Smart Medical Devices Market Size : Technological Advancement and Growth Analysis 2027

Smart Medical Devices Market size is projected to grow at a modest rate during 2021 to 2027 owing to growing prevalence of diabetes, asthma and other diseases.

The smart medical devices market is estimated to witness robust growth owing to various features associated with the usage of these devices like obtaining real-time information, tracking past health records, and identifying potential health issues. A report published by Global Market Insights, suggests that the market size is anticipated to exceed USD 55.8 billion by 2027, reaching a growth rate of 11.2%. Smart medical devices are capable of analyzing patient’s health conditions by collecting real-time patient data. These devices can provide more precise treatment options.

Mentioned below are some trends shaping the growth trajectory of smart medical devices industry:

Implementation of new business strategies

Abbott, F. Hoffmann-La Roche Ltd, Medtronic, Dexcom, Fitbit, and Omron Corporation among others are some of the key manufacturers of smart medical devices. These companies are focusing on taking strategic initiatives like business expansion, acquisitions, mergers, and launching new products.

For Instance, in 2020, Medtronic plc, a global leader in medical technology, and Medicrea, a pioneer in the transformation of spinal surgery through AI (artificial intelligence), predictive modeling, and patient-specific implants entered into a tender offer agreement for the acquisition of all outstanding Medicrea shares.

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Extensive demand across homecare settings

Smart medical devices like glucometers and insulin pumps are being utilized to treat patients at home as they can be operated easily without any professional training. Patients with diabetes and blood pressure can check their vitals using such devices. As per a report, the home care settings segment accounted for maximum revenue share and is estimated to witness considerable growth of 11.4% by 2027.

Expanding population in APAC

The Asia Pacific smart medical devices market is estimated to witness commendable growth. The regional market is majorly influenced by factors like increasing population, rising disposable income, improving lifestyle, and burgeoning demand for novel products. Additionally, rising government support and spreading awareness across some of the countries of the region regarding early detection of diabetes and other such diseases might accelerate the demand for smart medical devices, thereby augmenting market expansion.

Need for diagnostic & monitoring devices

New technological advancements and intensifying prevalence of chronic diseases like asthma and diabetes are the major factors driving the diagnostic & monitoring segment size. The segment is expected to showcase significant growth at a rate of 11.3%, reaching a smart medical devices market revenue of USD 43.2 billion by 2027. Technological advancements like Google’s smart contact lenses that are designed for patients suffering from diabetes can help in measuring the sugar level by patients tears fluidal composition. Rising cases of diabetes and introduction of innovative treatment solutions may impel the smart diagnostic & monitoring devices market.

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Release ID: 89037980