Smart Medical Devices Market Overview

The global smart medical devices market is mainly driven by the growing prevalence of diabetes and the need to monitor the disease round the clock. Diabetes is a lifestyle disease that arises out of lifestyle factors, and can be managed by body-worn monitors that flash up to tell the patient if their blood sugar level is going out of check. This is a primary application segment for the global smart medical devices market and is likely to remain so over the forecast period.

The growing demand from patients for self-administering of drug dosages is also likely to remain a major driver for the global Smart Medical Devices Market. Self-administration of drugs removes the need for the patients to visit hospitals, saving time and expenses. The growing prevalence of lifestyle diseases that need monitoring and periodic drug delivery rather than constant treatment is likely to be a major driver for the global smart medical devices market. The growing prevalence of cancer and the need for monitoring devices that can effectively monitor cancer is likely to be a major driver for the global smart medical devices market. Patients that need to inject drugs periodically are benefitting from the development of smart medical devices, which allow patients to self-inject easily and with minimum fuss. This is likely to be a major driver for the global smart medical device market over the forecast period.

The emergence of technologically advanced devices has prompted the inception and the eventual market growth of smart medical devices. The advanced form of technology is helping pharmaceutical as well as biotechnological companies to develop safer options for biologics and other drugs that are administered through intravenous infusion. According to the latest report conducted by Market Research Future (MRFR), the global Smart medical devices market size is projected to reach USD 23.50 billion by 2027 end, at a CAGR of 23.5%. 

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Smart Medical Devices Market Segmentation

The report published by MRFR segments the global smart medical devices market into type, application, technology, and end-user.

By type, the market includes handheld. off-body, and on-body.

By application, the market comprises diabetes, cardiovascular diseases, auto-immune disorders, infectious diseases, oncology, and others.

By end-users, the market includes home care setting, hospital, clinic, ambulatory services, and others.

By technologies, the market segments into spring based, expanding battery, pressurized gas, rotary pump, collapsible reservoir, motor driven, and others.

Smart Medical Devices Market Regional Analysis

The global smart medical devices market segmentation covers major regions like Europe, North America, Asia-Pacific, and Rest of the World.

North America holds the maximum market share for smart medical devices. This is mainly due to the high prevalence of lifestyle-based diseases which is being caused because of poor dietary habits and sedentary lifestyle of the people residing here. The region includes the US, which contributes a major portion of the overall smart medical devices market.

Asia-Pacific comprises of a large diabetic population as well as a huge patient population that is suffering from cardiovascular diseases. Among the huge patient population, there lies a notable geriatric demographic, thus making the region potentially lucrative for Smart Medical Devices market. Amidst the chaos surrounding these diseases and disorders, government, in this region, is increasing their support for the healthcare industry with favorable policies and rising investments. This is encouraging a push in the adoption of Smart Medical Devices. Additionally, the increasing disposable income coupled with the growing awareness about the various healthcare technologies emerging and existing in the market is driving the demand for smart medical devices.

Competitive Landscape

Some of the major players in the smart medical devices market are F. Hoffmann-La Roche Ltd., Unilife Corporation, Enable Injections, SteadyMed Therapeutics, Inc., Amgen, Inc., Debiotech S.A., Insulet Corporation, Johnson & Johnson Services, Inc., Becton Dickinson and Company, West Pharmaceutical Services, Inc., Sensile Medical AG, and CeQur SA.

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