According to the research report titled ‘Smart Medical Devices Market Size By Product Type (Diagnostic and Monitoring {Blood Glucose Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors}, Therapeutic Devices {Portable Oxygen Concentrators and Ventilators, Insulin Pumps, Hearing Aid}), 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 estimated to generate considerable revenues by the year 2027.

Widespread adoption of wearable devices, technological breakthroughs, and innovative product launches are some of the major factors driving the growth of global smart medical devices market. Growing potential of Internet of Things to revolutionize medical space with exceptional developments is also stimulating the overall industry outlook.

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These technological innovations have allowed smart medical devices help connect patients with physicians. It has also provided unparalleled mobility as well as real time data to clinicians, further ensuring improved medical care, which in turn is adding traction to the overall market size.

Wearable devices including biosensors and smart watches have also allowed healthcare experts to remotely monitor several patient conditions, thereby contributing towards global smart medical devices market remuneration.

Based on product landscape, the therapeutic segment generated revenues worth USD 6.1 billion in 2020 and is reckoned to witness significant growth during the forecast period, on account of rapid introduction of smart therapeutic devices.

Moving on to the end-user landscape, global smart medical devices market share from hospital segment is likely to account for USD 21.6 billion by the year 2027.

Regionally, Latin America captured 6.8% market share in 2020 and will expand continuously during the study duration. Middle East & Africa market, on the other hand, is expected to record 12.6% CAGR through 2027, owing to improving healthcare infrastructure, increasing number of innovative partnerships, and rapid novel product launches.

The competitive landscape of global smart medical devices market is defined by companies such as VitalConnect Inc., Omron Corporation, NeuroMetrix Inc., Medtronic plc, Fitbit Inc., DexCom Inc., F Hoffmann-La Roche AG, and Abbott Laboratories among others.