According to the research report titled ‘Smart Medical Devices Market Size By Product Type, By End-use (Hospitals, Homecare Setting), COVID19 Impact Analysis, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global smart medical devices market is slated to witness a healthy CAGR over the forecast period 2021-2027.
 

As per the report findings, factors such as rising incidence of lifestyle diseases such as diabetes and asthma, growing medical device sector, surging adoption of Big Data, and increasing preference for real-time data driven approach are driving global smart medical devices market growth.
 

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Furthermore, high penetration of smart phones, burgeoning demand for wearable devices, ongoing technological advancements, and new product launches are also boosting the market outlook. Notably, the advent of Internet of Things is also prompting the demand for smart medical devices in the health and medicine sector.
 

For the unversed, smart medical devices such as wearables can easily link patients to physicians, and convey critical medical information from homes, hospital beds, and mobile equipment on a real-time basis.
 

Despite the positive outlook, concerns regarding data privacy, and lack of infrastructure capabilities in low- and middle-income class countries are likely to impede market development in the forthcoming years.
 

Based on product type fragmentation of worldwide smart medical devices market, therapeutic devices segment generated revenues worth USD 6.1 billion in 2020 and is expected to see similar growth trends over 2021-2027. This can be attributed to increasing launch of new products and devices to satisfy customer requirements.
 

In terms of end-use terrain, the hospital segment is expected to account for USD 21.6 billion by the end of 2027.
 

Elaborating on geographical outlook, Latin America captured 6.8% of the total industry share in 2020 and is slated to deliver robust returns over the analysis period. Meanwhile, Middle East & Africa market is touted to record 12.6% CAGR over 2021-2027, driven by rapid innovations, expanding healthcare sector in UAE, and increasing instances of partnerships between leading players in the region.
 

Prominent players in global smart medical devices industry include VitalConnect Inc., Omron Healthcare Inc., NeuroMetrix Inc., Medtronic plc, Fitbit LLC, Dexcom Inc., F Hoffmann-La Roche Ltd., and Abbott Laboratories.