Smart Medical Devices Market Size, Share & Trends Analysis Report By Product (Diagnostic & Monitoring and Therapeutic Device), By Distribution Channel (Pharmacies, Online Channel), By End User, And Segment Forecasts, 2018 - 2025

Industry Insights

The global smart medical devices market was valued USD 3.58 billion in 2016 and is expected to reach USD 24.46 billion by 2025 at a CAGR of 24.0% over the forecast period. The market has been analyzed on the basis of product type, distribution channel, end user, and region.

Smartphones play a significant role in the healthcare industry. Increase in adoption of smartphones globally, rising demand for wireless & smartphone-compatible medical devices, increasing awareness and focus on health & fitness, and growing demand for home healthcare are factors anticipated to propel market growth.

U.S. smart medical devices market by product, 2014 - 2025

Rising health concerns globally, increasing prevalence of chronic diseases, increasing expenditure on healthcare, and rising demand for wearable devices are also expected to boost the market. Companies such as Apple, Inc.; Fitbit, Inc.; and Medtronic have been launching innovative products, which is also expected to facilitate market growth. Smart clothing and smart blood pressure monitors are expected to garner a huge market share over the forecast period.

Product Insights

Based on product type, smart medical devices are segmented as diagnostic & monitoring and therapeutic devices. Diagnostic & monitoring devices segment is further segmented into a wide range of devices such as blood glucose monitors, heart rate monitors, ECG monitors, pulse oximeters, blood pressure monitors, breath analyzers, medical tricorder, and smart clothing.

The diagnostic & monitoring segment dominated the market in 2016 with a larger market share but reported a comparatively lower growth rate than the therapeutic segment. Vital factors that can be attributed to its growth include increasing awareness, increasing healthcare spending, and supportive initiatives by the government to improve patient care.

Blood pressure monitors held the largest market share in 2016, in the diagnostic & monitoring segment. This can be attributed to a sedentary lifestyle and an unhealthy diet. Therapeutic devices are further segmented into portable oxygen concentrators & ventilators, insulin pumps, hearing aids, and neurostimulators. In this segment, insulin pumps accounted for the largest market share in 2016 and are expected to grow at a lucrative growth rate during the forecast period.

Distribution Insights

The distribution segment includes pharmacies, online channels, and others. Online channel is the fastest-growing segment owing to an increase in online purchasing through smartphones, higher flexibility, and easier availability of a wide range of products.

Pharmacies are the first point of contact for companies to supply products and samples. An increase in the retail business, which provides improved access to products, is anticipated to boost the smart medical devices market. Other distribution channels include hypermarkets, and they are likely to gain momentum owing to brand awareness and better customer service. Increasing customer sophistication and demand for better value are expected to create growth opportunities.

Global smart medical devices market, by distribution channel, 2016 (%)

Regional Insight

Asia Pacific was identified as the fastest-growing smart medical device industry and accounted for over 19.0% of the total market revenue in 2016. Economic conditions of emerging economies, such as China and Japan, have been improving. Increasing population, improvement in living standards due to growing disposable income, and demand for new technologically advanced products have positively impacted demand for smart medical devices in the region.

North America held the largest market share in 2016 owing to the high acceptance of advanced technologies and the existence of a well-developed healthcare sector, which is likely to promote the growth of smart medical devices in the region. The healthcare system in this region has benefited greatly from favorable economic conditions, improved per capita income, and improved standard of living.

Europe is expected to gain market share over the forecast period. According to the Reflection and Orientation Paper, European Union contributed USD 43.5 million in 2016, for innovation and collaborative projects for wearable medical devices.

Smart Medical Devices Market Share Insights

Some of the key players in the market are Abbott; Apple, Inc.; Fitbit, Inc.; Dexcom, Inc.; F. Hoffmann-La Roche Ltd; Zephyr; Sonova, NeuroMetrix, Inc.; Medtronic; and Johnson & Johnson.

The industry players are involved in various strategies such as mergers & acquisitions and new product launches. For Instance, Medtronic acquired Covidien Plc in January 2015. Through this acquisition, the company is expected to lower production costs and expand its product portfolio to increase market penetration. Similarly, Philips launched five new smart medical products in 2016, including health watch, ear thermometer, body analysis scale, upper arm blood pressure monitor, and wrist blood pressure monitor.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global smart medical devices market on the basis of product, distribution channel, end-use, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Diagnostic & Monitoring

    • Blood glucose monitors

    • Heart rate monitors

    • Pulse oximeters

    • Blood pressure monitors

    • Breath analyzer

    • Medical tricorder

    • Smart clothing

  • Therapeutic Devices

    • Portable oxygen concentrators and ventilators

    • Insulin pumps

    • Hearing aid

    • Others

• Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)

  • Pharmacies

  • Online channel

  • Others

• End-user Outlook (Revenue, USD Million, 2014 - 2025)

  • Hospitals

  • Clinics

  • Homecare

  • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East Asia

    • South Africa