Global Smart Medical Devices Market Overview 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Smart medical devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart medical devices market growth, size, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the 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.

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.

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. and VitalConnect.

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 Region:

• 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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