Smart Diagnostic and Monitoring Medical Device Market size is set to register over 19.1% CAGR during the forecast period i.e., between 2024-2036. Further, the market generated modest revenue in the year 2021. The growth of the market can be attributed to high incidence of chronic illnesses worldwide including diabetes, asthma, and hypertension. According to World Bank data, the prevalence of diabetes in the age group of 20 to 79 years grew from 8.2% in 2011 to 9.8% in 2021. Changes in lifestyles contribute to the rise in the prevalence of diabetes rates. In turn, this encourages patients to opt for smart diagnostics and monitoring medical devices in order to monitor such disease conditions. Moreover, the use of these devices significantly improved the quality of life of patients, which is further expected to propel the demand for smart diagnostic and monitoring medical device market during the forecast period.
The diagnostic and monitoring medical devices are connected wirelessly through IoT technology and they provide real-time monitoring of highly crucial data. Additionally, the smart diagnostics and monitoring medical key trends, such as glucose monitors, wearable ECG monitors, and biosensors are estimated to enlarge the smart diagnostic and monitoring medical device market size over the forecast period. Moreover, rising disposable incomes, improved living standards, and increasing awareness of health & fitness are all major factors that are projected to push the market growth over the forecast period. As per the statistics of the Bureau of Economic Analysis, in May 2022, disposable personal income increased by USD 96.5 billion (0.5 percent), while personal consumption expenditures increased by USD 32.7 billion (0.2 percent). COVID-19 has also emphasized the importance of self-diagnosis and periodic health check-ups among patients. COVID-19 has resulted in a favorable impact on the global smart diagnostics and monitoring medical device market, offering lucrative prospects to the manufacturers of these devices.
Growth Drivers
The World Health Organization data shows that chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, and accounted for 3.23 million deaths in 2019.
The frequency of disorders increased in recent years
According to World Health Organization, a substantial proportion of the population is over the age of 60 years and is expected to grow rapidly in the coming years, particularly in developing countries. There were 699,174,271 people over the age of 60 years in 2019 and this number reached 747,238,580 in 2021.
India Brand Equity Foundation states that in the Union Budget of India for 2022-23, USD 11.3 billion was allocated as a budget for the healthcare and pharmaceutical sector.
The total value of the healthcare segment is anticipated to be around USD 60 billion in 2022 and is further estimated to reach approximately USD 85 billion by 2025.
As per International Trade Centre (Trade Map) data, the value of medical devices exported globally was stated to be 134,418,270 in 2018, which grew to USD 153,157,380 in the year 2020.
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
19.1% |
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Regional Scope |
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The smart diagnostic and monitoring medical device market is segmented and analyzed for demand and supply by end user into hospitals, clinics, and homecare. Out of these segments, the homecare segment is anticipated to capture the largest market size in the global smart diagnostic and monitoring medical device market on account of its flexibility and convenient availability of a diverse range of medical devices. Furthermore, the growing awareness of health and fitness among consumers along with the increasing use of smart wearable monitoring devices are also expected to drive segment growth during the forecast period. It was observed that the number of smart wearable device users in the US increased from about 20% (of the population) in 2021 to approximately 25% in 2022, and the number is projected to reach nearly 27% in 2024. Moreover, the increasing demand for more patient-centric healthcare services is also estimated to drive the segment growth during the forecast period.
Our in-depth analysis of the global smart diagnostic and monitoring medical device market includes the following segments:
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By Product Type |
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My Modality
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By End User |
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North America Market Statistics
Regionally, the global smart diagnostic and monitoring medical device market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, North America is likely to hold largest revenue share by 2036, on the back of high adoption of medical technology and rapid advancement in the field of healthcare in the region. Moreover, growing elderly population and rise in chronic illnesses such as cardiovascular disease within the population increased the need for home-based and remote patient monitoring devices, which is estimated to expand the smart diagnostic and monitoring medical device market size in the region during the forecast period. The American Heart Association published a report showing that in 2018, coronary heart disease (CHD) accounted for nearly 13% of death solely in the United States. In addition, improvements in healthcare infrastructure and medical services are also expected to fuel the market growth in the region.
Author Credits: Radhika Pawar
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