Smart Diagnostic and Monitoring Medical Device Market Size

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.