The global marketplace for smart medical devices is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 10.33%, escalating from an estimated US$136.395 billion in 2021 to a significant US$271.343 billion by the year 2028.
This surge is attributed to an increased consumer inclination towards wirelessly interconnected and smartphone-compatible devices, technological advancements within device capabilities, and a heightened consumer awareness surrounding personal fitness and health monitoring. The convenience and user-friendly nature of smart medical equipment, such as wearable sensors, ECG monitors, and smartwatches equipped with fitness tracking features, contribute to the market’s expansive growth.
These devices offer the ability for individuals, including the burgeoning elderly demographic, to seamlessly monitor vital health metrics without the need for frequent visits to healthcare facilities.
Rising chronic disease prevalence catalyzes demand
The escalating incidence of chronic illnesses, including diabetes, cardiovascular diseases, and respiratory conditions, is markedly influencing the demand within the smart medical devices sector. Technologies that enable continuous monitoring and management of health parameters are crucial in addressing chronic disease management and are playing an increasingly important role in healthcare by aiding individuals in adhering to treatment protocols.
India’s Market: A Hub for Growth and Development
The Indian landscape for smart medical devices is undergoing rapid expansion. There has been a notable uptick in healthcare investment, as indicated by India’s healthcare expenditure reaching 2.1% of its Gross Domestic Product (GDP) in the Fiscal Year 2023.
Active governmental initiatives have been key to this proliferation, with movements such as the Make in India campaign and the implementation of the National Digital Health Mission (NDHM) bolstering both manufacturing capabilities and digital healthcare infrastructures.
Recent market developments: Innovation at the forefront
As of November 2022, advances in the smart medical devices domain have been marked by innovations such as the launch of Medtronic’s “Medtronic Extended Fusion Set,” an exemplar of the strides made in insulin delivery technology.
This new research publication comprises a comprehensive evaluation of market trends, growth drivers, and potential hurdles facing the smart medical devices industry. Detailed insights provide stakeholders with the analysis necessary to navigate the burgeoning market successfully.
The report’s keen segmentation offers an in-depth look into the various facets of the market, from diagnostic and monitoring devices to diverse geographical landscapes, furnishing an overarching view of this rapidly evolving market landscape. Research and Markets