Smart Health Devices Market to Reach USD 24.59 Billion by 2026 at a CAGR of 24.2%

Introduction

Increasing prevalence of diabetic diseases across overall the globe is influencing the more demand for smart health devices. Globally,  approximately 415 million people suffered from diabetes in 2015, the International Diabetes Federation. However, with rising awareness about healthcare and self-monitoring devices, new technologies such as smartphones and electronic devices are penetrating the market in the building countries. In addition, governments in the developing countries are taking initiatives to enhance the health care infrastructure, following the improved standard of living, and rising per capita income.

Segmental Insights

Connected Community Pharmacy is Leading the Market with Improved Service Efficiency and Quality of Care

Global smart health devices market is segmented by product, distribution, and end-users.

Based on product, the smart health devices market is segmented into diagnostic and monitoring, and therapeutic devices. Diagnostic & monitoring segment is expected to hold the major market share. This segment is further segmented into blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors, breath analyzer, medical tricorder, and smart clothing. Blood glucose monitors segment is expecting significant growth in the coming year as a result of increasing prevalence of diabetes.

By distribution channel, the market is segmented into pharmacies, online channel, and others. Pharmacies are expected to lead the segment. This can be attributed to the increasing number of community pharmacies across the globe. For example, in the U.S, the pharmacy sector increased by 6.3% from 63,752 (2007) to 67,753 (2015).

Based on end-user, the market is segmented into hospitals, clinics, home care, and others. Hospital segment is leading the smart health devices. Modernization of healthcare infrastructure and increased adoption of IoT technologies, connected devices, and instruments in hospitals are boosting the demand for smart health devices.

Regional Insights

Adoption of smart health devices for managing chronic diseases

Global smart health devices market is segmented into the Americas, Europe, Asia-Pacific, and the Middles East & Africa.

Asia Pacific is emerging in the smart health devices market. This can be attributed to the increasing prevalence of chronic respiratory diseases in the region. With the growing prevalence of geriatric population in the region, the demand for oxygen delivery systems, nebulizers, and ventilators devices is increasing rapidly.  For instance, geriatric population of India is expected to double by 2050, WHO. The economic developments and development of health infrastructure in the developing countries of the region are boosting the market demand.  Apart from this, the prevalence of obesity and chronic disease in the region is increasing at an alarming rate; for instance, over 15.3 million people were suffering from obesity in 2017, OECD.

Increasing healthcare expenditure is supporting the growth of the market.

High prevalence of diabetes in the Middle East is propelling the demand for smart health devices in the region. As per International Diabetes Federation, over 18% of the population of Saudi Arabia is suffering from diabetes. Apart from this, increasing healthcare infrastructure in the Middle East is also positively influencing the market growth. World Data Bank noted that Israel invested over 7% of its GDP for the development of its health infrastructure in 2016. In Africa, the governments of different nations are increasingly investing in healthcare infrastructure; for instance, the region invests over 6% of its GDP in healthcare foundation development, WHO.

Competitive Players

1. NeuroMetrix Inc.
2. Fitbit Inc.
3. Abbott Apple Inc.
4. Dexcom Inc.
5. Zephyr Sonova
6. F. Hoffmann-La Roche Ltd
7. Medtronic Johnson & Johnson

Recent Developments

Recent Developments

• November 2023- DuPont announced a collaboration between DuPont™ Liveo™ Healthcare Solutions and STMicroelectronics, a leading global provider of semiconductor technology for various electronics applications. The collaboration aims to develop an innovative concept for a smart wearable device that can remotely monitor biosignals.
• January 2024- Samsung Electronics announced its intentions to launch a novel smart health device named the Galaxy Ring during this fiscal year.

Segmentation

1. By Product Type
   1. Diagnostic and Monitoring Devices
   2. Therapeutic Devices
   3. Others
2. By Sales Channel
   1. Pharmacies 
   2. Online Channels
   3. Others
3. By End-User
   1. Hospitals 
   2. Clinics 
   3. Homecare 
   4. Others