population, strong presence of key players, ease of products availability, well developed healthcare infrastructure, favorable expenditure policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced products. However, Asia-Pacific is expected to grow at the highest CAGR, owing to smart medical devices market trends like increase in number of cardiovascular patients and rise in awareness related to smart medical devices.

KEY FINDINGS OF STUDY

• By product type, the diagnostic and monitoring devices segment accounted for major share of the global smart medical devices market in 2021.
• By application, the cardiovascular segment is anticipated to grow with the highest CAGR throughout the forecast period.
• By distribution channel, the pharmacies segment is anticipated to grow with the highest CAGR throughout the forecast period.
• By region, North America smart medical devices market share was largest in 2021 and is expected to continue this trend during the forecast period.